Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Apr. 30, 2014 | 19-May-14 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Spacepath, Inc. | ' |
Entity Central Index Key | '0001586727 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Apr-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 | ' | 4,390,000 |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheet
Balance Sheet (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
Current Assets | ' | ' |
Cash | $196 | $4,060 |
Total Current Assets | 196 | 4,060 |
Other Assets | ' | ' |
Assembly Plant | 32,580 | ' |
Furniture and Equipment | 5,650 | ' |
Total Other Assets | 38,230 | ' |
Total Assets | 38,426 | 4,060 |
Current Liabilities | ' | ' |
Notes Payable (Related Party) | 450 | 100 |
Total Current Liabilities | 450 | 100 |
Total Liabilities | 450 | 100 |
Stockholders' Equity | ' | ' |
Common stock, $.001 par value, 75,000,000 authorized - 4,390,000 and 4,000,000 shares issued and outstanding as of April 30, 2014 and July 31, 2013 | 4,390 | 4,000 |
Additional Paid In Capital | 15,210 | ' |
Income (deficit) accumulated during development stage | 18,376 | -40 |
Total Stockholders' Equity (Deficit) | 37,976 | 3,960 |
Total Liabilities & Stockholders' Equity | $38,426 | $4,060 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) (USD $) | Apr. 30, 2014 | Jul. 31, 2013 |
Stockholders' Equity: | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 4,390,000 | 4,000,000 |
Common stock, outstanding | 4,390,000 | 4,000,000 |
Statement_of_Operations_unaudi
Statement of Operations (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | 16 Months Ended |
Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Revenues | ' | ' | ' |
Revenues | $22,885 | $70,600 | $70,600 |
Cost of Sales | 15,565 | 41,245 | 41,245 |
Gross Profit | 7,320 | 29,355 | 29,355 |
General & Administrative Expenses | ' | ' | ' |
General and administrative | 159 | 1,106 | 1,158 |
Professional Fees | 2,294 | 6,761 | 9,821 |
Total Expenses | 2,453 | 7,867 | 10,979 |
Net Income (Loss) | $4,868 | $21,488 | $18,376 |
Net Income (Loss) Per Basic and Diluted share | $0.00 | $0.01 | $0.00 |
Weighted average number of Common Shares outstanding | 4,390,000 | 4,390,000 | ' |
Statement_of_Cash_Flows_unaudi
Statement of Cash Flows (unaudited) (USD $) | 9 Months Ended | 16 Months Ended |
Apr. 30, 2014 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $18,416 | $18,376 |
Changes in operating assets and liabilities: | ' | ' |
Increase (decrease) in Notes Payable | ' | ' |
Increase (decrease) in Inventory | ' | ' |
Net cash provided by (used in) operating activities | 18,416 | 18,376 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Assembly Plant | -32,580 | -32,580 |
Furniture & Equipment | -5,650 | -5,650 |
Net cash provided by (used in) investing activities | -38,230 | -38,230 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from related party loan | 350 | 450 |
Issuance of common stock | 15,600 | 19,600 |
Net cash provided by (used in) financing activities | 15,950 | 20,050 |
Net increase (decrease) in cash | -3,864 | 196 |
Cash at beginning of period | 4,060 | ' |
Cash at end of period | 196 | 196 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Cash paid during year for Interest | ' | ' |
Cash paid during year for Income Taxes | ' | ' |
OVERVIEW_AND_SUMMARY_OF_SIGNIF
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2014 | |
Overview And Summary Of Significant Accounting Policies | ' |
NOTE 1. OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
Organization and Business | |
Spacepath, Inc. ("the Company") was incorporated under the laws of the State of Nevada on December 28, 2012. The Company is in the development stage and is engaged in the distribution of Water Filtration Systems produced in China. | |
The Company’s operations are subject to all risks inherent in the establishment of a new business enterprise. The Company has generated $70,600 in revenue to date. For the period from inception, December 28, 2012 through April 30, 2014 the Company had a net profit of $21,488. | |
Summary of significant accounting policies: | |
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. | |
Use of Estimates and Assumptions | |
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 of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those 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. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | |
Fair Value of Financial Instruments | |
ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2014. | |
The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. | |
Basic and Diluted Loss Per Share | |
The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. | |
Income Taxes | |
We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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 the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. | |
ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. | |
Recent Accounting Pronouncements | |
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
CAPITAL_STOCK
CAPITAL STOCK | 9 Months Ended |
Apr. 30, 2014 | |
Capital Stock | ' |
NOTE 2. CAPITAL STOCK | ' |
The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of $0.001 per share. | |
The Company issued 4,000,000 shares of common stock to the Company’s sole director and officer for total cash proceeds of $4,000. | |
During the quarter ended April 30, 2014 and pursuant to the Company’s Registration Statement on Form S-1 the Company sold 390,000 shares of common stock to 13 independent persons for $0.04 per share for total cash proceeds of $15,600. The Company’s Offering is still open and we expect more sales of common stock. | |
At April 30, 2014, there were no outstanding stock options or warrants. |
LOAN_PAYABLE_RELATED_PARTY
LOAN PAYABLE - RELATED PARTY | 9 Months Ended |
Apr. 30, 2014 | |
Loan Payable - Related Party | ' |
NOTE 3. LOAN PAYABLE - RELATED PARTY | ' |
Mr. Andrey Zasoryn, the Director and President of the Company made the initial deposits to the bank and loaned the company funds in the amount $450 which is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Apr. 30, 2014 | |
Going Concern | ' |
NOTE 4. GOING CONCERN | ' |
The Company's financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. The Company has generated a minimal amount of revenue from operations, has a small net profit and there is no guarantee of future revenue. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. | |
In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company’s ability to, meets its financial requirements, raise additional capital, and the success of its future operations. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern. | |
Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. |
FIXED_ASSETS
FIXED ASSETS | 9 Months Ended |
Apr. 30, 2014 | |
Fixed Assets | ' |
NOTE 5. FIXED ASSETS | ' |
In January 2014 for $12,000 we purchased a 1,400 square meter tract of land located at 10346 Nakhimova Street, Khabarovsk, Russia containing a 2,000 square foot warehouse structure which houses a small assembly plant. During the quarter ended April 30, 2014 we paid $20,580 for upgrades to the assembly plant. We will utilize the space to do custom orders from ready components from our suppliers. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2014 | |
Related Party Transactions | ' |
NOTE 6. RELATED PARTY TRANSACTIONS | ' |
The director of the Company provides office space and services free of charge. The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available. | |
As of April 30, 2014 there was $450 owed to Mr. Zasoryn. The loan is non-interest bearing, unsecured and due upon demand. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2014 | |
Subsequent Events | ' |
NOTE 7. SUBSEQUENT EVENTS | ' |
The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements. |
OVERVIEW_AND_SUMMARY_OF_SIGNIF1
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Apr. 30, 2014 | |
Overview And Summary Of Significant Accounting Policies Policies | ' |
Organization and Business | ' |
Spacepath, Inc. ("the Company") was incorporated under the laws of the State of Nevada on December 28, 2012. The Company is in the development stage and is engaged in the distribution of Water Filtration Systems produced in China. | |
The Company’s operations are subject to all risks inherent in the establishment of a new business enterprise. The Company has generated $70,600 in revenue to date. For the period from inception, December 28, 2012 through April 30, 2014 the Company had a net profit of $21,488. | |
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. | |
Use of Estimates and Assumptions | ' |
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 of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those 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. | |
Cash and Cash Equivalents | ' |
The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. | |
Fair Value of Financial Instruments | ' |
ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2014. | |
The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. | |
Basic and Diluted Loss Per Share | ' |
The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. | |
Income Taxes | ' |
We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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 the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. | |
ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. | |
Recent Accounting Pronouncements | ' |
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
OVERVIEW_AND_SUMMARY_OF_SIGNIF2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | 3 Months Ended | 9 Months Ended | 16 Months Ended |
Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | |
Overview And Summary Of Significant Accounting Policies Details Narrative | ' | ' | ' |
Revenues | $22,885 | $70,600 | $70,600 |
Net profit | ' | ' | $21,488 |
CAPITAL_STOCK_Details_Narrativ
CAPITAL STOCK (Details Narrative) (USD $) | 3 Months Ended |
Apr. 30, 2014 | |
Capital Stock Details Narrative | ' |
Common stock sold | 390,000 |
Stock price | $0.04 |
Cash proceeds | $15,600 |
Outstanding stock options or warrants | 0 |
FIXED_ASSETS_Details_Narrative
FIXED ASSETS (Details Narrative) (USD $) | 9 Months Ended |
Apr. 30, 2014 | |
Fixed Assets Details Narrative | ' |
Amount paid for upgrades to the assembly plant | $20,580 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (USD $) | Apr. 30, 2014 |
Related Party Transactions Details Narrative | ' |
Amount owed | $450 |