| 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. |
