Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Aug. 31, 2014 | |
Document and Entity Information: | ' |
Entity Registrant Name | 'ROMULUS CORP. |
Document Type | '10-K |
Document Period End Date | 31-Aug-14 |
Amendment Flag | 'false |
Entity Central Index Key | '0001585149 |
Current Fiscal Year End Date | '--08-31 |
Entity Common Stock, Shares Outstanding | 11,020,000 |
Entity Public Float | $0 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Current Reporting Status | 'No |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'FY |
Statement_of_Financial_Positio
Statement of Financial Position (USD $) | Aug. 31, 2014 | Aug. 31, 2013 |
Assets, Current | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $23,969 | $8,094 |
Assets, Current | 23,969 | 8,094 |
Assets | 23,969 | 8,094 |
Liabilities, Noncurrent | ' | ' |
Accounts Payable and Accrued Liabilities, Noncurrent | 100 | ' |
Due to Related Parties, Noncurrent | 6,806 | 306 |
Liabilities | 6,906 | 306 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ' | ' |
Common Stock, Value, Issued | 11,020 | 8,000 |
Additional Paid in Capital, Common Stock | 27,180 | ' |
Retained Earnings (Accumulated Deficit) | -21,137 | -212 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 17,063 | 7,788 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ' | ' |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 11,020,000 | 8,000,000 |
Liabilities and Equity | $23,969 | $8,094 |
Statement_of_Income
Statement of Income (USD $) | 5 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Aug. 31, 2014 | |
Operating Expenses | ' | ' |
General and Administrative Expense | $212 | $20,925 |
Operating Expenses | 212 | 20,925 |
Operating Income (Loss) | -212 | -20,925 |
Net Income (Loss) Attributable to Parent | ($212) | ($20,925) |
Earnings Per Share | ' | ' |
Earnings Per Share, Basic | $0 | $0 |
Weighted Average Number of Shares Outstanding, Basic | 2,510,949 | 8,708,767 |
STATEMENTS_OF_STOCKHOLDERS_EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Stockholders' equity beginning balance at Apr. 15, 2013 | ' | ' | ' | ' |
Shares issued during period | 8,000,000 | ' | ' | 8,000,000 |
Net (loss) | ' | ' | ($212) | ($212) |
Adjustment to additional paid-in-capital | ' | ' | ' | 0 |
Stockholders' equity ending balance at Aug. 31, 2013 | 8,000 | ' | -212 | 7,788 |
Shares issued ending balance at Aug. 31, 2013 | 8,000,000 | ' | ' | 8,000,000 |
Shares issued during period | 3,020,000 | ' | ' | 3,020,000 |
Net (loss) | ' | ' | -20,925 | -20,925 |
Adjustment to additional paid-in-capital | ' | 27,180 | ' | 27,180 |
Stockholders' equity ending balance at Aug. 31, 2014 | $11,020 | $27,180 | ($21,137) | $17,063 |
Shares issued ending balance at Aug. 31, 2014 | 11,020,000 | ' | ' | 11,020,000 |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 5 Months Ended | 12 Months Ended |
Aug. 31, 2013 | Aug. 31, 2014 | |
Net Cash Provided by (Used in) Operating Activities | ' | ' |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | ($212) | ($20,925) |
Increase (Decrease) in Operating Liabilities | ' | ' |
Increase (Decrease) in Accounts Payable | ' | 100 |
Net Cash Provided by (Used in) Operating Activities | -212 | -20,825 |
Net Cash Provided by (Used in) Financing Activities | ' | ' |
Proceeds from Issuance of Common Stock | 8,000 | 30,200 |
Proceeds from loans | 306 | 6,500 |
Net Cash Provided by (Used in) Financing Activities | 8,306 | 36,700 |
Cash and Cash Equivalents, Period Increase (Decrease) | 8,094 | 15,875 |
Cash and Cash Equivalents, at Carrying Value | ' | 8,094 |
Cash and Cash Equivalents, at Carrying Value | $8,094 | $23,969 |
Organization_Consolidation_and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Aug. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements: | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | ' |
NOTE 1 - BASIS OF PRESENTATION | |
Organization and Description of Business | |
ROMULUS CORP. (the “Company”) was incorporated under the laws of the State of Nevada on April 16, 2013. The Company intends to commence operations in the business of placing and operating coin operated machines. Since inception through August 31, 2014 the Company has not generated any revenue and has accumulated losses of $21,137. | |
Going Concern | |
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $21,137 as of August 31, 2014 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. | |
The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. | |
Accounting Basis | |
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP”). The Company has adopted an August 31 fiscal year end. | |
Cash and Cash Equivalents | |
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. As of August 31, 2014 and 2013 the Company's bank deposits did not exceed the insured amounts. As of August 31, 2014 and 2013, the Company did not have cash equivalents. | |
Basic and Diluted Loss Per Share | |
The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. | |
Dividends | |
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. | |
Income Taxes | |
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |
Recent accounting pronouncements | |
In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. 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 shareholder’s 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 Company’s early adoption of the new standard did not have a material effect on the Company’s financial position or results of operations. | |
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. No revenue has been earned since inception. | |
NOTE 2 – COMMON STOCK | |
The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. As of August 31, 2013, the Company had 8,000,000 shares of common stocks issued and outstanding. | |
During the year ended August 31, 2014, the Company issued 3,020,000 shares of its common stock at $0.01 per share for total proceeds $30,200. As of August 31, 2014, the Company has 11,020,000 shares issued and outstanding. |
Income_Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2014 | |
Income Taxes: | ' |
Income Tax Disclosure | ' |
INCOME TAXES | |
As of August 31, 2014 the Company had net operating loss carry forwards of $21,137 that may be available to reduce future years’ taxable income through 2034. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
Related_Party_Disclosures
Related Party Disclosures | 12 Months Ended |
Aug. 31, 2014 | |
Related Party Disclosures: | ' |
Related Party Transactions Disclosure | ' |
RELATED PARTY TRANSACTIONS | |
As of August 31, 2014 and 2013, total loan amount was $6,806 and $306, respectively. The loan is non-interest bearing, due upon demand and unsecured. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2014 | |
Subsequent Events: | ' |
Subsequent Events | ' |
SUBSEQUENT EVENTS | |
The Company has evaluated subsequent events from August 31, 2014 through October 6, 2014, the date the financial statements were available to be issued and has determined that there are no items to disclose. |