Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Jun. 29, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Wishbone Pet Products Inc. | |
Entity Central Index Key | 1,557,668 | |
Document Type | 10-K | |
Document Period End Date | Apr. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 15,000 | |
Entity Common Stock, Shares Outstanding | 3,500,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
ASSETS | ||
Cash | $ 1,011 | $ 4,240 |
TOTAL ASSETS | 1,011 | 4,240 |
LIABILITIES | ||
Accounts payable & Accrued liabilities | 23,067 | 17,762 |
Loans payable | 48,000 | 37,000 |
Total Liabilities | 71,067 | 54,762 |
SHAREHOLDER'S EQUITY | ||
Capital stock authorized: 200,000,000 common shares with a par value $0.001 Issued and outstanding: 3,500,000 common shares Capital stock | 3,500 | 3,500 |
Shares Subscribed | 5,000 | |
Additional paid-in capital | 13,500 | 13,500 |
Deficit accumulated during the developmental stage | (92,056) | (67,522) |
Total Shareholder's Equity | (70,056) | (50,522) |
TOTAL LIABILITIES & SHAREHOLDER'S EQUITY | $ 1,011 | $ 4,240 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2015 | Apr. 30, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 3,500,000 | 3,500,000 |
Common stock, shares outstanding | 3,500,000 | 3,500,000 |
Income Statements
Income Statements - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
OPERATING EXPENSES | ||
Professional fees | $ 11,100 | $ 12,600 |
General & administrative expenses | 8,456 | 8,007 |
TOTAL EXPENSES | 19,556 | 20,607 |
OPERATING LOSS | (19,556) | (20,607) |
OTHER EXPENSES | ||
Interest on loans | $ 4,978 | 3,740 |
OTHER INCOME | ||
Interest income | 1 | |
NET INCOME/(LOSS) | $ (24,534) | $ (24,346) |
Net loss per share, basic and diluted | $ (0.007) | $ (0.007) |
Weighted average common shares outstanding basic and diluted | 3,500,000 | 3,500,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholder's Equity - USD ($) | Common Stock [Member] | Shares Subscribed [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Apr. 30, 2013 | $ 3,500 | $ 13,500 | $ (43,176) | $ (26,176) | |
Balance, shares at Apr. 30, 2013 | 3,500,000 | ||||
Net income/loss | (24,346) | (24,346) | |||
Balance at Apr. 30, 2014 | $ 3,500 | 13,500 | (67,522) | (50,522) | |
Balance, shares at Apr. 30, 2014 | 3,500,000 | ||||
Shares subscribed a $0.02 | $ 5,000 | 5,000 | |||
Net income/loss | (24,534) | (24,534) | |||
Balance at Apr. 30, 2015 | $ 3,500 | $ 5,000 | $ 13,500 | $ (92,056) | $ (70,056) |
Balance, shares at Apr. 30, 2015 | 3,500,000 |
Statement of Changes in Stockh6
Statement of Changes in Stockholder's Equity (Parenthetical) - $ / shares | 12 Months Ended |
Apr. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | |
Common stock, shares authorized | 200,000,000 |
Common stock, par value | $ 0.001 |
Common stock issued, price per share | $ 0.02 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Statement of Cash Flows [Abstract] | ||
Net income/(loss) | $ (24,534) | $ (24,346) |
Changes in current assets and liabilities: | ||
Accounts payable | 5,305 | 2,382 |
Net cash used in operating activities | $ (19,229) | $ (21,964) |
Cash Flows from Investing Activities | ||
Net cash used in investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from the issuance of common stock | ||
Shares subscribed | $ 5,000 | |
Proceeds from loans payable | 11,000 | $ 20,000 |
Net cash provided by financing activities | 16,000 | 20,000 |
Net cash flows from operations | (3,229) | (1,964) |
Cash and cash equivalents, beginning of period | 4,240 | 6,204 |
Cash and cash equivalents, end of period | $ 1,011 | $ 4,240 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature and Continuance of Operations | Note 1 Nature and Continuance of Operations Wishbone Pet Products Inc. was incorporated in the State of Nevada on July 30, 2009. The Company has been in the development stage since its formation and has not realized any revenues from its planned operations. The Company is primarily engaged in the business of developing, manufacturing, marketing and selling dog waste removal devices. The Company has chosen an April 30 fiscal year end. |
Basis of Presentation - Going C
Basis of Presentation - Going Concern Uncertainties | 12 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation - Going Concern Uncertainties | Note 2 Basis of Presentation Going Concern Uncertainties These financial statements have been prepared in conformity with generally accepted accounting principles in the United States, which contemplate continuation of the Company as a going concern. The Company is at its early stages of development and has limited operations, and has sustained operating losses resulting in a deficit. The Company has accumulated a deficit of $92,056 since inception, has yet to achieve profitable operations and further losses are anticipated in the development of its business. The Companys ability to continue as a going concern is in substantial doubt and is dependent upon obtaining financing and/or achieving a sustainable profitable level of operations. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company may seek additional equity as necessary and it expects to raise funds through private or public equity investment or loans from directors of the Company in order to support existing operations. There is no assurance that such additional funds will be available for the Company on acceptable terms, if at all. |
Summary of Principal Accounting
Summary of Principal Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Principal Accounting Policies | Note 3 Summary of Principal Accounting Policies Basis of presentation The accompanying financial statements are stated in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. Cash and cash equivalents The Company considers all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less to be cash equivalents. 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 of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. Income Taxes The Company follows the guideline under ASC Topic 740 Income Taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Since the Company is in the developmental stage and has losses, no deferred tax asset or income taxes have been recorded in the financial statements. Financial instruments The Companys financial instruments consist of cash, accounts payable and accrued liabilities and their carrying values approximate fair value because of their short-term nature. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Fair value measurements The Company follows the guidelines in ASC Topic 820 Fair Value Measurements and Disclosures. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. ASC Topic 820, in and of itself, does not require any fair value measurements. As at January 31, 2015, the Company did not have assets or liabilities subject to fair value measurement. Loss per share The Company reports basic loss per share in accordance with ASC Topic 260 Earnings Per Share (EPS). Basic loss per share is based on the weighted average number of common shares outstanding and diluted EPS is based on the weighted average number of common shares outstanding and dilutive common stock equivalents. Basic EPS is computed by dividing net loss (numerator) applicable to common stockholders by the weighted average number of common shares outstanding (denominator) for the period. There are no potentially dilutive securities outstanding and therefore, diluted earnings per share on not presented. All per share and per share information are adjusted retroactively to reflect stock splits and changes in par value. Concentration of credit risk The Company places its cash and cash equivalents with a high credit quality financial institution. The Company maintains United States Dollars at a bank in Romania that are not insured. The Company minimizes its credit risks associated with cash by periodically evaluating the credit quality of its primary financial institution. Recently issued accounting pronouncements In June 2014, the Financial Accounting Standards Board (FASB ) issued Accounting Standards Update (ASU) No. 2014-10 Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, Development Stage Entities are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has adopted the provisions of ASU 2014-10 for these financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued by the FASB (including its Emerging Issues Task Force), the AICPA or the SEC would, if adopted, have a material effect on the accompanying financial statements |
Notes Payable
Notes Payable | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | Note 4 Notes payable On December 31, 2012, the Company entered into a note payable in the amount of $17,000. This note is due within 30 days following written demand and bears a monthly interest rate of 1% (12% per annum) commencing January 1, 2013. As at April 30, 2015, the total principal and interest accrued was $21,760. On August 13, 2013, the Company entered into a note payable in the amount of $20,000. This note is due within 30 days following written demand and bears a monthly interest rate of 1% (12% per annum). As at April 30, 2015, the total principal and interest accrued was $24,100. On December 12, 2014, the Company entered into a note payable in the amount of $11,000. This note is due within 30 days following written demand and bears a monthly interest rate of 1% (12% per annum) commencing December 04, 2014. As at April 30, 2015, the total principal and interest accrued was $11,538. |
Common Shares
Common Shares | 12 Months Ended |
Apr. 30, 2015 | |
Equity [Abstract] | |
Common Shares | Note 5 Common Shares During the year ended April 30, 2015, the Company received $5,000 from investors for 250,000 common shares of the Company valued at $0.02 per share. These shares have not yet been issued. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 6 Subsequent events The Company evaluated all events or transaction that occurred after April 30, 2015 up through date the Company issued these financial statements and found no subsequent events that needed to be reported. |
Summary of Principal Accounti14
Summary of Principal Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying financial statements are stated in US dollars and have been prepared in accordance with generally accepted accounting principles in the United States of America. |
Cash and Cash Equivalents | Cash and cash equivalents The Company considers all short-term highly liquid investments that are readily convertible to known amounts of cash and have original maturities of three months or less to be cash equivalents. |
Use of Estimates | 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 of the financial statements and the reported amounts of revenue and expenses during the reporting period. Management makes its best estimate of the ultimate outcome for these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes available to management. Actual results could differ from those estimates. |
Income Taxes | Income Taxes The Company follows the guideline under ASC Topic 740 Income Taxes which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred income taxes are recognized for the tax consequences in future years of differences between the tax bases of assets and liabilities and their financial reporting amounts at each period end based on enacted tax laws and statutory tax rates, applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Since the Company is in the developmental stage and has losses, no deferred tax asset or income taxes have been recorded in the financial statements. |
Financial Instruments | Financial instruments The Companys financial instruments consist of cash, accounts payable and accrued liabilities and their carrying values approximate fair value because of their short-term nature. Management is of the opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. |
Fair Value Measurements | Fair value measurements The Company follows the guidelines in ASC Topic 820 Fair Value Measurements and Disclosures. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities Level 3inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. ASC Topic 820, in and of itself, does not require any fair value measurements. As at January 31, 2015, the Company did not have assets or liabilities subject to fair value measurement. |
Loss Per Share | Loss per share The Company reports basic loss per share in accordance with ASC Topic 260 Earnings Per Share (EPS). Basic loss per share is based on the weighted average number of common shares outstanding and diluted EPS is based on the weighted average number of common shares outstanding and dilutive common stock equivalents. Basic EPS is computed by dividing net loss (numerator) applicable to common stockholders by the weighted average number of common shares outstanding (denominator) for the period. There are no potentially dilutive securities outstanding and therefore, diluted earnings per share on not presented. All per share and per share information are adjusted retroactively to reflect stock splits and changes in par value. |
Concentration of Credit Risk | Concentration of credit risk The Company places its cash and cash equivalents with a high credit quality financial institution. The Company maintains United States Dollars at a bank in Romania that are not insured. The Company minimizes its credit risks associated with cash by periodically evaluating the credit quality of its primary financial institution. |
Recently Issued Accounting Pronouncements | Recently issued accounting pronouncements In June 2014, the Financial Accounting Standards Board (FASB ) issued Accounting Standards Update (ASU) No. 2014-10 Development Stage Entities. (Topic 915), Elimination of Certain Financial Reporting Requirements. The amendments in ASU 2014-10 remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from accounting principles generally accepted in the United States of America (U.S. GAAP). In addition, the amendments eliminate the requirements for development stage entities to: (i) present inception-to-date information in the statements of income, cash flows, and shareholder equity; (ii) label the financial statements as those of a development stage entity; (iii) disclose a description of the development stage activities in which the entity is engaged; and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The presentation and disclosure requirements in ASC Topic 915, Development Stage Entities are no longer required for interim and annual reporting periods beginning after December 15, 2014. The revised consolidation standards will take effect in annual periods beginning after December 15, 2015, however, early adoption is permitted. The Company has adopted the provisions of ASU 2014-10 for these financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any pronouncement not yet effective but recently issued by the FASB (including its Emerging Issues Task Force), the AICPA or the SEC would, if adopted, have a material effect on the accompanying financial statements |
Basis of Presentation - Going15
Basis of Presentation - Going Concern Uncertainties (Details Narrative) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit since inception | $ (92,056) | $ (67,522) |
Notes Payable (Details Narrativ
Notes Payable (Details Narrative) - USD ($) | Dec. 12, 2014 | Aug. 13, 2013 | Dec. 31, 2012 | Apr. 30, 2015 |
Note One [Member] | ||||
Notes payable | $ 17,000 | |||
Note due period | 30 days | |||
Notes payable interest rate per month | 1.00% | |||
Interest rate per annum | 12.00% | |||
Notes payable, principal and accrued interest | $ 21,760 | |||
Note Two [Member] | ||||
Notes payable | $ 20,000 | |||
Note due period | 30 days | |||
Notes payable interest rate per month | 1.00% | |||
Interest rate per annum | 12.00% | |||
Notes payable, principal and accrued interest | 24,100 | |||
Note Three [Member] | ||||
Notes payable | $ 11,000 | |||
Note due period | 30 days | |||
Notes payable interest rate per month | 1.00% | |||
Interest rate per annum | 12.00% | |||
Notes payable, principal and accrued interest | $ 11,538 |
Common Shares (Details Narrativ
Common Shares (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Proceeds from issuance of common stock | ||
Investor [Member] | ||
Proceeds from issuance of common stock | $ 5,000 | |
Shares issued during period | 250,000 | |
Per share value | $ 0.02 |