Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Dec. 01, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | HOMEOWNUSA | |
Entity Central Index Key | 1,503,658 | |
Document Type | 10-K | |
Document Period End Date | Jan. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-31 | |
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 | 74,043,324 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
CURRENT ASSETS | ||
Cash or cash equivalents | $ 1,238 | $ 6,388 |
TOTAL CURRENT ASSETS | 1,238 | 6,388 |
TOTAL ASSETS | 1,238 | 6,388 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 12,393 | 17,339 |
TOTAL CURRENT LIABILITIES | 12,393 | 17,339 |
TOTAL LIABILITIES | 12,393 | 17,339 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Capital stock (note 3), authorized 75,000,000, $0.001 par value 74,043,324 shares issued and outstanding, as of January 31, 2016, and 2015, respectively | 74,043 | 74,043 |
Discount on Common Stock | (37,000) | (37,000) |
Additional Paid In Capital | 79,694 | 79,694 |
Accumulated deficit | (127,892) | (127,688) |
TOTAL STOCKHOLDERS' EQUITY | (11,155) | (10,951) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 1,238 | $ 6,388 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2016 | Jan. 31, 2015 |
Balance Sheets | ||
Common stock, Authorized | 75,000,000 | 75,000,000 |
Common stock, Par Value | $ 0.001 | $ 0.001 |
Common stock, Issued | 74,043,324 | 74,043,324 |
Common stock, Outstanding | 74,043,324 | 74,043,324 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Statements Of Operations | ||
Total Revenues | $ 0 | $ 0 |
Operating expenses: | ||
Bank Service Charges | 150 | 219 |
Consulting Services | 0 | 27,000 |
Transfer Agent | 54 | 3,285 |
Accounting/Auditing | 0 | 9,500 |
Legal | 0 | 10,000 |
Total operating expenses | 204 | 50,004 |
Loss from operations | (204) | (50,004) |
Loss before taxes | (204) | (50,004) |
Income tax provision | 0 | 0 |
Net loss applicable to common shareholders | $ (204) | $ (50,004) |
Net loss per share - basic and diluted | $ 0 | $ 0 |
Weighted number of shares outstanding - Basic and diluted | 74,043,324 | 42,199,156 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Paid-In Capital | Discount on Common Stock | Deficit Accumulated During Development Stage | Total |
Beginning Balance, Shares at Jan. 31, 2014 | 22,790 | ||||
Beginning Balance, Amount at Jan. 31, 2014 | $ 23 | $ 77,661 | $ 0 | $ (77,684) | $ 0 |
Common shares issued, shares | 74,020,534 | ||||
Common shares issued, amount | $ 74,021 | 2,033 | (37,000) | 39,053 | |
Net loss for period | (50,004) | (50,004) | |||
Ending Balance, Shares at Jan. 31, 2015 | 74,043,324 | ||||
Ending Balance, Amount at Jan. 31, 2015 | $ 74,043 | 79,694 | (37,000) | (127,688) | (10,951) |
Net loss for period | (204) | (204) | |||
Ending Balance, Shares at Jan. 31, 2016 | 74,043,324 | ||||
Ending Balance, Amount at Jan. 31, 2016 | $ 74,043 | $ 79,694 | $ (37,000) | $ (127,892) | $ (11,155) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net loss | $ (204) | $ (50,004) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | (4,946) | 17,339 |
Net cash used in operating activities | (5,150) | (32,665) |
CASH FLOW FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 0 | 39,053 |
Net cash provided by financing activities | 0 | 39,053 |
NET INCREASE (DECREASE) IN CASH | (5,150) | 6,388 |
CASH AND CASH EQUIVALENTS at beginning of period | 6,388 | 0 |
CASH AND CASH EQUIVALENTS at end of period | 1,238 | 6,388 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH FINANCING ACTIVITIES: | ||
Cash paid during the period for Interest | 0 | 0 |
Cash paid during the period for Income taxes | 0 | 0 |
Supplemental schedule of non-cash investing and financing activities | ||
Sale of stock at a discount | $ 0 | $ 37,000 |
1. NATURE OF OPERATIONS AND BAS
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Jan. 31, 2016 | |
Nature Of Operations And Basis Of Presentation | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | HOMEOWNUSA was incorporated in the State of Nevada as a for-profit Company on December 10, 2009 and established a fiscal year end of January 31. The Company was organized to enter into the home equity lease/rent to own business. On December 31, 2013, the Company’s sole director and officer and nine other shareholders sold their interest in the Company to Cloud Biz International Pte, Ltd (“CloudBiz”), a Singapore corporation. The total number of shares purchased was 15,730 which represented a 69% interest in the Company (the “Transaction”). Along with the Transaction, the sole director and officer resigned and a new officer director was named. On July 7, 2014 CloudBiz invested $37,000 in the Company. For such investment, CloudBiz received an additional 74 million shares. In October 2014, the Company issued 20,534 shares to 30 new investors for total proceeds of $2,053. The Company is currently looking into potential business plan opportunities but has not yet decided on a plan. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $127,892. The Company requires additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
2. SUMMARY OF SIGNIFICANT ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2016 | |
Summary Of Significant Accounting Policies | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements present the balance sheet, statements of operations, stockholders’ equity (deficit) and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Loss per Common Share The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) 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. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. As of January 31, 2016 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. Recent Accounting Pronouncements In June 2014, the Financial Accounting Standards Board issued Accounting Standards Codification update No. 2014-10 for Development stage entities (Topic 915). The amendments in this updated removed 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 US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (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. The Company has elected to adopt such provisions this reporting period. On August 27, 2014, the FASB (the “board”) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (the ASU). Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. On August 26, 2016, the FASB issued Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This new standard applies to public entities for fiscal years beginning after December 15, 2017 and interim periods within that fiscal year. The Company does not expect the implementation of this Standard to have a material effect on the financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. CAPITAL STOCK
3. CAPITAL STOCK | 12 Months Ended |
Jan. 31, 2016 | |
Capital Stock | |
NOTE 3 - CAPITAL STOCK | The Company’s capitalization is 75,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On July 7, 2014 CloudBiz invested $37,000 in the Company. For such investment, CloudBiz received an additional 74 million common shares. The 74 million common shares were issued below par at a discount. The discount of $37,000 was recorded as a “discount on common stock” in equity. During October 2014, the Company issued 20,534 common shares to 30 individual investors for total proceeds of $2,053. |
4. INCOME TAXES
4. INCOME TAXES | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
4. INCOME TAXES | Deferred Tax Assets At January 31, 2016, the Company has available for federal income tax purposes a net operating loss (“NOL”) carry-forwards of approximately $128,000 that may be used to offset future taxable income through the fiscal year ending January 31, 2036. No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying consolidated financial statements since the Company believes that the realization of its net deferred tax asset of approximately $32,000 was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a valuation allowance of $32,000. Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability. The valuation allowance remained the same and increased by approximately $13,000 for the year ended January 31, 2016 and 2015, respectively. Components of deferred tax assets are as follows: January 31, 2016 January 31, 2015 Net deferred tax assets – Non-current: Expected income tax benefit from NOL carry-forwards $ 32,000 $ 32,000 Less valuation allowance (32,000 ) (32,000 ) Deferred tax assets, net of valuation allowance $ - $ - Income Tax Provision in the Consolidated Statements of Operations A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income taxes is as follows: For the Year Ended January 31, 2016 For the Year Ended January 31, 2015 Federal statutory income tax rate 25 % 25 % Change in valuation allowance on net operating loss carry-forwards (25 %) (25 %) Effective income tax rate 0.0 % 0.0 % |
5. SUBSEQUENT EVENTS
5. SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
5. SUBSEQUENT EVENTS | In February of 2016, he Company received an additional $18,000 from Cloudbiz International Pte. Ltd., its majority shareholder, to assist the company in paying for operating expenses. In October of 2016, The Company received an additional $40,000 from Cloudbiz International Pte. Ltd., its majority shareholder, to assist the company in paying for operating expenses. On November 4, 2016 Cloudbiz International Pte. Ltd transferred 74,015,730 common shares to Singapore eDevelopment Ltd. The Company has evaluated subsequent events through the date of this filing. |
2. SUMMARY OF SIGNIFICANT ACC12
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements present the balance sheet, statements of operations, stockholders’ equity (deficit) and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Accordingly, actual results could differ from those estimates. |
Concentration of Credit Risk | Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Loss per Common Share | The basic earnings (loss) per share is calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Company’s net income (loss) 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. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. As of January 31, 2016 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | In June 2014, the Financial Accounting Standards Board issued Accounting Standards Codification update No. 2014-10 for Development stage entities (Topic 915). The amendments in this updated removed 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 US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (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. The Company has elected to adopt such provisions this reporting period. On August 27, 2014, the FASB (the “board”) issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess a company’s ability to continue as a going concern and to provide related footnote disclosures in certain circumstances. Before this new standard, there was minimal guidance in U.S. GAAP specific to going concern. Under the new standard, disclosures are required when conditions give rise to substantial doubt about a company’s ability to continue as a going concern within one year from the financial statement issuance date. The new standard applies to all companies and is effective for the annual period ending after December 15, 2016, and all annual and interim periods thereafter. On January 5, 2016, the FASB issued Accounting Standards Update 2016-01, Financial Instruments–Overall: Recognition and Measurement of Financial Assets and Financial Liabilities (the ASU). Changes to the current GAAP model primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the FASB clarified guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The accounting for other financial instruments, such as loans, investments in debt securities, and financial liabilities is largely unchanged. On August 26, 2016, the FASB issued Accounting Standard Update 2016-15, Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. This new standard applies to public entities for fiscal years beginning after December 15, 2017 and interim periods within that fiscal year. The Company does not expect the implementation of this Standard to have a material effect on the financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. INCOME TAXES (Tables)
4. INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax assets | January 31, 2016 January 31, 2015 Net deferred tax assets – Non-current: Expected income tax benefit from NOL carry-forwards $ 32,000 $ 32,000 Less valuation allowance (32,000 ) (32,000 ) Deferred tax assets, net of valuation allowance $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended January 31, 2016 For the Year Ended January 31, 2015 Federal statutory income tax rate 25 % 25 % Change in valuation allowance on net operating loss carry-forwards (25 %) (25 %) Effective income tax rate 0.0 % 0.0 % |
1. NATURE OF OPERATIONS AND B14
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
Nature Of Operations And Basis Of Presentation Details Narrative | ||
Accumulated deficit | $ (127,892) | $ (127,688) |
4. INCOME TAXES (Details)
4. INCOME TAXES (Details) - USD ($) | Jan. 31, 2016 | Jan. 31, 2015 |
Net deferred tax assets – Non-current: | ||
Expected income tax benefit from NOL carry-forwards | $ 32,000 | $ 32,000 |
Less valuation allowance | (32,000) | (32,000) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
4. INCOME TAXES (Details 1)
4. INCOME TAXES (Details 1) | 12 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 25.00% | 25.00% |
Change in valuation allowance on net operating loss carry-forwards | (25.00%) | (25.00%) |
Effective income tax rate | 0.00% | 0.00% |