Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Aug. 31, 2015 | Oct. 15, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | KANGE CORP. | |
Entity Central Index Key | 1,593,773 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
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 | 5,520,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,015 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Aug. 31, 2015 | Nov. 30, 2014 |
Current assets | ||
Cash | $ 410 | $ 25 |
Total current assets | 410 | 25 |
Total assets | 410 | 25 |
Current liabilities | ||
Due to shareholder | 18,128 | 11,478 |
Total current liabilities | 18,128 | 11,478 |
Total liabilities | $ 18,128 | $ 11,478 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 50,000,000 shares authorized Series A preferred stock, 5,000,000 shares authorized, 4,750,000 shares issued and outstanding | ||
Series B preferred stock, 250,000 shares authorized, 250,000 shares issued and outstanding | ||
Common stock, $0.001 par value, 75,000,000 shares authorized, 5,520,000 shares issued and outstanding | $ 5,520 | $ 5,520 |
Additional paid-in capital | 15,680 | 15,680 |
Deficit accumulated during the development stage | (38,918) | (32,653) |
Total stockholders' deficit | (17,718) | (11,453) |
Total liabilities and stockholders' deficit | $ 410 | $ 25 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2015 | Nov. 30, 2014 |
Condensed Balance Sheets Parenthetical | ||
Preferred stock, Par value | $ 0.0001 | $ 0.0001 |
Preferred stock, Authorized | 50,000,000 | 50,000,000 |
Preferred stock, Series A, Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Series A, Issued | 4,750,000 | 4,750,000 |
Preferred stock, Series A, Outstanding | 4,750,000 | 4,750,000 |
Preferred stock, Series B, Authorized | 250,000 | 250,000 |
Preferred stock, Series B, Issued | 250,000 | 250,000 |
Preferred stock, Series B, Outstanding | 250,000 | 250,000 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 75,000,000 | 75,000,000 |
Common stock, Issued | 5,520,000 | 5,520,000 |
Common stock, Outstanding | 5,520,000 | 5,520,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 24 Months Ended | ||
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | |
Condensed Statements Of Operations | |||||
Revenue, net | |||||
Operating expenses | |||||
General and administrative | $ 501 | $ 1,947 | $ 6,265 | $ 10,516 | $ 38,918 |
Operating loss | $ (501) | $ (1,947) | $ (6,265) | $ (10,516) | $ (38,918) |
Provision for income taxes | |||||
Net loss | $ (501) | $ (1,947) | $ (6,265) | $ (10,516) | $ (38,918) |
Net loss per share - basic and diluted and diluted | $ 0 | $ 0 | $ 0 | $ 0 | |
Weighted average number of shares outstanding - basic and diluted | 5,520,000 | 5,520,000 | 5,520,000 | 5,520,000 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIT (unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Deficit accumulated during the Development Stage | Total |
Beginning Balance, Amount at Aug. 16, 2013 | ||||
Beginning Balance, Shares at Aug. 16, 2013 | ||||
Shares issued for cash at $0.001 per share on August 29, 2013, Amount | $ 3,000 | $ 3,000 | ||
Shares issued for cash at $0.001 per share on August 29, 2013, Shares | 3,000,000 | |||
Shares issued for cash at $0.005 per share on September 23, 2013, Amount | $ 1,400 | $ 5,600 | 7,000 | |
Shares issued for cash at $0.005 per share on September 23, 2013, Shares | 1,400,000 | |||
hares issued for cash at $0.01 per share on October 17, 2013, Amount | $ 1,120 | $ 10,080 | 11,200 | |
hares issued for cash at $0.01 per share on October 17, 2013, Shares | 1,120,000 | |||
Net Loss | $ (678) | (678) | ||
Ending Balance, Amount at Nov. 30, 2013 | $ 5,520 | $ 15,680 | (678) | 20,522 |
Ending Balance, Shares at Nov. 30, 2013 | 5,520,000 | |||
Net Loss | (31,975) | (31,975) | ||
Ending Balance, Amount at Nov. 30, 2014 | $ 5,520 | $ 15,680 | (32,653) | (11,453) |
Ending Balance, Shares at Nov. 30, 2014 | 5,520,000 | |||
Net Loss | (7,765) | (7,765) | ||
Ending Balance, Amount at Aug. 31, 2015 | $ 5,520 | $ 15,680 | $ (40,418) | $ (17,718) |
Ending Balance, Shares at Aug. 31, 2015 | 5,520,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 9 Months Ended | 24 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2014 | Aug. 31, 2015 | |
Cash flows from operating activities: | |||
Net loss | $ (6,265) | $ (10,516) | $ (38,918) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Net cash used in operating activities | $ (6,265) | $ (10,516) | $ (38,918) |
Cash flows provided by investing activities | |||
Net cash provided by (used in) investing activities | |||
Cash flows from financing activities: | |||
Proceeds from sale of common stock | $ 21,200 | ||
Proceeds from shareholder loan | $ 6,650 | 18,128 | |
Net cash provided by financing activities | 6,650 | 39,328 | |
Net decrease in cash | 385 | $ (10,516) | $ 410 |
Cash at beginning of period | 25 | 21,700 | |
Cash at end of period | $ 410 | $ 11,184 | $ 410 |
Supplemental cash flow information: | |||
Interest paid | |||
Income taxes paid |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
1. ORGANIZATION AND NATURE OF BUSINESS | Kange Corp. (Kange, the Company, we,us, or our) was incorporated under the laws of the State of Nevada on August 16, 2013 (Inception). We are a development stage company and we intend to commence business operations in developing and selling mobile software products, for Apple and android platforms, starting in Estonia and Europe, which is our initial market. We also plan to provide mobile software products internationally as well. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
2. GOING CONCERN | The accompanying unaudited 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 $7,765 and used cash in operating activities of $6,265 for the nine months ended August 31, 2015. The Company had working capital deficit, stockholders deficiency and accumulated deficit of $19,218, $19,218 and $40,418, respectively, at August 31, 2015. 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. The Company is in the process of securing working capital from investors for common stock, convertible notes payable, and/or strategic partnerships. No assurance can be given that the Company will be successful in these efforts. The 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. 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 (U.S. GAAP) 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. These financial statements should be read in conjunction with the financial statements of the Company for the year ended November 30, 2014 and notes thereto contained in the Annual Report on Form 10-K of the Company filed with the United States Securities and Exchange Commission (the SEC) on April 27, 2015. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Development Stage Company The Company is in the development stage as defined under the then current Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 Development-Stage Entities and among the additional disclosures required as a development stage company are that its financial statements were identified as those of a development stage company, and that the statements of operations, stockholders deficit and cash flows disclosed activity since the date of its Inception (August 16, 2013) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has not elected to early adopt these provisions and consequently these additional disclosures are included in these financial statements. 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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the valuation allowance on deferred tax assets. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders equity as previously reported. Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2015, the Company's bank deposits did not exceed the insured amounts. Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions The Companys financial instruments consist of cash and a loan from a director. The carrying amount of these financial instruments approximates fair value due to the short-term maturity of these items. Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 and $0 during the nine month periods ended August 31, 2015 and 2014, respectively. Stock-Based Compensation As of August 31, 2015 the Company has not issued any stock-based payments. Stock-based compensation is accounted for at fair value in accordance with ASC 718, Compensation Stock Compensation. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations other than those relating to Development Stage Companies as discussed above. |
DUE TO SHAREHOLDER
DUE TO SHAREHOLDER | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
4. DUE TO SHAREHOLDER | In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. On August 16, 2013, our director and principal shareholder advanced $678 to the Company to fund its initial incorporation with the Nevada Secretary of State. The director and principal shareholder loaned a further $500 to the Company on October 30, 2013 as working capital. During October 2014 the shareholder has loaned $10,300 to the Company for working capital. On December 10, 2014 the shareholder loaned additional $600 to the working capital. During the nine month period ended August 31, 2015 the shareholder loaned additional $6,050 for working capital. As of August 31, 2015 the total due to this shareholder was $18,128. This amount is due on demand, bears no interest and is unsecured. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
5. COMMON STOCK | The Company has 75,000,000 authorized shares of common stock with a par value of $0.001 per share. On August 29, 2013, the Company issued 3,000,000 shares of common stock for cash proceeds of $3,000 at $0.001 per share. On September 23, 2013, the Company issued 1,400,000 shares of common stock for cash proceeds of $7,000 at $0.005 per share. On October 17, 2013, the Company issued 1,120,000 shares of common stock for cash proceeds of $11,200 at $0.01 per share. There were 5,520,000 shares of common stock issued and outstanding as of August 31, 2015. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
6. COMMITMENTS AND CONTINGENCIES | Legal Matters 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. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
7. INCOME TAXES | As of August 31, 2015, the Company had net operating loss carry forwards of $40,418 that may be available to reduce future years taxable income through 2035. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2015 | |
Notes to Financial Statements | |
8. SUBSEQUENT EVENTS | On October 14, 2015, Elena Trinidad resigned as Chief Financial Officer of the Company to pursue other opportunities. Ms. Trinidad resignation was not due to, and was not caused by, in whole or in part, any disagreement with the Company, where related to the Companys operations, policies, practices or otherwise. On October 9, 2015, our independent auditor, Cutler & Co., LLC (Cutler), notified the Company that they were merging with Pritchett, Siler & Hardy PC (PS&H). On October 9, 2015, the Company received a resignation letter from Cutler and an engagement letter from PS&H, which was signed accordingly. The Company has evaluated all events that occurred after August 31, 2014 through the date on which the financial statements were issued and determined that, other than as disclosed above, there were no material subsequent events required to be disclosed under U.S. GAAP. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2015 | |
Summary Of Significant Accounting Policies Policies | |
Accounting Basis | The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a November 30 fiscal year end. |
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 (U.S. GAAP) 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. These financial statements should be read in conjunction with the financial statements of the Company for the year ended November 30, 2014 and notes thereto contained in the Annual Report on Form 10-K of the Company filed with the United States Securities and Exchange Commission (the SEC) on April 27, 2015. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Development Stage Company | The Company is in the development stage as defined under the then current Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 915-205 Development-Stage Entities and among the additional disclosures required as a development stage company are that its financial statements were identified as those of a development stage company, and that the statements of operations, stockholders deficit and cash flows disclosed activity since the date of its Inception (August 16, 2013) as a development stage company. Effective June 10, 2014 FASB changed its regulations with respect to Development Stage Entities and these additional disclosures are no longer required for annual reporting periods beginning after December 15, 2014 with the option for entities to early adopt these new provisions. The Company has not elected to early adopt these provisions and consequently these additional disclosures are included in these financial statements. |
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 and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates in the accompanying financial statements include the valuation allowance on deferred tax assets. |
Reclassifications | Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses, total assets, or stockholders equity as previously reported. |
Cash and Cash Equivalents | For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2015, the Company's bank deposits did not exceed the insured amounts. |
Fair Value of Financial Instruments | FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions The Companys financial instruments consist of cash and a loan from a director. The carrying amount of these financial instruments approximates fair value due to the short-term maturity of these items. |
Impairment of Long-Lived Assets | The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. |
Dividends | The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Revenue Recognition | The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition |
Advertising Costs | The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 and $0 during the nine month periods ended August 31, 2015 and 2014, respectively. |
Stock-Based Compensation | As of August 31, 2015 the Company has not issued any stock-based payments. Stock-based compensation is accounted for at fair value in accordance with ASC 718, Compensation Stock Compensation. |
Basic Income (Loss) Per Share | The Company computes loss per share in accordance with ASC-260, Earnings per Share |
Recent Accounting Pronouncements | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations other than those relating to Development Stage Companies as discussed above. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 24 Months Ended | |
Nov. 30, 2013 | Aug. 31, 2015 | Aug. 31, 2014 | Nov. 30, 2014 | Aug. 31, 2015 | |
Going Concern Details Narrative | |||||
Net loss | $ (678) | $ (7,765) | $ (31,975) | ||
Net cash used in operating activities | $ (6,265) | $ (10,516) | $ (38,918) |
DUE TO SHAREHOLDER (Details Nar
DUE TO SHAREHOLDER (Details Narrative) - USD ($) | 9 Months Ended | |
Aug. 31, 2015 | Nov. 30, 2014 | |
Due To Shareholder Details Narrative | ||
Due to shareholder | $ 18,128 | $ 11,478 |
Additional shareholder loan | $ 6,050 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - shares | Aug. 31, 2015 | Nov. 30, 2014 |
Common Stock Details Narrative | ||
Common stock, Issued | 5,520,000 | 5,520,000 |
Common stock, Outstanding | 5,520,000 | 5,520,000 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 9 Months Ended |
Aug. 31, 2015USD ($) | |
Income Taxes Details Narrative | |
Net operating loss carry forwards | $ 40,418 |
Expiry year | 2,035 |