Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Dec. 16, 2013 | |
FIXED ASSETS [Abstract] | ' | ' |
Entity Registrant Name | 'Energizer Tennis Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 2,947,500 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001551906 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Oct-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS (Unaudited) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $1,475 | $13,920 |
Prepayments | 2,645 | 0 |
Total Current Assets | 4,120 | 13,920 |
FIXED ASSETS | ' | ' |
Plant, Property, Equipment, net of accumulated depreciation of $609 and $521, respectively | 638 | 726 |
Intangibles - instructional videos, net of accumulated amortization of $159 and $0, respectively | 4,657 | 4,815 |
Intangibles- website development, net of accumulated amortization of $1,824 and $1,436, respectively. | 11,351 | 11,739 |
Total Fixed Assets | 16,646 | 17,281 |
TOTAL ASSETS | 20,766 | 31,201 |
CURRENT LIABILITIES: | ' | ' |
Accounts Payable | 15,130 | 20,400 |
Accrued expenses | 1,000 | 0 |
Advances from Stockholders | 18,173 | 3,278 |
Total Liabilities | 34,303 | 23,678 |
ENERGIZER TENNIS INC. STOCKHOLDERS' EQUITY (DEFICIT): | ' | ' |
Preferred stock, $.001 par value. Authorized 10,000,000 shares, 0 and 0 shares issued and outstanding. | 0 | 0 |
Common stock, $.001 par value. Authorized 100,000,000 shares, 2,974,500 and 2,947,500 shares issued and outstanding. | 2,948 | 2,948 |
Additional Paid-in Capital | 66,770 | 61,693 |
Retained (deficit) during development stage | -83,256 | -57,117 |
Total Energizer Tennis Inc. Stockholders' Equity | -13,537 | 7,523 |
TOTAL LIABILITIES & EQUITY (DEFICIT) | $20,766 | $31,201 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
Preferred Stock | ' | ' |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in Shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Preferred stock, shares outstanding (in Shares) | 0 | 0 |
Common Stock | ' | ' |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 2,947,500 | 2,947,500 |
Common stock, shares outstanding (in Shares) | 2,947,500 | 2,947,500 |
Accumulated depreciation of plant, property, equipment | $609 | $521 |
Accumulated amortization of instructional videos | 159 | 0 |
Accumulated amortization of website development | $1,631 | $1,436 |
STATEMENTS_OF_OPERATIONS_Unaud
STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 29 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
Revenue | ' | ' | ' | ' | ' |
Revenues | $0 | $0 | $0 | $0 | $48 |
Cost of Goods Sold | ' | ' | ' | ' | ' |
Cost of Goods Sold | 0 | 0 | 0 | 0 | 2 |
Gross Profit | 0 | 0 | 0 | 0 | 46 |
General & Administrative Expenses | ' | ' | ' | ' | ' |
Depreciation and Amortization | 314 | 368 | 635 | 659 | 2,592 |
General & Administrative Expenses | 11,657 | 1,041 | 17,531 | 2,201 | 29,168 |
Professional Fees | 3,915 | 15,595 | 7,973 | 29,930 | 51,542 |
Total General & Administrative Expenses | 15,886 | 17,004 | 26,139 | 32,790 | 83,302 |
Operating loss | -15,886 | -17,004 | -26,139 | -32,790 | -83,256 |
Net profit/ (loss) | ($15,886) | ($17,004) | ($26,139) | ($32,790) | ($83,256) |
Loss per share | ' | ' | ' | ' | ' |
Basic | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ' |
Diluted | ($0.01) | ($0.01) | ($0.01) | ($0.02) | ' |
Weighted average number of common shares outstanding, basic and diluted | 2,947,500 | 2,000,000 | 2,947,500 | 200,000 | ' |
STATEMENTS_OF_CASH_FLOWS_Unaud
STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | 29 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($26,139) | ($32,790) | ($83,256) |
Adjustments to reconcile Net Loss to net cash provided by operations: | ' | ' | ' |
Depreciation and Amortization | 635 | 659 | 2,592 |
Forgiveness of Debt by related party | 3,278 | 0 | 3,278 |
Additional paid-in capital in exchange for facilities provided by related party | 1,800 | 1,800 | 8,540 |
Changes in current assets and liabilities: | ' | ' | ' |
Increase/Decrease in accounts payable | -5,270 | 31,546 | 15,130 |
Increase/Decrease in accrued expenses | 1,000 | 0 | 1,000 |
Advances from Stockholders | 14,895 | 3,259 | 18,173 |
Increase/Decrease in prepayments | -2,645 | 0 | -2,645 |
Net cash used in Operating Activities | -12,446 | 4,474 | -37,188 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Furniture and Equipment | 0 | 0 | -1,247 |
Intangibles | 0 | -4,816 | -17,991 |
Net cash used in Investing Activities | 0 | -4,816 | -19,238 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from sale of common stock | 0 | 0 | 57,900 |
Retained Earnings | 0 | 0 | 0 |
Debts waived by former director/shareholder | 0 | 0 | 0 |
Net cash provided by Financing Activities | 0 | 0 | 57,900 |
Net cash increase for period | -12,446 | -342 | 1,474 |
Cash at beginning of period | 13,920 | 2,223 | 0 |
Cash at end of period | $1,475 | $1,881 | $1,475 |
NOTE_1_BACKGROUND_INFORMATION
NOTE 1- BACKGROUND INFORMATION | 6 Months Ended |
Oct. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
NOTE 1 - BACKGROUND INFORMATION | ' |
NOTE 1 - BACKGROUND INFORMATION | |
Organization and Business | |
Energizer Tennis Inc. was incorporated on June 16, 2011 in the State of Nevada for the purpose of developing, producing and selling instructional tennis videos to the global tennis community. The videos are available to view or download online, either via our website or via iTunes where our apps are available. Consumers can pay for an annual online subscription to the website which gives access to instructional videos and a host of expert tennis advice. Additionally, per download charges allow consumers to purchase our apps online. Our target market varies from beginners to individuals who compete regularly including all tennis enthusiasts wanting to improve any aspect of their game. | |
Development stage company | |
The Company is a development stage company as defined by section 915-10-20 of the FASB Accounting Standards Codification. The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. | |
The Company has elected April 30 as its fiscal year end. | |
NOTE_2_SUMMARY_OF_SIGNIFICANT_
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||
Oct. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||
Basis of presentation and use of estimates | |||
The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. | |||
Interim Financial Statements | |||
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended April 30, 2013 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). | |||
Earnings (Loss) Per Share | |||
Basic earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares. | |||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $1,475 and $13,920 at October 31, 2013 and April 30, 2013, respectively. | |||
Fair Value of Financial Instruments | |||
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |||
FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) 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 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |||
The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements. | |||
Inventories | |||
As of October 31, 2013 the Company held no inventory. | |||
Revenue Recognition | |||
The Company is in the development stage and has yet to realize significant revenues from planned operations. It plans to realize revenues from the sale of instructional tennis videos. The Company follows FASB ASC 605 “Revenue Recognition” and recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: | |||
1 | persuasive evidence of an arrangement exists; | ||
2 | the product has been shipped or the services have been rendered to the customer; | ||
3 | the sales price is fixed or determinable; and, | ||
4 | collectability is reasonably assured. | ||
Major revenue activities are expected to be generated from the sale of instructional tennis videos, providing professional tennis coaching, providing access to online player management tools including tournament program scheduling, nutrition programs, injury prevention booklets, arranging tennis holidays, sale of company branded merchandise. | |||
Income Taxes | |||
The Company accounts for income taxes under FASB ASC 740 “Income Taxes.” Under the asset and liability method of FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. | |||
A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |||
Long-Lived Assets | |||
Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3-7 years). Intellectual property assets are stated at their fair value acquisition cost. Amortization of intellectual property assets is calculated by the straight line method over their estimated useful lives (15 years). Historical costs are reviewed and evaluated for the net realizable value of the assets. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon its most recent analysis, the Company believes that no impairment of long-lived assets existed at October 31, 2013. | |||
Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented. | |||
Foreign Currency | |||
The Company’s functional currency is the United States Dollar (USD) and its reporting currency is also the USD. Foreign currency transactions are primarily undertaken in the British Pound (GBP). | |||
The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Translation Matters. Assets and liabilities are translated at the current exchange rate prevailing at the balance sheet date. Equity accounts are translated at historical amounts. Revenues and expenses are translated using average rates during the year. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in Stockholders’ Equity. | |||
The Company discloses the aggregate transaction gain or loss included in determining net income in the notes to the financial statements pursuant to ASC 830-20-45-1 | |||
Stock-based Compensation | |||
The company had no stock-based compensation plans or stock issuances for services during the period ended October 31, 2013. | |||
Commitments and Contingencies | |||
The Company follows FASB ASC 450-20 to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments nor contingencies as of October 31, 2013. | |||
Related parties | |||
The Company follows FASB ASC 850-10 for the identification of related parties and disclosure of related party transactions. Related party transactions consisted of advances from one of our officers. | |||
Shipping Costs | |||
The company incurs no shipping costs as products and services are web-based and sales are completed on line. | |||
NOTE_3_GOING_CONCERN
NOTE 3 - GOING CONCERN | 6 Months Ended |
Oct. 31, 2013 | |
Note 3 - Going Concern | ' |
NOTE 3 - GOING CONCERN | ' |
NOTE 3 – GOING CONCERN | |
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. As a result, the Company has a net loss, negative operating cash flow, and an accumulated deficit. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. | |
Management’s plan to obtain such resources for the Company include, obtaining loans from management and significant stockholders sufficient to meet its minimal operating expenses. Additionally, management hopes to raise equity funding. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. | |
There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. | |
NOTE_4_RECENTLY_ISSUED_ACCOUNT
NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Oct. 31, 2013 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | ' |
NOTE 4 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2013 through the date these financial statements were issued. | |
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future financial statements. | |
NOTE_5_PREPAID_EXPENSE
NOTE 5 - PREPAID EXPENSE | 6 Months Ended |
Oct. 31, 2013 | |
Notes to Financial Statements | ' |
NOTE 5 - PREPAID EXPENSE | ' |
NOTE 5 – PREPAID EXPENSE | |
Prepaid expense and other current assets consisted of legal retainers of $2,645 for the three months ended October 31, 2013. | |
NOTE_6_PROPERTY_AND_EQUIPMENT
NOTE 6 - PROPERTY AND EQUIPMENT | 6 Months Ended | |||
Oct. 31, 2013 | ||||
Note 6 - Property And Equipment | ' | |||
NOTE 6 - PROPERTY AND EQUIPMENT | ' | |||
NOTE 6 – PROPERTY AND EQUIPMENT | ||||
Property consists of equipment purchased for the production of revenues. As of October 31: | ||||
2013 | 2012 | |||
Property and equipment | $1,247 | 1,247 | ||
Less accumulated depreciation | 609 | 521 | ||
Property and equipment, net | 638 | 726 | ||
Assets are depreciated over their useful lives beginning when placed in service. Depreciation expenses was $45 and $78 for the three months ended October 31, 2013 and 2012 and $86 and $155 for the six months October 31, 2013 and 2012; respectively. |
NOTE_7_INTANGIBLES
NOTE 7 - INTANGIBLES | 6 Months Ended | |||
Oct. 31, 2013 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | |||
NOTE 7 - INTANGIBLES | ' | |||
NOTE 7 – INTANGIBLES | ||||
Intangibles consist of website development and instructional videos for the production of revenues. As of October 31: | ||||
2013 | 2012 | |||
Website development | $17,991 | 13,174 | ||
Less accumulated amortization | 1,983 | 579 | ||
Intangibles, net | 16,008 | 12,595 | ||
Intangible assets are amortized over their useful lives beginning when placed in service. Amortization expenses were $271 and $290 for the three months ended October 31, 2013 and 2012 and $547 and $504 for the six months ended October 31, 2013 and 2012, respectively. | ||||
NOTE_8_INCOME_TAXES
NOTE 8 - INCOME TAXES | 6 Months Ended |
Oct. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
NOTE 8 - INCOME TAXES | ' |
NOTE 8 – INCOME TAXES | |
The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of October 31, 2013, the Company incurred a loss of $83,256, resulting in a net operating loss for income tax purposes. The loss results in deferred tax assets of approximately $29,100 at the effective statutory rate of 35%. The deferred tax asset has been off-set by an equal valuation allowance. | |
Per United States government filing regulations, The Company’s corporate income tax returns are open for inspection for all years since inception. | |
NOTE_9_COMMITMENTS_AND_CONTING
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | ' |
NOTE 9 – COMMITMENTS AND CONTINGENCIES | |
Litigation | |
The Company is not presently involved in any litigation. | |
Lease Obligations | |
At October 31, 2013, the Company does not have any capital or operating leases. The Company uses office space with a value of $300 per month that is contributed in kind by the Company's CEO. | |
NOTE_10_RELATED_PARTY_TRANSACT
NOTE 10 - RELATED PARTY TRANSACTIONS | 6 Months Ended |
Oct. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
NOTE 10 - RELATED PARTY TRANSACTIONS | ' |
NOTE 10 – RELATED PARTY TRANSACTIONS | |
On June 24, 2011, officers-directors purchased 2,000,000 common shares, at a price of $0.01 per share at a total price of $20,000. | |
On May 26, 2013, Alexander Farquharson, our President, Secretary, Director, purchased 1,000,000 shares of Company stock from former Treasurer and Director for $10,000 USD in a private transaction. President Farquahrason used his personal funds to pay for the stock. As a result of this stock acquisition, President Farquharson is now the sole holder of 68% of the issued and outstanding stock of the Company, and is thus the sole controlling shareholder. | |
The Company neither owns nor leases any real or personal property. An officer has provided office space without charge. Rental costs have been included in the financial statements as additional paid-in capital. Rent expense was $900 and $1,800 for the three and six months ended October 31, 2013, respectively. | |
The officers and directors are currently involved in other business activities and most likely will become involved in additional business activities in the future. | |
Advances from stockholders | |
From time to time, stockholders of the Company advance funds to the Company for working capital purposes. Those advances are unsecured, non-interest bearing and due on demand. | |
Stockholders of the Company advanced $3,278 in aggregate to the Company for working capital purposes during the year ending April 30, 2013, respectively. On July 25, 2011 former shareholders agreed to forgive debts outstanding to them totaling $3,278 which have been recorded as contributed capital. | |
An officer, who is also a principle shareholder of the Company advanced $18,173 in aggregate to the Company for working capital purposes at October 31, 2013. | |
NOTE_11_SHAREHOLDERS_EQUITY
NOTE 11 - SHAREHOLDERS' EQUITY | 6 Months Ended |
Oct. 31, 2013 | |
Equity [Abstract] | ' |
NOTE 11 - SHAREHOLDERS' EQUITY | ' |
NOTE 11 – SHAREHOLDERS’ EQUITY | |
Common Stock | |
947,500 common shares were issued to 27 investors in the Company’s S-1 offering for the aggregate sum of $39,700 in cash. The Regulation S-1 offering was declared effective by the Securities and Exchange Commission on October 23, 2012 and completed on April 18, 2013. | |
The authorized common stock of the Company consists of 100,000,000 shares with a par value of $0.001. There were 2,947,500 shares of common stock issued and outstanding as of October 31, 2013. | |
Preferred Stock | |
The authorized preferred stock of the Company consists of 10,000,000 shares with a par value of $0.001. The Company has not issued any shares of Class A Convertible Preferred Stock as of October 31, 2013. | |
Pertinent Rights and Privileges | |
Preferred stockholders of Class A Convertible Preferred Stock do not have pre-emptive or preferential rights to subscribe to unissued stock or other securities. These stockholders do not have cumulative voting rights. | |
NOTE_12_SUBSEQUENT_EVENTS
NOTE 12 - SUBSEQUENT EVENTS | 6 Months Ended |
Oct. 31, 2013 | |
Subsequent Events [Abstract] | ' |
NOTE 12 - SUBSEQUENT EVENTS | ' |
NOTE 12 – SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events through the date the financial statements were issued. Management is not aware of any significant events that occurred subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure. | |
NOTE_2_SUMMARY_OF_SIGNIFICANT_1
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | ||
Oct. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Basis of presentation and use of estimates | ' | ||
Basis of presentation and use of estimates | |||
The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principals require 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. | |||
Interim Financial Statements | ' | ||
Interim Financial Statements | |||
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended April 30, 2013 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the “SEC”). | |||
Earnings (Loss) Per Share | ' | ||
Earnings (Loss) Per Share | |||
Basic earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $1,475 and $13,920 at October 31, 2013 and April 30, 2013, respectively. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |||
FASB Accounting Standards Codification (ASC) 820 “Fair Value Measurements and Disclosures” (ASC 820) 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 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | |||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | |||
Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | |||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of October 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company’s notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value. | |||
The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company’s financial statements. | |||
Inventories | ' | ||
Inventories | |||
As of October 31, 2013 the Company held no inventory. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
The Company is in the development stage and has yet to realize significant revenues from planned operations. It plans to realize revenues from the sale of instructional tennis videos. The Company follows FASB ASC 605 “Revenue Recognition” and recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: | |||
1 | persuasive evidence of an arrangement exists; | ||
2 | the product has been shipped or the services have been rendered to the customer; | ||
3 | the sales price is fixed or determinable; and, | ||
4 | collectability is reasonably assured. | ||
Major revenue activities are expected to be generated from the sale of instructional tennis videos, providing professional tennis coaching, providing access to online player management tools including tournament program scheduling, nutrition programs, injury prevention booklets, arranging tennis holidays, sale of company branded merchandise. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Company accounts for income taxes under FASB ASC 740 “Income Taxes.” Under the asset and liability method of FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. | |||
A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |||
Long-Lived Assets | ' | ||
Long-Lived Assets | |||
Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3-7 years). Intellectual property assets are stated at their fair value acquisition cost. Amortization of intellectual property assets is calculated by the straight line method over their estimated useful lives (15 years). Historical costs are reviewed and evaluated for the net realizable value of the assets. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon its most recent analysis, the Company believes that no impairment of long-lived assets existed at October 31, 2013. | |||
Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented. | |||
Foreign Currency | ' | ||
Foreign Currency | |||
The Company’s functional currency is the United States Dollar (USD) and its reporting currency is also the USD. Foreign currency transactions are primarily undertaken in the British Pound (GBP). | |||
The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Translation Matters. Assets and liabilities are translated at the current exchange rate prevailing at the balance sheet date. Equity accounts are translated at historical amounts. Revenues and expenses are translated using average rates during the year. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in Stockholders’ Equity. | |||
The Company discloses the aggregate transaction gain or loss included in determining net income in the notes to the financial statements pursuant to ASC 830-20-45-1 | |||
Stock-based Compensation | ' | ||
Stock-based Compensation | |||
The company had no stock-based compensation plans or stock issuances for services during the period ended October 31, 2013. | |||
Commitments and Contingencies | ' | ||
Commitments and Contingencies | |||
The Company follows FASB ASC 450-20 to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments nor contingencies as of October 31, 2013. | |||
Related parties | ' | ||
Related parties | |||
The Company follows FASB ASC 850-10 for the identification of related parties and disclosure of related party transactions. Related party transactions consisted of advances from one of our officers. | |||
Shipping Costs | ' | ||
Shipping Costs | |||
The company incurs no shipping costs as products and services are web-based and sales are completed on line. | |||
NOTE_6_PROPERTY_AND_EQUIPMENT_
NOTE 6 - PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended | |||
Oct. 31, 2013 | ||||
Note 6 - Property And Equipment | ' | |||
Property and Equipment | ' | |||
2013 | 2012 | |||
Property and equipment | $1,247 | 1,247 | ||
Less accumulated depreciation | 609 | 521 | ||
Property and equipment, net | 638 | 726 |
NOTE_7_INTANGIBLES_Tables
NOTE 7 - INTANGIBLES (Tables) | 6 Months Ended | |||
Oct. 31, 2013 | ||||
Finite-Lived Intangible Assets, Net [Abstract] | ' | |||
Intangible Assets | ' | |||
2013 | 2012 | |||
Website development | $17,991 | 13,174 | ||
Less accumulated amortization | 1,983 | 579 | ||
Intangibles, net | 16,008 | 12,595 |
NOTE_2_SUMMARY_OF_SIGNIFICANT_2
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 6 Months Ended | |
Oct. 31, 2013 | Apr. 30, 2013 | |
Accounting Policies [Abstract] | ' | ' |
Cash and Cash Equivalents | $1,474 | $13,920 |
Minimum estimated useful life of property and equipment | '5 years | ' |
Maximum estimated useful life of property and equipment | '7 years | ' |
Amortization of intellectual property assets calculated by straight line method over estimate useful life period | '15 years | ' |
Stock issued for services, value | 0 | ' |
Shipping costs incurred | $0 | ' |
NOTE_5_PREPAID_EXPENSE_Details
NOTE 5 - PREPAID EXPENSE (Details Narrative) (USD $) | 3 Months Ended |
Oct. 31, 2013 | |
Notes to Financial Statements | ' |
Prepaid expense and other current assets consisting of legal retainers | $2,645 |
NOTE_6_PROPERTY_AND_EQUIPMENT_1
NOTE 6 - PROPERTY AND EQUIPMENT (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 |
Note 6 - Property And Equipment | ' | ' | ' |
Property and equipment | $1,247 | ' | $1,247 |
Less accumulated depreciation | 609 | ' | 521 |
Property and equipment, net | $638 | $726 | $726 |
NOTE_6_PROPERTY_AND_EQUIPMENT_2
NOTE 6 - PROPERTY AND EQUIPMENT (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Note 6 - Property And Equipment | ' | ' | ' | ' |
Depreciation expenses | $45 | $78 | $86 | $155 |
NOTE_7_INTANGIBLES_Details
NOTE 7 - INTANGIBLES (Details) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' |
Website development | $17,991 | $13,174 |
Less accumulated amortization | 1,983 | 579 |
Intangibles, net | $16,008 | $12,595 |
NOTE_7_INTANGIBLES_Details_Nar
NOTE 7 - INTANGIBLES (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Finite-Lived Intangible Assets, Net [Abstract] | ' | ' | ' | ' |
Amortization expenses | $271 | $290 | $547 | $504 |
NOTE_8_INCOME_TAXES_Details_Na
NOTE 8 - INCOME TAXES (Details Narrative) (USD $) | Oct. 31, 2013 |
Income Tax Disclosure [Abstract] | ' |
Net operating loss carry forwards | $83,256 |
Gross deferred tax assets | 29,100 |
Valuation allowance | $29,100 |
Gross deferred tax assets expected rate | 35.00% |
NOTE_9_COMMITMENTS_AND_CONTING1
NOTE 9 - COMMITMENTS AND CONTINGENCIES (Details Narrative) (USD $) | Oct. 31, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Capital Lease Obligations | $0 |
Operating Lease Obligations | 0 |
Office space value contributed by the CEO monthly | $300 |
NOTE_10_RELATED_PARTY_TRANSACT1
NOTE 10 - RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Oct. 31, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | 26-May-13 | Jul. 25, 2011 | Jun. 24, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' | ' | ' | ' |
Common shares purchased by officers-directors, shares | ' | ' | ' | ' | ' | 2,000,000 |
Common shares purchased by officers-directors, price per share | ' | ' | ' | ' | ' | $0.01 |
Common shares purchased by officers-directors, value | ' | ' | ' | ' | ' | $20,000 |
President purchased shares from former Treasurer, shares | ' | ' | ' | 1,000,000 | ' | ' |
President purchased shares from former Treasurer, value | ' | ' | ' | 10,000 | ' | ' |
President ownership percentage in company equity | ' | ' | ' | 68.00% | ' | ' |
Rent expense | 900 | 1,800 | ' | ' | ' | ' |
Advances from stockholders | ' | ' | 3,278 | ' | ' | ' |
Forgiveness of debts outstanding due to stockholders recored as contributed capital | ' | ' | ' | ' | 3,278 | ' |
Officer advances in aggregate for working capital | $18,173 | $18,173 | ' | ' | ' | ' |
NOTE_11_SHAREHOLDERS_EQUITY_De
NOTE 11 - SHAREHOLDERS' EQUITY (Details Narrative) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 18, 2013 |
Integer | |||
Common Stock | ' | ' | ' |
Common shares issued in S-1 offering, shares | ' | ' | 947,500 |
Common shares issued in S-1 offering, value | ' | ' | $39,700 |
Investors in S-1 offering | ' | ' | 29 |
Effective date of S-1 offering | 23-Oct-12 | ' | ' |
Completion date of S-1 offering | 18-Apr-13 | ' | ' |
Common stock par value (in Dollars per share) | $0.00 | $0.00 | ' |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 | ' |
Common stock, shares issued (in Shares) | 2,947,500 | 2,947,500 | ' |
Preferred Stock | ' | ' | ' |
Preferred stock par value (in Dollars per share) | $0.00 | $0.00 | ' |
Preferred stock, shares authorized (in Shares) | 10,000,000 | 10,000,000 | ' |
Preferred stock, shares issued (in Shares) | 0 | 0 | ' |