Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jan. 31, 2014 | Mar. 24, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Go Public I, Inc. | ' |
Entity Central Index Key | '0001582576 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Jan-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--07-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 20,000,000 |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
BALANCE_SHEETS_Unaudited
BALANCE SHEETS (Unaudited) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Current Assets | ' | ' |
Cash | ' | ' |
Prepaid Expenses | 0 | 2,000 |
Total Current Assets | ' | 2,000 |
TOTAL ASSETS | 0 | 2,000 |
Current Liabilities | ' | ' |
Accounts Payable-Related Party | 2,244 | 2,244 |
Accrued Expenses | 500 | 2,000 |
Total Current Liabilities | 2,994 | 4,244 |
TOTAL LIABILITIES | 2,994 | 4,244 |
Stockholders' Equity (Deficit) | ' | ' |
Preferred stock ($.0001 par value, 20,000,000 shares authorized; none issued and outstanding) | ' | ' |
Common stock ($.0001 par value, 500,000,000 shares authorized, 20,000 shares issued and outstanding | 2,000 | 2,000 |
Deficit accumlated during developmental stage | -4,994 | -4,244 |
Total Stockholders' Equity (Deficit) | -2,994 | -2,244 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $0 | $2,000 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2014 | Jul. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 20,000,000 | 20,000,000 |
Common stock, shares outstanding | 20,000,000 | 20,000,000 |
STATEMENTS_OF_OPERATIONS_Unaud
STATEMENTS OF OPERATIONS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | |
Income Statement [Abstract] | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' |
Share-based Expenses | ' | ' | ' | 2,000 | ' |
Organization and Related Expenses | ' | ' | ' | 244 | ' |
Professional fees | 500 | ' | 750 | 2,750 | ' |
Total General and Administrative Expenses | 500 | ' | 750 | 4,994 | ' |
Net Income Loss | ($500) | ' | ($750) | ($4,994) | ' |
Basic and Diluted Loss Per Share | $0 | ' | $0 | $0 | ' |
Weighted average number of common shares outstanding | 20,000,000 | ' | 20,000,000 | 20,000,000 | ' |
STATEMENT_OF_CASH_FLOWS_Unaudi
STATEMENT OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | ||
Jan. 31, 2014 | Jan. 31, 2014 | Jan. 31, 2013 | |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net loss | ($750) | ($4,994) | ' |
Prepaid Expense | 2,000 | ' | ' |
Accrued expenses | -1,500 | 500 | ' |
Accounts Payable-Related party | 250 | 2,494 | ' |
Issuance of common stock to founder | ' | 2,000 | ' |
Net increase (decrease) in cash | ' | ' | ' |
Cash at beginning of period | ' | ' | ' |
Cash at the end of period | ' | ' | ' |
Interest paid | ' | ' | ' |
Income taxes paid | ' | ' | ' |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
Jan. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
ORGANIZATION AND DESCRIPTION OF BUSINESS | ' |
NOTE 1—ORGANIZATION AND DESCRIPTION OF BUSINESS | |
Go Public I, Inc. (the “Company”), a development stage company, was incorporated under the laws of the State of Delaware on July 22, 2013, with an objective to acquire, or merge with, an operating business. As of January 31, 20134 the Company had not yet commenced any operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||
Jan. 31, 2014 | |||
Accounting Policies [Abstract] | ' | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Note 2 - Significant Accounting Policies | |||
Basis of presentation. | |||
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended July 31, 2013 and notes thereto. | |||
The results of operations for the six month period ended January 31, 2014 are not necessarily indicative of the results for the full fiscal year ending July 31, 2014. | |||
Development stage company. | |||
The Company is a development stage company as defined by ASC 915, Development Stage Entities. The Company is still devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. | |||
SHELL COMPANY STATUS. | |||
We are considered a shell company as defined in Rule 12b-2 of the Exchange Act. Rule 12b-2 of the Exchange Act defines a “shell company” as a registrant that has “nominal operations” and “assets consisting solely of cash and cash equivalents and nominal other assets.” Our shell company status prevents investor from reselling our shares under Rule 144(i) unless and until 12 months after we are no longer considered a shell company. We caution investors as to the highly illiquid nature of an investment in our shares. | |||
Use of estimates. | |||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from these estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. | |||
Fiscal year end. | |||
The Company elected July 31st as its fiscal year ending date. | |||
Cash AND CASH equivalents. | |||
For the purpose of the financial statements cash equivalents include all highly liquid investments with maturity of three months or less. Cash and cash equivalents were $0 at January 31, 2014 and July 31, 2013. | |||
FINANCIAL INSTRUMENTS. | |||
The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. | |||
ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||
· | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities | ||
· | Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. | ||
· | Level 3 - Inputs that are both significant to the fair value measurement and unobservable. | ||
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of January 31, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. | |||
Income taxes. | |||
The Company accounts for income taxes under ASC 740 Income Taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized at January 31, 2014 or July 31, 2013. | |||
EARNINGS (LOSS) PER SHARE. | |||
The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by dividing net loss by the weighted average number of shares of common stock and potentially outstanding shares of common stock during each period. There were no potentially dilutive shares outstanding as of January 31, 2014. | |||
RELATED PARTY TRANSACTIONS. | |||
The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Related party transactions for the periods ending January 31, 2014 and July 31, 2013 totaled $2,494, and were comprised solely of accounts payable. | |||
SHARE-BASED EXPENSE. | |||
ASC 718, Compensation – Stock Compensation, prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, Equity – Based Payments to Non-Employees. Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||
Share-based expense for the six months ended January 31, 2014 and 2013 was $0 and $0, respectively. | |||
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS. | |||
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. | |||
We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Jan. 31, 2014 | |
Going Concern | ' |
GOING CONCERN | ' |
NOTE 3—GOING CONCERN | |
The accompanying financial statements are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities in the normal course of business. The Company is considered a development stage company and has no current revenue sources. The Company’s management plans to engage in very limited activities without incurring any liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
PREPAID_EXPENSES
PREPAID EXPENSES | 3 Months Ended |
Jan. 31, 2014 | |
DisclosurePrepaidExpensesAbstract | ' |
Prepaid Expenses | ' |
NOTE 4—PREPAID EXPENSE | |
Prepaid expense totaled $0 and $2,000 at January 31, 2014 and July 31, 2013 and consisted solely of prepaid audit fees. |
STOCKHOLDERS_EQUITY
STOCKHOLDER'S EQUITY | 3 Months Ended | |
Jan. 31, 2014 | ||
Stockholders Equity | ' | |
Stockholder's Equity | ' | |
NOTE 5—STOCKHOLDER’S EQUITY | ||
The capitalization of the Company consists of the following classes of capital stock as of July 31, 2013 and October 31, 2013: | ||
* | Common stock, $0.0001 par value: 500,000,000 shares authorized; 20,000,000 shares issued and outstanding | |
* | Preferred stock, $0.0001 par value: 20,000,000 shares authorized; but not issued and outstanding. | |
On July 29, 2013, the Board of Directors issued 20,000,000 shares of common stock to the founding shareholder in exchange for services rendered that included developing the Company’s business concept and plan and which were valued at $2,000. |
RELATED_PARTY_DISCLOSURE
RELATED PARTY DISCLOSURE | 3 Months Ended |
Jan. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transaction | ' |
NOTE 6 – RELATED-PARTY TRANSACTIONS | |
Accounts payable | |
At January 31, 2014 and July 31, 2013 the company had a related-party payable in the amounts of $ 2,494 and $2,244 to its sole officer and shareholder. | |
Other | |
We neither rent nor own any properties. Until we pursue a viable business opportunity and recognize income, we will not seek office space. We currently have no policy with respect to investments or interests in real estate, real estate mortgages or securities of, or interests in, persons primarily engaged in real estate activities. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jan. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SubsequentEvents | ' |
NOTE 7 - SUBSEQUENT EVENTS | |
Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred requiring adjustment or disclosure. |