Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 31, 2013 | Oct. 22, 2013 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Webfolio Inc. | |
Entity Central Index Key | 1536643 | |
Trading Symbol | webf | |
Current Fiscal Year End Date | -26 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,000,000 | |
Document Type | 10-Q | |
Document Period End Date | 31-Aug-13 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2013 | |
Document Fiscal Period Focus | Q1 |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2013 | 31-May-13 |
Current Assets | ||
Cash and cash equivalents | $4,375 | $6,410 |
Total current assets | 4,375 | 6,410 |
TOTAL ASSETS | 4,375 | 6,410 |
Current Liabilities | ||
Accounts payable | 40 | 780 |
Officer advances | 5,088 | 5,088 |
Total current liabilities | 5,128 | 5,868 |
TOTAL LIABILITIES | 5,128 | 5,868 |
STOCKHOLDERS' EQUITY | ||
130,000,000 common shares at par value of $0.0001 Common stock, ($0.001 par value, 75,000,000 shares authorized; 5,000,000 shares issued and outstanding atAugust 31, 2013 and May 31, 2013 respectively | 500 | 500 |
Additional paid-in capital | 9,500 | 9,500 |
Deficit accumulated during development stage | -10,753 | -9,458 |
TOTAL STOCKHOLDERS' EQUITY | -753 | 542 |
TOTAL LIABILITITES & STOCKHOLDERS' EQUITY | $4,375 | $6,410 |
Balance_Sheets_Parentheticals
Balance Sheets (Parentheticals) (USD $) | Aug. 31, 2013 | 31-May-13 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 130,000,000 | 130,000,000 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Revenues | |||
Revenues | |||
Total Revenues | |||
Operating Expenses | |||
Professional expenses | 1,250 | 1,750 | 4,000 |
General and Administative | 45 | 1,860 | 6,446 |
Total Operating Expense | 1,295 | 3,610 | 10,446 |
Other Income and Expense | |||
Exchange gain(loss) | 133 | 307 | |
Total Other Income and Expense | 133 | 307 | |
Net Income (Loss) | ($1,295) | ($3,743) | ($10,753) |
Basic earnings per share (in dollars per share) | $0 | $0 | |
Weighted average number of common shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income (loss) | ($1,295) | ($3,743) | ($10,753) |
Changes in operating assets and liabilities: | |||
Accounts payable | -740 | 40 | |
Net cash used in operating activities | -2,035 | -3,743 | -10,713 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net cash used in investing activities | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from shareholder loans | 5,088 | ||
Issuance of common stock for cash | 10,000 | ||
Net cash provided by financing activities | 15,088 | ||
Net change in cash | -2,035 | -3,743 | 4,375 |
Cash and cash equivalents at beginning of period | 6,410 | 8,916 | |
Cash and cash equivalents at end of period | 4,375 | 5,173 | 4,375 |
Cash paid during year for : | |||
Interest | |||
Income Taxes |
NATURE_OF_OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS |
Webfolio Inc. (“The Company”) was incorporated in the State of Delaware on May 16, 2011 to engage in the creation and development of an online service primarily to help real estate investors more effectively manage their properties and potential buyers. The Company is in the development stage with no revenues and a limited operating history. | |
Going Concern Consideration | |
These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred cumulative net losses of $10,753 since its inception and requires capital for its contemplated operational and marketing activities to take place. The Company's ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company's contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company's ability to continue as a going concern. | |
Future issuances of the Company's equity or debt securities will be required in order for the Company to continue to finance its operations and continue as a going concern. The Company's present revenues are insufficient to meet operating expenses. The financial statements do not include any adjustments that may result from the outcome of these aforementioned uncertainties. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 2013 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Interim Financial Statements and Basis of Presentation | |
The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the year ended May 31, 2013 and notes thereto contained in our 10-K Annual Report filed on October 17, 2013. | |
Basis of Presentation | |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s fiscal year end is May 31. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with original maturity of three months or less to be cash equivalents. | |
Use of Estimates and Assumptions | |
The preparation of financial statements in conformity with generally accepted accounting principles requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | |
Foreign Currency Translation | |
The financial statements are presented in United States dollars. In accordance with ASC 830, “Foreign Currency Matters”, foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations. | |
Development Stage Company | |
The Company complies with Financial Accounting Standards Codification (“ASC”) 915 and Securities and Exchange Commission Act Guide 7 for its characterization of the Company as development stage enterprise. | |
Financial Instrument | |
Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. FASB ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | |
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. | |
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. | |
The recorded amounts of financial instruments, including cash equivalents, accounts payable and advance from related party, approximate their market values as of August 31, 2013. | |
Income Taxes | |
The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. At August 31, 2013, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded. | |
Basic and Diluted Net Income (Loss) per Share | |
The Company computes net income (loss) per share in accordance with ASC 260, "Earnings per Share" which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. | |
Recent Accounting Pronouncements | |
In February 2010, the FASB issued ASU No. 2010-09, which is included in the Codification under ASC 855, SUBSEQUENT EVENTS (“ASC 855”). This update removes the requirement for an SEC filer to disclose the date through which subsequent events have been evaluated and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company’s financial statements. | |
In January 2010, the FASB issued ASU No. 2010-06, which is included in the Codification under ASC 820, FAIR VALUE MEASUREMENTS AND DISCLOSURES (“ASC 820”). This update requires the disclosure of transfers between the observable input categories and activity in the unobservable input category for fair value measurements. The guidance also requires disclosures about the inputs and valuation techniques used to measure fair value and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company’s financial statements. | |
The Company does not expect the adoption of recently issued accounting pronouncements to have any significant impact on the Company’s results of operations, financial position or cash flow. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2013 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 3. RELATED PARTY TRANSACTIONS |
The President of the Company provides management and office premises to the Company for no compensation. He will not be paid for any underwriting services that he performs on behalf of the Company with respect to the Company's upcoming S-1 offering. He will also not receive any interest on any funds that he has advanced to the Company. Mr. Thompson has advanced funds to the Company as of August 31, 2013 in the amount of $5,088. |
COMMON_SHARES
COMMON SHARES | 3 Months Ended |
Aug. 31, 2013 | |
Equity [Abstract] | |
COMMON SHARES | 4. COMMON SHARES |
The stockholders’ equity section of the Company contains the following classes of capital stock as of August 31, 2013: | |
Common stock, $ 0.0001 par value: 130,000,000 shares authorized; 5,000,000 shares issued and outstanding | |
In May, 2011, the Company authorized the issue of 5,000,000 common shares of the company at par value of $.002 to Robin Thompson, Director and President, for net cash proceeds of $10,000. | |
At August 31, 2013 there are total of 5,000,000 common shares of the Company issued and outstanding. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended |
Aug. 31, 2013 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 5. INCOME TAXES |
The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. | |
At August 31, 2013, the Company had an unused net operating loss carry-forward approximating $10,753 that is available to offset future taxable income; the loss carry-forward will start to expire in 2030. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2013 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s fiscal year end is May 31. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
The Company considers all highly liquid investments with original maturity of three months or less to be cash equivalents. | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions |
The preparation of financial statements in conformity with generally accepted accounting principles requires that management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. | |
Foreign Currency Translation | Foreign Currency Translation |
The financial statements are presented in United States dollars. In accordance with ASC 830, “Foreign Currency Matters”, foreign denominated monetary assets and liabilities are translated into their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Revenue and expenses are translated at average rates of exchange during the year. Gains or losses resulting from foreign currency transactions are included in results of operations. | |
Development Stage Company | Development Stage Company |
The Company complies with Financial Accounting Standards Codification (“ASC”) 915 and Securities and Exchange Commission Act Guide 7 for its characterization of the Company as development stage enterprise. | |
Financial Instrument | Financial Instrument |
Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. ASC 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. FASB ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: | |
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. | |
Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. | |
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. | |
The recorded amounts of financial instruments, including cash equivalents, accounts payable and advance from related party, approximate their market values as of August 31, 2013. | |
Income Taxes | Income Taxes |
The Company follows the accrual method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on the deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. At August 31, 2013, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded. | |
Basic and Diluted Net Income (Loss) per Share | Basic and Diluted Net Income (Loss) per Share |
The Company computes net income (loss) per share in accordance with ASC 260, "Earnings per Share" which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of common shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period including stock options, using the treasury stock method, and convertible preferred stock, using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential common shares if their effect is anti-dilutive. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In February 2010, the FASB issued ASU No. 2010-09, which is included in the Codification under ASC 855, SUBSEQUENT EVENTS (“ASC 855”). This update removes the requirement for an SEC filer to disclose the date through which subsequent events have been evaluated and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company’s financial statements. | |
In January 2010, the FASB issued ASU No. 2010-06, which is included in the Codification under ASC 820, FAIR VALUE MEASUREMENTS AND DISCLOSURES (“ASC 820”). This update requires the disclosure of transfers between the observable input categories and activity in the unobservable input category for fair value measurements. The guidance also requires disclosures about the inputs and valuation techniques used to measure fair value and become effective for interim and annual reporting periods beginning January 1, 2010. The adoption of this guidance did not have a material impact on the Company’s financial statements. | |
The Company does not expect the adoption of recently issued accounting pronouncements to have any significant impact on the Company’s results of operations, financial position or cash flow. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances. |
NATURE_OF_OPERATIONS_Detail_Te
NATURE OF OPERATIONS (Detail Textuals) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net income (loss) | ($1,295) | ($3,743) | ($10,753) |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $) | Aug. 31, 2013 | 31-May-13 |
Related Party Transaction [Line Items] | ||
Advance from related party | $5,088 | $5,088 |
Mr. Thompson | ||
Related Party Transaction [Line Items] | ||
Advance from related party | $5,088 |
COMMON_SHARES_Detail_Textuals
COMMON SHARES (Detail Textuals) (USD $) | 28 Months Ended | 1 Months Ended | |
Aug. 31, 2013 | 31-May-13 | 31-May-11 | |
Robin Thompson | |||
Stockholders Equity Note [Line Items] | |||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
Common stock, shares authorized | 130,000,000 | 130,000,000 | |
Common stock, shares issued | 5,000,000 | 5,000,000 | |
Common stock, shares outstanding | 5,000,000 | 5,000,000 | |
Stock issued for cash (in shares) | 5,000,000 | ||
Stock issued for cash, par value (in dollars per share) | $0.00 | ||
Cash proceeds from issuance of common stock | $10,000 | $10,000 |
INCOME_TAXES_Detail_Textuals
INCOME TAXES (Detail Textuals) (USD $) | Aug. 31, 2013 |
Income Tax Disclosure [Abstract] | |
Unused net operating loss carry-forward subject to expiration dates | $10,753 |