SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. 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 for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in audited financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the period presented have been included in the interim period. The operating results for the three and nine-month period ended March 31, 2017 are not necessarily indicative of the results to be expected for the entire year ending June 30, 2017 or for any future period. These unaudited condensed financial statements and notes should be read in conjunction with the financial statements and related notes contained in the Company's Annual Report on Form 10-K for the year ended June 30, 2016. RECLASSIFICATION Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. CUSTOMER AND PURCHASE CONCENTRATION During the quarter ended March 31, 2017 we had sales of Optec Products of $12,000 on March 10, 2017 with 60 day terms which accounted for 100% of our revenue of which $1,000 was paid in March. During the nine months ended March 31, 2017 we had sales of Optec Products of $12,000 which accounted for 49% of our revenue and sub license agreements of $12,200 which accounted for 51% of our revenue; During the quarter ended March 31, 2016 we charged a fee for assisting with a video for pain relief for dogs of $6,000 which accounted for 100% of our revenue; During the nine months ended March 31, 2016 we had sales of $24,360 from three customers: $10,000 from Mountain High for sales of our dog treat formula, which equates to 40% of sales; $5,000 from Wholesale for you for purchase of pain relief products for dogs, which equates to 21% of sales; $3,360 in Swap Meet sales of Petaprin the pain relief product for dogs which equates to 14% of sales and $6,000 for a fee for assisting with a video for pain relief for dogs which equates to 25% of sales. NET INCOME (LOSS) PER SHARE OF COMMON STOCK The Company computes net income (loss) per share in accordance with ASC 105, "Earnings per Share" which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potentially dilutive debt or equity instruments issued and outstanding during the quarters ended March 31, 2017 or 2016. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |