Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Aug. 31, 2013 | Oct. 18, 2013 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PHARMA INVESTING NEWS, INC. | |
Entity Central Index Key | 1520047 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,361,015 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
ASSETS | ||
Cash | $33 | |
Prepaid Expenses | 608,396 | |
Total Assets | 608,396 | 33 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 10,492 | 9,113 |
Due to related parties | 72,997 | 56,685 |
Total Liabilities | 83,489 | 65,798 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock Authorized: 10,000,000 preferred shares with a par value of $0.001 per share Issued and outstanding: nil preferred shares | ||
Common Stock Authorized: 290,000,000 common shares with a par value of $0.001 per share Issued and outstanding: 10,361,015 and 5,361,015 common shares, respectively | 10,361 | 5,361 |
Additional paid-in capital | 716,416 | 19,909 |
Accumulated deficit during the development stage | 201,870 | 91,035 |
Total Stockholders' Deficit | 524,907 | -65,765 |
Total Liabilities and Stockholders' Deficit | $608,396 | $33 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | Feb. 28, 2013 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, shares authorized | 290,000,000 | 290,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 10,361,015 | 5,361,015 |
Common stock, shares outstanding | 10,361,015 | 5,361,015 |
Condensed_Statements_Of_Operat
Condensed Statements Of Operations (USD $) | 3 Months Ended | 6 Months Ended | 31 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Income Statement [Abstract] | |||||
Revenues | |||||
Operating Expenses | |||||
Consulting fees | 55,805 | 91,604 | 96,604 | ||
General and administrative | 3,926 | 1,487 | 4,219 | 1,959 | 13,313 |
Professional fees | 6,205 | 10,792 | 15,012 | 26,584 | 131,453 |
Total Operating Expenses | 65,936 | 12,279 | 110,835 | 28,543 | 241,370 |
Net loss before Other Income | -65,936 | -12,279 | -110,835 | -28,543 | -241,370 |
Other Income | |||||
Gain on settlement of debt | 39,500 | 39,500 | 39,500 | ||
Net income ( loss) | ($65,936) | $27,221 | ($110,835) | $10,957 | ($201,870) |
Net loss per share-basic and diluted | ($0.01) | ($0.01) | |||
Weighted average shares outstanding-basic and diluted | 12,589,276 | 5,361,015 | 12,018,624 | 5,296,973 |
Condensed_Statements_Of_Cash_F
Condensed Statements Of Cash Flows (USD $) | 6 Months Ended | 31 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Operating Activities | |||
Net loss for the period | ($110,835) | $10,957 | ($201,870) |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Gain on settlement of debt | -39,500 | -39,500 | |
Expenses paid by related party | 17,852 | 30,000 | 61,669 |
Changes in operating assets and liabilities: | |||
Prepaid expenses | 91,604 | 91,604 | |
Accounts payable and accrued liabilities | 1,379 | -9,004 | 49,992 |
Net Cash Used In Operating Activities | -7,547 | -38,105 | |
Financing Activities | |||
Proceeds from issuance of shares | 12,551 | 25,270 | |
Proceeds from related party | 700 | 30,954 | |
Repayments to related party | 33 | 18,086 | 18,119 |
Net Cash Provided by (Used in) Financing Activities | -33 | -4,835 | 38,105 |
Increase (Decrease) in Cash | -33 | -12,382 | |
Cash - Beginning of Period | 33 | 12,386 | |
Cash - End of Period | 4 | ||
Non-cash Investing and Financing Activities | |||
Cancellation of shares | 5,000 | 5,000 | |
Forgiveness of related party debt | 1,507 | 1,507 | |
Common stock issued for prepaid services | 700,000 | 700,000 | |
Supplemental Disclosures | |||
Interest paid | |||
Income tax paid |
Nature_Of_Operations_And_Conti
Nature Of Operations And Continuance Of Business | 6 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business |
Pharma Investing News, Inc. (the “Company”) was incorporated in the State of Nevada on February 8, 2011. The Company is a Development Stage Company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, Development Stage Entities. | |
Going Concern | |
These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of August 31, 2013, the Company has not recognized any revenue, and has an accumulated deficit of $201,870. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 6 Months Ended | ||
Aug. 31, 2013 | |||
Accounting Policies [Abstract] | |||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |
a) | Basis of Presentation | ||
The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. | |||
b) | Interim Financial Statements | ||
These interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended February 28, 2013. | |||
The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at August 31, 2013, and the results of its operations and cash flows for the three month periods ended August 31, 2013 and 2012. The results of operations for the period ended August 31, 2013 are not necessarily indicative of the results to be expected for future quarters or the full year. | |||
c) | Use of Estimates | ||
The preparation of financial statements in conformity with US GAAP requires 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 reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
d) | 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. | |||
e) | Basic and Diluted Net Loss per Share | ||
The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the periods presented, there were no outstanding potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure. | |||
f) | Financial Instruments | ||
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
g) | Recent Accounting Pronouncements | ||
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||
Aug. 31, 2013 | |||
Related Party Transactions [Abstract] | |||
Related Party Transactions | 3. Related Party Transactions | ||
(a) | As at August 31, 2013, the Company owes $17,582 (2012 - $nil) to the President and Director of the Company for operating expenditures. The amounts owing are unsecured, non-interest bearing, and due on demand. | ||
(b) | During the period ended August 31, 2013, the Company made cash payments of $33 and its former President and Director forgave $1,507 of amounts owed from the Company, which has been recorded as additional paid-in capital. The remaining balance of $55,145 was reassigned from the former CEO to another related party of the Company. |
Common_Shares
Common Shares | 6 Months Ended | ||
Aug. 31, 2013 | |||
Equity [Abstract] | |||
Common Shares | 4. Common Shares | ||
(a) | On April 5, 2013, the Company issued 10,000,000 common shares with a fair value of $700,000 to a company controlled by an officer or director of the Company for consulting and management fees. | ||
(b) On July 15, 2013, the Company cancelled 5,000,000 shares owned by its former director. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Aug. 31, 2013 | |
Subsequent Events [Abstract] | |
Subsequent Events | 5. Subsequent Events |
We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Aug. 31, 2013 | |||
Accounting Policies [Abstract] | |||
Basis of presentation | a) | Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is February 28. | |||
Interim financial statements | b) | Interim Financial Statements | |
These interim unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended February 28, 2013. | |||
The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at August 31, 2013, and the results of its operations and cash flows for the three month periods ended August 31, 2013 and 2012. The results of operations for the period ended August 31, 2013 are not necessarily indicative of the results to be expected for future quarters or the full year. | |||
Use of estimates | c) | Use of Estimates | |
The preparation of financial statements in conformity with US GAAP requires 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 reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. | |||
Cash and cash equivalents | d) | 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. | |||
Basic and diluted net loss per share | e) | Basic and Diluted Net Loss per Share | |
The Company computes net loss per share in accordance with ASC 260, Earnings per Share. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. For the periods presented, there were no outstanding potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure. | |||
Financial instruments | f) | Financial Instruments | |
Pursuant to ASC 820, Fair Value Measurements and Disclosures and ASC 825, Financial Instruments, an entity is required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, and amounts due to related parties. Pursuant to ASC 820, the fair value of our cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. We believe that the recorded values of all of our other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | |||
Recent accounting pronouncements | g) | Recent Accounting Pronouncements | |
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company 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. |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) (USD $) | 6 Months Ended | 31 Months Ended | 6 Months Ended | |||||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Feb. 28, 2013 | Aug. 31, 2013 | Dec. 31, 2012 | Aug. 31, 2013 | Aug. 31, 2013 | |
President and Director | President and Director | Former President and Director | Debt Reassigned from former CEO to other Related Party of the Company | |||||
Related Party Transaction [Line Items] | ||||||||
Repayments to related party | $33 | $18,086 | $18,119 | $33 | ||||
Forgiveness of related party debt | 1,507 | 1,507 | 1,507 | |||||
Due to related parties | $72,997 | $72,997 | $56,685 | $17,582 | $55,145 |
Common_Shares_Narrative_Detail
Common Shares (Narrative) (Details) (USD $) | 6 Months Ended | 31 Months Ended | 0 Months Ended | ||
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | Apr. 05, 2013 | Jul. 15, 2013 | |
Common Stock | Common Stock | ||||
Officer or Director | Former Director | ||||
Common stock issued for consulting and management fees | 10,000,000 | ||||
Fair value of common stock issued | $700,000 | $700,000 | $700,000 | ||
Cancelled shares | 5,000,000 |