Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Dec. 15, 2015 | |
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 (in shares) | 24,520,000 | |
Entity Public Float | $ 0 | |
Document Type | 10-K | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
ASSET | ||
Cash | ||
TOTAL ASSET | ||
LIABILITIES AND STOCKHOLDERS' DEFICIENCY | ||
Bank indebtedness | $ 28 | |
Accounts payable | $ 50,618 | 40,594 |
Accrued liabilities | 6,500 | 5,584 |
Advances from a shareholder (Note 5) | 72,774 | 59,135 |
TOTAL LIABILITIES | 129,892 | 105,341 |
STOCKHOLDERS' DEFICIENCY | ||
Authorized: 500,000,000 common stock, par value $0.001Issued and outstanding: (Note 7) 24,520,000 common stock as at April 30, 2015 (July 31, 2014: 24,520,000 common stock) | 24,520 | 24,520 |
Additional paid-in capital | 186,080 | 168,080 |
Common stock to be issued (Note 6) | 67,500 | 42,500 |
Accumulated deficit | (407,992) | (340,441) |
TOTAL STOCKHOLDERS' DEFICIENCY | $ (129,892) | $ (105,341) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIENCY |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jul. 31, 2015 | Jul. 31, 2014 |
Common Stock Authorized, Amount (in shares) | 500,000,000 | 500,000,000 |
Common Stock Authorized, Par Value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, Outstanding (in shares) | 24,520,000 | 24,520,000 |
Common Stock, Issued (in shares) | 24,520,000 | 24,520,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
SALES | ||
COST OF SALES | ||
GROSS PROFIT | ||
EXPENSES | ||
Professional fees | $ 35,032 | $ 25,013 |
Office and general | 5,068 | 8,458 |
Rent and occupancy | 7,200 | 14,400 |
Consulting and management fees | 20,000 | 24,000 |
Total expenses | 67,300 | 71,871 |
Foreign exchange loss | 251 | 209 |
Loss before income taxes | $ (67,551) | $ (72,080) |
Income taxes | ||
NET AND COMPREHENSIVE LOSS FOR THE YEAR | $ (67,551) | $ (72,080) |
Loss per common share, basic and diluted (in dollars per share) | $ (0.0028) | $ (0.0029) |
Weighted average number of common stock outstanding, basic and diluted (in shares) | 24,520,000 | 24,520,000 |
Statement of Stockholders Equit
Statement of Stockholders Equity - USD ($) | Common Stock [Member] | Stock to Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
As at July 31, 2013 (in shares) at Jul. 31, 2013 | 24,520,000 | ||||
As at July 31, 2013 at Jul. 31, 2013 | $ 24,520 | $ 36,500 | $ 144,080 | $ (268,361) | $ (63,261) |
Issuance of common stock for services | $ 6,000 | 6,000 | |||
In-kind contribution of services | $ 24,000 | 24,000 | |||
Net loss for the year | $ (72,080) | (72,080) | |||
As at July 31, 2014 (in shares) at Jul. 31, 2014 | 24,520,000 | ||||
As at July 31, 2014 at Jul. 31, 2014 | $ 24,520 | $ 42,500 | $ 168,080 | $ (340,441) | (105,341) |
In-kind contribution of services | $ 18,000 | 18,000 | |||
Net loss for the year | $ (67,551) | (67,551) | |||
As at July 31, 2014 (in shares) at Jul. 31, 2015 | 24,520,000 | ||||
As at July 31, 2014 at Jul. 31, 2015 | $ 24,520 | $ 67,500 | $ 186,080 | $ (407,992) | (129,892) |
Issuance of common stock for cash | $ 25,000 | $ 25,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the year | $ (67,551) | $ (72,080) |
Adjustments for non-cash items | ||
In-kind contribution of services | $ 18,000 | $ 24,000 |
Net change in non-cash working capital balances: | ||
Prepaid expenses | ||
Accounts payable | $ 10,024 | $ 11,205 |
Accrued liabilities | 916 | 5,584 |
Net cash used in operating activities | (38,611) | (31,291) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Bank indebtedness | (28) | 28 |
Proceeds from issuance of common stock | 25,000 | 6,000 |
Advances from a shareholder | 13,639 | 24,737 |
Net cash provided by financing activities | $ 38,611 | 30,765 |
Net decrease in cash during the year | (526) | |
Cash, beginning of year | $ 526 | |
Cash, end of year |
Note 1- Nature of Operations an
Note 1- Nature of Operations and Organization | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. NATURE OF OPERATIONS AND ORGANIZATION Health Advance Inc. (the "Company" or "Health Advance") was incorporated in the State of Wyoming on April 14, 2010. The Company is a development stage company and is an online retailer of home medical products with operations in Canada and the US. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. BASIS OF PRESENTATION The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and are expressed in United States Dollars (“USD”). |
Note 3 - Going Concern
Note 3 - Going Concern | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | 3. 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 Company’s operations. In order for the Company to meet its liabilities as they become 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 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the Company are in accordance with accounting principles generally accepted in the United States of America. Presented below are those policies considered particularly significant: Cash Cash includes cash on hand and balances with banks. 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 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. Areas involving significant estimates and assumptions include: deferred income tax assets and related valuation allowance and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Earnings or Loss Per Share The Company has adopted the Financial Accounting Standards Board’s (“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 July 31, 2015 and 2014. Comprehensive Income The Company follows the guidance in ASC 220, Comprehensive Income. ASC 220 establishes standards for the reporting and presentation of comprehensive income and its components in a full set of consolidated financial statements. Comprehensive income is presented in the statements of changes in stockholders' equity (deficit), and consists of unrealized gains (losses) on available for sale marketable securities and foreign currency translation adjustments. ASC 220 requires only additional disclosures in the financial statements and does not affect the Company's financial position or results of operations. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 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 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Company's cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for federal and provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. Concentration of Credit Risk ASC 815-10 (formerly SFAS No. 105) Disclosure of Information About Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentration of Credit Risk, requires disclosure of any significant off-balance-sheet risk and credit risk concentration. The Company does not have significant off-balance-sheet risk or credit concentration. Foreign Currency Translation The functional currency of the Company is USD. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net income (loss) for the year. The translation gains and losses resulting from the changes in exchange rates are reported in accumulated other comprehensive gain (loss). Stock-Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. Recent Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity'', which revises what qualifies as a discontinued operation, changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This ASU will be effective for the Company for applicable transactions occurring after October 1, 2015. The Company will prospectively apply the guidance to applicable transactions and does not expect adoption to have a material impact on the financial statements. On May 28, 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. This ASU will have no impact on the Company until it begins to generate revenue. In June 2014, the FASB issued Accounting Standards Update ASU 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. Recent Accounting Pronouncements (continued) On August 27, 2014, the FASB issued a new financial accounting standard on going concern, ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The standard provides guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. The amendments apply to all companies and are effective in annual periods ending after December 15, 2016, with early application permitted. The Company is currently evaluating the impact of this accounting standard on its financial statements. On April 7, 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments apply to all companies and are effective for public business entities in annual periods ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard on its financial statements. |
Note 5 - Related Party Transact
Note 5 - Related Party Transaction | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 5. 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. The Company recorded $7,200 and $14,400 as rent and occupancy expense charged by a shareholder for the years ended July 31, 2015 and 2014, respectively. The Company also recorded $1,200 and $2,400 as office and general expense charged by a shareholder in respect of certain administrative services for the years ended July 31, 2015 and 2014, respectively. In addition, the Company has recorded $20,000 and $24,000 as consulting expense charged by a shareholder for the years ended July 31, 2015 and 2014, respectively. These consulting charges have been debited to consulting and management fees with corresponding credit to additional paid in capital. b. Advances from a shareholder of the Company as at July 31, 2015 and 2014 were $72,774 and $59,135, respectively. These advances are non-interest bearing, unsecured and with no specific terms of repayment. |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 6. STOCKHOLDERS’ DEFICIENCY COMMON STOCK - AUTHORIZED As at July 31, 2015, 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 Company’s outstanding 24,520,000 shares of common stock ($24,520) as at July 31, 2014 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 shareholder 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 Company’s 6,790,000 common stock to be issued amounting to $67,500 as at July 31, 2015 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 7 - Supplemental Cash Flow
Note 7 - Supplemental Cash Flow Information | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 7. SUPPLEMENTAL CASH FLOW INFORMATION During the years ended July 31, 2015 and 2014, there were no interests or taxes paid by the Company. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES The Company accounts for income taxes in accordance with ASC 740-20. ASC 740-20 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates. The effects of future changes in tax laws or rates are not anticipated. Under ASC 740-20 income taxes are recognized for the following: a) amount of tax payable for the current year, and b) deferred tax liabilities and assets for future tax consequences of events that have been recognized differently in the financial statements than for tax purposes. The Company has income tax losses available to be applied against future years income as a result of the losses incurred since inception. However, due to the losses incurred in the period and expected future operating results, management determined that it is more likely than not that the deferred tax asset resulting from the tax losses available for carry forward will not be realized through the reduction of future income tax payments. Accordingly a 100% valuation allowance has been recorded for income tax losses available for carry forward. The provision for income taxes reconciles to the amount obtained by applying the statutory income tax rates of 38% (2014: 38%) to income before provision for taxes as follows: 2015 2014 Computed expected tax $ (25,669 ) $ (27,390 ) Expenses not deductible for tax purposes 7,600 9,120 Tax losses available for carry forward 18,069 18,270 Provision for income taxes $ - $ - The components of deferred income taxes, have been determined at the US federal statutory rate of 38% (2014: 38%) and are as follows: 2015 2014 Deferred income tax assets: Income tax losses available for carry forward $ 89,677 $ 71,608 Valuation allowance (89,677 ) (71,608 ) Deferred income taxes $ - $ - As at July 31, 2015, the Company has approximately $235,992 (2014 - $188,442) of non-capital losses available to offset future taxable income. These losses are expected to expire by the year 2035. |
Note 9 - Financial Instruments
Note 9 - Financial Instruments | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 9. FINANCIAL INSTRUMENTS Credit Risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company is not significantly exposed to this risk as generally it does not have any significant amount of cash. Currency Risk The Company is exposed to financial risk related to the fluctuation of foreign exchange rates. The Company's functional currency is U.S. dollars. A significant change in the currency exchange rates between the U.S. dollar relative to the Canadian dollar could have an effect on the Company's results of operations, financial position and cash flows. However, due to limited number of transactions, the Company is not exposed to this risk. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its expansionary plans. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash. Fair Values The Company's financial instruments consist of cash, bank indebtedness and accounts payable and accrued liabilities and advances from a stockholder. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The fair values of these financial instruments approximate their carrying values due to the short-term maturity of these instruments. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 12 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 10. SUBSEQUENT EVENTS The Company’s management has evaluated subsequent events up to December 15, 2015, 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. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Cash includes cash on hand and balances with banks. |
Use of Estimates, Policy [Policy Text Block] | 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 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. Areas involving significant estimates and assumptions include: deferred income tax assets and related valuation allowance and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. |
Earnings Per Share, Policy [Policy Text Block] | Earnings or Loss Per Share The Company has adopted the Financial Accounting Standards Board’s (“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 July 31, 2015 and 2014. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Company follows the guidance in ASC 220, Comprehensive Income. ASC 220 establishes standards for the reporting and presentation of comprehensive income and its components in a full set of consolidated financial statements. Comprehensive income is presented in the statements of changes in stockholders' equity (deficit), and consists of unrealized gains (losses) on available for sale marketable securities and foreign currency translation adjustments. ASC 220 requires only additional disclosures in the financial statements and does not affect the Company's financial position or results of operations. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 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 820-10 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ? Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ? Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ? Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring management’s best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Company's cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Company’s bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for federal and provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk ASC 815-10 (formerly SFAS No. 105) Disclosure of Information About Financial Instruments with Off-Balance-Sheet Risk and Financial Instruments with Concentration of Credit Risk, requires disclosure of any significant off-balance-sheet risk and credit risk concentration. The Company does not have significant off-balance-sheet risk or credit concentration. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of the Company is USD. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All exchange gains or losses arising from translation of these foreign currency transactions are included in net income (loss) for the year. The translation gains and losses resulting from the changes in exchange rates are reported in accumulated other comprehensive gain (loss). |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Compensation expense related to share-based awards is recognized over the requisite service period, which is generally the vesting period. The Company accounts for stock based compensation awards issued to non-employees for services, as prescribed by ASC 718-10, at either the fair value of the services rendered or the instruments issued in exchange for such services, whichever is more readily determinable, using the guidelines in ASC 505-50. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-08, "Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity'', which revises what qualifies as a discontinued operation, changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This ASU will be effective for the Company for applicable transactions occurring after October 1, 2015. The Company will prospectively apply the guidance to applicable transactions and does not expect adoption to have a material impact on the financial statements. On May 28, 2014, the FASB issued a new financial accounting standard on revenue from contracts with customers, ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. In July 2015, the FASB voted to approve a one-year deferral of the effective date of ASU 2014-09, which will be effective for the Company in the first quarter of fiscal year 2018 and may be applied on a full retrospective or modified retrospective approach. This ASU will have no impact on the Company until it begins to generate revenue. In June 2014, the FASB issued Accounting Standards Update ASU 2014-10, “Development Stage Entities”. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the ASC thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments in this update are applied retrospectively. On August 27, 2014, the FASB issued a new financial accounting standard on going concern, ASU 2014-15, “Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The standard provides guidance about management’s responsibility to evaluate whether there is substantial doubt about the organization’s ability to continue as a going concern. The amendments apply to all companies and are effective in annual periods ending after December 15, 2016, with early application permitted. The Company is currently evaluating the impact of this accounting standard on its financial statements. On April 7, 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs”. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments apply to all companies and are effective for public business entities in annual periods ending after December 15, 2015, and interim periods within those fiscal years, with early application permitted. The Company is currently evaluating the impact of this accounting standard on its financial statements. |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2015 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 Computed expected tax $ (25,669 ) $ (27,390 ) Expenses not deductible for tax purposes 7,600 9,120 Tax losses available for carry forward 18,069 18,270 Provision for income taxes $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2015 2014 Deferred income tax assets: Income tax losses available for carry forward $ 89,677 $ 71,608 Valuation allowance (89,677 ) (71,608 ) Deferred income taxes $ - $ - |
Note 5 - Related Party Transa19
Note 5 - Related Party Transaction (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Shareholder and Director [Member] | ||
Occupancy, Net | $ 7,200 | $ 14,400 |
General and Adiministrative Expense Per Month | 1,200 | 2,400 |
Shareholder [Member] | ||
Consulting And Management Fees | 20,000 | 24,000 |
Due to Related Parties, Current | 72,774 | 59,135 |
Occupancy, Net | 7,200 | 14,400 |
Consulting And Management Fees | 20,000 | 24,000 |
Due to Related Parties, Current | $ 72,774 | $ 59,135 |
Note 6 - Stockholders' Deficit
Note 6 - Stockholders' Deficit (Details Textual) - USD ($) | Nov. 14, 2012 | Jul. 18, 2012 | Nov. 01, 2011 | Apr. 14, 2010 | Aug. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2012 | Jul. 31, 2015 | Jul. 31, 2014 | Jul. 31, 2011 |
Common Stock [Member] | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,600,000 | 14,000,000 | 920,000 | |||||||||||
Shares Issued, Price Per Share | $ 0.01 | $ 0.0001 | $ 0.01 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 16,000 | $ 1,400 | $ 9,200 | |||||||||||
Stock Issued During Period, Shares, Issued for Services | 1,500,000 | 6,500,000 | ||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 15,000 | |||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||||||
Common Stock, Shares, Issued | 24,520,000 | 24,520,000 | ||||||||||||
Common Stock, Value, Outstanding | $ 24,520 | |||||||||||||
Stock Issued During Period, Value, New Issues | $ 4,000 | $ 25,000 | ||||||||||||
Stock Issued During Period, Value, Issued for Services | $ 2,000 | $ 10,000 | $ 6,000 | |||||||||||
Common Stock To Be Issued, Shares | 2,000,000 | 500,000 | 40,000 | 1,600,000 | 350,000 | 800,000 | 6,790,000 | |||||||
Common Stock To Be Issued, Value | $ 25,000 | $ 3,500 | $ 8,000 | $ 67,500 | ||||||||||
Common Stock To Be Issued, per Share | $ 0.005 | $ 0.05 | $ 0.05 | $ 0.0025 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Common Stock To Be Issued for Services Rendered, Shares | 500,000 | 1,000,000 | ||||||||||||
Common Stock To Be Issued for Services Rendered | $ 5,000 | $ 10,000 |
Note 7 - Supplemental Cash Fl21
Note 7 - Supplemental Cash Flow Information (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Interest Paid, Net | $ 0 | $ 0 |
Income Taxes Paid, Net | $ 0 | $ 0 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 100.00% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 38.00% | 38.00% |
Operating Loss Carryforwards | $ 235,992 | $ 188,442 |
Note 8 - Reconciliation of Prov
Note 8 - Reconciliation of Provision for Income Tax (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Computed expected tax | $ 25,669 | $ 27,390 |
Expenses not deductible for tax purposes | 7,600 | 9,120 |
Tax losses available for carry forward | $ 18,069 | $ 18,270 |
Provision for income taxes |
Note 8 - Deferred Income Tax As
Note 8 - Deferred Income Tax Assets (Details) - USD ($) | Jul. 31, 2015 | Jul. 31, 2014 |
Deferred income tax assets: | ||
Income tax losses available for carry forward | $ 89,677 | $ 71,608 |
Valuation allowance | $ (89,677) | $ (71,608) |
Deferred income taxes |