| ACCOUNTING POLICIES | Note
4 ACCOUNTING
POLICIES The
financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States
of America, the more significant of which are as follows: Consolidation The
accompanying consolidated financial statement include the accounts of the Company and its wholly owned subsidiary Duo Sciences Inc. (DSI) 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 and disclosures of contingent
assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period.
Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new
information becomes available to management. Actual results could differ from those estimates. Financial
Instruments Financial
instruments consist of cash and accounts payable and accrued liabilities. The carrying amounts of the financial instruments approximate
their fair values due to their relatively short-term nature of the underlying terms are consistent with market terms. As of the financial
statement date, the Company does not hold any derivate financial instruments. Financial assets and liabilities are measured upon first
recognition and reviewed at the financial statement date. Changes in fair value are recognized through profit and loss. Unless otherwise
noted, it is managements opinion that the Company is not exposed to significant interest or credit risks arising from these financial
instruments. Fair
Value Measurements The
Company follows FASB Codification topic (ASC) 820, Fair Value Measurements and Disclosures, for all financial instruments
and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition
of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information
used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements.
It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at
fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based
risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer
restrictions and credit risk. The
Company has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and
certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option
for any eligible financial instruments. An
asset or liabilitys level within the fair value hierarchy is based on the lowest level of any input that is significant to the
fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment
in determining fair value of assets and liabilities, and Level 3 assets and liabilities involve greater judgment than Level 1 and Level
2 assets or liabilities. Revenue
Recognition Effective
August 1, 2018, the Company adopted ASC, Topic 606, Revenue from Contracts with Customers, using the modified retrospective
transition method as permissible for all contracts not yet completed as of August 1, 2018. This standard applies to all contracts with
customers, except for contracts that are within the scope of other standards, such as leases, insurance, collaboration arrangements and
financial instruments. Under
Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the
consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements
that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contracts)
with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the
transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance
obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration
it is entitled to in exchange for the goods or services it transfers to the customer. Income
Taxes The
Company accounts for income taxes under FASB ASC Topic 740, Income Taxes (ASC Topic 740). Under ASC Topic 740, 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 bases. Deferred tax assets and liabilities are measured
using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered
or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in
the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the
amount expected to be realized. As the Company has yet to produce positive cash flows from operations, no deferred tax asset or income
taxes have been recorded in the financial statements. Comprehensive
Income (Loss) The
Company adopted FASB ASC 220, Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive
income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting
stockholders equity that are excluded from net income, such as unrealized gains and losses on investments available for sale,
foreign currency translation gains and losses and minimum pension liability. Since inception, the Company has not had any comprehensive
income / loss. Net
Income (Loss) per Common Share FASB
ASC 260, Earnings per share, requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator
and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding.
If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments
such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net
income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. Accordingly,
although the diluted weighted average number of common stock outstanding is disclosed on the statements of operation, the calculated
net loss per share is the same for bother basic and diluted as both are based on the basic weighted average of common stock outstanding.
There were no adjustments required to net income for the period presented in the computation of diluted earnings per share. Segment
Reporting FASB
ASC 820, Segments Reporting, establishes standards for reporting information about operating segments on a basis consistent
with the Companys internal organization structure as well as information about geographical areas, business segments and major
customers in financial statements. The Company currently operates in one principal business segment. Intangible
assets Intangible
asset are non-monetary identifiable assets, controlled by the Company that will produce future economic benefits, based on reasonable
and supportable assumptions about conditions that will exist over the life of the asset. An intangible asset that does not meet these
attributes will be recognized as an expense when it is incurred. Intangible assets that do, are capitalized and initially measure at
cost. Those with a determinable life will be amortized on a systematic basis over their future economic life. Those with an indefinite
useful life shall not be amortized until its useful life is determined to be longer than indefinite. An intangible asset subject to amortization
shall be periodically reviewed for impairment. A recoverability test will be performed and, if applicable, unscheduled amortization is
considered. The
license agreements has been capitalized, recorded at cost and amortized over its estimated useful life of ten Non-cash
transactions The
Company follows FASB ASC 845 then recording non-cash transactions. The value of the asset received should be based on the value of the
assets surrendered. However, where that value is difficult to determine, then the value could be based on the asset received, provided
it is more clearly evident than the value of the asset surrendered. Related
Parties The
Company adopted FASB ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Recent
Accounting Pronouncements 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. The Company does not expect the adoption of recently issued accounting pronouncements
to have a significant impact on the Companys results of operations, financial position, or cash flow. The
financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States
of America, the more significant of which are as follows: |
