Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jan. 31, 2015 | Feb. 23, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | Spacepath, Inc. | |
Entity Central Index Key | 1586727 | |
Document Type | 10-Q | |
Document Period End Date | 31-Jan-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -24 | |
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 | 5,000,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2015 |
Balance_Sheet
Balance Sheet (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Current Assets | ||
Cash | $772 | $133 |
Total Current Assets | 772 | 133 |
Other Assets | ||
Loan Receivable | 5,000 | |
Assembly Plant | 32,580 | 32,580 |
Furniture and Equipment | 5,650 | 5,650 |
Less Accumulated Depreciation | -1,118 | 5,650 |
Total Other Assets | 42,112 | 43,880 |
Total Assets | 42,884 | 44,013 |
Current Liabilities | ||
Loan Payable (Related Party) | 776 | 510 |
Total Current Liabilities | 776 | 510 |
Total Liabilities | 776 | 510 |
Stockholders' Equity | ||
Common stock, $.001 par value, 75,000,000 authorized - 5,000,000 shares issued and outstanding as of January 31, 2015 and July 31, 2014 | 5,000 | 5,000 |
Additional Paid In Capital | 39,000 | 39,000 |
Accumulated (Deficit) | -1,892 | -6,147 |
Total Stockholders' Equity (Deficit) | 42,108 | 37,853 |
Total Liabilities & Stockholders' Equity | $42,884 | $38,363 |
Balance_Sheet_Parenthetical
Balance Sheet (Parenthetical) (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Stockholders' Equity: | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 5,000,000 | 5,000,000 |
Common stock, outstanding | 5,000,000 | 5,000,000 |
Statement_of_Operations_Unaudi
Statement of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Revenues | ||||
Revenues | $18,490 | $28,163 | $30,300 | |
Cost of Sales | 8,678 | 5,040 | 20,415 | |
Gross Profit | 9,812 | 23,123 | 9,885 | |
General & Administrative Expenses | ||||
General and administrative | 10,575 | 426 | 10,626 | 922 |
Professional Fees | 1,065 | 5,968 | 7,527 | |
Charitable Donation | 1,156 | 1,156 | ||
Depreciation | 559 | 1,118 | ||
Total Expenses | 12,290 | 1,490 | 18,868 | 8,450 |
Net Income (Loss) | ($12,290) | $8,322 | $4,255 | $1,435 |
Net Income (Loss) Per Basic and Diluted share | ($0.00) | $0.00 | $0.00 | $0 |
Weighted average number of Common Shares outstanding | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Statement_of_Cash_Flows_Unaudi
Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Jan. 31, 2015 | Jan. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | ($12,290) | $8,322 |
Changes in operating assets and liabilities: | ||
Increase (decrease) in Loan Receivable | -5,000 | |
Net cash provided by (used in) operating activities | -17,290 | 8,322 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Assembly Plant | -12,000 | |
Furniture & Equipment | -4,000 | |
Accumulated Depreciation | 559 | |
Net cash provided by (used in) investing activities | 559 | -12,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party loan | 300 | |
Net cash provided by (used in) financing activities | 300 | |
Net increase (decrease) in cash | -16,731 | -3,378 |
Cash at beginning of period | 17,503 | 7,686 |
Cash at end of period | 772 | 4,308 |
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 | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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 intends to be engaged in the distribution of Water Filtration Systems produced in China. Because the Company was not able to raise sufficient capital to execute our original business plan, the Company is now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. As of the date of these financial statements we do not have any definitive agreements and the Company has not entered into any definitive agreement to change Spacepath’s direction. | |
For the period from inception, December 28, 2012 through January 31, 2015 the Company has accumulated losses of $1,892. | |
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. | |
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 January 31, 2015. | |
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 | |
On June 10, 2014, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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, which removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. For the first annual period beginning after December 15, 2014, the presentation and disclosure requirements in Topic 915 will no longer be required for the public business entities. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted. The Company has adopted the amendment as of the beginning of fiscal year ended July 31, 2015. | |
There are several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of January 31, 2015, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
CAPITAL_STOCK
CAPITAL STOCK | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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. |
During the year ended July 31, 2013, 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 year ended July 31, 2014, the Company issued 1,000,000 shares of common stock to 30 independent persons pursuant to the Registration Statement on Form S-1 for total cash proceeds of $40,000. | |
At January 31, 2015, there were no outstanding stock options or warrants. |
LOAN_PAYABLE_RELATED_PARTY
LOAN PAYABLE - RELATED PARTY | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
NOTE 3. LOAN PAYABLE - RELATED PARTY | Mr. Andrey Zasoryn, the Director and President of the Company, from time to time has loaned the company funds for operating expenses. At January 31, 2015 the balance of the loan is $776. The loan is non-interest bearing, unsecured and due upon demand. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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. Although the Company has generated revenue and had net income in the past it is anticipated that we will incur losses for the foreseeable future. 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. | |
FIXED_ASSETS
FIXED ASSETS | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
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 year ended July 31, 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. |
Fixed assets are stated at cost. The Company utilizes straight-line depreciation over the estimated useful life of the asset. Property & Equipment – 30 years and Furniture and Equipment 5 years. During the three months ended January 31, 2015 we recorded $559 in accumulated depreciation. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
NOTE 6. RELATED PARTY TRANSACTIONS | 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. |
During the year ended July 31, 2013, 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. | |
As of January 31, 2015 there was $776 owed to Mr. Zasoryn. The loan is non-interest bearing, unsecured and due upon demand. |
LOAN_RECEIVABLE
LOAN RECEIVABLE | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
NOTE 7. LOAN RECEIVABLE | During the quarter ended January 31, 2015 the Company loaned $5,000 to an unaffiliated party. The loan is non-interest bearing, due upon demand, with no set due date. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jan. 31, 2015 | |
Notes to Financial Statements | |
NOTE 8. 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) | 6 Months Ended |
Jan. 31, 2015 | |
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 intends to be engaged in the distribution of Water Filtration Systems produced in China. Because the Company was not able to raise sufficient capital to execute our original business plan, the Company is now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. As of the date of these financial statements we do not have any definitive agreements and the Company has not entered into any definitive agreement to change Spacepath’s direction. |
For the period from inception, December 28, 2012 through January 31, 2015 the Company has accumulated losses of $1,892. | |
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. |
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 January 31, 2015. |
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 | On June 10, 2014, The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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, which removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. For the first annual period beginning after December 15, 2014, the presentation and disclosure requirements in Topic 915 will no longer be required for the public business entities. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted. The Company has adopted the amendment as of the beginning of fiscal year ended July 31, 2015. |
There are several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of January 31, 2015, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
OVERVIEW_AND_SUMMARY_OF_SIGNIF2
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $) | Jan. 31, 2015 |
Overview And Summary Of Significant Accounting Policies Details Narrative | |
Accumulated Profit | $1,892 |
CAPITAL_STOCK_Details_Narrativ
CAPITAL STOCK (Details Narrative) (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Capital Stock Details Narrative | ||
Common stock, authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 5,000,000 | 5,000,000 |
Common stock, par value | $0.00 | $0.00 |
Outstanding stock options or warrants | 0 |
LOAN_PAYABLE_RELATED_PARTY_Det
LOAN PAYABLE - RELATED PARTY (Details Narrative) (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Loan Payable - Related Party Details Narrative | ||
Notes payable to related party | $776 | $510 |
FIXED_ASSETS_Details_Narrative
FIXED ASSETS (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jul. 31, 2014 | |
Fixed Assets Details Narrative | |||||
Upgradation to assembly plant | $20,580 | ||||
Estimated life of property & equipment | 30 years | ||||
Estimated life of furniture and equipment | 5 years | ||||
Depreciation | $559 | $1,118 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details Narrative) (Zasoryn [Member], USD $) | Jan. 31, 2015 |
Zasoryn [Member] | |
Notes Payable to related party | $776 |
LOAN_RECEIVABLE_Details_Narrat
LOAN RECEIVABLE (Details Narrative) (USD $) | Jan. 31, 2015 | Jul. 31, 2014 |
Loan Receivable Details Narrative | ||
Loan Receivable | $5,000 |