| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Nature of Business and Trade Name A summary of significant accounting policies of Bigfoot Project Investments, Inc. (the Company), a company organized in the state of Nevada, is presented to assist in understanding the Companys financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements. These financial statements and notes are representations of the Companys management who are responsible for their integrity and objectivity. The Company was incorporated in the State of Nevada on November 30, 2011. The companys administrative office is located at 570 El Camino Real NR-150, Redwood City, CA and its fiscal year ends on July 31. Since inception, the Company has been engaged in organizational efforts and obtaining initial financing. The Company was established as an entertainment investment company. The Companys mission is to create exciting and interesting proprietary investment projects, entertainment properties surrounding the mythology, research, and potential capture of the creature known as Bigfoot. The Company will perform research in determining the existences of an elusive creature commonly know as Bigfoot. For the past six years the research team, that has joined the company, has performed research on expeditions throughout the United States and Canada. The Companys key competitive advantage is the in-house developed knowledge base and the advanced level of maturity of their projects developed and currently owned by our current officers and shareholders. The Company will capitalize on the current stock pile of these projects through contract agreements which will allow the Company to continue creation of media properties and the establishment of physical locations, partnerships, and strategic alliances with organizations to augment investment markets to create revenue as a stand-alone enterprise. Basis of Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of American requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reported period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Companys system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) all valid transactions are recorded and (3) transactions are recorded in the period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the company for the respective periods being presented. The accompanying balance sheet as of April 30, 2015, has been derived from the audited financial statements. The accompanying unaudited interim financial statements have been prepared on the same basis as the annual audited financial statements and in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial statements. In the opinion of management such unaudited information includes all adjustments (consisting only of normal recurring accruals) necessary for a fair presentation of this interim information. Operating results and cash flows for interim periods are not necessarily indicative of the results that can be expected for the entire year. The information included in this report should be read in conjunction with our audited financial statements and notes thereto included in our S-1 for the year ended July 31, 2014. Use of Estimates The preparation of financial statements in accounting principles generally accepted in the United States of America 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 reporting period. A change in managements estimates or assumptions could have a material impact on the Companys financial condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates. The companys financial statements reflect all adjustments that management believes are necessary for the fair presentation of their financial condition and results of operations for the periods presented. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. As of April 30, 2015 and July 31, 2014, the Company has no cash and cash equivalents. Website Development Cost The Company has adopted Subtopic 350-50 of the FASB Accounting Standards Codification for website development costs. Under the requirements of Sections 305-50-15 and 350-50-25, the Company capitalizes cost incurred to develop a website as website development costs, which are amortized on a straight line basis over the estimated useful lives of three (3) years. Upon becoming fully amortized, the related costs and accumulated amortization are removed from the account. Inventory Valuation We value our inventory at the lower of cost or market. Market is determined based on net realizable value. Cost is determined on a first-in, first-out basis, which approximates actual cost. We have no policy for a reserve for excess and obsolete inventory based on forecasted demand since inventory generally does not become obsolete. Accounts Payable Accounts payable has a $190 balance as of April 30, 2015 for stock certificates to be issued. Income Tax The Company accounts for income taxes under ASC 740 "Income Taxes" "Accounting for Income Taxes" Accounting for Uncertainty in Income Taxes an Interpretation of FASB Statement No. 109. Revenue Recognition The Company recognizes revenue from the sale of goods and services in accordance with ASC 605, "Revenue Recognition." Revenue consists of proceeds and commissions from resale of tickets for concerts, sporting and other entertainment events. Revenue is recognized only when all of the following criteria have been met: i) Persuasive evidence for an agreement exists ii) Goods (DVD) have been delivered iii) The fee is fixed or determinable iv) Revenue is reasonable assured Revenue is recognized in the period product is delivered where product price is fixed or determinable and collectability is reasonable assured. Fair Value Measurements In January 2010, the FASB ASC Topic 825, Financial Instrument Fair Value Measurements and Disclosure Various inputs are considered when determining the value of the Companys investments and long-term debt. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. These inputs are summarized in the three broad levels listed below. · Level 1 observable market in-puts that are unadjusted quoted prices for identical assets or liabilities in active markets. · Level 2 Other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.). · Level 3 significant unobservable inputs (including the Companys own assumptions in determining the fair value of investments). The Companys adoption of FASB ASC Topic 825 effectively at the inception did not have a material impact on the Companys financial statements. The carrying value of financial assets and liabilities recorded at fair value is measured on a recurring or nonrecurring basis. Financial assets and liabilities measured on a non-recurring basis are those that are adjusted fair value when a significant event occurs. The Company had no financial assets or liabilities carried and measured on a nonrecurring basis during the reporting periods. Financial assets and liabilities measured on a recurring basis are those that are adjusted to fair value each time a financial statement is prepared. The Company does not have financial assets as an investment carried at fair value on a recurring basis as of April 30, 2015. Basic and Diluted Earnings per Share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. Diluted earning per share is based on the weighted-average number of shares of common stock outstanding adjusted for the effects on common stock that may be issued as result of the following types of potentially dilutive instruments: · Warrants, · Employee stock option, and · Other equity awards, which include long-term incentive awards. The FASB ASC Topic 260, Earnings per Share, requires the Company to include additional shares in the computation of earnings per share, assuming dilution. Dilute earning s per share are based on the assumption that all dilutive options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options are assumed to be exercised at the time of issuance, and as if funds obtained thereby were used to purchase common stock at the average market price during the period. The company does not have diluted effects on common stock as there was no warrant or option issued. Basic and diluted earning per share are the same as there was no dilutive effect of outstanding stock options for the period ended April 30, 2015. The following is a reconciliation of basic and diluted (earnings per share for) the nine month periods ending April 30, 2015 and 2014: Three Months Period Ended Nine Months Period Ended April 30, 2015 April 30, 2014 Numerator : Net income (loss) available to common shareholders $ (6,596) $ (18,707) Denominator : Weighted average shares-basic 207,490,000 207,490,000 Net income (loss) per share-basic and diluted $ - $ - Common Stock The holders of the Companys common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such times and in such amounts as the board from time to time may determine. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of shareholders. There is no cumulative voting of the election of directors then standing for election. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of the company, the assets legally available for distribution to stockholders are distributable ratably among the holders of the common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors. |
