Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 31, 2014 | Dec. 12, 2014 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Oct-14 | |
Trading Symbol | jigd | |
Entity Registrant Name | JOYMAIN INTERNATIONAL DEVELOPMENT GROUP INC. | |
Entity Central Index Key | 1520007 | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 956,365,000 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
CURRENT ASSETS: | ||
Cash | $589,251 | $1,301,748 |
Prepaid expenses | 35,850 | 900 |
Advance to suppliers | 864,471 | 0 |
Marketable securities | 353,531 | 0 |
TOTAL CURRENT ASSETS | 1,843,103 | 1,302,648 |
PROPERTY AND EQUIPMENT - Net | 1,755 | 1,955 |
TOTAL ASSETS | 1,844,858 | 1,304,603 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,888 | 12,688 |
Due to related parties | 3,529 | 39,855 |
Advance from customers | 715,600 | 0 |
Other payables | 9,684 | 0 |
TOTAL CURRENT LIABILITIES | 732,701 | 52,543 |
STOCKHOLDERS' EQUITY: | ||
Common stock,1,500,000,000 shares authorized, par value $0.001, 956,365,000 and 953,830,000 shares issued and outstanding at October 31, 2014 and April 30, 2014, respectively | 956,365 | 953,830 |
Additional Paid-in Capital | 1,482,566 | 1,403,251 |
Accumulated deficit | -1,326,774 | -1,105,021 |
TOTAL STOCKHOLDERS' EQUITY | 1,112,157 | 1,252,060 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,844,858 | $1,304,603 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEET (PARENTHETICAL) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares, Issued | 956,365,000 | 953,830,000 |
Common Stock, Shares, Outstanding | 956,365,000 | 953,830,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013 | |||||
REVENUE | $0 | $0 | $0 | $0 | ||||
EXPENSES | 91,110 | 15,711 | 227,059 | 45,373 | ||||
Loss from operations | -91,110 | -15,711 | -227,059 | -45,373 | ||||
Other Income: | ||||||||
Interest income | 1,257 | 0 | 1,775 | 0 | ||||
Other income | 3,396 | 0 | 3,531 | 0 | ||||
Total other income | 4,653 | 0 | 5,306 | 0 | ||||
Loss before income taxes | -86,457 | -15,711 | -221,753 | -45,373 | ||||
Provision for income taxes | 0 | 0 | 0 | 0 | ||||
NET LOSS | ($86,457) | ($15,711) | ($221,753) | ($45,373) | ||||
Loss per common share | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES | 956,316,141 | 953,830,000 | 955,099,049 | 937,744,130 | ||||
[1] | Less than ($0.01) per share |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENT OF CASHFLOWS (USD $) | 6 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | |
OPERATING ACTIVITIES: | ||
Net loss | ($221,753) | ($45,373) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 200 | 0 |
Stock issued for consulting fees | 35,850 | 0 |
Expenses paid directly by related parties | 8,290 | 0 |
Unrealized gain on marketable securities | -3,531 | 0 |
Changes in operating assets and liabilities | ||
Prepaid expenses | 900 | 1 |
Advance to suppliers | -864,471 | 0 |
Accounts payable | -8,800 | 189 |
Advance from customers | 715,600 | 0 |
Other payable | 9,684 | 0 |
NET CASH USED IN OPERATING ACTIVITIES | -328,031 | -45,183 |
INVESTING ACTIVITIES: | ||
Purchase of marketable securities | -350,000 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | -350,000 | 0 |
FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 10,150 | 1,479,900 |
Payments of common stock offering costs | 0 | -31,104 |
Repayments to related parties | -44,676 | 0 |
Proceeds from related parties | 60 | 58,437 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -34,466 | 1,507,233 |
Net (Decrease) Increase in Cash | -712,497 | 1,462,050 |
Cash, Beginning of Period | 1,301,748 | 0 |
CASH, END OF PERIOD | 589,251 | 1,462,050 |
Interest | 0 | 0 |
Income Taxes | 0 | 0 |
Non-cash investing and financing activities: | ||
Common stock issued for future services included in prepaid expenses | $35,850 | $0 |
ORGANIZATION_AND_BUSINESS_OPER
ORGANIZATION AND BUSINESS OPERATIONS | 6 Months Ended |
Oct. 31, 2014 | |
ORGANIZATION AND BUSINESS OPERATIONS [Text Block] | NOTE 1. ORGANIZATION AND BUSINESS OPERATIONS. |
Joymain International Development Group Inc. (f/k/a Advento, Inc.), a development stage company, (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on August 4, 2010. The Company is a development stage company and initially planned to commence operations in the distribution of shower cabinets. The Company is in the development stage as defined under Accounting Codification Standard, Development Stage Entities (“ASC-915”). The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. | |
On March 12, 2013, Mr. Xijian Zhou acquired an aggregate of 750,000,000 shares of the Company’s common stock, representing 82.92% of our issued and outstanding shares as of March 12, 2013. Effective March 12, 2013, (a) Mr. Liang Wei Wang resigned as the Company’s president, secretary, treasurer, and director of the Company; (b) Mr. Suqun Lin, was appointed as the Company’s sole director, president, secretary and treasurer. Effective March 28, 2013, the Nevada Secretary of State accepted for filing of a Certificate of Amendment to the Company’s Articles of Incorporation to change the Company’s name from Advento, Inc. to Joymain International Development Group Inc. and to increase its authorized capital from 75,000,000 to 1,500,000,000 shares of common stock, par value of $0.001. These amendments became effective on April 10, 2013 upon approval from the Financial Industry Regulatory Authority (“FINRA”). Also effective April 10, 2013, pursuant to a 300 new for one (1) old forward split, the Company’s issued and outstanding shares of common stock increased from 3,015,000 to 904,500,000 shares, par value of $0.001. Information regarding shares of common stock (except par value per share), discount on stock issued, and net (loss) income per common share for all periods presented reflects the three hundred-for-one forward split of the Company’s common stock. | |
In connection with the change of control, the Company changed its business operation plan to develop, source, market and distribute healthcare related consumer products in the global market and possibly acquire an existing target company or business in the related field which operates in the United States. Activities during the development stage include developing a business plan and raising capital. Until additional funding is raised through selling the Company common shares, the majority shareholder anticipates funding the Company’s operating costs. There is no assurance that the Company will be able to successfully raise additional funds. | |
In May 2014, The Company acquired a HK trading company, Dao Sheng Trading Limited (“Dao Sheng”) for HK$10,000. Dao Sheng was incorporated in December 2013 and had no assets or liabilities at the time of the acquisition. The Company also set up Joymain International Intellectual Property Limited in Hong Kong in May 2014. The Company considers Hong Kong as an ideal location to connect to all Asian markets and it provides a comprehensive and advanced legal system for trading and intellectual property protection. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES. | ||||||||||||||||||||||||
Basis of Presentation. | |||||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission. The financial information has not been audited and should not be relied upon to the same extent as audited financial statements. Certain information and footnote disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes contained in the Form 10-K for the year ended April 30, 2014. | |||||||||||||||||||||||||
The Company’s unaudited condensed consolidated financial statements included the financial statements of its wholly-owned subsidiaries, Dao Sheng and Joymain International Intellectual Property Limited. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for fair presentation of the interim periods presented. The results of operations for the three and six months ended October 31, 2014 are not necessarily indicative of the results of operations to be expected for the full fiscal year and are presented in US dollars. | |||||||||||||||||||||||||
Going Concern. | |||||||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes that 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 and an accumulated deficit of $1,326,774 as of October 31, 2014. Further losses are anticipated in the development of its business, raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining 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 existing cash on hand and either loans from its major stockholder and or the sale of common stock. | |||||||||||||||||||||||||
The Company will depend almost exclusively on outside capital to complete the development of a business plan. Such outside capital will include proceeds from the issuance of equity securities and may include commercial borrowing. There can be no assurance that capital will be available as necessary to meet these development costs or, if the capital is available, that it will be on terms acceptable to the Company. The Company has a registration statement on Form S-1, effective on August 1, 2014, pursuant to which the Company plans to raise up to $12 million in equity. The registration statement expired on November 28, 2014. | |||||||||||||||||||||||||
The issuances of additional equity securities by the Company may result in a significant dilution in the equity interests of its current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments. | |||||||||||||||||||||||||
Cash and Cash Equivalents. | |||||||||||||||||||||||||
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | |||||||||||||||||||||||||
Use of Estimates and Assumptions. | |||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In management’s opinion, all adjustments necessary for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature. | |||||||||||||||||||||||||
Marketable Securities. | |||||||||||||||||||||||||
Marketable securities consist of trading and available-for-sale securities. Trading securities are bought and held principally for the purpose of selling them in the near term. Available-for-sale securities are not classified as either trading securities or as held-to-maturity securities. Unrealized holding gains and losses for trading securities are included in earnings. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported in other comprehensive income until realized. | |||||||||||||||||||||||||
Fair Value of Financial Instruments. | |||||||||||||||||||||||||
The Company adopted ASC 820, Fair Value Measurements and Disclosure (“ASC 820”) for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing GAAP that require the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. | |||||||||||||||||||||||||
ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: | |||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted market prices in active markets for identical assets or liabilities | ||||||||||||||||||||||||
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||||||||
Level 3: | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. | ||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis as of October 31, 2014 and April 30, 2014: | |||||||||||||||||||||||||
31-Oct-14 | 30-Apr-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Marketable securities | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — | |||||||||
Total assets at fair value | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — | |||||||||
The carrying values of accounts payables and debts approximate their fair values due to the short maturities of these instruments. | |||||||||||||||||||||||||
Stock-based Compensation. | |||||||||||||||||||||||||
Stock-based compensation is accounted for at fair value in accordance with ASC 718, Stock Compensation . To date, the Company has not adopted a stock option plan and has not granted any stock options. | |||||||||||||||||||||||||
Income Taxes. | |||||||||||||||||||||||||
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |||||||||||||||||||||||||
Basic and Diluted Loss Per Share. | |||||||||||||||||||||||||
The Company computes loss per share in accordance with ASC 260, Earnings per Share , which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. 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. The Company has no potential dilutive instruments and, accordingly, basic loss and diluted loss per share are equal. | |||||||||||||||||||||||||
Fiscal Periods. | |||||||||||||||||||||||||
The Company's fiscal year end is April 30. | |||||||||||||||||||||||||
Related Parties. | |||||||||||||||||||||||||
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of the Company’s principal owners and management, and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions shall be recorded at fair value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any payment to or on behalf of the related party in excess of the cost is reflected as a distribution to the related party. | |||||||||||||||||||||||||
Foreign Currency Translation. | |||||||||||||||||||||||||
The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’s subsidiaries is the Hong Kong Dollar. For the subsidiaries, whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. During the six months ended October 31, 2014, the Company’s subsidiaries have minimal assets or liabilities and they did not have business activities. There was no cumulative translation adjustment and no effect of exchange rate changes on cash for the three and six months ended October 31, 2014. | |||||||||||||||||||||||||
Recent Accounting Pronouncements. | |||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard that will supersede virtually all existing revenue guidance. Under the new standard, revenue will be recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The standard creates a five-step model that will generally require companies to use more judgment and make more estimates than under current guidance when considering the terms of contracts along with all relevant facts and circumstances. These include the identification of customer contracts and separating performance obligations, the determination of transaction price that potentially includes an estimate of variable consideration, allocating the transaction price to each separate performance obligation, and recognizing revenue in line with the pattern of transfer. The standard also requires extensive additional disclosures to provide greater insight into revenues recognized and deferred, including quantitative and qualitative information about significant judgments and changes in those judgments made to determine the timing and amount of revenues recognized. | |||||||||||||||||||||||||
The standard will be effective for the Company in its fiscal year 2018 first quarter. The standard allows for adoption under either "full retrospective" in which prior periods presented are recast under the new guidance or "modified retrospective" in which it would be applied only to the most current period presented along with a cumulative-effect adjustment at the date of adoption. The Company is currently evaluating the impact that this standard will have on our financial statements. | |||||||||||||||||||||||||
The Company has adopted Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation . The amendments in this ASU remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the removal of Topic 915, Development Stage Entities , from the FASB Accounting Standards Codification . | |||||||||||||||||||||||||
A development stage entity is one that devotes substantially all of its efforts to establishing a new business and for which: ( a ) planned principal operations have not commenced; or ( b ) planned principal operations have commenced, but have produced no significant revenue. For example, many start-ups or even long-lived organizations that have not yet begun their principal operations or do not have significant revenue would be identified as development stage entities. | |||||||||||||||||||||||||
For public business entities, the presentation and disclosure requirements in Topic 915 will no longer be required for the first annual period beginning after December 15, 2014. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted. | |||||||||||||||||||||||||
There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 6 Months Ended | ||||||
Oct. 31, 2014 | |||||||
MARKETABLE SECURITIES [Text Block] | NOTE 3. MARKETABLE SECURITIES. | ||||||
Marketable securities consist of certificate of deposits and mutual funds for which fair values were based on quoted prices in active markets and were therefore classified within Level 1 of the fair value hierarchy. The following table is a summary of marketable securities recorded in the Company’s Consolidated Balance Sheets: | |||||||
31-Oct-14 | 30-Apr-14 | ||||||
Certificate of deposits | $ | 100,227 | $ | — | |||
Mutual funds | 253,304 | — | |||||
Total | $ | 353,531 | $ | — |
PREPAID_ASSETS
PREPAID ASSETS | 6 Months Ended |
Oct. 31, 2014 | |
PREPAID ASSETS [Text Block] | NOTE 4. PREPAID ASSETS. |
At October 31, 2014, prepaid assets consisted of prepaid consulting fees of $35,850. At April 30, 2014, prepaid assets consisted of prepaid rent of $900. |
ADVANCE_TO_SUPPLIERS_AND_ADVAN
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS | 6 Months Ended |
Oct. 31, 2014 | |
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS [Text Block] | NOTE 5. ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS |
The Company makes advance payments to suppliers for goods ordered but yet to be delivered, and receives advance payments from customers for goods ordered but yet to be received by the customer. Advanced payments to suppliers and advanced payments from customers were $864,471 and $715,600 as of October 31, 2014, respectively. The Company did not have any advanced payments to suppliers and advanced payments from customers at April 30, 2014. | |
On June 25, 2014, the Company entered into a distribution agreement with Right Fortune International Limited (“Right Fortune”) to obtain the exclusive distribution right of Yolexury and Yolexury Travel Pack, a health juice product which increases energy and stamina, helps to maintain healthy cardio vascular function and promotes healthy digestive system. The term of exclusivity will be automatically renewed annually if the Company meets the annual Yolexury Minimum Order Quantities (the “Minimum Order”). The annual Minimum Order for calendar year 2014 is 400,000 bottles of 750ml Yolexury, which the Company has fulfilled as of October 31, 2014. |
COMMON_STOCK
COMMON STOCK | 6 Months Ended |
Oct. 31, 2014 | |
COMMON STOCK [Text Block] | NOTE 6. COMMON STOCK. |
The Company has authorized 1,500,000,000 shares of common stock, par value $0.001 per share. On April 28, 2011, the Company issued 750,000,000 shares of common stock at a price of $0.000003 per share for total cash proceeds of $2,500. In March and April, 2012, the Company issued 154,500,000 shares of common stock at a price of $0.00016 per share for total cash proceeds of $25,750. On July 30, 2014, the Company issued a total of 2,390,000 shares of common stock to a consultant. The shares were valued at $0.03 per share, the fair market value on the date of issuance. During the six months ended October 31, 2014, the Company recorded stock-based compensation of $35,850 and prepaid expense of $35,850 which will be amortized in fiscal 2015. | |
In August 2014, the Company sold a total of 110,000 shares of common stock at a price of $0.07 per share to two investors. The shares were sold pursuant to the Company’s registration statement on Form S-1, file number 333 -197508, effective on August 1, 2014. The Company did not engage a placement agent with respect to the sale. The net proceeds received by the Company from the sale of the shares were $7,700. | |
In September 2014, the Company sold a total of 35,000 shares of common stock at a price of $0.07 per share to two investors. The shares were sold pursuant to the Company’s registration statement on Form S-1, file number 333 -197508, effective on August 1, 2014. The Company did not engage a placement agent with respect to the sale. The net proceeds received by the Company from the sale of the shares were $2,450. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended |
Oct. 31, 2014 | |
INCOME TAXES [Text Block] | NOTE 7. INCOME TAXES. |
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. As of October 31, 2014, the Company had net operating loss carry forwards of $412,870 that may be available to reduce future years’ taxable income through 2034. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Oct. 31, 2014 | |
RELATED PARTY TRANSACTIONS [Text Block] | NOTE 8. RELATED PARTY TRANSACTIONS. |
For the three and six months ended October 31, 2014, the Company’s majority shareholder advanced the Company $0 and $60, respectively, for general expenses and the Company made repayments of shareholder’s advances in the amount of $553, and $44,676, respectively. In addition, the Company’s majority shareholder paid the payroll expense and other general expenses with the total amount $0 and $8,290, respectively on behalf of the Company for the three and six months ended October 31, 2014. The advances are non-interest bearing, due upon demand and unsecured. At October 31, 2014 and April 30, 2014, the Company’s advances from a shareholder amounted to $3,529 and $39,855, respectively. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2014 | |
SUBSEQUENT EVENTS [Text Block] | NOTE 9. SUBSEQUENT EVENTS. |
The Company has a registration statement on Form S-1, effective on August 1, 2014, pursuant to which the Company plans to raise up to $12 million in equity. The registration statement expired on November 28, 2014 |
Recovered_Sheet1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||
Basis of Presentation [Policy Text Block] | Basis of Presentation. | ||||||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q of the Securities and Exchange Commission. The financial information has not been audited and should not be relied upon to the same extent as audited financial statements. Certain information and footnote disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and related notes contained in the Form 10-K for the year ended April 30, 2014. | |||||||||||||||||||||||||
The Company’s unaudited condensed consolidated financial statements included the financial statements of its wholly-owned subsidiaries, Dao Sheng and Joymain International Intellectual Property Limited. All significant intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||||||
In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, including normal recurring adjustments, necessary for fair presentation of the interim periods presented. The results of operations for the three and six months ended October 31, 2014 are not necessarily indicative of the results of operations to be expected for the full fiscal year and are presented in US dollars. | |||||||||||||||||||||||||
Going Concern [Policy Text Block] | Going Concern. | ||||||||||||||||||||||||
The unaudited condensed consolidated financial statements have been prepared on a going concern basis, which assumes that 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 and an accumulated deficit of $1,326,774 as of October 31, 2014. Further losses are anticipated in the development of its business, raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining 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 existing cash on hand and either loans from its major stockholder and or the sale of common stock. | |||||||||||||||||||||||||
The Company will depend almost exclusively on outside capital to complete the development of a business plan. Such outside capital will include proceeds from the issuance of equity securities and may include commercial borrowing. There can be no assurance that capital will be available as necessary to meet these development costs or, if the capital is available, that it will be on terms acceptable to the Company. The Company has a registration statement on Form S-1, effective on August 1, 2014, pursuant to which the Company plans to raise up to $12 million in equity. The registration statement expired on November 28, 2014. | |||||||||||||||||||||||||
The issuances of additional equity securities by the Company may result in a significant dilution in the equity interests of its current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments. | |||||||||||||||||||||||||
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents. | ||||||||||||||||||||||||
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. | |||||||||||||||||||||||||
Use of Estimates and Assumptions [Policy Text Block] | Use of Estimates and Assumptions. | ||||||||||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In management’s opinion, all adjustments necessary for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature. | |||||||||||||||||||||||||
Marketable Securities [Policy Text Block] | Marketable Securities. | ||||||||||||||||||||||||
Marketable securities consist of trading and available-for-sale securities. Trading securities are bought and held principally for the purpose of selling them in the near term. Available-for-sale securities are not classified as either trading securities or as held-to-maturity securities. Unrealized holding gains and losses for trading securities are included in earnings. Unrealized holding gains and losses for available-for-sale securities are excluded from earnings and reported in other comprehensive income until realized. | |||||||||||||||||||||||||
Fair Value of Financial Instruments [Policy Text Block] | Fair Value of Financial Instruments. | ||||||||||||||||||||||||
The Company adopted ASC 820, Fair Value Measurements and Disclosure (“ASC 820”) for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing GAAP that require the use of fair value measurements, establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company’s financial position or operating results, but did expand certain disclosures. | |||||||||||||||||||||||||
ASC 820 defines fair value as the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: | |||||||||||||||||||||||||
Level 1: | Observable inputs such as quoted market prices in active markets for identical assets or liabilities | ||||||||||||||||||||||||
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data | ||||||||||||||||||||||||
Level 3: | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. | ||||||||||||||||||||||||
The following table sets forth by level within the fair value hierarchy the Company’s financial assets that were accounted for at fair value on a recurring basis as of October 31, 2014 and April 30, 2014: | |||||||||||||||||||||||||
31-Oct-14 | 30-Apr-14 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Marketable securities | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — | |||||||||
Total assets at fair value | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — | |||||||||
The carrying values of accounts payables and debts approximate their fair values due to the short maturities of these instruments. | |||||||||||||||||||||||||
Stock-based Compensation [Policy Text Block] | Stock-based Compensation. | ||||||||||||||||||||||||
Stock-based compensation is accounted for at fair value in accordance with ASC 718, Stock Compensation . To date, the Company has not adopted a stock option plan and has not granted any stock options. | |||||||||||||||||||||||||
Income Taxes [Policy Text Block] | Income Taxes. | ||||||||||||||||||||||||
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. | |||||||||||||||||||||||||
Basic and Diluted Loss Per Share [Policy Text Block] | Basic and Diluted Loss Per Share. | ||||||||||||||||||||||||
The Company computes loss per share in accordance with ASC 260, Earnings per Share , which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. 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. The Company has no potential dilutive instruments and, accordingly, basic loss and diluted loss per share are equal. | |||||||||||||||||||||||||
Fiscal Periods [Policy Text Block] | Fiscal Periods. | ||||||||||||||||||||||||
The Company's fiscal year end is April 30. | |||||||||||||||||||||||||
Related parties [Policy Text Block] | Related Parties. | ||||||||||||||||||||||||
Parties are considered to be related to the Company if the parties, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of the Company’s principal owners and management, and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions shall be recorded at fair value of the goods or services exchanged. Property purchased from a related party is recorded at the cost to the related party and any payment to or on behalf of the related party in excess of the cost is reflected as a distribution to the related party. | |||||||||||||||||||||||||
Foreign Currency Translation [Policy Text Block] | Foreign Currency Translation. | ||||||||||||||||||||||||
The reporting currency of the Company is the U.S. dollar. The functional currency of the parent company is the U.S. dollar and the functional currency of the Company’s subsidiaries is the Hong Kong Dollar. For the subsidiaries, whose functional currencies are the RMB, results of operations and cash flows are translated at average exchange rates during the period, assets and liabilities are translated at the unified exchange rate at the end of the period, and equity is translated at historical exchange rates. As a result, amounts relating to assets and liabilities reported on the statements of cash flows may not necessarily agree with the changes in the corresponding balances on the balance sheets. Translation adjustments resulting from the process of translating the local currency financial statements into U.S. dollars are included in determining comprehensive income. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date with any transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency are included in the results of operations as incurred. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. During the six months ended October 31, 2014, the Company’s subsidiaries have minimal assets or liabilities and they did not have business activities. There was no cumulative translation adjustment and no effect of exchange rate changes on cash for the three and six months ended October 31, 2014. | |||||||||||||||||||||||||
Recent accounting pronouncements [Policy Text Block] | Recent Accounting Pronouncements. | ||||||||||||||||||||||||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard that will supersede virtually all existing revenue guidance. Under the new standard, revenue will be recognized when control of the promised goods or services is transferred to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The standard creates a five-step model that will generally require companies to use more judgment and make more estimates than under current guidance when considering the terms of contracts along with all relevant facts and circumstances. These include the identification of customer contracts and separating performance obligations, the determination of transaction price that potentially includes an estimate of variable consideration, allocating the transaction price to each separate performance obligation, and recognizing revenue in line with the pattern of transfer. The standard also requires extensive additional disclosures to provide greater insight into revenues recognized and deferred, including quantitative and qualitative information about significant judgments and changes in those judgments made to determine the timing and amount of revenues recognized. | |||||||||||||||||||||||||
The standard will be effective for the Company in its fiscal year 2018 first quarter. The standard allows for adoption under either "full retrospective" in which prior periods presented are recast under the new guidance or "modified retrospective" in which it would be applied only to the most current period presented along with a cumulative-effect adjustment at the date of adoption. The Company is currently evaluating the impact that this standard will have on our financial statements. | |||||||||||||||||||||||||
The Company has adopted Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation . The amendments in this ASU remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, including the removal of Topic 915, Development Stage Entities , from the FASB Accounting Standards Codification . | |||||||||||||||||||||||||
A development stage entity is one that devotes substantially all of its efforts to establishing a new business and for which: ( a ) planned principal operations have not commenced; or ( b ) planned principal operations have commenced, but have produced no significant revenue. For example, many start-ups or even long-lived organizations that have not yet begun their principal operations or do not have significant revenue would be identified as development stage entities. | |||||||||||||||||||||||||
For public business entities, the presentation and disclosure requirements in Topic 915 will no longer be required for the first annual period beginning after December 15, 2014. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted. | |||||||||||||||||||||||||
There are various other updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2014 | |||||||||||||||||||||||||
Schedule of Fair Value of Financial Instruments [Table Text Block] | 31-Oct-14 | 30-Apr-14 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||
Marketable securities | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — | |||||||||
Total assets at fair value | $ | 353,531 | $ | — | $ | — | $ | 353,531 | $ | — | $ | — | $ | — | $ | — |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 6 Months Ended | ||||||
Oct. 31, 2014 | |||||||
Schedule of Marketable Securities [Table Text Block] | 31-Oct-14 | 30-Apr-14 | |||||
Certificate of deposits | $ | 100,227 | $ | — | |||
Mutual funds | 253,304 | — | |||||
Total | $ | 353,531 | $ | — |
ORGANIZATION_AND_BUSINESS_OPER1
ORGANIZATION AND BUSINESS OPERATIONS (Narrative) (Details) | 0 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Apr. 10, 2013 | Jul. 31, 2014 | Oct. 31, 2014 | Apr. 30, 2014 | Apr. 09, 2013 | Mar. 28, 2013 | Mar. 27, 2013 | Mar. 12, 2013 | |
USD ($) | HKD | USD ($) | USD ($) | USD ($) | Majority Shareholder [Member] | |||
Aggregate number of common shares owned | 750,000,000 | |||||||
Ownership percentage | 82.92% | |||||||
Common Stock, Shares Authorized | 904,500,000 | 1,500,000,000 | 1,500,000,000 | 3,015,000 | 1,500,000,000 | 75,000,000 | ||
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | ||||
Forward stock split | 300 | |||||||
Payment for business acquisition | 10,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 6 Months Ended |
Oct. 31, 2014 | |
Accumulated deficit | $1,326,774 |
Issuances of Additional Equity Securities | $12,000,000 |
PREPAID_ASSETS_Narrative_Detai
PREPAID ASSETS (Narrative) (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Prepaid Consulting Fees | $35,850 | |
Prepaid Rent | $900 |
ADVANCE_TO_SUPPLIERS_AND_ADVAN1
ADVANCE TO SUPPLIERS AND ADVANCE FROM CUSTOMERS (Narrative) (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Advance to suppliers | $864,471 | $0 |
Advance from customers | $715,600 | $0 |
Annual Minimum Order Quantity | 400,000 |
COMMON_STOCK_Narrative_Details
COMMON STOCK (Narrative) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 2 Months Ended | |||||||
Jul. 31, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Apr. 28, 2011 | Apr. 30, 2012 | Apr. 30, 2014 | Apr. 10, 2013 | Apr. 09, 2013 | Mar. 28, 2013 | Mar. 27, 2013 | |
Common Stock, Shares Authorized | 1,500,000,000 | 1,500,000,000 | 904,500,000 | 3,015,000 | 1,500,000,000 | 75,000,000 | |||||
Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | $0.00 | $0.00 | |||||||
Equity issuance, per share amount | $0.03 | ||||||||||
Stock issued for services, shares | 2,390,000 | ||||||||||
Stock-based compensation | $35,850 | ||||||||||
Prepaid Consulting Fees | 35,850 | ||||||||||
Private Placement [Member] | |||||||||||
Stock issued for cash | 154,500,000 | ||||||||||
Equity issuance, per share amount | $0.07 | $0.07 | $0.00 | $0.00 | |||||||
Stock issued for cash, amount | 2,500 | 25,750 | |||||||||
Stock issued during the period | 35,000 | 110,000 | 750,000,000 | ||||||||
Proceeds from Issuance of Private Placement | $2,450 | $7,700 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | Oct. 31, 2014 |
Operating loss carry forwards | $412,870 |
RELATED_PARTY_TRANSACTIONS_Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Apr. 30, 2014 | |
Due to related parties | $3,529 | $3,529 | $39,855 | |
Repayment of related party debt | 44,676 | 0 | ||
Majority Shareholder [Member] | ||||
Related party transactions, amount of transactions | 60 | 0 | ||
Repayment of related party debt | 44,676 | 553 | ||
General expenses and professional fees [Member] | Majority Shareholder [Member] | ||||
Repayment of related party debt | $8,290 | $0 |
SUBSEQUENT_EVENTS_Narrative_De
SUBSEQUENT EVENTS (Narrative) (Details) (USD $) | 6 Months Ended |
Oct. 31, 2014 | |
Issuances of Additional Equity Securities | $12,000,000 |
Subsequent Event [Member] | |
Issuances of Additional Equity Securities | $12,000,000 |
Schedule_of_Fair_Value_of_Fina
Schedule of Fair Value of Financial Instruments (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Marketable securities | $353,531 | $0 |
Total assets at fair value | 353,531 | 0 |
Level 1 [Member] | ||
Marketable securities | 353,531 | 0 |
Total assets at fair value | 353,531 | 0 |
Level 2 [Member] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | 0 | 0 |
Level 3 [Member] | ||
Marketable securities | 0 | 0 |
Total assets at fair value | $0 | $0 |
Schedule_of_Marketable_Securit
Schedule of Marketable Securities (Details) (USD $) | Oct. 31, 2014 | Apr. 30, 2014 |
Marketable Securities | $353,531 | $0 |
Certificates of Deposit [Member] | ||
Marketable Securities | 100,227 | 0 |
Mutual Funds [Member] | ||
Marketable Securities | $253,304 | $0 |