NOTE 1 -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. Basis of Presentation 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. The accompanying unaudited balance sheet as of July 31, 2016 has been derived from the audited financial statements for the year ended July 31, 2016. 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 10-K for the year ended July 31, 2016 filed with the SEC on December 13, 2016. 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. · · · 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. 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 had no financial assets or liabilities carried and measured on a nonrecurring or recurring basis during the reporting periods. The Companys financial instruments consist of cash, accounts receivable, accrued expenses, convertible notes and related party notes payable. The carrying amount of these financial instruments approximates fair value either based on the length of maturities or interest rates that approximate prevailing market rates unless otherwise discussed in these financial statements. Basic and Diluted Earnings per Share Basic earnings per share are based on the weighted-average number of shares of common stock outstanding. The FASB ASC Topic 260, Earnings per Share, requires the Company to include additional shares in the computation of earnings per share, assuming dilution. Diluted earnings 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 were no warrants or options issued. Basic and diluted earnings per share are the same as there was no dilutive effect of outstanding stock options for the nine months ended April 30, 2017 and 2016. The following is a reconciliation of basic and diluted earnings per share for the nine months ended April 30, 2017 and 2016: Period Ended Period Ended April 30, 2017 April 30, 2016 Numerator: Net (loss) available to common shareholders $ (1,141,930) $ (45,047) Denominator: Weighted average shares basic and diluted 213,940,000 207,490,000 Net (loss) per share basic and diluted $ (0.01) $ (0.00) |