Homie Recipes (HOMR) 10-Q 23 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Nov. 23, 2015
Document And Entity Information
Entity Registrant Name	Homie Recipes, Inc.
Entity Central Index Key	1,555,571
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		69,819,980
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash
TOTAL ASSETS
CURRENT LIABILITIES:
Accounts payable and accrued liabilities	$ 5,224	$ 5,224
Due to related party	161,507	154,684
TOTAL CURRENT LIABILITIES	166,731	159,908
STOCKHOLDERS' DEFICIT:
Common stock, $0.001 par value, 200,000,000 shares authorized, 69,819,980 shares issued and outstanding	69,820	69,820
Additional paid in capital	(57,080)	(57,080)
Accumulated deficit	(179,471)	(172,648)
TOTAL STOCKHOLDER'S DEFICIT	$ (166,731)	$ (159,908)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares Outstanding	69,819,980	69,819,980

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
REVENUE
Revenues
Total revenues
OPERATING EXPENSES
General and administrative	$ (6,823)	$ (45,041)
Total operating expenses	(6,823)	(45,041)
NET LOSS	$ (6,823)	$ (45,041)
BASIC AND DILUTED NET LOSS PER COMMON SHARE	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF BASIC AND DILUTED COMMON SHARES OUTSTANDING	69,819,980	69,819,980

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (6,823)	$ (11,663)
Change in operating assets and liabilities:
Accounts payable and accrued liabilities		(10,371)
NET CASH USED IN OPERATING ACTIVITIES	$ (6,823)	$ (22,034)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Issuance of common stock
Redemption of common stock
Advances from related party	$ 6,823	$ 22,034
NET CASH PROVIDED BY FINANCING ACTIVITIES	$ 6,823	$ 22,034
NET DECREASE IN CASH
CASH, BEGINNING OF PERIOD
CASH, END OF PERIOD
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid during the period for interest
Cash paid during the period for income taxes

Note 1 - Nature of operations a

Note 1 - Nature of operations and basis of presentation	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Note 1 - Nature of operations and basis of presentation	NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION The Company was incorporated in the State of Nevada as a for-profit company on June 22, 2012 and established a fiscal year end of June 30. It is a start-up company that intends to stream videos and written recipes through a yet to be developed website. Our goal is to stream free recipes for ‘special’ homemade food. The Company intends to have recipes with a special personal meaning on our website. The Company has not yet commenced any significant operations.

Note 2 - Summary of significant

Note 2 - Summary of significant accounting policies	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Note 2 - Summary of significant accounting policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company does not have material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The Company also has suffered recurring losses from operations and has a working capital deficiency. The Company has an accumulated deficit of $179,471. The Company will be dependent upon raising additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its current operations from advances from related parties. There is no assurance that these related parties will continue to fund the Company’s operating requirements. Currently, the Company has no arrangements for other sources of funds. These 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. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern. The CEO has committed to advancing certain operating costs of the Company, including legal, audit, transfer agency and filing costs. The Company is currently seeking additional funding though equity offerings or debt financing to support the Company’s business. Basis of Presentation These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For the purposes of the statements of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Income Taxes The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Net Loss per Common Share Basic net loss per common share includes no dilution and is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive net loss per share reflects the potential dilution of securities that could share in the losses of the Company. In periods when losses are reported, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. There were no potentially dilutive securities as of September 30, 2015 and 2014. Subsequent Events The Company evaluated subsequent events through the date when financial statements were issued for disclosure consideration. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements- Going Concern. The Update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the effects of ASU 2014-15 on the consolidated financial statements.

Note 3 - Related party transact

Note 3 - Related party transactions	3 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Note 3 - Related party transactions	NOTE 3 – RELATED PARTY TRANSACTIONS The Company has advances from related parties of $161,507 and $154,684 at September 30, 2015 and June 30, 2015, respectively, which represent shareholder advances accruing no interest and are due upon demand.

Note 4 - Capital Stock

Note 4 - Capital Stock	3 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Note 4 - Capital Stock	NOTE 4 – CAPITAL STOCK The Company is authorized to issue 200,000,000 common shares. The Company has a total of 69,819,980 shares issued and outstanding at September 30, 2015.

Note 5 - Income Tax

Note 5 - Income Tax	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Note 5 - Income Tax	NOTE 5 – INCOME TAXES As of September 30, 2015 and June 30, 2015, the Company has a net deferred tax asset comprised primarily of net operating loss carry forwards of $60,427 and $62,815, respectively. The Company provided a full valuation allowance on the net deferred tax asset because management has determined that it is more likely than not that the Company will not earn income sufficient to realize the deferred tax assets during the carryforward period. The net federal operating loss carryforward will expire between 2032 and 2035. The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the statutory rate to the income tax amount recorded as of June 30, 2015 and 2014 are as follows: September 30, 2015 June 30, 2015 Net operating loss carry forward $ 179,471 $ 172,649 Effective tax rate 35 % 35 % Deferred tax assets 62,815 60,427 Less: Valuation allowance (62,815 ) (60,427 ) Net deferred tax asset $ - $ -

Note 2 - Summary of significa11

Note 2 - Summary of significant accounting policies (Policies)	3 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Going Concern	Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company does not have material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. The Company also has suffered recurring losses from operations and has a working capital deficiency. The Company has an accumulated deficit of $179,471. The Company will be dependent upon raising additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its current operations from advances from related parties. There is no assurance that these related parties will continue to fund the Company’s operating requirements. Currently, the Company has no arrangements for other sources of funds. These 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. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.
Basis of Presentation	Basis of Presentation These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States.
Use of Estimates and Assumptions	Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents For the purposes of the statements of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.
Income Taxes	Income Taxes The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment.
Net Loss per Common Share	Net Loss per Common Share Basic net loss per common share includes no dilution and is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive net loss per share reflects the potential dilution of securities that could share in the losses of the Company. In periods when losses are reported, the diluted weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive. There were no potentially dilutive securities as of September 30, 2015 and 2014.
Subsequent Events	Subsequent Events The Company evaluated subsequent events through the date when financial statements were issued for disclosure consideration.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements- Going Concern. The Update provides U.S. GAAP guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. The Company is currently evaluating the effects of ASU 2014-15 on the consolidated financial statements.

Note 5 - Income Tax (Tables)

Note 5 - Income Tax (Tables)	3 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Components of Deferred Tax Assets	September 30, 2015 June 30, 2015 Net operating loss carry forward $ 179,471 $ 172,649 Effective tax rate 35 % 35 % Deferred tax assets 62,815 60,427 Less: Valuation allowance (62,815 ) (60,427 ) Net deferred tax asset $ - $ -

Note 2 - Summary of significa13

Note 2 - Summary of significant accounting policies (Details Narrative)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)
Accounting Policies [Abstract]
Accumulated deficit	$ (179,471)	$ (172,648)
Cash equivalents, maturity term	3

Note 3 - Related party transa14

Note 3 - Related party transactions (Details Narrative) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Related Party Transactions [Abstract]
Advances from related party	$ 161,507	$ 154,684

Note 4 - Capital Stock (Details

Note 4 - Capital Stock (Details Narrative) - shares	Sep. 30, 2015	Jun. 30, 2015
Equity [Abstract]
Common Stock, Shares Authorized	200,000,000	200,000,000
Common stock, shares issued	69,819,980

Note 5 - Income Tax - Component

Note 5 - Income Tax - Components of Deferred Tax (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 179,471		$ 172,649
Effective tax rate	35.00%	35.00%
Deferred tax assets	$ 62,815		60,427
Less: Valuation allowance	$ 62,815		$ 60,427
Net deferred tax asset

Note 5 - Income Tax (Details Na

Note 5 - Income Tax (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ 62,815	$ 60,427
Year operating losses expire, beginning	Jan. 1, 2032
Year operating losses expire, end	Jan. 1, 2035