| Note 2. Business | Note 2. Business Nature of Operations MRC was incorporated in the state of Nevada on November 3, 2011. MRC was formed for the purpose of acquiring exploration and development stage mineral properties. On November 20, 2017, the Company acquired all of the outstanding shares of GNP for consideration of 250,000 shares of the Companys restricted common stock valued at $5,000 ($0.02 per share), as well as promissory notes in the principal amount of $50,000, for total purchase price of $55,000. GNP was incorporated in Alaska on September 22, 2017 and had not engaged in any operations, other than the acquisition from its sole officer and director of a parcel of undeveloped land in Anchorage, Alaska. The Companys plans for this property are to build a triplex with three rental units, each of which will be approximately 1,200 sq. ft. The promissory notes bear interest at 6% per year, are unsecured, and are due and payable on October 31, 2022 or upon the sale of the property in Anchorage, Alaska, whichever is the first to occur. Prior to the acquisition, there were no significant common shareholdings or affiliations between the MRC, GNP, or either entitys shareholders. As a result of the acquisition, MRCs capital, operations, and management remained intact. As such, the transaction was accounted for as a business purchase, whereby the Alaska property (GNPs only balance sheet item) was recorded on the acquisition date at fair market value. Going Concern These financial statements have been prepared in accordance with US GAAP applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations in the ordinary course of business. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. The Company has not yet achieved profitable operations, has accumulated losses of $229,652, since its inception through August 31, 2018 and expects to incur further losses in the development of its business, all of which casts substantial doubt about the Companys ability to continue as a going concern. The Companys ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing from shareholders or other sources to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company may be able to obtain additional funds by equity financing and/or related party advances, however there is no assurance of additional funding being available or on acceptable terms, if at all. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the company cannot continue in existence. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimated. Cash Equivalents The Company considers all short-term investments purchased with an original maturity of three months or less to be cash equivalents. Income Taxes We account for income taxes under the liability method, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Current tax benefits are offset by a valuation reserve as they are considered not likely to be realized in the foreseeable future. Net Income (Loss) Per Share In accordance with ASC 260 Earnings per Share At November 30, 2017, the Company had related party and non-party convertible notes payable outstanding that, if converted, would result in the issuance of 1,000,000 shares of common stock. The debt was fully converted during the nine months ended August 31, 2018 (Note 5) and no convertible debt or other potentially dilutive securities were outstanding at August 31, 2018. In addition, the Company received funds for stock subscriptions during the nine months ended August 31, 2018. The stock subscriptions include warrants that have a dilutive effect on EPS once issued. As of August 31, 2018, the shares and associated warrants had not yet been issued (Note 7). New Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. Employees The Company does not have any employees, other than Mark Rodenbeck who serves as the Companys only officer. Mr. Rodenbeck does not receive any compensation for his services to the Company. |
