Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jul. 31, 2013 | Nov. 13, 2013 | Jan. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Jul-13 | ' | ' |
Entity Registrant Name | 'ARISTOCRAT GROUP CORP. | ' | ' |
Entity Central Index Key | '0001527027 | ' | ' |
Current Fiscal Year End Date | '--07-31 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 62,250,000 | ' |
Entity Public Float | ' | ' | $12,937,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $205,153 | $1,243 |
Prepaid expenses | 88,609 | ' |
Total current assets | 293,762 | 1,243 |
Security deposit | 1,367 | ' |
TOTAL ASSETS | 295,129 | 1,243 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 102,874 | 2,453 |
Advances payable | 516,920 | 6,665 |
Total current liabilities | 619,794 | 9,118 |
Accrued interest payable | 5,584 | ' |
Convertible note payable, net of discount of $139,153 | 27,922 | ' |
TOTAL LIABILITIES | 653,300 | 9,118 |
Stockholders' Deficit: | ' | ' |
Common stock: 250,000,000 authorized; $0.0001 par value 62,250,000 shares issued and outstanding | 6,225 | 6,225 |
Additional paid in capital | 204,350 | 37,275 |
Deficit accumulated during development stage | -568,746 | -51,375 |
TOTAL STOCKHOLDERS' DEFICIT | -358,171 | -7,875 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $295,129 | $1,243 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares issued | 62,250,000 | 62,250,000 |
Common stock, shares outstanding | 62,250,000 | 62,250,000 |
Convertible notes payable, discount | $139,153 | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | 24 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
EXPENSES | ' | ' | ' |
General and administrative expense | $483,864 | $51,275 | $535,239 |
Loss from operations | -483,864 | -51,275 | -535,239 |
Interest expense | -33,507 | ' | -33,507 |
Net loss | ($517,371) | ($51,275) | ($568,746) |
Net loss per common share - basic and diluted | ($0.01) | $0 | ' |
Weighted average number of common shares outstanding - basic and diluted | 62,250,000 | 56,217,215 | ' |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Defecit Development Stage [Member] |
Balance, value at Jul. 19, 2011 | ' | ' | ' | ' |
Balance, shares at Jul. 19, 2011 | ' | ' | ' | ' |
Issuance of common stock to founder for cash, July 20, 2011, $0.0002 per share | 9,000 | 4,500 | 4,500 | ' |
Issuance of common stock to founder for cash, July 20, 2011, $0.0002 per share, shares | ' | 45,000,000 | ' | ' |
Net loss | -100 | ' | ' | -100 |
Balance, value at Jul. 31, 2011 | 8,900 | 4,500 | 4,500 | -100 |
Balance, shares at Jul. 31, 2011 | ' | 45,000,000 | ' | ' |
Issuance of common stock for cash, December 6, 2011, $0.002 per share | 34,500 | 1,725 | 32,775 | ' |
Issuance of common stock for cash, December 6, 2011, $0.002 per share, shares | ' | 17,250,000 | ' | ' |
Net loss | -51,275 | ' | ' | -51,275 |
Balance, value at Jul. 31, 2012 | -7,875 | 6,225 | 37,275 | -51,375 |
Balance, shares at Jul. 31, 2012 | 62,250,000 | 62,250,000 | ' | ' |
Discount on issuance of convertible note payable | 167,075 | ' | 167,075 | ' |
Net loss | -517,371 | ' | ' | -517,371 |
Balance, value at Jul. 31, 2013 | ($358,171) | $6,225 | $204,350 | ($568,746) |
Balance, shares at Jul. 31, 2013 | 62,250,000 | 62,250,000 | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parentheticals) (USD $) | 0 Months Ended | 12 Months Ended |
Jul. 31, 2011 | Jul. 31, 2012 | |
Consolidated Statements of Changes in Stockholders' Equity (Deficit) [Abstract] | ' | ' |
Common stock issued for cash, price per share | $0.00 | $0.00 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flow (USD $) | 12 Months Ended | 24 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($517,371) | ($51,275) | ($568,746) |
Adjustment to reconcile net loss to net cash used in operations: | ' | ' | ' |
Amortization of discount on convertible note payable | 27,922 | ' | 27,922 |
Changes in assets and liabilities: | ' | ' | ' |
Prepaid expenses | -88,609 | ' | -88,609 |
Security deposit | -1,367 | ' | -1,367 |
Accounts payable and accrued expenses | 100,421 | 2,453 | 102,874 |
Accrued interest payable | 5,584 | ' | 5,584 |
Net cash used in operating activities | -473,420 | -48,822 | -522,342 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock | ' | 34,500 | 43,500 |
Proceeds from advances | 677,330 | 6,665 | 683,995 |
Net cash provided by financing activities | 677,330 | 41,165 | 727,495 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 203,910 | -7,657 | 205,153 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,243 | 8,900 | ' |
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD | 205,153 | 1,243 | 205,153 |
Cash paid for: | ' | ' | ' |
Interest | ' | ' | ' |
Taxes | ' | ' | ' |
Non-cash financing transaction: | ' | ' | ' |
Refinancing of advances into convertible note payable | 167,075 | ' | 167,075 |
Debt discount on convertible note payable | $167,075 | ' | $167,075 |
GENERAL_ORGANIZATION_AND_BUSIN
GENERAL ORGANIZATION AND BUSINESS | 12 Months Ended |
Jul. 31, 2013 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | ' |
GENERAL ORGANIZATION AND BUSINESS | ' |
NOTE 1. GENERAL ORGANIZATION AND BUSINESS | |
We are a development stage company and were incorporated in the State of Florida on July 20, 2011, as a for-profit company, and established a fiscal year end of July 31. We have not established any business operations and have not achieved any revenues. The development of our business has been limited to organizational matters, the preparation of our business plan, and the preparation of the financial statements. Our ability to establish operations is entirely dependent on our ability to raise sufficient financing to execute our business plan, however, there is no guarantee that we will be successful in this regard. Furthermore, if we successfully establish operations, there is no guarantee that there will be a significant market for our services or that we will achieve significant revenues, if any. | |
The Board of Directors believe that to continue to protect and increase shareholder value, it would be to the advantage, welfare and best interests of the shareholders for the Company to consider alternative corporate strategies to generate new business revenue for the Company. Thus, the Board of Directors approved adding a second business to the Company's business plan: Aristocrat Brands, a focused brand management company. The Aristocrat Brands and Supercare Centers business lines will be operated under two separate divisions of Aristocrat Group Corp. Although the Supercare Centers will continue to be a business line, the primary focus from this point forward will be on Aristocrat Brands. | |
On January 15, 2013, we formed Top Shelf Distributing, LLC ("Top Shelf") as our wholly-owned subsidiary. Top Shelf will be focused on developing our distilled spirits line of business. | |
On December 31, 2012, the Company received written notice of the resignation of Cindy Morrissey as Chairman, President and Director of the Company, effective as of January 1, 2013. On December 31, 2012, the Board of Directors appointed Robert Federowicz to be President and Chief Executive Officer of the Company to fill the outstanding vacancies. | |
Going Concern | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended July 31, 2013, the Company had an accumulated deficit since inception of $568,746. As of July 31, 2013, the Company had not emerged from the development stage. In view of these matters, the Company's ability to continue as a going concern is dependent upon its ability to achieve a level of profitability. The Company intends to finance its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications 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 PRACTICES | 12 Months Ended | ||
Jul. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | ' | ||
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | |||
Development Stage Company | |||
The Company is currently a development stage enterprise reporting under the provisions of Accounting Standards Codification ("ASC") 915 "Development Stage Entities". Its activities to date have been limited to capital formation, organization, and development of its business. | |||
Principles of Consolidation | |||
The consolidated financial statements include the accounts Aristocrat Group Corp. and our wholly-owned subsidiaries, Aristocrat Brands LLC and Top Shelf Distributing LLC. All intercompany accounts and transactions are eliminated in consolidation. | |||
Cash and Cash Equivalents | |||
For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. | |||
Earnings (Loss) per Common Share | |||
The basic earnings (loss) per common share are calculated by dividing the Company's net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year. 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 during the year. 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 diluted shares outstanding for any periods reported. | |||
Income Taxes | |||
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes resulting from temporary differences. Such temporary differences result from differences in the carrying value of assets and liabilities for tax and financial reporting purposes. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||
For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company has not recognized any penalties or interest related to income tax obligations. | |||
Financial Instruments | |||
FASB Accounting Standards Codification (ASC) 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||
● | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||
● | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||
● | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | ||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include, prepaid expenses, accounts payable and accrued expenses, and convertible note payable. The fair value of the Company's convertible notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |||
Advertising | |||
The Company expenses advertising as incurred. During the years ending July 31, 2013 and 2012, the Company incurred $40,000 and $0, respectively, of advertising expenses. | |||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Subsequent Events | |||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | |||
Recently Issued Accounting Pronouncements | |||
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company. |
PREPAID_EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Jul. 31, 2013 | |
PREPAID EXPENSES [Abstract] | ' |
PREPAID EXPENSES | ' |
NOTE 3. PREPAID EXPENSES | |
At July 31, 2013, prepaid expenses consist of $82,010 paid to a vendor to manufacture distilled spirits which the Company intends to sell, and $6,599 of prepaid rent and consulting. |
ADVANCES
ADVANCES | 12 Months Ended |
Jul. 31, 2013 | |
ADVANCES [Abstract] | ' |
ADVANCES | ' |
NOTE 4. ADVANCES | |
During the year ended July 31, 2013, the Company received working capital advances in the amount of $677,330. These advances are non-interest bearing and payable upon demand. A portion of the advances were refinanced into interest-bearing convertible promissory notes in March 2013 (See Note 5) and the remaining portion was converted to a note payable subsequent to year end (See Note 9). The lender of these advances is the same lender of the convertible promissory notes discussed in Notes 5 and 9. The funds were advanced to the Company through an intermediary agent which also provides certain legal, accounting and support services to the Company. |
CONVERTIBLE_NOTE_PAYABLE
CONVERTIBLE NOTE PAYABLE | 12 Months Ended |
Jul. 31, 2013 | |
CONVERTIBLE NOTE PAYABLE [Abstract] | ' |
CONVERTIBLE NOTE PAYABLE | ' |
NOTE 5. CONVERTIBLE NOTE PAYABLE | |
On March 31, 2013, the Company signed a convertible promissory note with Vista View Ventures Inc. which refinanced non-interest bearing advances in the amount of $167,075 into a convertible note payable. The convertible promissory note bears interest at 10% per annum and is payable along with accrued interest on March 31, 2015. The holder of the note may not convert the convertible promissory note into common stock if that conversion would result in the holder owning more than 4.99% of the number of shares of common stock outstanding on the conversion date. The convertible promissory note is convertible into common stock at the option of the holder at the rate of $0.02 per share. | |
The Company evaluated the terms of this note in accordance with ASC Topic No. 815 - 40, Derivatives and Hedging - Contracts in Entity's Own Stock and determined that the underlying common stock is indexed to the Company's common stock. The Company determined that the conversion feature did not meet the definition of a liability and therefore did not bifurcate the conversion feature and account for it as a separate derivative liability. The Company evaluated the conversion feature for a beneficial conversion feature. The effective conversion price was compared to the market price on the date of the notes and was deemed to be less than the market value of underlying common stock at the inception of the note. Therefore, the Company recognized a beneficial conversion feature in the amount of $167,075. The discount is being amortized over the life of the note using the effective interest method. During the year ended July 31, 2013, the Company recognized interest expense in the amount of $27,922 as a result of amortization of the discount on the convertible note payable. As of July 31, 2013, the balance of the discount was $139,153. Accrued interest at July 31, 2013 totaled $5,584 on this convertible note. |
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2013 | |
EQUITY TRANSACTIONS [Abstract] | ' |
EQUITY TRANSACTIONS | ' |
NOTE 6. EQUITY TRANSACTIONS | |
Common Stock | |
On July 20, 2011, 45,000,000 shares of common stock of the Company were issued to the founder for $0.0002 per share for cash proceeds of $9,000. | |
On December 6, 2011, 17,250,000 shares of common stock of the Company were issued for $0.002 per share for cash proceeds of $34,500. | |
On May 1, 2012, the Company effected a five-for-one forward stock split of its issued and outstanding common stock. All share and per share amounts have been retroactively restated for the forward split. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||
Jul. 31, 2013 | |||||||
INCOME TAXES [Abstract] | ' | ||||||
INCOME TAXES | ' | ||||||
NOTE 7. INCOME TAXES | |||||||
There are no current or deferred income tax expense or benefit for the years ended July 31, 2013 and 2012. | |||||||
The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. | |||||||
Year ended July 31, | |||||||
2013 | 2012 | ||||||
Loss carry-forward deferred tax asset | $ | 199,000 | $ | 17,400 | |||
Valuation allowance | (199,000 | ) | (17,400 | ) | |||
$ | - | $ | - | ||||
The Company has a net operating loss carry-forward of $568,746. The Company has not recognized an income tax benefit for the period based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the current period presented is offset by a valuation allowance (100%) established against deferred tax assets arising from operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. |
COMMITTMENTS
COMMITTMENTS | 12 Months Ended |
Jul. 31, 2013 | |
COMMITTMENTS [Abstract] | ' |
COMMITTMENTS | ' |
NOTE 8. COMMITTMENTS | |
Rental expense for office operating leases was $5,030 and $0 during the years ended July 31, 2013 and 2012, respectively. The Company has rental commitments under non-cancellable operating leases of $16,398 and $15,032 during the years ending July 31, 2014 and 2015, respectively. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2013 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 9. SUBSEQUENT EVENTS | |
On October 31, 2013, the Company signed a convertible promissory note which refinanced non-interest bearing advances from Vista View Ventures Inc. in the amount of $516,920 into a convertible note payable. The convertible promissory note bears interest at 10% per annum and is payable along with accrued interest on October 31, 2015. The convertible promissory note is convertible into common stock at the option of the holder at the rate of $0.02 per share. The holder of the note may not convert the convertible promissory note into common stock if that conversion would result in the holder owning more than 4.99% of the number of shares of common stock outstanding on the conversion date. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 12 Months Ended | ||
Jul. 31, 2013 | |||
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | ' | ||
Principles of Consolidation | ' | ||
Principles of Consolidation | |||
The consolidated financial statements include the accounts Aristocrat Group Corp. and our wholly-owned subsidiaries, Aristocrat Brands LLC and Top Shelf Distributing LLC. All intercompany accounts and transactions are eliminated in consolidation. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. | |||
Earnings (Loss) per Common Share | ' | ||
Earnings (Loss) per Common Share | |||
The basic earnings (loss) per common share are calculated by dividing the Company's net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year. 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 during the year. 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 diluted shares outstanding for any periods reported. | |||
Income Taxes | ' | ||
Income Taxes | |||
Income taxes are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes resulting from temporary differences. Such temporary differences result from differences in the carrying value of assets and liabilities for tax and financial reporting purposes. The deferred tax assets and liabilities represent the future tax consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. | |||
For financial statement purposes, we recognize the impact of an uncertain income tax position on the income tax return at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. The Company has not recognized any penalties or interest related to income tax obligations. | |||
Financial Instruments | ' | ||
Financial Instruments | |||
FASB Accounting Standards Codification (ASC) 820 "Fair Value Measurements and Disclosures" (ASC 820) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||
● | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||
● | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||
● | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | ||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include, prepaid expenses, accounts payable and accrued expenses, and convertible note payable. The fair value of the Company's convertible notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |||
Advertising | ' | ||
Advertising | |||
The Company expenses advertising as incurred. During the years ending July 31, 2013 and 2012, the Company incurred $40,000 and $0, respectively, of advertising expenses. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||
Subsequent Events | ' | ||
Subsequent Events | |||
The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. | |||
Recently Issued Accounting Pronouncements | ' | ||
Recently Issued Accounting Pronouncements | |||
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company. |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||
Jul. 31, 2013 | |||||||
INCOME TAXES [Abstract] | ' | ||||||
Provision for Income Taxes | ' | ||||||
The provision for income taxes is different from that which would be obtained by applying the statutory federal income tax rate to income before income taxes. | |||||||
Year ended July 31, | |||||||
2013 | 2012 | ||||||
Loss carry-forward deferred tax asset | $ | 199,000 | $ | 17,400 | |||
Valuation allowance | (199,000 | ) | (17,400 | ) | |||
$ | - | $ | - |
GENERAL_ORGANIZATION_AND_BUSIN1
GENERAL ORGANIZATION AND BUSINESS (Details) (USD $) | Jul. 31, 2013 | Jul. 31, 2012 |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | ' | ' |
Accumulated deficit since inception | $568,746 | $51,375 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | ' | ' |
Advertising expense | $40,000 | ' |
PREPAID_EXPENSES_Details
PREPAID EXPENSES (Details) (USD $) | Jul. 31, 2013 |
PREPAID EXPENSES [Abstract] | ' |
Prepaid expenses to vendor | $82,010 |
Prepaid rent and consulting | $6,599 |
ADVANCES_Details
ADVANCES (Details) (USD $) | 12 Months Ended | 24 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | |
ADVANCES [Abstract] | ' | ' | ' |
Proceeds from advances | $677,330 | $6,665 | $683,995 |
CONVERTIBLE_NOTE_PAYABLE_Detai
CONVERTIBLE NOTE PAYABLE (Details) (USD $) | 1 Months Ended | 12 Months Ended | |
Mar. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | |
CONVERTIBLE NOTE PAYABLE [Abstract] | ' | ' | ' |
Convertible note payable | $167,075 | ' | ' |
Interest rate | 10.00% | ' | ' |
Debt conversion, price per share | $0.02 | ' | ' |
Discount for beneficial conversion | ' | 167,075 | ' |
Interest expense | ' | 27,922 | ' |
Convertible notes payable, discount | ' | 139,153 | ' |
Accrued interest payable | ' | $5,584 | ' |
Maximum ownership percentage allowed afer converting | 4.99% | ' | ' |
Maturity date | 31-Mar-15 | ' | ' |
EQUITY_TRANSACTIONS_Details
EQUITY TRANSACTIONS (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||
Jul. 31, 2011 | Dec. 31, 2012 | 31-May-12 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 19, 2011 | |
EQUITY TRANSACTIONS [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | ' | 62,250,000 | 62,250,000 | 62,250,000 | 45,000,000 |
Proceeds from issuance of common stock | $9,000 | $34,500 | ' | ' | $34,500 | $43,500 | ' |
Issuance of common stock in exchange for cash, shares | ' | 17,250,000 | ' | ' | ' | ' | ' |
Common stock issued for cash, price per share | $0.00 | ' | ' | ' | $0.00 | ' | ' |
Stock split description | ' | ' | 'Five-for-one forward stock split | ' | ' | ' | ' |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
INCOME TAXES [Abstract] | ' | ' |
Tax benefit at U.S. statutory rate | $199,000 | $17,400 |
Valuation allowance | -199,000 | -17,400 |
Total | ' | ' |
Valuation allowance, percentage | 100.00% | ' |
Net operating loss carry-forward | $568,746 | ' |
COMMITTMENTS_Details
COMMITTMENTS (Details) (USD $) | 12 Months Ended | |
Jul. 31, 2013 | Jul. 31, 2012 | |
COMMITTMENTS [Abstract] | ' | ' |
Rental expense for office operating leases | $5,030 | ' |
Rental commitments for 2014 | 16,398 | ' |
Rental commitments for 2015 | $15,032 | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 1 Months Ended | 12 Months Ended | 24 Months Ended | 1 Months Ended | |
Mar. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Oct. 31, 2013 | |
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Refinancing of advances into convertible note payable | ' | $167,075 | ' | $167,075 | $516,920 |
Interest rate | 10.00% | ' | ' | ' | 10.00% |
Maturity date | 31-Mar-15 | ' | ' | ' | 31-Oct-15 |
Maximum ownership percentage allowed afer converting | 4.99% | ' | ' | ' | 4.99% |
Debt conversion, price per share | $0.02 | ' | ' | ' | $0.02 |