Kolasco 10-Q 15 Oct 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Aug. 31, 2013	Nov. 30, 2012
Document and Entity Information:
Entity Registrant Name	Kolasco Corp
Document Type	10-Q
Document Period End Date	31-Aug-13
Amendment Flag	FALSE
Entity Central Index Key	1542261
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding	3,600,000
Entity Public Float		$21,600
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3

Condensed_Balance_sheets

Condensed Balance sheets (USD $)	Aug. 31, 2013	Nov. 30, 2012
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$2,820	$4,930
Assets, Current	2,820	4,930
Assets, Noncurrent
Property, Plant and Equipment, Gross	1,025	1,025
Accumulated Depreciation	-680	-425
Assets, Noncurrent	345	600
Assets	3,165	5,530
Liabilities, Noncurrent
Due to Related Parties, Noncurrent	22,888	973
Liabilities	22,888	973
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
Common Stock, value	3,600	3,600
Additional Paid in Capital, Preferred Stock	18,400	18,400
Deficit accumulated during development stage	-41,723	-17,443
Total Stockholder's equity (deficit)	-19,723	4,557
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	3,600,000	3,600,000
Common Stock, Shares Outstanding	3,600,000	3,600,000
Liabilities and Equity	$3,165	$5,530

Condensed_Statements_of_Operat

Condensed Statements of Operations (unaudited) (USD $)	3 Months Ended		9 Months Ended		32 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Revenues
Sales Revenue, Services, Net					$800
Revenues	0	0	0	0	800
Operating Expenses
Other Depreciation and Amortization	85	85	255	257	680
Professional Fees	1,306	8,169	23,854	13,550	39,201
General and Administrative Expense	40	51	171	665	2,642
Total Operating Expenses	1,431	8,305	24,280	14,472	42,523
Net loss from operations	1,431	8,305	24,280	14,472	41,723
Income Tax Expense (Benefit)
Provision for Income Taxes (Benefit)	0	0	0	0	0
Net Income (Loss)	$1,431	$8,305	$24,280	$14,472	$41,723
Earnings Per Share
Weighted Average Number of Shares Outstanding, Basic and Diluted	3,600,000	3,600,000	3,600,000	3,600,000	3,600,000

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (unaudited) (USD $)	9 Months Ended		32 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Net Cash Provided by (Used in) Operating Activities
Net loss for the period	($24,280)	($14,472)	($41,723)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation	255	257	680
Other Depreciation and Amortization	255	257	680
Net Cash Provided by (Used in) Operating Activities	-24,025	-14,215	-41,043
Net Cash Provided by (Used in) Investing Activities
Payments to Acquire Property, Plant, and Equipment			-1,025
Net Cash Provided by (Used in) Investing Activities	0	0	-1,025
Net Cash Provided by (Used in) Financing Activities
Proceeds from Issuance of Common Stock			22,000
Proceeds from Contributions from Affiliates	21,915		22,888
Net Cash Provided by (Used in) Financing Activities	21,915	0	44,888
Cash and Cash Equivalents, Period Increase (Decrease)	-2,110	-14,215	2,820
Cash and Cash Equivalents, at Carrying Value	4,930	21,414	0
Cash and Cash Equivalents, at Carrying Value	$2,820	$7,199	$2,820

Note_1_Organization_and_Nature

Note 1 - Organization and Nature of Business	9 Months Ended
	Aug. 31, 2013
Notes
Note 1 - Organization and Nature of Business	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS
	Kolasco Corp. (the "Company" or “Kolasco”) was incorporated under the laws of the State of Nevada on December 28, 2010.  We are a development stage company. We are in the business of translation as well as interpretation. The company meets challenge of most demanding translation/interpretation project for various fields from business, economics, to science issues. All operating projects are customer tailored with four working languages: English, Spanish, Russian, and Ukrainian.

Note_2_Condensed_Financial_Sta

Note 2 - Condensed Financial Statements	9 Months Ended
	Aug. 31, 2013
Notes
Note 2 - Condensed Financial Statements	NOTE 2 - CONDENSED FINANCIAL STATEMENTS
	The accompanying financial statements have been prepared by the Company without audit.  In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows at August 31, 2013 and for all periods presented have been made.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, pursuant to the rules and regulations of the Security and Exchange Commission (the “SEC) have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s November 30, 2012 audited financial statements.  The results of operations for the period ended August 31, 2013 are not necessarily indicative of the operating results for the full years.

Note_3_Going_Concern

Note 3 - Going Concern	9 Months Ended
	Aug. 31, 2013
Notes
Note 3 - Going Concern	NOTE 3 – GOING CONCERN
	The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern.  The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
	Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it August be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

Note_4_Summary_of_Signifcant_A

Note 4 - Summary of Signifcant Accounting Policies	9 Months Ended
	Aug. 31, 2013
Notes
Note 4 - Summary of Signifcant Accounting Policies	NOTE 4 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
	Development Stage Company
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
	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.
	Accounting Basis
	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted a November 30 fiscal year end.
	Cash and Cash Equivalents
	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $4,930 of cash as of November 30, 2012 and $2,820 of cash as of August 31, 2013.
	Fair Value of Financial Instruments
	The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.
	Income Taxes
	Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
	Use of Estimates
	The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.
	Revenue Recognition
	The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. The Company did not recognize any revenue as of August 31, 2013.
	Basic Income (Loss) Per Share
	Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of August 31, 2013.
	Recent Accounting Pronouncements
	Kolasco Corp. does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.
	Jobs Act Provisions
	We have elected to maintain our status as an emerging growth company and take advantage of the JOBS Act provisions. This election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements August not be comparable to companies that comply with public company effective dates.

Note_5_Related_Party_Payables

Note 5 - Related Party Payables	9 Months Ended
	Aug. 31, 2013
Notes
Note 5 - Related Party Payables	NOTE 5 – RELATED PARTY PAYABLES
	During the period from Inception to August 31, 2013, a shareholder loaned $22,888 to fund Company operations.  No additional funds were loaned to the Company during the period ended August 31, 2013, leaving an ending balance in related party payables of $22,888.  The loan is unsecured, non-interest bearing and is due on demand.

Note_6_Common_Stock

Note 6 - Common Stock	9 Months Ended
	Aug. 31, 2013
Notes
Note 6 - Common Stock	NOTE 6 – COMMON STOCK
	The Company is authorized to issue 75,000,000 shares of $0.001 par value common stock.  As of August 31, 2013 and November 30, 2012, there were 3,600,000 shares of common stock issued and outstanding.
	During the fiscal year end November 30, 2011, the Company issued 3,600,000 shares of common stock at an average of $0.006 per share for total cash proceeds of $22,000.

Note_7_Subsequent_Events

Note 7 - Subsequent Events	9 Months Ended
	Aug. 31, 2013
Notes
Note 7 - Subsequent Events	NOTE 7 – SUBSEQUENT EVENTS
	In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to August 31, 2013 through to date this report was issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.