Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2014 | 6-May-14 | |
Document And Entity Information Abstract [Abstract] | ' | ' |
Entity Registrant Name | 'I IN THE SKY INC. | ' |
Entity Central Index Key | '0001590565 | ' |
Trading Symbol | 'iits | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 14,600,000 |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Interim_Balance_Sheets
Interim Balance Sheets (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Current Assets | ' | ' |
Cash and cash equivalents | $64,689 | ' |
Prepaid expenses | 35 | ' |
Total current assets | 64,724 | ' |
TOTAL ASSETS | 64,724 | ' |
Current Liabilities | ' | ' |
Accounts payable and accrued liabilities | 1,500 | 3,500 |
Note payable - related party | 40,862 | 10,000 |
Total current liabilities | 42,362 | 13,500 |
TOTAL LIABILITIES | 42,362 | 13,500 |
COMMITMENTS AND CONTINGENCIES (NOTE 7) | ' | ' |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Preferred stock, 1,000,000 shares authorized; par value $0.001, none issued and outstanding | ' | ' |
Common stock, 74,000,000 shares authorized; par value $0.001, 14,600,000 and 12,200,000 shares issued and outstanding, respectively | 14,600 | 12,200 |
Additional paid-in capital | 57,600 | ' |
Deficit accumulated during the development stage | -49,838 | -25,700 |
Total Stockholders' Equity (Deficit) | 22,362 | -13,500 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $64,724 | ' |
Interim_Balance_Sheets_Parenth
Interim Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares issued | 14,600,000 | 12,200,000 |
Common stock, shares outstanding | 14,600,000 | 12,200,000 |
Interim_Statements_of_Operatio
Interim Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Income Statement [Abstract] | ' | ' | ' |
REVENUE | ' | ' | ' |
OPERATING EXPENSES | ' | ' | ' |
General and administrative | 3,188 | 3,314 | 14,314 |
Professional fees | 4,476 | 20,824 | 35,524 |
Total Operating Expenses | 7,664 | 24,138 | 49,838 |
Net loss from operations | -7,664 | -24,138 | -49,838 |
Other Income and Expense | ' | ' | ' |
Provision for income taxes | ' | ' | ' |
Net Loss | ($7,664) | ($24,138) | ($49,838) |
Basic loss per share (in dollars per share) | $0 | $0 | ' |
Weighted average number of shares outstanding (in shares) | 12,573,579 | 12,384,707 | ' |
Interim_Statement_of_Stockhold
Interim Statement of Stockholders' Equity (USD $) | Common Stock | Additional Paid in Capital | Deficit Accumulated During the Development Stage | Total |
Balance at Jul. 15, 2013 | ' | ' | ' | ' |
Balance (in shares) at Jul. 15, 2013 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Founders' shares issued at $0.001 per share | 11,000 | ' | ' | 11,000 |
Founders' shares issued at $0.001 per share (in shares) | 11,000,000 | ' | ' | ' |
Shares issued for services at $0.001 per share | 1,200 | ' | ' | 1,200 |
Shares issued for services at $0.001 per share (in shares) | 1,200,000 | ' | ' | ' |
Net loss | ' | ' | -25,700 | -25,700 |
Balance at Sep. 30, 2013 | 12,200 | ' | -25,700 | -13,500 |
Balance (in shares) at Sep. 30, 2013 | 12,200,000 | ' | ' | 12,200,000 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Shares issued for cash at $0.025 per share | 2,400 | 57,600 | ' | 60,000 |
Shares issued for cash at $0.025 per share (in shares) | 2,400,000 | ' | ' | ' |
Net loss | ' | ' | -24,138 | -24,138 |
Balance at Mar. 31, 2014 | $14,600 | $57,600 | ($49,838) | $22,362 |
Balance (in shares) at Mar. 31, 2014 | 14,600,000 | ' | ' | 14,600,000 |
Interim_Statement_of_Stockhold1
Interim Statement of Stockholders' Equity (Parentheticals) (Common Stock, USD $) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2013 | Mar. 31, 2014 | |
Common Stock | ' | ' |
Share issued to founders price per share (in dollars per share) | $0.00 | ' |
Share issued for services price per share (in dollars per share) | $0.00 | ' |
Share issued for cash price per share (in dollars per share) | ' | $0.03 |
Interim_Statements_of_Cash_Flo
Interim Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($24,138) | ($49,838) |
Adjustments to reconcile net loss to net cash used by operating activities: | ' | ' |
Non-cash compensation expense | ' | 12,200 |
Changes in operating activities: | ' | ' |
Prepaid expenses | -35 | -35 |
Accounts payable and accrued liabilities | -2,000 | 1,500 |
Net cash used in operating activities | -26,173 | -36,173 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Net cash used in Investing Activities | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from note payable - related party | 52,500 | 62,500 |
Net payments to related party | -21,638 | -21,638 |
Commons shares issued for cash | 60,000 | 60,000 |
Net Cash Provided by Financing Activities | 90,862 | 100,862 |
Net decrease in cash and cash equivalents | 64,689 | 64,689 |
Cash and cash equivalents, beginning of period | ' | ' |
Cash and cash equivalents, end of period | 64,689 | 64,689 |
Supplemental Cash Flow Disclosure: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for income taxes | ' | ' |
Non-cash financing activities: | ' | ' |
Common stock issued for services | ' | $12,200 |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Mar. 31, 2014 | |
Organization And Description Of Business [Abstract] | ' |
ORGANIZATION AND DESCRIPTION OF BUSINESS | ' |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | |
I IN THE SKY INC. (the "Company") is a Nevada corporation incorporated on July 15, 2013. It is based in Hopkins, MN, USA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company's fiscal year end is September 30. | |
The Company is a development stage company that intends to manufacture and market low cost GPS tracking devices and software to businesses and families. To date, the Company's activities have been limited to its formation and the raising of equity capital. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Unaudited Interim Financial Statements | |||||||||
The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. | |||||||||
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | |||||||||
Development Stage Company | |||||||||
The Company is a development stage company as defined by section ASC 915, "Development Stage Entities." The Company is still devoting substantially all of its efforts to establishing the business, and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. | |||||||||
Basis of Presentation | |||||||||
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. | |||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $64,689 and $nil in cash and cash equivalents as of March 31, 2014 and September 30, 2013, respectively. | |||||||||
Net Loss Per Share of Common Stock | |||||||||
The Company has adopted ASC Topic 260, "Earnings per Share," ("EPS") which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. | |||||||||
The following table sets forth the computation of basic earnings per share, for the three and six months ended March 31, 2014: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
31-Mar-14 | 31-Mar-14 | ||||||||
Net loss | $ | (7,664 | ) | $ | (24,138 | ) | |||
Weighted average common shares issued and | |||||||||
outstanding (Basic and Diluted) | 12,573,579 | 12,384,707 | |||||||
Net loss per share, Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | |||
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | |||||||||
Concentrations of Credit Risk | |||||||||
The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | |||||||||
Financial Instruments | |||||||||
The Company follows ASC 820, "Fair Value Measurements and Disclosures," which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | |||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||||||||
Level 2 | |||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||
Level 3 | |||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||||||||
Share-based Expenses | |||||||||
ASC 718 "Compensation – Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||||||||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity – Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||||||||
We issued 1,200,000 common shares at $0.001 per share, to consultants, for the period ended September 30, 2013. | |||||||||
Research and Development | |||||||||
The Company does not engage in research and development as defined in ASC Topic 730, "Accounting for Research and Development Costs." | |||||||||
Advertising Costs | |||||||||
The Company follows ASC 720, "Advertising Costs," and expenses costs as incurred. No advertising costs were incurred for the period ending March 31, 2014. | |||||||||
Related Parties | |||||||||
The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions. | |||||||||
Commitments and Contingencies | |||||||||
The Company follows ASC 450-20, "Loss Contingencies," to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of March 31, 2014. | |||||||||
Revenue Recognition | |||||||||
The Company will recognize revenue from the sale of products and services in accordance with ASC 605,"Revenue Recognition." No revenue has been recognized since inception. However, the Company will recognize revenue only when all of the following criteria have been met: | |||||||||
i) | Persuasive evidence for an agreement exists; | ||||||||
ii) | Service has been provided; | ||||||||
iii) | The fee is fixed or determinable; and, | ||||||||
iv) | Collection is reasonably assured. | ||||||||
Recent Accounting Pronouncements | |||||||||
Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. |
GOING_CONCERN
GOING CONCERN | 6 Months Ended |
Mar. 31, 2014 | |
Going Concern [Abstract] | ' |
GOING CONCERN | ' |
NOTE 3 -GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of March 31, 2014, the Company has a loss from operations of $24,138 an accumulated deficit of $49,838 and has earned no revenues since inception. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending September 30, 2014. | |
The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. | |
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
EQUITY
EQUITY | 6 Months Ended | ||
Mar. 31, 2014 | |||
Stockholders' Equity Note [Abstract] | ' | ||
EQUITY | ' | ||
NOTE 4 - EQUITY | |||
Preferred Stock | |||
The Company has authorized 1,000,000 preferred shares with a par value of $0.001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. | |||
Common Stock | |||
The Company has authorized 74,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. | |||
Since inception (July 15, 2013) to March 31, 2014, the Company has issued a total of 14,600,000 common shares for cash of $60,000 and services of $12,200, as follows: | |||
· | On August 12, 2013, the Company issued to its founders 11,000,000 shares of common stock at $0.001 per share for services valued at $11,000. | ||
· | On August 29, 2013, the Company issued to consultants 1,200,000 shares of common stock at $0.001 per share for services valued at $1,200. | ||
· | During March 2014, the Company issued 2,400,000 shares of common stock at $0.025 per share for cash of $60,000. |
PROVISION_FOR_INCOME_TAXES
PROVISION FOR INCOME TAXES | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
PROVISION FOR INCOME TAXES | ' | ||||||||
NOTE 5 -PROVISION FOR INCOME TAXES | |||||||||
The Company provides for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. | |||||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: | |||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
Income tax expense at statutory rate | $ | (8,200 | ) | $ | (8,700 | ) | |||
Valuation allowance | 8,200 | 8,700 | |||||||
Income tax expense per books | $ | - | $ | - | |||||
Net deferred tax assets consist of the following components as of: | |||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
NOL Carryover | $ | (49,838 | ) | $ | (25,700 | ) | |||
Valuation allowance | 49,838 | 25,700 | |||||||
Net deferred tax asset | $ | - | $ | - | |||||
Due to the change in ownership provisions of the Income Tax laws of United States of America, net operating loss carry forwards of approximately $49,838 for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 6 - RELATED PARTY TRANSACTIONS | |
Equity | |
On August 12, 2013, the Company issued 11,000,000 shares of its common stock to officers at $0.001 per share for services totaling $11,000. | |
Note Payable | |
During the period, an officer and director advanced the Company $30,862 for operating expenses. As of March 31, 2014 and September 30, 2013, the Company was obligated to this director, who is also a stockholder, for this non-interest bearing demand loan with a balance of $40,862 and 10,000, respectively. The Company plans to pay the loan back as cash flows become available. | |
Other | |
The controlling shareholder has pledged his support to fund continuing operations during the development stage; however there is no written commitment to this effect. The Company is dependent upon the continued support. | |
The officer and director of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts. | |
The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the founder of the Company to use at no charge. | |
The Company does not have employment contracts with its sole key employee, the controlling shareholder, who is the sole officer and director of the Company. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 7 – COMMITMENTS AND CONTINGENCIES | |
The Company has no commitments or contingencies as of March 31, 2014. | |
From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there are no current matters that would have a material effect on the Company's financial position or results of operations. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 8 -SUBSEQUENT EVENTS | |
Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no events have occurred that require disclosure. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Basis of Presentation | ' | ||||||||
Basis of Presentation | |||||||||
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. | |||||||||
Use of Estimates | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. | |||||||||
Cash and Cash Equivalents | ' | ||||||||
Cash and Cash Equivalents | |||||||||
Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $64,689 and $nil in cash and cash equivalents as of March 31, 2014 and September 30, 2013, respectively. | |||||||||
Net Loss Per Share of Common Stock | ' | ||||||||
Net Loss Per Share of Common Stock | |||||||||
The Company has adopted ASC Topic 260, "Earnings per Share," ("EPS") which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. | |||||||||
The following table sets forth the computation of basic earnings per share, for the three and six months ended March 31, 2014: | |||||||||
Three Months Ended | Six Months Ended | ||||||||
31-Mar-14 | 31-Mar-14 | ||||||||
Net loss | $ | (7,664 | ) | $ | (24,138 | ) | |||
Weighted average common shares issued and | |||||||||
outstanding (Basic and Diluted) | 12,573,579 | 12,384,707 | |||||||
Net loss per share, Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | |||
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | |||||||||
Concentrations of Credit Risk | ' | ||||||||
Concentrations of Credit Risk | |||||||||
The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | |||||||||
Financial Instruments | ' | ||||||||
Financial Instruments | |||||||||
The Company follows ASC 820, "Fair Value Measurements and Disclosures," which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | |||||||||
Level 1 | |||||||||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||||||||
Level 2 | |||||||||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||||||||
Level 3 | |||||||||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||||||||
Share-based Expenses | ' | ||||||||
Share-based Expenses | |||||||||
ASC 718 "Compensation – Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||||||||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity – Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||||||||
We issued 1,200,000 common shares at $0.001 per share, to consultants, for the period ended September 30, 2013. | |||||||||
Research and Development | ' | ||||||||
Research and Development | |||||||||
The Company does not engage in research and development as defined in ASC Topic 730, "Accounting for Research and Development Costs." | |||||||||
Advertising Costs | ' | ||||||||
Advertising Costs | |||||||||
The Company follows ASC 720, "Advertising Costs," and expenses costs as incurred. No advertising costs were incurred for the period ending March 31, 2014. | |||||||||
Related Parties | ' | ||||||||
Related Parties | |||||||||
The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions. | |||||||||
Commitments and Contingencies | ' | ||||||||
Commitments and Contingencies | |||||||||
The Company follows ASC 450-20, "Loss Contingencies," to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of March 31, 2014. | |||||||||
Revenue Recognition | ' | ||||||||
Revenue Recognition | |||||||||
The Company will recognize revenue from the sale of products and services in accordance with ASC 605,"Revenue Recognition." No revenue has been recognized since inception. However, the Company will recognize revenue only when all of the following criteria have been met: | |||||||||
i) | Persuasive evidence for an agreement exists; | ||||||||
ii) | Service has been provided; | ||||||||
iii) | The fee is fixed or determinable; and, | ||||||||
iv) | Collection is reasonably assured. | ||||||||
Recent Accounting Pronouncements | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of computation of basic earnings per share | ' | ||||||||
Three Months Ended | Six Months Ended | ||||||||
31-Mar-14 | 31-Mar-14 | ||||||||
Net loss | $ | (7,664 | ) | $ | (24,138 | ) | |||
Weighted average common shares issued and | |||||||||
outstanding (Basic and Diluted) | 12,573,579 | 12,384,707 | |||||||
Net loss per share, Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | |||
PROVISION_FOR_INCOME_TAXES_Tab
PROVISION FOR INCOME TAXES (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Summary of net loss before provision for income taxes | ' | ||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
Income tax expense at statutory rate | $ | (8,200 | ) | $ | (8,700 | ) | |||
Valuation allowance | 8,200 | 8,700 | |||||||
Income tax expense per books | $ | - | $ | - | |||||
Summary of components of net deferred tax | ' | ||||||||
31-Mar-14 | 30-Sep-13 | ||||||||
NOL Carryover | $ | (49,838 | ) | $ | (25,700 | ) | |||
Valuation allowance | 49,838 | 25,700 | |||||||
Net deferred tax asset | $ | - | $ | - | |||||
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net loss | ($7,664) | ($25,700) | ($24,138) | ($49,838) |
Weighted average common shares issued and outstanding (Basic and Diluted) (in shares) | 12,573,579 | ' | 12,384,707 | ' |
Net loss per share, Basic and Diluted (in dollars per share) | $0 | ' | $0 | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Aug. 29, 2013 | Sep. 30, 2013 |
Common Stock | Common Stock | Common Stock | Common Stock | |||
Consultants | Consultants | |||||
Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $64,689 | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' |
Shares issued for services (in shares) | ' | ' | 1,200,000 | ' | 1,200,000 | 1,200,000 |
Share issued to consultant price per share (in dollars per share) | ' | ' | ' | $0.03 | $0.00 | $0.00 |
GOING_CONCERN_Detail_Textuals
GOING CONCERN (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | |
Going Concern [Abstract] | ' | ' | ' | ' |
Loss from operations | ($7,664) | ($24,138) | ($49,838) | ' |
Accumulated deficit | ($49,838) | ($49,838) | ($49,838) | ($25,700) |
EQUITY_Detail_Textuals
EQUITY (Detail Textuals) (USD $) | 6 Months Ended | |
Mar. 31, 2014 | Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Number of votes each common shareholders entitled to provide | 'one vote | ' |
EQUITY_Detail_Textuals_1
EQUITY (Detail Textuals 1) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 12, 2013 | Aug. 29, 2013 | Sep. 30, 2013 | |
Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | |||
Founders | Consultants | Consultants | ||||||
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (in shares) | 12,200,000 | 14,600,000 | ' | ' | ' | ' | ' | ' |
Stockholder Equity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Value of stock issued for cash | ' | $60,000 | ' | $2,400 | ' | ' | ' | ' |
Shares issued for cash (in shares) | ' | ' | ' | 2,400,000 | ' | ' | ' | ' |
Shares issued for services (in shares) | ' | ' | 1,200,000 | ' | ' | 11,000,000 | 1,200,000 | 1,200,000 |
Value of shares issued for services | $1,200 | ' | $1,200 | $12,200 | $12,200 | $11,000 | $1,200 | ' |
Share issued for services price per share (in dollars per share) | ' | ' | ' | $0.03 | ' | $0.00 | $0.00 | $0.00 |
PROVISION_FOR_INCOME_TAXES_Det
PROVISION FOR INCOME TAXES (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense at statutory rate | ($8,200) | ($8,700) |
Valuation allowance | 8,200 | 8,700 |
Income tax expense per books | ' | ' |
PROVISION_FOR_INCOME_TAXES_Det1
PROVISION FOR INCOME TAXES (Details 1) (USD $) | Mar. 31, 2014 | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
NOL Carryover | ($49,838) | ($25,700) |
Valuation allowance | 49,838 | 25,700 |
Net deferred tax asset | ' | ' |
PROVISION_FOR_INCOME_TAXES_Det2
PROVISION FOR INCOME TAXES (Detail Textuals) (USD $) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal income tax rate | 34.00% | 34.00% |
Net operating loss carry forwards | ($49,838) | ($25,700) |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 0 Months Ended | 1 Months Ended | |
Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Aug. 12, 2013 | Aug. 29, 2013 | |
Officer and director | Common Stock | Common Stock | Common Stock | Common Stock | Common Stock | ||||
Officers | Officers | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued for services (in shares) | ' | ' | ' | ' | 1,200,000 | ' | ' | 11,000,000 | 1,200,000 |
Value of shares issued for services | $1,200 | ' | ' | ' | $1,200 | $12,200 | $12,200 | $11,000 | $1,200 |
Share issued for services to officer price per share (in dollars per share) | ' | ' | ' | ' | ' | $0.03 | ' | $0.00 | $0.00 |
Proceeds from note payable - related party | ' | 52,500 | 62,500 | 30,862 | ' | ' | ' | ' | ' |
Note payable - related party | $10,000 | $40,862 | $40,862 | ' | ' | ' | ' | ' | ' |