Document and Entity Information
Document and Entity Information - USD ($) | 11 Months Ended | ||
Dec. 31, 2016 | Mar. 29, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | HOMEOWNUSA | ||
Entity Central Index Key | 1,503,658 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
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 | $ 2,053 | ||
Entity Common Stock, Shares Outstanding | 74,043,324 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Jan. 31, 2016 | Jan. 31, 2015 |
CURRENT ASSETS | |||
Cash or cash equivalents | $ 32,376 | $ 1,238 | $ 6,388 |
TOTAL CURRENT ASSETS | 32,376 | 1,238 | 6,388 |
TOTAL ASSETS | 32,376 | 1,238 | 6,388 |
CURRENT LIABILITIES | |||
Accounts payable and accrued liabilities | 40,346 | 12,393 | 17,339 |
TOTAL CURRENT LIABILITIES | 40,346 | 12,393 | 17,339 |
TOTAL LIABILITIES | 40,346 | 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 | 74,043 | 74,043 | 74,043 |
Discount on Common Stock | 0 | (37,000) | (37,000) |
Additional Paid In Capital | 100,694 | 79,694 | 79,694 |
Accumulated deficit | (182,707) | (127,892) | (127,688) |
TOTAL STOCKHOLDERS' DEFICIT | (7,970) | (11,155) | (10,951) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 32,376 | $ 1,238 | $ 6,388 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Jan. 31, 2016 | Jan. 31, 2015 |
Balance Sheets | |||
Common stock, Authorized | 75,000,000 | 75,000,000 | 75,000,000 |
Common stock, Par Value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, Issued | 74,043,324 | 74,043,324 | 74,043,324 |
Common stock, Outstanding | 74,043,324 | 74,043,324 | 74,043,324 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2015 | |
Statements Of Operations | |||
Total Revenues | $ 0 | $ 0 | $ 0 |
Operating expenses: | |||
Bank Service Charges | 192 | 140 | 150 |
Transfer Agent | 11,116 | 0 | 54 |
Accounting/Auditing | 42,247 | 0 | 0 |
Legal | 505 | 0 | 0 |
General Expenses | 756 | 0 | 0 |
Total operating expenses | 54,816 | 140 | 204 |
Loss from operations | (54,816) | (140) | (204) |
Loss before taxes | (54,816) | (140) | (204) |
Income tax provision | 0 | 0 | 0 |
Net loss applicable to common shareholders | $ (54,816) | $ (140) | $ (204) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 |
Weighted number of shares outstanding - Basic and diluted | 74,043,324 | 74,043,324 | 74,043,324 |
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, 2015 | 74,043,324 | ||||
Beginning Balance, Amount at Jan. 31, 2015 | $ 74,043 | $ 79,694 | $ (37,000) | $ (127,688) | $ (10,951) |
Net loss for period | (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) |
Proceeds from majority shareholders | 21,000 | 37,000 | 58,000 | ||
Net loss for period | (54,816) | (54,816) | |||
Ending Balance, Shares at Dec. 31, 2016 | 74,043,324 | ||||
Ending Balance, Amount at Dec. 31, 2016 | $ 74,043 | $ 100,694 | $ 0 | $ (182,707) | $ (7,970) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 11 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | Jan. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net loss | $ (54,816) | $ (140) | $ (204) |
Changes in operating assets and liabilities: | |||
Accounts payable and accrued expenses | 27,954 | (5,000) | (4,946) |
Net cash used in operating activities | (26,862) | (5,140) | (5,150) |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds from majority shareholder | 58,000 | 0 | 0 |
Net cash provided by financing activities | 58,000 | 0 | 0 |
NET INCREASE (DECREASE) IN CASH | 31,138 | (5,140) | (5,150) |
CASH AND CASH EQUIVALENTS at beginning of period | 1,238 | 1,238 | 6,388 |
CASH AND CASH EQUIVALENTS at end of period | 32,376 | 1,248 | 1,238 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH FINANCING ACTIVITIES: | |||
Cash paid for Interest | 0 | 0 | 0 |
Cash paid for Income taxes | 0 | 0 | 0 |
Supplemental schedule of non-cash investing and financing activities | |||
Payment of sale of stock at a discount | $ 0 | $ 37,000 | $ 37,000 |
1. NATURE OF OPERATIONS AND BAS
1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Jan. 31, 2017 | |
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. On November 4, 2016 Cloudbiz International Pte. Ltd transferred 74,015,730 common shares to Singapore eDevelopment Ltd. On March 10, 2017, our board of directors approved and ratified to change the Company's fiscal year end from January 31st to December 31st, effective immediately as of the date of the board approval. The required transition period of February 1, 2016 to December 31, 2016 is included in these financial statements. 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 $182,707. 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, management has concluded that due to these factors described above, there is 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. Currently the company is an OTC shell company. Most expenses are audit, tax and SEC filing expenses, which are total approximately $36,000 annually. The company does not pay salaries and compensations to its officers and directors. The 99.96% shareholder, Singapore eDevelopment Ltd, a multinational public company, listed on the Singapore Exchange Securities Trading Limited (“SGX-ST”), will provide advances for the operation costs as additional paid in capital anytime when the company needs. We have evaluated the significance of the conditions in relation to our ability to meet our obligations and believe that our current cash balance in addition to future advancements received from our majority shareholders will provide sufficient capital to continue operations through approximately March 2018. |
2. SUMMARY OF SIGNIFICANT ACCOU
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2017 | |
Summary Of Significant Accounting Policies | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements present the condensed balance sheet, condensed 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. Recent Accounting Pronouncements 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 Feb. 25, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). The new leasing standard presents dramatic changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard. The Company does not expect the adoption of ASU No. 2016-02 to have a material impact on its financial statements. In August 2016, FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its 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, 2017 | |
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. In February of 2016, the 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. Of the $58,000 of proceeds received from Cloudbiz International Pte. Ltd, $37,000 were applied to "discount on common stock" and the remaining proceeds were applied to additional paid-in-capital. On November 4, 2016 Cloudbiz International Pte. Ltd transferred 74,015,730 common shares to Singapore eDevelopment Ltd. |
4. INCOME TAXES
4. INCOME TAXES | 12 Months Ended |
Jan. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
4. INCOME TAXES | Deferred Tax Assets At December 31, 2016, the Company has available for federal income tax purposes a net operating loss (“NOL”) carry-forwards of approximately $183,000 that may be used to offset future taxable income through the fiscal year ending December 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 $45,750 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 $45,750. 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 for the year ended January 31, 2016 and increased by $13,750 for the eleven months ended December 31, 2016. Components of deferred tax assets are as follows: December 31, 2016 January 31, 2016 Net deferred tax assets – Non-current: Expected income tax benefit from NOL carry-forwards $ 45,750 $ 32,000 Less valuation allowance (45,750 ) (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 Eleven Months Ended December 31, 2016 For the Year Ended January 31, 2016 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, 2017 | |
Subsequent Events [Abstract] | |
5. SUBSEQUENT EVENTS | None. |
2. SUMMARY OF SIGNIFICANT ACC12
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements present the condensed balance sheet, condensed 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. |
Recent Accounting Pronouncements | 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 Feb. 25, 2016, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2016-02, Leases (Topic 842) (the Update). The new leasing standard presents dramatic changes to the balance sheets of lessees. Lessor accounting is updated to align with certain changes in the lessee model and the new revenue recognition standard. The Company does not expect the adoption of ASU No. 2016-02 to have a material impact on its financial statements. In August 2016, FASB issued ASU No. 2016-15, “Classification of Certain Cash Receipts and Cash Payments” (“ASU 2016-15”). ASU 2016-15 clarifies the presentation and classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years beginning after December 15, 2017. Early adoption is permitted. The Company does not expect the adoption of ASU No. 2016-15 to have a material impact on its 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, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax assets | December 31, 2016 January 31, 2016 Net deferred tax assets – Non-current: Expected income tax benefit from NOL carry-forwards $ 45,750 $ 32,000 Less valuation allowance (45,750 ) (32,000 ) Deferred tax assets, net of valuation allowance $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | For the Eleven Months Ended December 31, 2016 For the Year Ended January 31, 2016 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 ($) | Dec. 31, 2016 | Jan. 31, 2016 | Jan. 31, 2015 |
Nature Of Operations And Basis Of Presentation Details Narrative | |||
Accumulated deficit | $ (182,707) | $ (127,892) | $ (127,688) |
4. INCOME TAXES (Details)
4. INCOME TAXES (Details) - USD ($) | Dec. 31, 2016 | Jan. 31, 2016 |
Net deferred tax assets – Non-current: | ||
Expected income tax benefit from NOL carry-forwards | $ 45,750 | $ 32,000 |
Less valuation allowance | (45,750) | (32,000) |
Deferred tax assets, net of valuation allowance | $ 0 | $ 0 |
4. INCOME TAXES (Details 1)
4. INCOME TAXES (Details 1) | 11 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Jan. 31, 2016 | |
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% |