Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Apr. 30, 2016 | Jun. 07, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | KTL Bamboo International Corp | |
Entity Central Index Key | 1,586,727 | |
Document Type | 10-Q | |
Trading Symbol | KTLC | |
Document Period End Date | Apr. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 4,504,503 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Condensed Balance Sheets (unaud
Condensed Balance Sheets (unaudited) - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 |
ASSETS | ||
Current assets | ||
Other assets | ||
Assembly plant, net | $ 30,679 | $ 31,494 |
Furniture and equipment, net | 4,455 | 4,967 |
Other assets | 35,134 | 36,461 |
Total assets | 35,134 | 36,461 |
Current liabilities | ||
Accounts payable | 101,180 | 19,923 |
Payable to shareholder | 43,604 | 2,217 |
Accrued expenses | 6,000 | 3,500 |
Total current liabilities | 150,784 | 25,640 |
Total liabilities | $ 150,784 | $ 25,640 |
Commitments and contingencies | ||
Stockholders' equity (deficit) | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized no shares issued and outstanding as of April 30, 2016 and July 31, 2015, respectively | ||
Common stock, $0.001 par value, 300,000,000 shares authorized, 4,504,503 and 4,504,503 shares issued and outstanding as of April 30, 2016 and July 31, 2015, respectively | $ 4,505 | $ 4,505 |
Additional paid-in capital | 39,495 | 39,495 |
Accumulated deficit | (159,650) | (33,179) |
Total stockholders' equity (deficit) | (115,650) | 10,821 |
Total liabilities and stockholders' equity (deficit) | $ 35,134 | $ 36,461 |
Condensed Balance Sheets (unau3
Condensed Balance Sheets (unaudited) (Parenthetical) - $ / shares | Apr. 30, 2016 | Jul. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 4,504,503 | 4,504,503 |
Common stock, outstanding | 4,504,503 | 4,504,503 |
Condensed Statements of Operati
Condensed Statements of Operations (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue, net | $ 28,163 | |||
Operating expenses | ||||
Direct costs of revenue | 5,040 | |||
General and administrative | $ 22,803 | $ 7,772 | $ 128,688 | 26,640 |
Operating loss | $ (22,803) | $ (7,772) | (128,688) | $ (3,517) |
Other income (expense) | ||||
Gain on forgiveness of debt | 2,217 | |||
Net loss | $ (22,803) | $ (7,772) | $ (126,471) | $ (3,517) |
Net loss per share - basic and diluted and diluted (in dollars per share) | $ 0 | $ 0 | $ (0.03) | $ 0 |
Weighted average number of shares outstanding - basic and diluted (in shares) | 4,504,503 | 4,504,503 | 4,504,503 | 4,504,503 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (126,471) | $ (3,517) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation | 1,327 | $ 1,677 |
Changes in operating assets and liabilities: | ||
Accounts payable | $ 81,257 | |
Accounts payable to related parties | $ 2,217 | |
Accrued expenses | $ 2,500 | |
Net cash provided by (used in) operating activities | (41,387) | $ 377 |
Cash flows from financing activities: | ||
Proceeds from advances from shareholder | $ 41,387 | |
Proceeds from related party loan | $ 266 | |
Repayments of related party loan | (776) | |
Net cash provided by (used in) financing activities | $ 41,387 | (510) |
Net increase in cash | (133) | |
Cash at beginning of period | $ 133 | |
Cash at end of period | ||
Cash paid during the year for: | ||
Interest | ||
Income taxes |
OVERVIEW AND SUMMARY OF SIGNIFI
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Business KTL Bamboo International Corp. (the Company," we, us, our, or KTL Bamboo) was formed in the State of Nevada, under the name Spacepath, Inc., on December 28, 2012, to engage in the distribution of water filtration systems produced in China. Because the Company was not able to raise sufficient capital to execute its original business plan, the Company is now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. On March 18, 2015, the Company changed its name to KTL Bamboo International Corp. in connection with a potential business combination for which the Company determined not to proceed (the Name Change). As of the date of these condensed financial statements the Company does not have any definitive agreements and the Company has not entered into any definitive agreement to change the Companys direction. On May 24, 2016, the sole member of our Board of Directors (the Board) authorized, and the holder (the Majority Stockholder) of approximately 80.0% of the issued and outstanding shares of our common stock, par value $0.001 per share (Common Stock), approved by written consent: (1) The change of our name from KTL Bamboo International Corp. to Miramar Labs, Inc. (the Name Change), and the filing of a Certificate of Amendment to our Amended and Restated Articles of Incorporation (the Charter Amendment) with respect to the Name Change. On May 26, 2016, we filed the Charter Amendment with the Nevada Secretary of State to effectuate the Name Change; and (2) A 1.801801-for-1 forward stock split of our Common Stock in the form of a dividend (the Forward Stock Split) with a record date of May 31, 2016 (the Record Date). As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. See Notes 2 and 7. Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. The results of operations for the interim period ended April 30, 2016 shown in this report are not necessarily indicative of results to be expected for the full fiscal year ending July 31, 2016. In the opinion of the Companys management, the information contained herein reflects all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Companys results of operations, financial position and cash flows. The unaudited interim financial statements should be read in conjunction with the audited financial statements in the Companys Form 10-K for the year ended July 31, 2015 filed on November 13, 2015 and Managements Discussion and Analysis of Financial Condition and Results of Operations. Going Concern The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company sustained net losses of $126,471 and used cash in operating activities of $38,667 for the nine months ended April 30, 2016. The Company had working capital deficit, stockholders deficit and accumulated deficit of $150,784, $115,650, and $159,650, respectively, at April 30, 2016. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Companys continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from third parties to sustain its current level of operations. No assurance can be given that the Company will be successful in these efforts. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Use of Estimates and Assumptions The preparation of condensed 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. Reclassifications Certain amounts in the prior period condensed financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders deficit as previously reported. 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, 2016. 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 The Company uses 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 entitys 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 enterprises 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. Segment Information In accordance with the provisions of ASC 280-10, Disclosures about Segments of an Enterprise and Related Information, the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of April 30, 2016 and 2015. Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. No new pronouncements had any material effect on these unaudited financial statements. The accounting pronouncements issued subsequent to the date of these unaudited financial statements that were considered significant by management were evaluated for the potential effect on these unaudited financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these unaudited financial statements as presented and does not anticipate the need for any future restatement of these unaudited financial statements because of the retro-active application of any accounting pronouncements issued subsequent to July 31, 2014 through the date these unaudited financial statements were issued. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) | 9 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY (DEFICIT) | NOTE 2. STOCKHOLDERS EQUITY (DEFICIT) The Company was authorized to issue up to 75,000,000 shares of common stock, par value $0.001 per share. On March 18, 2015, the Company increased its authorized shares of capital stock from 75,000,000 shares consisting of (i) 70,000,000 shares of common stock, par value $0.001 per share (the Common Stock), and (ii) 5,000,000 shares of preferred stock, par value $0.001 per share (the Preferred Stock), to 310,000,000 shares consisting of (i) 300,000,000 shares of Common Stock, and (ii) 10,000,000 shares of Preferred Stock. On March 18, 2015, the Company effected a reverse stock split of its Common Stock at a conversion rate of 1-for-2, with a result that the Companys 5,000,000 shares of Common Stock outstanding immediately prior to the reverse stock split were converted into 2,500,000 shares of Common Stock outstanding immediately thereafter (the Reverse Stock Split). All share and per share numbers in this report relating to the Companys Common Stock prior to the Reverse Stock Split have been adjusted to give effect to this conversion, unless otherwise stated. Each outstanding share of Common Stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of Common Stock are non-assessable and non-cumulative, with no pre-emptive rights. The Reverse Stock Split became effective in the over-the-counter market on March 26, 2015. During the year ended July 31, 2014, the Company issued 1,000,000 (pre-split) shares of Common Stock to 30 independent persons pursuant to a Registration Statement on Form S-1 for total cash proceeds of $40,000. On May 24, 2016, the sole member of our Board authorized, and the majority stock holder approved by written consent, the Forward Stock Split as of the Record Date. As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. See Notes 1 and 7. As of April 30, 2016, there were no outstanding stock options or warrants. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 3. COMMITMENTS AND CONTINGENCIES From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of its business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened litigation that would have a material adverse effect on the Companys business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. |
LOAN RECEIVABLE
LOAN RECEIVABLE | 9 Months Ended |
Apr. 30, 2016 | |
Receivables [Abstract] | |
LOAN RECEIVABLE | NOTE 4. LOAN RECEIVABLE The Company loaned $5,000 to an unaffiliated party. The loan is non-interest bearing, due upon demand, with no set due date. The loan was determined to be uncollectable and had been written off during the fiscal year of 2015. |
FIXED ASSETS
FIXED ASSETS | 9 Months Ended |
Apr. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | NOTE 5. FIXED ASSETS In January 2014, for $12,000, the Company 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, the Company paid $20,580 for upgrades to the assembly plant. The Company 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. For the nine months ended April 30, 2016, the Company recorded $1,327 in depreciation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6. RELATED PARTY TRANSACTIONS Andrey Zasoryn, the Director and President of the Company, from time to time has loaned the Company funds for operating expenses. As of November 12, 2015, Mr. Zasoryn forgave all loans due to him, in the aggregate amount of $2,217. As of April 30, 2016 and July 31, 2015, the amounts owed were $0 and $2,217, respectively. Commencing in June 2015, Andrey Zasoryn has been serving as our sole officer and director for consideration of approximately $3,000 per month. A shareholder of the Company has, from time to time, loaned the Company funds for operating expenses. As of April 30, 2016, the balance was $43,604. The loans bear no interest, are unsecured and are due upon demand. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Apr. 30, 2016 | |
Subsequent Events [Abstract] | |
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 other than as disclosed below. On May 24, 2016, the Board authorized, and the Majority Stockholder of our Common Stock, approved by written consent: (1) The Name Change, and the filing of the Charter Amendment with respect to the Name Change. On May 26, 2016, we filed the Charter Amendment with the Nevada Secretary of State to effectuate the Name Change; and (2) A Forward Stock Split as of the Record Date. As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. All share and per share numbers in this report relating to our Common Stock prior to the Forward Stock Split have been adjusted to give effect to the Forward Stock Split, unless otherwise stated. See Notes 1 and 2. A shareholder of the Company has, from time-to-time, loaned the company funds for operating expenses. As of April 30, 2016, the balance was $43,604. On June 7, 2016, the shareholder forgave all loans due to him. |
OVERVIEW AND SUMMARY OF SIGNI13
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business KTL Bamboo International Corp. (the Company," we, us, our, or KTL Bamboo) was formed in the State of Nevada, under the name Spacepath, Inc., on December 28, 2012, to engage in the distribution of water filtration systems produced in China. Because the Company was not able to raise sufficient capital to execute its original business plan, the Company is now engaged in discussions with third parties regarding alternative directions for the Company that could enhance shareholder value. On March 18, 2015, the Company changed its name to KTL Bamboo International Corp. in connection with a potential business combination for which the Company determined not to proceed (the Name Change). As of the date of these condensed financial statements the Company does not have any definitive agreements and the Company has not entered into any definitive agreement to change the Companys direction. On May 24, 2016, the sole member of our Board of Directors (the Board) authorized, and the holder (the Majority Stockholder) of approximately 80.0% of the issued and outstanding shares of our common stock, par value $0.001 per share (Common Stock), approved by written consent: (1) The change of our name from KTL Bamboo International Corp. to Miramar Labs, Inc. (the Name Change), and the filing of a Certificate of Amendment to our Amended and Restated Articles of Incorporation (the Charter Amendment) with respect to the Name Change. On May 26, 2016, we filed the Charter Amendment with the Nevada Secretary of State to effectuate the Name Change; and (2) A 1.801801-for-1 forward stock split of our Common Stock in the form of a dividend (the Forward Stock Split) with a record date of May 31, 2016 (the Record Date). As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. See Notes 2 and 7. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. The results of operations for the interim period ended April 30, 2016 shown in this report are not necessarily indicative of results to be expected for the full fiscal year ending July 31, 2016. In the opinion of the Companys management, the information contained herein reflects all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Companys results of operations, financial position and cash flows. The unaudited interim financial statements should be read in conjunction with the audited financial statements in the Companys Form 10-K for the year ended July 31, 2015 filed on November 13, 2015 and Managements Discussion and Analysis of Financial Condition and Results of Operations. |
Going Concern | Going Concern The accompanying unaudited condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company sustained net losses of $126,471 and used cash in operating activities of $38,667 for the nine months ended April 30, 2016. The Company had working capital deficit, stockholders deficit and accumulated deficit of $150,784, $115,650, and $159,650, respectively, at April 30, 2016. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Companys continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from third parties to sustain its current level of operations. No assurance can be given that the Company will be successful in these efforts. The condensed financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of condensed 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. |
Reclassifications | Reclassifications Certain amounts in the prior period condensed financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders deficit as previously reported. |
Cash and Cash Equivalents | 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 | 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, 2016. 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 | 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 | Income Taxes The Company uses 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 entitys 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 enterprises 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. |
Segment Information | Segment Information In accordance with the provisions of ASC 280-10, Disclosures about Segments of an Enterprise and Related Information, the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of April 30, 2016 and 2015. |
Effect of Recent Accounting Pronouncements | Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. No new pronouncements had any material effect on these unaudited financial statements. The accounting pronouncements issued subsequent to the date of these unaudited financial statements that were considered significant by management were evaluated for the potential effect on these unaudited financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these unaudited financial statements as presented and does not anticipate the need for any future restatement of these unaudited financial statements because of the retro-active application of any accounting pronouncements issued subsequent to July 31, 2014 through the date these unaudited financial statements were issued. |
OVERVIEW AND SUMMARY OF SIGNI14
OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | May. 24, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | Jul. 31, 2015 | Mar. 18, 2015 |
Net loss | $ (22,803) | $ (7,772) | $ (126,471) | $ (3,517) | |||
Cash provided by operating activities | (41,387) | $ 377 | |||||
Working capital deficit | 150,784 | ||||||
Stockholders' deficit | (115,650) | (115,650) | $ 10,821 | ||||
Accumulated deficit | $ (159,650) | $ (159,650) | $ (33,179) | ||||
Percentage of issued and outstanding common stock | 80.00% | ||||||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Subsequent Event [Member] | |||||||
Description of forward stock split | Forward Stock Split as of the Record Date. As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. |
STOCKHOLDERS' EQUITY (DEFICIT)
STOCKHOLDERS' EQUITY (DEFICIT) (Details Narrative) | May. 24, 2016$ / shares | Mar. 18, 2015$ / sharesshares | Apr. 30, 2016$ / sharesshares | Jul. 31, 2014USD ($)Numbershares | Jul. 31, 2015$ / sharesshares | Mar. 19, 2015shares |
Common stock, authorized | 75,000,000 | 300,000,000 | 300,000,000 | 300,000,000 | ||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||
Capital stock , authorized | 75,000,000 | 310,000,000 | ||||
Preferred stock, authorized | 5,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Description of reverse stock split | The Company effected a reverse stock split of its Common Stock at a conversion rate of 1-for-2, with a result that our 5,000,000 shares of Common Stock outstanding immediately prior to the reverse stock split were converted into 2,500,000 shares of Common Stock outstanding immediately thereafter (the Reverse Stock Split). | |||||
Reverse stock split ratio | 0.5 | |||||
Number of common stock converted for reverse stock splits | 5,000,000 | |||||
Number of common stock issued for reverse stock splits | 2,500,000 | |||||
Description of common stock voting rights | Each outstanding share of Common Stock entitles the holder to one vote | |||||
Number of common stock issued pursuant Registration Statement on Form S-1 | 1,000,000 | |||||
Value of common stock issued pursuant Registration Statement on Form S-1 | $ | $ 40,000 | |||||
Number of independent persons | Number | 30 | |||||
Subsequent Event [Member] | ||||||
Description of forward stock split | Forward Stock Split as of the Record Date. As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. |
LOAN RECEIVABLE (Details Narrat
LOAN RECEIVABLE (Details Narrative) | Apr. 30, 2016USD ($) |
Unaffiliated Party [Member] | |
Loan receivable | $ 5,000 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2014USD ($)ft²m² | Apr. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Jul. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Payment to acquired land | $ 12,000 | |||
Area of land | m² | 1,400 | |||
Area of assembly plant warehouse structure | ft² | 2,000 | |||
Assembly plant upgradation expenses | $ 20,580 | |||
Accumulated depreciation | $ 1,327 | $ 1,677 | ||
Property and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 30 years | |||
Furniture and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Nov. 12, 2015 | Jun. 30, 2015 | Apr. 30, 2016 | Jul. 31, 2015 |
Related Party Transaction [Line Items] | ||||
Payable to shareholder | $ 43,604 | $ 2,217 | ||
Mr. Andrey Zasoryn [Member] | ||||
Related Party Transaction [Line Items] | ||||
Aggregate amount of loan forgave | $ 2,217 | |||
Loans payable | $ 0 | $ 2,217 | ||
Consulting fee periodic payment | $ 3,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | May. 24, 2016 | Apr. 30, 2016 | Jul. 31, 2015 |
Subsequent Event [Line Items] | |||
Payable to shareholder | $ 43,604 | $ 2,217 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Description of forward stock split | Forward Stock Split as of the Record Date. As a result of the Forward Stock Split, each holder of our Common Stock on the Record Date was entitled to receive 0.801801 additional shares of our Common Stock for each one share owned, rounded up to the nearest whole share. |