Loop Industries (LOOP) 10-K 24 Dec 14 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Sep. 30, 2014	Dec. 19, 2014	Jun. 30, 2014
Document And Entity Information
Entity Registrant Name	FIRST AMERICAN GROUP INC.
Entity Central Index Key	1504678
Document Type	10-K
Document Period End Date	30-Sep-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-21
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			$52,126
Entity Common Stock, Shares Outstanding		126,063,200
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2014

Balance_Sheets

Balance Sheets (USD $)	Sep. 30, 2014	Sep. 30, 2013
CURRENT ASSETS
Cash	$2,662	$2,022
Prepaid expenses	113	113
Total Current Assets	2,775	2,135
TOTAL ASSETS	2,775	2,135
CURRENT LIABILITIES
Accounts payable	12,264	7,417
Related party payable	15,243	325
Total Current Liabilities	27,507	7,742
STOCKHOLDERS' DEFICIT
Common stock: $0.0001 par value, 250,000,000 shares authorized, 126,063,200 and 126,063,200 issued and outstanding as of September 30, 2014 and 2013, respectively	12,606	12,606
Additional paid in capital	55,211	55,211
Deficit accumulated	-92,549	-73,424
Total Stockholders' Equity (Deficit)	-24,732	-5,607
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$2,775	$2,135

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2014	Sep. 30, 2013
STOCKHOLDERS' DEFICIT
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	126,063,200	126,063,200
Common Stock, shares outstanding	126,063,200	126,063,200

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Statements Of Operations
REVENUES
EXPENSES
Professional fees	15,727	9,925
General and administrative	3,398	6,541
Total Expenses	19,125	16,466
NET LOSS	($19,125)	($16,466)
BASIC AND DILUTED LOSS PER SHARE	$0	$0
WEIGHTED AVERAGE SHARES OUTSTANDING, BASIC AND DILUTED	126,063,200	126,063,200

Statements_of_Stockholders_Equ

Statements of Stockholders' Equity (Deficit) (USD $)	Common Stock	Additional Paid-In Capital	Deficit Accumulated During the Development Stage	Total
Beginning Balance, Amount at Sep. 30, 2012	$12,606	$55,211	($56,958)	$10,859
Beginning Balance, Shares at Sep. 30, 2012	126,063,200
Net Loss			-16,466	-16,466
Ending Balance, Amount at Sep. 30, 2013	12,606	55,211	-73,424	-5,607
Ending Balance, Shares at Sep. 30, 2013	126,063,200
Net Loss			-19,125	-19,125
Ending Balance, Amount at Sep. 30, 2014	$12,606	$55,211	($92,549)	($24,732)
Ending Balance, Shares at Sep. 30, 2014	126,063,200

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	12 Months Ended		55 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
OPERATING ACTIVITIES
Net loss	($19,125)	($16,466)	($92,549)
Changes in operating assets and liabilities
(Decrease) increase in prepaid expenses		1,266
Increase (decrease) in accounts payable	4,847	-4,516
Net Cash Used in Operating Activities	-14,278	-19,716
FINANCING ACTIVITIES
Proceeds from related party loans	14,918
Common stock issued for cash
Net Cash Provided by Financing Activities	14,918
NET DECREASE IN CASH	640	-19,716
CASH AT BEGINNING OF PERIOD	2,022	21,738
CASH AT END OF PERIOD	2,662	2,022	2,662
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
CASH PAID FOR: Interest
CASH PAID FOR: Income Taxes

Nature_of_Operations

Nature of Operations	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 1 - Nature of Operations	First American Group Inc. (“the Company”) was incorporated in the state of Nevada on March 11, 2010 under the name Radikal Phones Inc. We changed our name to First American Group Inc. on October 7, 2010. The Company plans to engage in the development, sales and marketing of voice-over-Internet-protocol (“VOIP”) telephone services to enable end-users to place free phones calls over the internet in return for viewing and listening to advertising. We also plan to license or sell our proprietary software to companies looking for similar business opportunities.

Going_Concern

Going Concern	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 2 - Going Concern	As of September 30, 2014, the accompanying audited financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
	For the period March 11, 2010 (date of inception) through September 30, 2014 the Company has had a net loss of $92,549 consisting of incorporation fees and professional fees for the Company to continue its SEC reporting requirements.
	As of September 30, 2014, the Company has not emerged from the development stage. In view of these matters, recoverability of any asset amounts shown in the accompanying audited financial statements is dependent upon the Company's ability to begin operations and to achieve a level of profitability. These conditions raise substantial doubt as to our ability to continue as a going concern. Since inception, the Company has financed its activities principally from the sale of equity securities. The Company intends on financing its future development activities and its working capital needs largely from loans and the sale of public equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements.

Significant_Accounting_Policie

Significant Accounting Policies	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 3 - Significant Accounting Policies	Basis of Presentation
	The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (US GAAP) for financial information and in accordance with Securities and Exchange Commission’s Regulation S-X. They reflect all adjustments which are, in the opinion of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and for the year ended September 30, 2014 and September 30, 2013.
	Accounting Basis
	These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.
	Cash and Cash Equivalents
	Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with an original maturity of three months or less.
	Use of Estimates
	The preparation of financial statements is in conformity with generally accepted accounting principles of the United States requiring 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 of the financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.
	Loss Per Share
	The Company adopted ASC 260, Earnings per Share. Basic earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the year/period. The diluted earnings (loss) per share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no dilutive shares outstanding.
	The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the period shown.
	Income Taxes
	The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 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, including tax loss and credit carryforwards, 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income of the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. No deferred tax assets or liabilities are recognized as of September 30, 2014.
	Advertising
	The Company will expense advertising as incurred. The advertising since inception has been zero.
	Revenue and Cost Recognition
	The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.
	Related Parties
	Related parties, which can be a corporation, individual, investor or another entity are considered to be related if the party has the ability, directly or indirectly, to control the other party or exercise significant influence over the Company in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company has such relationships existing.
	Recently Issued Accounting Pronouncements
	During the year ended September 30, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage.

Related_Party

Related Party	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 4 - Related Party	During the year September 30, 2014 and 2013, respectively, the Director of the Company advanced $14,918 and $325 to the Company to pay expenses on behalf of the Company. The advances bear no interest, are unsecured, and due on demand. The Company owed the Director $15,243 and $325 as of September 30, 2014 and 2013, respectively.

Income_Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 5 - Income Taxes	The Company provides for income taxes under ASC Topic 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently.
	ASC Topic 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset.
	The Company utilizes the asset and liability method for financial reporting of income taxes. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and the tax basis of assets and liabilities, and are measured by applying enacted rates and laws to taxable years in which such differences are expected to be recovered or settled. Any changes in tax rates or laws are recognized in the period when such changes are enacted.
	As of September 30, 2014, the Company has $92,549 in gross deferred tax assets resulting from net operating loss carry-forwards. A valuation allowance has been recorded to fully offset these deferred tax assets because the Company's management believes future realization of the related income tax benefits is uncertain. Accordingly, the net provision for income taxes is zero for the period March 11, 2010 (inception) to September 30, 2014. As of September 30, 2014, the Company has federal net operating loss carry forwards of approximately $36,094 available to offset future taxable income through 2030. The difference between the tax provision at the statutory federal income tax rate on September 30, 2014 and the tax provision attributable to loss before income taxes is as follows:
		Year ended September 30, 2014			Year ended September 30, 2013
	Statutory federal income taxes		34	%		34	%
	State taxes, net of federal benefits		5	%		5	%
	Valuation allowance		(39.0	%)		(39.0	%)
	Income tax rate		0	%		0	%

Stockholders_Equity

Stockholders' Equity	12 Months Ended
	Sep. 30, 2014
Notes to Financial Statements
Note 6 - Stockholders' Equity	Common Stock
	As of September 30, 2014 and September 30, 2013, there are 250,000,000 Common Shares at $0.001 par value authorized with 126,063,200 issued and outstanding.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2014
Significant Accounting Policies Policies
Basis of Presentation	The accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles (US GAAP) for financial information and in accordance with Securities and Exchange Commission’s Regulation S-X. They reflect all adjustments which are, in the opinion of the Company’s management, necessary for a fair presentation of the financial position and operating results as of and for the year ended September 30, 2014 and September 30, 2013.
Accounting Basis	These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America.
Cash and Cash Equivalents	Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements, cash equivalents include all highly liquid investments with an original maturity of three months or less.
Use of Estimates	The preparation of financial statements is in conformity with generally accepted accounting principles of the United States requiring 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 of the financial statements and the reported amounts of revenues and expenses during the year. The more significant areas requiring the use of estimates include asset impairment, stock-based compensation, and future income tax amounts. Management bases its estimates on historical experience and on other assumptions considered to be reasonable under the circumstances. However, actual results may differ from the estimates.
Loss Per Share	The Company adopted ASC 260, Earnings per Share. Basic earnings (loss) per share are calculated by dividing the Company’s net income available to common shareholders by the weighted average number of common shares outstanding during the year/period. The diluted earnings (loss) per share are calculated by dividing the Company’s net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding for the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no dilutive shares outstanding.
	The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the period shown.
Income Taxes	The Company adopted ASC 740, Income Taxes, at its inception. Under ASC 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, including tax loss and credit carryforwards, 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the income of the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. No deferred tax assets or liabilities are recognized as of September 30, 2014.
Advertising	The Company will expense advertising as incurred. The advertising since inception has been zero.
Revenue and Cost Recognition	The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.
Related Parties	Related parties, which can be a corporation, individual, investor or another entity are considered to be related if the party has the ability, directly or indirectly, to control the other party or exercise significant influence over the Company in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company has such relationships existing.
Recently Issued Accounting Pronouncements	During the year ended September 30, 2014, the Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage.

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2014
Income Taxes Tables
Tax provision at the statutory federal income tax rate		Year ended September 30, 2014			Year ended September 30, 2013
	Statutory federal income taxes		34	%		34	%
	State taxes, net of federal benefits		5	%		5	%
	Valuation allowance		(39.0	%)		(39.0	%)
	Income tax rate		0	%		0	%

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	12 Months Ended		55 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
Going Concern
Net Loss	($19,125)	($16,466)	($92,549)

Related_Party_Details_Narrativ

Related Party (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Related Party Details Narrative
Advance to Director	$14,918	$325
Owed to Director	$15,243	$325

Income_Taxes_Details

Income Taxes (Details)	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Income Taxes Details
Statutory federal income taxes	34.00%	34.00%
State taxes, net of federal benefits	5.00%	5.00%
Valuation allowance	-39.00%	-39.00%
Income tax rate	0.00%	0.00%

Income_Taxes_Details_Narrative

Income Taxes (Details Narrative) (USD $)	12 Months Ended
	Sep. 30, 2014
Income Taxes Details Narrative
Net operating loss carry-forwards	$92,549
Federal net operating loss carry forwards	$36,094
Net operating loss carryforwards, expiration date	future taxable income through 2030.

Stockholders_Equity_Details_Na

Stockholders' Equity (Details Narrative) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Stockholders Equity Details Narrative
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	250,000,000	250,000,000
Common Stock, shares issued	126,063,200	126,063,200
Common Stock, shares outstanding	126,063,200	126,063,200