Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Feb. 28, 2014 | Apr. 20, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Smart Server, Inc | ' |
Entity Central Index Key | '0001596961 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Feb-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--02-28 | ' |
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 | ' | 5,000,000 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2013 | ' |
Balance_Sheets_Unaudited
Balance Sheets (Unaudited) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 |
Current assets: | ' | ' |
Cash | $9,636 | $2,086 |
Prepaid expenses | ' | 5,000 |
Total current assets | 9,636 | 7,086 |
Total assets | 9,636 | 7,086 |
Current liabilities: | ' | ' |
Accounts payable | 100 | 275 |
Total current liabilities | 100 | 275 |
Long term liabilities: | ' | ' |
Accrued interest payable | 799 | 76 |
Note payable | 50,000 | 20,000 |
Total long term liabilities | 50,799 | 20,076 |
Total liabilities | 50,899 | 20,351 |
Stockholders' deficit: | ' | ' |
Preferred stock, $0.001 par value, 10,000,000 shares authorized, no and no shares issued and outstanding as of February 28, 2014 and November 30, 2013, respectively | ' | ' |
Common stock, $0.001 par value, 100,000,000 shares authorized, 5,000,000 shares issued and outstanding as of February 28, 2014 and November 30, 2013, respectively | 5,000 | 5,000 |
Additional paid in capital | 15,000 | 15,000 |
Deficit accumulated during development stage | -61,263 | -33,265 |
Total stockholders' deficit | -41,263 | -13,265 |
Total liabilities and stockholders' deficit | $9,636 | $7,086 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Feb. 28, 2014 | Nov. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 5,000,000 | 5,000,000 |
Common stock, shares outstanding | 5,000,000 | 5,000,000 |
Statements_of_Operations_Unaud
Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 4 Months Ended |
Feb. 28, 2014 | Feb. 28, 2014 | |
Income Statement [Abstract] | ' | ' |
Revenue | ' | ' |
Operating expenses: | ' | ' |
General and administrative | 349 | 1,838 |
Professional fees | 26,926 | 37,026 |
Consulting - related party | ' | 20,000 |
Research and development | ' | 1,600 |
Total operating expenses | 27,275 | 60,464 |
Other expense: | ' | ' |
Interest expense | -723 | -799 |
Total other expense | -723 | -799 |
Net loss | ($27,998) | ($61,263) |
Weighted average number of common shares outstanding - basic | 5,000,000 | ' |
Net loss per share - basic | ($0.01) | ' |
Statements_of_Cash_Flows_Unaud
Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | 4 Months Ended |
Feb. 28, 2014 | Feb. 28, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net loss | ($27,998) | ($61,263) |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Stock issued for services - related party | ' | 20,000 |
Changes in operating assets and liabilities: | ' | ' |
Increase in prepaid expenses | 5,000 | ' |
Increase in accounts payable | -175 | 100 |
Increase in accrued interest payable | 723 | 799 |
Net cash used in operating activities | -22,450 | -40,364 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from note payable | 30,000 | 50,000 |
Net cash provided by financing activities | 30,000 | 50,000 |
NET CHANGE IN CASH | 7,550 | 9,636 |
CASH AT BEGINNING OF PERIOD | 2,086 | ' |
CASH AT END OF PERIOD | 9,636 | 9,636 |
SUPPLEMENTAL INFORMATION: | ' | ' |
Interest paid | ' | ' |
Income taxes paid | ' | ' |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Stock issued for services - related party | ' | $20,000 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | |
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended November 30, 2013 and notes thereto included in the Company’s S-1 registration statement and all amendments. The Company follows the same accounting policies in the preparation of interim reports. | |
Results of operations for the interim period are not indicative of annual results. | |
Organization | |
The Company was incorporated on October 24, 2013 (Date of Inception) under the laws of the State of Nevada, as Smart Server, Inc. | |
The Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company. | |
Nature of operations | |
The Company will design and develop a mobile payment application that will offer customers at participating restaurants, bars and clubs the ability to pay their bill with their smartphone – without even having to ask for the check. | |
Year end | |
The Company’s year end is November 30. | |
Cash and cash equivalents | |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. | |
Revenue recognition | |
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |
The Company will record revenue when it is realizable and earned and the services have been rendered to the customers. | |
Advertising costs | |
Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three months ended February 28, 2014. | |
Fair value of financial instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 28, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. | |
Stock-based compensation | |
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Earnings per share | |
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. | |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. | |
Recent pronouncements | |
The Company has evaluated the recent accounting pronouncements through April 2014 and believes that none of them will have a material effect on the company’s financial statements. | |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Feb. 28, 2014 | |
Notes to Financial Statements | ' |
GOING CONCERN | ' |
NOTE 2 – GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in the development stage and, accordingly, has not yet generated revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (October 24, 2013) through the period ended February 28, 2014 of ($61,263). In addition, the Company’s development activities since inception have been financially sustained through debt and equity financing. | |
The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. | |
PREPAID_EXPENSES
PREPAID EXPENSES | 3 Months Ended |
Feb. 28, 2014 | |
Notes to Financial Statements | ' |
PREPAID EXPENSES | ' |
NOTE 3 – PREPAID EXPENSES | |
As of November 30, 2013, the Company had prepaid expenses totaling $5,000. The prepaid professional fees will be expensed on a straight line basis over the remaining life of the service period. | |
During the three months ended February 28, 2014, the Company amortized the entire balance of prepaid expenses upon the completion of services rendered to the Company. | |
NOTES_PAYABLE
NOTES PAYABLE | 3 Months Ended |
Feb. 28, 2014 | |
Notes to Financial Statements | ' |
NOTES PAYABLE | ' |
NOTE 4 – NOTES PAYABLE | |
On November 7, 2013, the Company executed a promissory note with a third party for $20,000. The unsecured note bears interest at 6% per annum with principal and interest due on November 7, 2015. | |
On December 5, 2013, the Company executed a promissory note with a third party for $10,000. The unsecured note bears interest at 6% per annum with principal and interest due on December 5, 2015. | |
On January 30, 2014, the Company executed a promissory note with a third party for $20,000. The unsecured note bears interest at 6% per annum with principal and interest due on January 30, 2016. | |
Interest expense for the period from three months ended February 28, 2014 was $723. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERSb EQUITY | 3 Months Ended |
Feb. 28, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERSb EQUITY | ' |
NOTE 5 – STOCKHOLDERS’ EQUITY | |
The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 10,000,000 shares of its $0.001 par value preferred stock. | |
Common stock | |
On November 7, 2013, the Company issued an officer and director of the Company 5,000,000 shares of its $0.001 par value common stock at a price of $0.004 per share for services rendered of $20,000. | |
During the three months ended February 28, 2014, there have been no other issuances of common stock. | |
WARRANTS_AND_OPTIONS
WARRANTS AND OPTIONS | 3 Months Ended |
Feb. 28, 2014 | |
Notes to Financial Statements | ' |
WARRANTS AND OPTIONS | ' |
NOTE 6 – WARRANTS AND OPTIONS | |
As of February 28, 2014, there were no warrants or options outstanding to acquire any additional shares of common stock. | |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Feb. 28, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 7 – SUBSEQUENT EVENTS | |
On March 3, 2014, the Company executed a promissory note with a third party for $10,000. The unsecured note bears interest at 6% per annum with principal and interest due on March 3, 2016. | |
On April 3, 2014, the Company executed a promissory note with a third party for $10,000. The unsecured note bears interest at 6% per annum with principal and interest due on April 3, 2016. | |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Feb. 28, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. | |
These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended November 30, 2013 and notes thereto included in the Company’s S-1 registration statement and all amendments. The Company follows the same accounting policies in the preparation of interim reports. | |
Results of operations for the interim period are not indicative of annual results. | |
Organization | ' |
Organization | |
The Company was incorporated on October 24, 2013 (Date of Inception) under the laws of the State of Nevada, as Smart Server, Inc. | |
The Company has not commenced significant operations and, in accordance with ASC Topic 915, the Company is considered a development stage company. | |
Nature of operations | ' |
Nature of operations | |
The Company will design and develop a mobile payment application that will offer customers at participating restaurants, bars and clubs the ability to pay their bill with their smartphone – without even having to ask for the check. | |
Year end | ' |
Year end | |
The Company’s year end is November 30. | |
Cash and cash equivalents | |
For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. | |
Revenue recognition | ' |
Revenue recognition | |
We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. | |
The Company will record revenue when it is realizable and earned and the services have been rendered to the customers. | |
Advertising costs | ' |
Advertising costs | |
Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three months ended February 28, 2014. | |
Fair value of financial instruments | ' |
Fair value of financial instruments | |
Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 28, 2014. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. | |
Level 1: The preferred inputs to valuation efforts are “quoted prices in active markets for identical assets or liabilities,” with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. | |
Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. | |
Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as “unobservable,” and limits their use by saying they “shall be used to measure fair value to the extent that observable inputs are not available.” This category allows “for situations in which there is little, if any, market activity for the asset or liability at the measurement date”. Earlier in the standard, FASB explains that “observable inputs” are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. | |
Stock-based compensation | ' |
Stock-based compensation | |
The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. | |
The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. | |
Earnings per share | ' |
Earnings per share | |
The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. | |
Use of estimates | ' |
Use of estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. | |
Recent pronouncements | ' |
Recent pronouncements | |
The Company has evaluated the recent accounting pronouncements through April 2014 and believes that none of them will have a material effect on the company’s financial statements. |
GOING_CONCERN_Details_Narrativ
GOING CONCERN (Details Narrative) (USD $) | 4 Months Ended |
Feb. 28, 2014 | |
Notes to Financial Statements | ' |
Incurred accumulated net loss | ($61,263) |
PREPAID_EXPENSES_Details_Narra
PREPAID EXPENSES (Details Narrative) (USD $) | Nov. 30, 2013 |
Notes to Financial Statements | ' |
Prepaid expenses total | $5,000 |
NOTES_PAYABLE_Details_Narrativ
NOTES PAYABLE (Details Narrative) (USD $) | 3 Months Ended | |||
Feb. 28, 2014 | Jan. 30, 2014 | Dec. 05, 2013 | Nov. 07, 2013 | |
Notes to Financial Statements | ' | ' | ' | ' |
Executed a promissory note | ' | $20,000 | $10,000 | $20,000 |
Bears interest | ' | '6% | '6% | '6% |
Interest expense | $723 | ' | ' | ' |
STOCKHOLDERS_EQUITY_Details_Na
STOCKHOLDERSb EQUITY (Details Narrative) (USD $) | Feb. 28, 2014 | Nov. 07, 2013 |
Equity [Abstract] | ' | ' |
Common stock authorized issue shares | $100,000,000 | ' |
Common stock par value | $0.00 | $0.00 |
Preferred stock shares | 10,000,000 | ' |
Preferred stock par value | $0.00 | ' |
Common stock shares | ' | 5,000,000 |
Services rendered | ' | $20,000 |
SUBSEQUENT_EVENTS_Details_Narr
SUBSEQUENT EVENTS (Details Narrative) (USD $) | Apr. 03, 2014 | Mar. 04, 2014 |
Subsequent Events [Abstract] | ' | ' |
Executed a promissory note | $10,000 | $10,000 |
Bears interest | '6% | '6% |