Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2016 | Jul. 13, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Health Advance, Inc. | |
Entity Central Index Key | 1,531,477 | |
Trading Symbol | hadv | |
Current Fiscal Year End Date | --07-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 24,520,000 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
ASSET | ||
Cash | $ 0 | $ 0 |
TOTAL ASSET | 0 | 0 |
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ||
Accounts payable | 57,062 | 50,618 |
Accrued liabilities | 2,575 | 6,500 |
Advances from a shareholder (Note 4) | 94,879 | 72,774 |
TOTAL LIABILITIES | 154,516 | 129,892 |
STOCKHOLDERS' DEFICIENCY | ||
Authorized: 500,000,000 common stock, par value $0.001 Issued and outstanding: (Note 6) 24,520,000 common stock as at April 30, 2016 and July 31, 2015 | 24,520 | 24,520 |
Additional paid-in capital | 186,080 | 186,080 |
Common stock to be issued (Note 6) | 67,500 | 67,500 |
Accumulated deficit | (432,616) | (407,992) |
TOTAL STOCKHOLDERS' DEFICIENCY | (154,516) | (129,892) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY | $ 0 | $ 0 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2016 | Jul. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 24,520,000 | 24,520,000 |
Common stock, outstanding | 24,520,000 | 24,520,000 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||||
SALES | $ 0 | $ 0 | $ 0 | $ 0 |
COST OF SALES | 0 | 0 | 0 | 0 |
GROSS PROFIT | 0 | 0 | 0 | 0 |
EXPENSES | ||||
Professional fees | 5,399 | 7,463 | 21,512 | 29,829 |
Office and general | 677 | 715 | 3,112 | 3,893 |
Rent and occupancy | 0 | 0 | 0 | 7,200 |
Consulting and management fees | 0 | 8,000 | 0 | 20,000 |
Total expenses | 6,076 | 16,178 | 24,624 | 60,922 |
Foreign exchange loss | 0 | 0 | 0 | 251 |
Loss before income taxes | (6,076) | (16,178) | (24,624) | (61,173) |
Income taxes | 0 | 0 | 0 | 0 |
NET AND COMPREHENSIVE LOSS FOR THE PERIOD | $ (6,076) | $ (16,178) | $ (24,624) | $ (61,173) |
Loss per common share, basic and diluted (Note 6) | $ (0.0002) | $ (.0007) | $ (.0010) | $ (.0025) |
Weighted average number of common stock outstanding, basic and diluted | 24,520,000 | 24,520,000 | 24,520,000 | 24,520,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (24,624) | $ (61,173) |
Adjustments for non-cash items | ||
Common stock issued for services | 0 | 0 |
In-kind contribution of services | 0 | 20,000 |
Net change in non-cash working capital balances: | ||
Accounts payable | (3,925) | 0 |
Accrued liabilities | 6,444 | 8,353 |
Net cash used in operating activities | (22,105) | (32,820) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Bank indebtedness | 0 | (28) |
Proceeds from issuance of common stock | 0 | 23,000 |
Advances from a shareholder | 22,105 | 9,848 |
Net cash provided by financing activities | 22,105 | 32,820 |
Net decrease in cash during the period | 0 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | $ 0 | $ 0 |
Note 1- NATURE OF OPERATIONS AN
Note 1- NATURE OF OPERATIONS AND ORGANIZATION | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND ORGANIZATION | Health Advance Inc. (the Company or Health Advance) was incorporated on April 14, 2010 in the State of Wyoming. The Company is an online retailer of home medical products with operations in Canada and the United States of America (USA). |
Note 2 - BASIS OF PRESENTATION
Note 2 - BASIS OF PRESENTATION | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
BASIS OF PRESENTATION | The condensed financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the USA for interim financial information and the SEC instructions to Form 10Q. Accordingly, they do not include all of the information and notes to the financial statements required by generally accepted accounting principles for complete financial statements. All adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. For further information, refer the financial statements and notes thereto included in the Companys annual report on Form 10K for the year ended July 31, 2015. |
Note 3 - GOING CONCERN
Note 3 - GOING CONCERN | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
GOING CONCERN | These financial statements have been prepared assuming the Company will continue on a going concern basis. The Company has incurred losses since inception and the ability of the Company to continue as a going concern depends upon its ability to develop profitable operations and to continue to raise adequate financing. Management is actively targeting sources of additional financing to provide continuation of the Companys operations. In order for the Company to meet its liabilities as they come due and to continue its operations, the Company is solely dependent upon its ability to generate such financing. There can be no assurance that the Company will be able to continue to raise funds, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in these financial statements. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
Note 4 - RELATED PARTY TRANSACT
Note 4 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
RELATED PARTY TRANSACTIONS | The transactions with related parties were in the normal course of operations and were measured at the exchange value which represented the amount of consideration established and agreed to by the parties. Related party transactions not disclosed elsewhere in these financial statements are as follows: a. During the three and nine months ended April 30, 2016, the Company was charged $nil and $nil respectively, as rent and occupancy charges (three and nine months ended April 30, 2015: $nil and $7,200 respectively). In addition, during the three and nine months ended April 30, 2016, the Company was charged $nil and $nil respectively, as consulting and management fees (three and nine months ended April 30, 2015: $6,000 and $18,000 respectively). During the fiscal year 2016, the shareholder decided to discontinue charging rent and consultancy fees due to minimal activities in the Company. b. Advances from a shareholder of the Company as at April 30, 2016 and July 31, 2015 were $94,879 and $72,774, respectively. These advances are non-interest bearing, unsecured and with no specific terms of repayment. |
Note 5 - RECENT ACCOUNTING PRON
Note 5 - RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | Recently Issued Accounting Standards In March 2016, the Company adopted the accounting pronouncement issued by the Financial Accounting Standards Board ("FASB") to update guidance on how companies account for certain aspects of share-based payments to employees. This pronouncement is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. This guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and changes the presentation of excess tax benefits on the statement of cash flows. The Company adopted these provisions on a prospective basis. In addition, this pronouncement changes guidance on: (a) accounting for forfeitures of share-based awards and (b) employers accounting for an employees use of shares to satisfy the employers statutory income tax withholding obligation. The adoption of this pronouncement did not have a material impact on Companys financial position and/or results of operations. In February 2016, an accounting pronouncement was issued by the FASB to replace existing lease accounting guidance. This pronouncement is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases will continue to be recognized in a manner similar to current accounting guidance. This pronouncement is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The adoption is required to be applied on a modified retrospective basis for each prior reporting period presented. The Company has not yet determined the effect that the adoption of this pronouncement may have on its financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The adoption of this pronouncement did not have a material impact on its financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. The Company adopted this pronouncement on a retrospective basis, and the adoption did not have a material impact on its financial position and/or results of operations. In November 2015, an accounting pronouncement was issued by the FASB to simplify the presentation of deferred income taxes within the balance sheet. This pronouncement eliminates the requirement that deferred tax assets and liabilities are presented as current or noncurrent based on the nature of the underlying assets and liabilities. Instead, the pronouncement requires all deferred tax assets and liabilities, including valuation allowances, be classified as noncurrent. This pronouncement is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company intend to adopt this pronouncement on January 1, 2017, and the adoption will not have a material impact on its financial position and/or results of operations. In May 2014, an accounting pronouncement was issued by the FASB to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The guidance permits the use of one of two retrospective transition methods. The Company has not yet selected a transition method nor have we determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. |
Note 6 - LOSS PER SHARE
Note 6 - LOSS PER SHARE | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
LOSS PER SHARE | The Company has adopted the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) Topic 260-10 which provides for calculation of basic and diluted earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. There were no potentially dilutive shares outstanding as at April 30, 2016 and July 31, 2015. |
Note 7 - STOCKHOLDERS_ DEFICIEN
Note 7 - STOCKHOLDERS’ DEFICIENCY | 9 Months Ended |
Apr. 30, 2016 | |
Note 7 - Stockholders Deficiency | |
STOCKHOLDERS’ DEFICIENCY | COMMON STOCK - AUTHORIZED As at April 30, 2016, the Company has 500,000,000 authorized shares of common stock with a par value of $0.001 per share. COMMON STOCK - ISSUED AND OUTSTANDING Companys outstanding 24,520,000 shares of common stock ($24,520) as at April 30, 2016 consisted of the following: On April 14, 2010 the Company issued 14,000,000 shares of common stock at $0.0001 per share to the founding stockholder for a total cash proceeds of $1,400. During fiscal 2011, the Company completed non-brokered private placements of 920,000 shares of common stock at $0.01 per share for a total cash proceeds of $9,200. During fiscal 2011, the Company issued 6,500,000 common stock for legal, consulting and web design services and directors fees. These services were valued at $0.01 per share. On November 1, 2011 the Company issued 1,500,000 shares of common stock for professional services rendered. These services were valued at $15,000. On July 18, 2012 the Company issued 1,600,000 shares at $0.01 per share for a total cash proceeds of $16,000. COMMON STOCK TO BE ISSUED The Companys 6,790,000 common stock to be issued amounting to $67,500 as at January 31, 2016 consist of the following: In November 2012, the Company agreed to issue 2,000,000 shares of common stock at an issue price of $0.005 per share for a total cash proceeds of $10,000. In December 2012, the Company agreed to issue 1,000,000 shares of common stock valued at $0.01 per share for a total value of $10,000 for web design services and repairs. In January 2013, the Company agreed to issue 500,000 shares of common stock valued at $0.01 per share for a total value of $5,000 for consulting services. In March 2013, the Company agreed to issue 800,000 shares of common stock at an issue price of $0.01 per share for a total cash proceeds of $8,000. In June 2013, the Company agreed to issue 350,000 shares of common stock at an issue price of $0.01 per share for a total cash proceeds of $3,500. In October 2013, the Company agreed to issue 1,600,000 shares of common stock at an issue price of $0.0025 per share for a total cash proceeds of $4,000. In April 2014, the Company agreed to issue 40,000 shares of common stock at an issue price of $0.05 per share for a total cash proceeds of $2,000. In August 2014, the Company agreed to issue 500,000 shares of common stock at an issue price of $0.05 per share for a total cash proceeds of $25,000. |
Note 8 - SUPPLEMENTAL CASH FLOW
Note 8 - SUPPLEMENTAL CASH FLOW INFORMATION | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | During the nine months ended April 30, 2016, and 2015, there were no interest or taxes paid by the Company. |
Note 9 - SUBSEQUENT EVENTS
Note 9 - SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2016 | |
Notes To Financial Statements [Abstract] | |
SUBSEQUENT EVENTS | The Companys management has evaluated subsequent events up to July 13, 2016, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has determined that there are no material subsequent events to report. |
Note 5 - RECENT ACCOUNTING PR15
Note 5 - RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Note 5 - Recent Accounting Pronouncements Policies | |
Recently Issued Accounting Standards | In March 2016, the Company adopted the accounting pronouncement issued by the Financial Accounting Standards Board ("FASB") to update guidance on how companies account for certain aspects of share-based payments to employees. This pronouncement is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. This guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and changes the presentation of excess tax benefits on the statement of cash flows. The Company adopted these provisions on a prospective basis. In addition, this pronouncement changes guidance on: (a) accounting for forfeitures of share-based awards and (b) employers accounting for an employees use of shares to satisfy the employers statutory income tax withholding obligation. The adoption of this pronouncement did not have a material impact on Companys financial position and/or results of operations. In February 2016, an accounting pronouncement was issued by the FASB to replace existing lease accounting guidance. This pronouncement is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases will continue to be recognized in a manner similar to current accounting guidance. This pronouncement is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The adoption is required to be applied on a modified retrospective basis for each prior reporting period presented. The Company has not yet determined the effect that the adoption of this pronouncement may have on its financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The adoption of this pronouncement did not have a material impact on its financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. The Company adopted this pronouncement on a retrospective basis, and the adoption did not have a material impact on its financial position and/or results of operations. In November 2015, an accounting pronouncement was issued by the FASB to simplify the presentation of deferred income taxes within the balance sheet. This pronouncement eliminates the requirement that deferred tax assets and liabilities are presented as current or noncurrent based on the nature of the underlying assets and liabilities. Instead, the pronouncement requires all deferred tax assets and liabilities, including valuation allowances, be classified as noncurrent. This pronouncement is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company intend to adopt this pronouncement on January 1, 2017, and the adoption will not have a material impact on its financial position and/or results of operations. In May 2014, an accounting pronouncement was issued by the FASB to clarify existing guidance on revenue recognition. This guidance includes the required steps to achieve the core principle that a company should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This pronouncement is effective for fiscal years and interim periods beginning after December 15, 2017, with early adoption permitted. The guidance permits the use of one of two retrospective transition methods. The Company has not yet selected a transition method nor have we determined the effect that the adoption of the pronouncement may have on its financial position and/or results of operations. |
Note 4 - RELATED PARTY TRANSA16
Note 4 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Jul. 31, 2015 | |
Note To Financial Statement Details Textual | |||||
Rent and occupancy charges | $ 0 | $ 0 | $ 0 | $ 7,200 | |
Consulting and management fees | 0 | $ 6,000 | 0 | $ 18,000 | |
Advances from a shareholder | $ 94,879 | $ 94,879 | $ 72,774 |
Note 6 - LOSS PER SHARE (Detail
Note 6 - LOSS PER SHARE (Details Narrative) - shares | 9 Months Ended | 12 Months Ended |
Apr. 30, 2016 | Jul. 31, 2015 | |
Note To Financial Statement Details Textual | ||
Potentially dilutive shares excluded from the calculation of earnings per share | 0 | 0 |
Note 7 - STOCKHOLDERS_ DEFICI18
Note 7 - STOCKHOLDERS’ DEFICIENCY (Details Narrative) - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
Note To Financial Statement Details Textual | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, outstanding | 24,520,000 | 24,520,000 |
Common stock, value, outstanding | $ 24,520 | $ 24,520 |
Note 8 - SUPPLEMENTAL CASH FL19
Note 8 - SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Note To Financial Statement Details Textual | ||
Interest paid | $ 0 | $ 0 |
Income taxes paid | $ 0 | $ 0 |