Axiom 10-Q 21 Apr 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Feb. 28, 2014	Apr. 16, 2014
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'Axiom Corp.	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--08-31	'
Entity Common Stock, Shares Outstanding	'	56,433,333
Amendment Flag	'false	'
Entity Central Index Key	'0001566265	'
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	28-Feb-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Axiom_Corp_and_Subsidiary_Cond

Axiom Corp. and Subsidiary - Condensed Consolidated Balance Sheets (USD $)	Feb. 28, 2014	Aug. 31, 2013
Current Assets	'	'
Cash	$3,462	$829
Restricted Cash	8,114	'
Total Assets	11,576	829
Current Liabilities	'	'
Accounts payable and accrued liabilities	12,448	11,649
Due to related party (Note 3)	855	846
Loans payable (Note 4)	37,718	3,019
Total Liabilities	51,021	15,514
Preferred stock, 100,000,000 shares authorized, $0.00001 par value; no shares issued and outstanding	0	0
Common stock, 200,000,000 shares authorized, $0.00001 par value; 56,433,333 shares issued and outstanding	564	564
Additional paid-in capital	45,086	45,086
Deficit accumulated during the development stage	-85,095	-60,335
Total Stockholders’ (Deficit) Equity	-39,445	-14,685
Total Liabilities and Stockholders’ (Deficit) Equity	$11,576	$829

Axiom_Corp_and_Subsidiary_Cond1

Axiom Corp. and Subsidiary - Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Feb. 28, 2014	Aug. 31, 2013
Preferred stock par value (in Dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	56,433,333	56,433,333
Common stock, shares outstanding	56,433,333	56,433,333

Axiom_Corp_and_Subsidiary_Cond2

Axiom Corp. and Subsidiary - Condensed Consolidated Statement of Operations (USD $)	3 Months Ended		6 Months Ended		23 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Expenses	'	'	'	'	'
General and administrative	$14,727	$7,930	$24,067	$13,752	$84,342
Loss Before Other Expense	-14,727	-7,930	-24,067	-13,752	-84,342
Other expense	'	'	'	'	'
Interest expense	60	'	693	'	753
Net Loss	($14,787)	($7,930)	($24,760)	($13,752)	($85,095)
Net Loss Per Share – Basic and Diluted (in Dollars per share)	$0	$0	$0	$0	'
Weighted Average Shares Outstanding (in Shares)	56,433,000	56,433,000	56,433,000	56,433,000	'

Axiom_Corp_and_Subsidiary_Cond3

Axiom Corp. and Subsidiary - Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended		23 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Cash Flows from Operating Activities	'	'	'
Net loss	($24,760)	($13,752)	($85,095)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Expenses paid by a related party, net of repayments	9	-18	855
Expenses paid by a third party	1,500	'	4,519
Increase in accounts payable and accrued liabilities	799	2,023	12,448
Net Cash Used In Operating Activities	-22,452	-11,747	-67,273
Cash Flows from Financing Activities	'	'	'
Proceeds from notes payable	33,199	'	33,199
Proceeds from the issuance of common stock	'	'	45,650
Net Cash Provided by Financing Activities	33,199	'	78,849
(Decrease) Increase in Cash	10,747	-11,747	11,576
Cash - Beginning of Period	829	44,788	'
Cash - End of Period	11,576	33,041	11,576
Supplementary Information:	'	'	'
Interest paid	0	0	'
Income taxes paid	$0	$0	'

1_Nature_of_Business_and_Going

1. Nature of Business and Going Concern	6 Months Ended
	Feb. 28, 2014
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1.        Nature of Business and Going Concern
	Axiom Corp. (the “Company”) was incorporated in the State of Colorado on April 2, 2012. The Company’s planned principal business is the construction of major infrastructure developments, including roads, schools, hospitals and social housing, in eastern African markets of Kenya, Uganda and South Sudan.
	Going Concern
	These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at February 28, 2014, the Company has incurred losses totaling $85,095 since inception, and has not yet generated any revenue from operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

2_Summary_of_Significant_Accou

2. Summary of Significant Accounting Policies	6 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	2.        Summary of Significant Accounting Policies
	a)        Basis of Presentation
	These consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is August 31.
	b)       Principles of Consolidation
	The consolidated financial statements include the accounts of Axiom Corp and its 100% owned subsidiary, Acton Holdings Limited, a company incorporated in Kenya.  All significant intercompany balances and transactions have been eliminated upon consolidation.
	c)        Interim Financial Statements
	The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's August 31, 2013 report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year end August 31, 2013, have been omitted.
	d)       Use of Estimates
	The preparation of consolidated financial statements in conformity with United States 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
	e)        Cash and Cash Equivalents and Restricted Cash
	The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company has funds in a bank account in Ethiopia, which is restricted until the Company receives a business license in Ethiopia.
	f)        Financial Instruments
	The Company’s financial instruments consist principally of cash, accounts payable, related party payables and loan payable. The fair value of the Company’s cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
	g)       Earnings (Loss) Per Share
	Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At February 28, 2014, the Company has no potentially dilutive securities outstanding.
	h)       Foreign Currency Translation
	The Company’s planned operations will be in the eastern African markets of Uganda, South Sudan and Kenya, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations.
	i)         Income Taxes
	The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
	j)         Recent Accounting Pronouncements
	The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3_Related_Party_Transactions

3. Related Party Transactions	6 Months Ended
	Feb. 28, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	3.        Related Party Transactions
	As of February 28, 2014, the Company owes the sole director of the Company $855 (August 31, 2013 - $846) for expenditures paid on behalf of the Company.  The amount owed is unsecured, non-interest bearing, and has no specified repayment terms.
	During the six months ended February 28, 2014, expenses of $1,026 were incurred on behalf of the Company by a related party and the Company repaid $1,026 during the period.

4_Loan_payable

4. Loan payable	6 Months Ended
	Feb. 28, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	4.        Loan payable
	On August 1, 2013, the Company entered into a line of credit agreement with a third party, enabling the Company to borrow up to $50,000, at 8% per annum, with related amounts being due on demand. As at February 28, 2014, the amount outstanding under this line of credit was $37,718, with accrued interest of $734.

5_Stockholders_Equity

5. Stockholders' Equity	6 Months Ended
	Feb. 28, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	5.        Stockholders’ Equity
	The Company’s authorized capital consists of 200,000,000 shares of common stock with a par value of $0.00001 per share and 100,000,000 shares of preferred stock with a par value of $0.00001 per share.
	There were no stock transactions during the six months ended February 28, 2014.

6_Commitments

6. Commitments	6 Months Ended
	Feb. 28, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	6.        Commitments
	On November 8, 2013, the Company entered into a one year office lease agreement in Ethiopia and agreed to pay rent of $313 (Birr 5,985) per month. The Company also agreed to pay a deposit equal to the initial six months rent of $1,876 (Birr 35,910) upon signing of the agreement. At February 28, 2014, the deposit has not yet been paid.
	On November 25, 2013, the Company entered into a contract agreement in with a company in Ethiopia. The contractors agreed to prepare an exploration work program on potash to be submitted to the Ministry on Mines. The Company agreed to pay $2,035 (Birr 38,950) upon commencement of the work program and a second payment of $2,035 (Birr 38,950) at the submission of the program. At February 28, 2014, the payments have not yet been paid.

Accounting_Policies_by_Policy_

Accounting Policies, by Policy (Policies)	6 Months Ended
	Feb. 28, 2014
Accounting Policies [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	Basis of Presentation
	These consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States and are expressed in US dollars. The Company’s fiscal year end is August 31
Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of Axiom Corp and its 100% owned subsidiary, Acton Holdings Limited, a company incorporated in Kenya.  All significant intercompany balances and transactions have been eliminated upon consolidation
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	The preparation of consolidated financial statements in conformity with United States 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected
Cash and Cash Equivalents, Policy [Policy Text Block]	'
	Cash and Cash Equivalents and Restricted Cash
	The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company has funds in a bank account in Ethiopia, which is restricted until the Company receives a business license in Ethiopia
Fair Value of Financial Instruments, Policy [Policy Text Block]	'
	Financial Instruments
	The Company’s financial instruments consist principally of cash, accounts payable, related party payables and loan payable. The fair value of the Company’s cash equivalents is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The carrying value of accounts payable, related party payables and loans payable approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments
Earnings Per Share, Policy [Policy Text Block]	'
	Earnings (Loss) Per Share
	Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. At February 28, 2014, the Company has no potentially dilutive securities outstanding
Foreign Currency Transactions and Translations Policy [Policy Text Block]	'
	Foreign Currency Translation
	The Company’s planned operations will be in the eastern African markets of Uganda, South Sudan and Kenya, which results in exposure to market risks from changes in foreign currency exchange rates. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company's functional currency for all operations worldwide is the U.S. dollar. Nonmonetary assets and liabilities are translated at historical rates and monetary assets and liabilities are translated at exchange rates in effect at the end of the year. Revenues and expenses are translated at average rates for the year. Gains and losses from translation of foreign currency financial statements into U.S. dollars are included in current results of operations
Income Tax, Policy [Policy Text Block]	'
	Income Taxes
	The Company accounts for income taxes using the asset and liability method which provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized
Revenue Recognition, New Accounting Pronouncement, Timing	'Recent Accounting PronouncementsThe Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations

1_Nature_of_Business_and_Going1

1. Nature of Business and Going Concern (Details) (USD $)	Feb. 28, 2014	Aug. 31, 2013
Disclosure Text Block [Abstract]	'	'
Retained Earnings (Accumulated Deficit)	($85,095)	($60,335)

3_Related_Party_Transactions_D

3. Related Party Transactions (Details) (USD $)	6 Months Ended
	Feb. 28, 2014	Aug. 31, 2013
Related Party Transactions [Abstract]	'	'
Due to Related Parties	$855	$846
Related Party Transaction, Amounts of Transaction	$1,026	'

4_Loan_payable_Details

4. Loan payable (Details) (USD $)	7 Months Ended
	Feb. 28, 2014
Debt Disclosure [Abstract]	'
Notes Payable, Noncurrent	$50,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Line of Credit Facility, Amount Outstanding	37,718
Interest Expense, Borrowings	$734

5_Stockholders_Equity_Details

5. Stockholders' Equity (Details) (USD $)	Feb. 28, 2014	Aug. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Par or Stated Value Per Share	$0.00	$0.00
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par or Stated Value Per Share	$0.00	$0.00

6_Commitments_Details

6. Commitments (Details) (USD $)	Feb. 28, 2014
Rent	'
6. Commitments (Details) [Line Items]	'
Contractual Obligation, Due in Next Twelve Months	$313
PrePaidRentCommitment	'
6. Commitments (Details) [Line Items]	'
Contractual Obligation, Due in Next Twelve Months	1,876
ExplorationCost	'
6. Commitments (Details) [Line Items]	'
Contractual Obligation, Due in Next Twelve Months	2,035
ExplorationCostSecondPayment	'
6. Commitments (Details) [Line Items]	'
Contractual Obligation, Due in Next Twelve Months	$2,035