Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2015 |
Significant Accounting Policies (Policies) [Abstract] | |
Accounting Policies | A summary of the significant accounting policies applied in the preparation of the accompanying financial statements follows. |
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 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-month period ended September 30, 2015 are not necessarily indicative of the results to be expected for the entire year ending June 30, 2016 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 Jun e30, 2015. |
DEVELOPMENT STAGE ENTERPRISE | DEVELOPMENT STAGE ENTERPRISE The Company is in the development stage as defined under the then current Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 915-205 "Development-Stage Entities," and among the additional disclosures required as a development stage company are that our financial statements were identified as those of a development stage company, and that the statements of operations, stockholders' deficit and cash flows disclosed activity since the date of our inception (June 22, 2012) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has elected to early adopt these provisions and consequently these additional disclosures have not been included in these financial statements. 7 |
ESTIMATES | ESTIMATES The preparation of the financial statement 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 of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. |
CUSTOMER AND PURCHASE CONCENTRATION | CUSTOMER AND PURCHASE CONCENTRATION During the quarter ended September 30, 2015 we had consulting fees from Wholesale 4 You, Inc. of $5,000 which accounted for 60% of our revenue and $3,360 of sales to multiple purchasers of our Green Meadow pet bars at a test marketing which accounted for 40% of our sales. During the quarter ended September 30, 2014 we had $15,000 in sales to one customer for licensing rights which accounted for 100% of revenue for the quarter. |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION The Company recognizes stock-based compensation in accordance with ASC Topic 718 "Stock Compensation", which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors including employee stock options and employee stock purchases related to an Employee Stock Purchase Plan based on the estimated fair values. For non-employee stock-based compensation, we have adopted ASC Topic 505 "Equity-Based Payments to Non-Employees", which requires stock-based compensation related to non-employees to be accounted for based on the fair value of the related stock or options or the fair value of the services on the grant date, whichever is more readily determinable in accordance with ASC Topic 718. |
NET INCOME (LOSS) PER SHARE OF COMMON STOCK | 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 September 30, 2015 or 2014. |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 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 other than in respect of the early adoption of the new regulations relating to Development Stage Entities as discussed above. |