Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Feb. 28, 2018 | May 07, 2021 | |
Cover Abstract | ||
Entity Registrant Name | KANGE CORP. | |
Entity Central Index Key | 0001593773 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,553,465 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2018 | |
Entity File Number | 333-194055 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11724 Ventura Blvd Suite B, | |
Entity Address, City or Town | Studio City | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91604 | |
City Area Code | 818 | |
Local Phone Number | 853-7033 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Tax Identification Number | 33-1230169 |
Balance Sheets
Balance Sheets - USD ($) | Feb. 28, 2018 | Nov. 30, 2017 |
Current assets | ||
Cash and cash equivalents | $ 0 | $ 77 |
Marketable securities | 113,863 | 81,000 |
Prepaid expenses | 45,600 | 66,312 |
Total current assets | 159,463 | 147,389 |
TOTAL ASSETS | 159,463 | 147,389 |
Current liabilities | ||
Accounts payable and accrued liabilities | 9,611 | 5,250 |
Accrued expenses - related party | 4,000 | 1,000 |
Due to related parties | 28,151 | 26,901 |
Total current liabilities | 41,762 | 33,151 |
Stockholders' Equity | ||
Common stock, $0.001 par value, 750,000,000 shares authorized, 14,165,842 shares issued and outstanding. 14,166 14,166 | 14,166 | 14,166 |
Additional paid-in capital | 808,332 | 808,332 |
Accumulated deficit | (704,797) | (708,260) |
Total Stockholders' Equity | 117,701 | 114,238 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 159,463 | $ 147,389 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Feb. 28, 2018 | Nov. 30, 2017 | Nov. 27, 2017 | Nov. 26, 2017 |
Stockholders' deficit | ||||
Common stock, Par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, Authorized | 750,000,000 | 750,000,000 | 750,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 14,165,842 | 14,165,842 | ||
Common stock, Outstanding | 14,165,842 | 14,165,842 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 0 | $ 0 |
Operating Expenses | ||
General and administrative | 8,688 | 8,009 |
Consulting | 20,712 | 0 |
Total operating expenses | 29,400 | 8,009 |
Operating loss | (29,400) | (8,009) |
Other income (expense) | ||
Interest expense | 0 | (1,627) |
Amortization of debt discounts | 0 | (1,550) |
Unrealized gain on marketable securities | (32,863) | 0 |
Total other expenses | 32,863 | (3,177) |
Net income (loss) before income taxes | 3,463 | (11,186) |
Provision for income taxes | 0 | 0 |
Net income (loss) | $ 3,463 | $ (11,186) |
Basic and diluted income (loss) per common share (in dollars per share) | $ 0 | $ 0 |
Basic and diluted weighted average common shares outstanding (in shares) | 14,167,524 | 10,570,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid in Capital | Accumulated Deficit | Total |
Balance, beginning at Nov. 30, 2016 | $ 10,570 | $ 541,253 | $ (620,228) | $ (68,405) |
Balance, beginning (Shares) at Nov. 30, 2016 | 10,570,000 | |||
Net income for the period | $ 0 | 0 | (11,186) | (11,186) |
Balance, ending at Feb. 28, 2017 | $ 10,570 | 541,253 | (631,414) | (79,591) |
Balance, ending (Shares) at Feb. 28, 2017 | 10,570,000 | |||
Balance, beginning at Nov. 30, 2017 | $ 14,166 | 808,332 | (708,260) | 114,238 |
Balance, beginning (Shares) at Nov. 30, 2017 | 14,165,842 | |||
Net income for the period | $ 0 | 0 | 3,463 | 3,463 |
Balance, ending at Feb. 28, 2018 | $ 14,166 | $ 808,332 | $ (704,797) | $ 117,701 |
Balance, ending (Shares) at Feb. 28, 2018 | 14,165,842 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 3,463 | $ (11,186) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 0 | 1,550 |
Unrealized gain on marketable securities | (32,863) | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 20,712 | 0 |
Accounts payable and accrued liabilities | 4,361 | 7,919 |
Accrued expenses to related party | 3,000 | 1,627 |
Net cash used in operating activities | (1,327) | (90) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from loan from related party | 1,250 | 0 |
Net cash provided by financing activities | 1,250 | 0 |
Net change in cash for the period | (77) | (90) |
Cash at beginning of period | 77 | 155 |
Cash at end of period | 0 | 65 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Feb. 28, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Organization 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 start up company developing mobile software products, for Apple and Android platforms, starting in Estonia and Europe, which is our initial intended market. Apple is a trademark of Apple Inc., and Android is a trademark of Alphabet Inc. During 2017, we began focusing on the intersection of technology and wholistic technology-based health treatments, we retained an advisor having substantial experience in the technology sector, we retained two former professional athletes to advise us regarding sports health issues and treatments, and we intend to provide services to formulate a treatment model to meet the needs of professional athletes that suffer from PTSD and the early onset of dementia and Alzheimer’s. The Company is currently evaluating future operations in the wholistic health industry. Basis of Presentation The accompanying unaudited financial statements of the Company are condensed and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2017. The results of operations for the period ended February 28, 2018 are not necessarily indicative of the operating results for the full year. Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, and short-term loans the carrying amounts approximate fair value due to their short maturities. Going Concern The accompanying 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 used cash in operating activities of $1,327 for the period ended February 28, 2018. The Company had an accumulated deficit of $704,797, at February 28, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from related 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. 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 expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Net Earnings (Loss) Per Share In accordance with ASC 260-10, "Earnings per Share," basic net earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period, which are excluded from the computation if anti-dilutive. There are no dilutive or potentially dilutive securities outstanding during the periods presented. Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. Except as disclosed in Note 2, no new pronouncements had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these financial statements as presented and does not anticipate the need for any future restatement of these financial statements because of the retro-active application of any accounting pronouncements issued subsequent to February 28, 2018 through the date these financial statements were issued. 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Feb. 28, 2018 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 2 – MARKETABLE SECURITIES We adopted ASU 2016-01 on December 1, 2017, which requires us to measure all equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in earnings. We use quoted market prices to determine the fair value of equity securities with readily determinable fair values. On November 1, 2017 the Company executed a stock purchase agreement (the “SPA”) with AMJ Global Entertainment, LLC, a related party and holder of 4,803,195 shares of common stock in Patient Access Solutions Inc., a Nevada corporation with ticker symbol “PASO”. Pursuant to the SPA, the Company issued 158,824 shares of common stock in exchange for 1,157,142 shares of Patient Access Solutions Inc. On November 1, 2018, the Company recorded the shares of Patient Access Solutions Inc. at $81,000. As of February 28, 2018, based quoted market prices, the Company recognized an unrealized gain of $32,863. The carrying values of our equity securities were included in the following line items in our balance sheets: Equity securities at November 30, 2017 $ 81,000 Addition of equity securities — Net unrealized gain recognized during the period related to equity securities still held at the end of the period 32,863 Equity securities at February 28, 2018 $ 113,863 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Feb. 28, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 – RELATED PARTY TRANSACTIONS In support of the Company's 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 November 1, 2017, the Company entered into a one-year office lease agreement with AMJ Global Entertainment LLC, a related party controlled by the Company’s CEO and director, ending November 2, 2018. The location of the leased office space is 11724 Ventura Blvd Suite B, Studio City, California 91604. The lease states monthly rent due of $1,000. During the three months ended February 28, 2018, the Company accrued $3,000 due to related party. As of February 28, 2018 and November 30, 2017, the Company has recorded lease expense due to related party of $4,000 and $1,000, respectively. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Feb. 28, 2018 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 4 – COMMON STOCK Common Stock On November 27, 2017, the Company increased its authorized shares of common stock from 75,000,000 to 750,000,000, par value $0.001 per share. 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. During the year ended November 30, 2017, the Company issued a total of 155,000 shares of common stock to five separate consultants pursuant to advisory board agreements. Three advisory board agreements were made effective on May 25, 2017 with terms of 15,000 shares each to be issued for one year of services to be rendered. Two advisory board agreements were made effective on October 1, 2017 with terms of 30,000 shares each to be issued for one year of services. The Company valued the advisory agreements shares based on initially recorded as prepaid expense to be amortized ratably over the contract term. During the three months ended February 28, 2018, the Company recorded consulting expense in the amount of $20,712 resulting in the remaining balance of prepaid expense, the uncompleted portion of the contract, of $45,600 and $66,312 at February 28, 2018 and November 30, 2017, respectively. There were 14,167,524 shares of common stock issued and outstanding as of February 28, 2018 and November 30, 2017 . |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Feb. 28, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS On January 13, 2020, the transaction was rescinded, and the Company will return 1,157,142 shares of Patient Access Solutions Inc. back to AMJ Global Entertainment, LLC in exchange for 157,142 shares of the Company. On March 5, 2018, the Company issued 387,623 shares of common stock to settled debt of $32,151 to a related party. The Company has evaluated events occurring subsequent to the balance sheet date through the date these financial statements were issued, and determined there are no additional events requiring disclosure. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Policies) | 3 Months Ended |
Feb. 28, 2018 | |
Accounting Policies [Abstract] | |
Organization | Organization 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 start up company developing mobile software products, for Apple and Android platforms, starting in Estonia and Europe, which is our initial intended market. Apple is a trademark of Apple Inc., and Android is a trademark of Alphabet Inc. During 2017, we began focusing on the intersection of technology and wholistic technology-based health treatments, we retained an advisor having substantial experience in the technology sector, we retained two former professional athletes to advise us regarding sports health issues and treatments, and we intend to provide services to formulate a treatment model to meet the needs of professional athletes that suffer from PTSD and the early onset of dementia and Alzheimer’s. The Company is currently evaluating future operations in the wholistic health industry. |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements of the Company are condensed and have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended November 30, 2017. The results of operations for the period ended February 28, 2018 are not necessarily indicative of the operating results for the full year. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with generally accepted accounting principles. For certain of our financial instruments, including cash, accounts payable, accrued expenses, and short-term loans the carrying amounts approximate fair value due to their short maturities. |
Going Concern | Going Concern The accompanying 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 used cash in operating activities of $1,327 for the period ended February 28, 2018. The Company had an accumulated deficit of $704,797, at February 28, 2018. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's continuation as a going concern is dependent upon its ability to generate revenues and its ability to continue receiving investment capital and loans from related 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. |
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 expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Net Earnings (Loss) Per Share | Net Earnings (Loss) Per Share In accordance with ASC 260-10, "Earnings per Share," basic net earnings (loss) per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period, which are excluded from the computation if anti-dilutive. There are no dilutive or potentially dilutive securities outstanding during the periods presented. |
Effect of Recent Accounting Pronouncements | Effect of Recent Accounting Pronouncements The Company reviews new accounting pronouncements as issued. Except as disclosed in Note 2, no new pronouncements had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these financial statements as presented and does not anticipate the need for any future restatement of these financial statements because of the retro-active application of any accounting pronouncements issued subsequent to February 28, 2018 through the date these financial statements were issued. |
Reclassifications | 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. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Feb. 28, 2018 | |
Marketable Securities [Abstract] | |
Schedule of investment | Equity securities at November 30, 2017 $ 81,000 Addition of equity securities — Net unrealized gain recognized during the period related to equity securities still held at the end of the period 32,863 Equity securities at February 28, 2018 $ 113,863 |
ORGANIZATION AND NATURE OF BU_3
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 3 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Nov. 30, 2017 | |
Accounting Policies [Abstract] | |||
State of Incorporation | NV | ||
Date of incorporation | Aug. 16, 2013 | ||
Net cash used in operating activities | $ (1,327) | $ (90) | |
Accumulated deficit | $ (704,797) | $ (708,260) |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) | 3 Months Ended |
Feb. 28, 2018USD ($) | |
Marketable Securities [Abstract] | |
Equity securities at November 30, 2017 | $ 81,000 |
Addition of equity securities | 0 |
Net unrealized gain recognized during the period related to equity securities still held at the end of the period | 32,863 |
Equity securities at February 28, 2018 | $ 113,863 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) | Nov. 01, 2017 | Feb. 28, 2018 | Nov. 01, 2018 | Nov. 30, 2017 |
Related Party Transaction [Line Items] | ||||
Common stock, Issued | 14,165,842 | 14,165,842 | ||
Exchange common stock value | $ 81,000 | |||
Unrealized gain on investment | $ 32,863 | |||
Patient Access Solutions Inc | ||||
Related Party Transaction [Line Items] | ||||
Common stock, Issued | 158,824 | |||
Exchange of common stock shares | 1,157,142 | |||
Amj Global Entertainment Llc | ||||
Related Party Transaction [Line Items] | ||||
Common stock shares issued related party | 4,803,195 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Feb. 28, 2018 | Nov. 30, 2017 | |
Related Party Transaction [Line Items] | ||
Accrued expenses - related party | $ 4,000 | $ 1,000 |
Due to related party | 28,151 | 26,901 |
Amj Global [Member] | ||
Related Party Transaction [Line Items] | ||
Leased office space | 1,000 | |
Accrued expenses - related party | 3,000 | |
Due to related party | $ 4,000 | $ 1,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | ||||||
Feb. 28, 2018 | Feb. 28, 2017 | Nov. 30, 2017 | Nov. 27, 2017 | Nov. 26, 2017 | Oct. 01, 2017 | May 25, 2017 | |
Common stock, Authorized | 750,000,000 | 750,000,000 | 750,000,000 | 75,000,000 | |||
Common stock, Par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common Stock, Shares, Issued | 14,165,842 | 14,165,842 | |||||
Common stock, Outstanding | 14,165,842 | 14,165,842 | |||||
Consulting | $ 20,712 | $ 0 | |||||
Prepaid expense, uncompleted portion | $ 45,600 | $ 66,312 | |||||
Advisory Board Agreements | |||||||
Common Stock, Shares, Issued | 14,167,524 | 14,167,524 | |||||
Common stock, Outstanding | 14,167,524 | 14,167,524 | |||||
Shares issued | 155,000 | 30,000 | 15,000 | ||||
Combined shares issued value | $ 124,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Mar. 05, 2018 | Jan. 13, 2020 | Feb. 28, 2018 | Nov. 30, 2017 |
Common stock shares issued related party | 14,165,842 | 14,165,842 | ||
Subsequent event | ||||
Common stock shares issued related party | 387,623 | 1,157,142 | ||
Settlement to related party debt | $ 32,151 | |||
Subsequent event | Amj Global Entertainment Llc | ||||
Common stock shares issued related party | 157,142 |