Organization and Nature of Business | 3 Months Ended |
Jul. 31, 2014 |
Notes | ' |
Organization and Nature of Business | ' |
NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS |
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Green Supplements Online Inc. is a development stage company registered in the State of Nevada on July 10, 2013 formed to buy nutrition and dietary supply from different manufacturers and resell under as “private-label” “ Green Supplements Online Inc.” products. We will contract with one or more non-affiliated contract manufacturers. Our source of revenue from operating will be reselling nutrition and dietary supply products. |
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NOTE 2 - CONDENSED FINANCIAL STATEMENTS |
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The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows on July 31, 2014, and for all periods presented herein, have been made. |
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Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s April 30, 2014 audited financial statements. The results of operations for the three months ended July 31, 2014 are not necessarily indicative of the operating results for the full year. |
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NOTE 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES |
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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 and are presented in US dollars. |
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Accounting Basis |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an April 30 fiscal year end. |
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Cash and Cash Equivalents |
The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $3,639 of cash as of July 31, 2014 and $3,344 of cash as of April 30, 2014. |
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Fair Value of Financial Instruments |
The Company’s financial instruments consist of cash and cash equivalents and amounts due to shareholder. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. |
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Income Taxes |
Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
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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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition |
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
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Stock-Based Compensation |
Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
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Basic Income (Loss) Per Share |
Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of July 31, 2014. |
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Comprehensive Income |
The Company has which established standards for reporting and display of comprehensive income, its components and accumulated balances. When applicable, the Company would disclose this information on its Statement of Stockholders’ Equity. Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. The Company has not had any significant transactions that are required to be reported in other comprehensive income. |
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Recent Accounting Pronouncements |
On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) 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 amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. |
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NOTE 4 – GOING CONCERN |
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The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. However, the Company had no revenues as of July 31, 2014. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. |
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Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
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NOTE 5 – LOAN FROM DIRECTOR |
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On July 10, 2013, director loaned $274 to Incorporate the company. |
On March 28, 2013, a director loaned $200 to the Company to open bank account. |
On September 19, 2013, director loaned $1,420 to pay for ongoing expenses. |
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The loans are unsecured, non-interest bearing and due on demand. |
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The balance due to the director was $1,894 as of July 31, 2014. |
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NOTE 6 – COMMON STOCK |
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The Company has 75,000,000, $0.001 par value shares of common stock authorized. |
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On March 13, 2013, the Company issued 6,000,000 shares of common stock to a director for cash proceeds of $6,000 at $0.001 per share. |
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On July 27, 2014, the Company issued 195,000 shares of common stock for cash proceeds of $3,900 at $0.02 per share. |
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As of April 30, 2014, the Company issued 465,000 shares of common stock for cash proceeds of $9,300 at $0.02 per share. |
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On July 31, 2014, the Company issued 250,000 shares of common stock for cash proceeds of $5,000 at $0.02 per share. |
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There were 6,910,000 shares of common stock issued and outstanding as of July 31, 2014. |
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NOTE 7 – COMMITMENTS AND CONTINGENCIES |
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The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
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NOTE 8 – SUBSEQUENT EVENTS |
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In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to July 31, 2014 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |