Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Apr. 30, 2015 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Greenpro Capital Corp. |
Entity Central Index Key | 1597846 |
Amendment Flag | FALSE |
Current Fiscal Year End Date | -21 |
Document Type | 10-Q |
Document Period End Date | 30-Apr-15 |
Document Fiscal Year Focus | 2015 |
Document Fiscal Period Focus | Q2 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 22,422,800 |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
NON-CURRENT ASSETS | ||
Property and equipment, net (Note 3) | $31,539 | $13,777 |
Total non-current assets | 31,539 | 13,777 |
CURRENT ASSETS | ||
Prepayments and other receivables (Note 4) | 1,256,580 | 48,738 |
Cash | 339,408 | 507,934 |
Total Current Assets | 1,595,988 | 556,672 |
TOTAL ASSETS | 1,627,527 | 570,449 |
CURRENT LIABILITIES | ||
Loan from Shareholders (Note 5) | 1,300,000 | |
Accrued expenses and other payables | 15,225 | 9,887 |
Total Current Liabilities | 1,315,225 | 9,887 |
TOTAL LIABILITIES | 1,315,225 | 9,887 |
STOCKHOLDERS' EQUITY | ||
Preferred stock - Par value $0.0001; Authorized: 100,000,000 None issued and Outstanding | ||
Common stock - Par value $0.0001; Authorized: 500,000,000 Issued and Outstanding: 22,422,800 | 2,242 | 2,242 |
Additional paid-in capital | 686,958 | 686,958 |
Accumulated deficit | -376,898 | -128,638 |
TOTAL STOCKHOLDERS' EQUITY | 312,302 | 560,562 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $1,627,527 | $570,449 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, value | $0.00 | $0.00 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, value | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 22,422,800 | 22,422,800 |
Common stock, shares outstanding | 22,422,800 | 22,422,800 |
CONDENSED_STATEMENT_OF_OPERATI
CONDENSED STATEMENT OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Income Statement [Abstract] | ||||
REVENUE | $29,496 | $62,496 | ||
COST OF SERVICES | -2,325 | -2,325 | ||
GROSS PROFIT | 27,171 | 60,171 | ||
GENERAL AND ADMINISTRATIVE EXPENSES | 194,476 | 4,799 | 308,431 | 5,805 |
LOSS BEFORE INCOME TAXES | -167,305 | -4,799 | -248,260 | -5,805 |
INCOME TAXES | ||||
NET LOSS | ($167,305) | ($4,799) | ($248,260) | ($5,805) |
Net loss per share, basic and diluted: | ($0.01) | $0 | ($0.01) | $0 |
Weighted average number of common shares outstanding, basic and diluted: | 22,422,800 | 10,000,000 | 22,422,800 | 10,000,000 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($248,260) | ($5,805) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation expenses | 2,688 | |
Changes in operating assets and liabilities: | ||
Increase in accrued expenses | 5,338 | 2,216 |
(Increase) in prepayments and other receivables | -1,207,842 | |
Net cash flows (used in) operating activities | -1,448,076 | -3,589 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | -20,450 | |
Net cash flows (used in) investing activities | -20,450 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from related parties loan | 1,300,000 | |
Contribution of capital | ||
Net cash flows provided by financing activities | 1,300,000 | |
Net (decrease) increase in cash and cash equivalents | -168,526 | -3,589 |
Cash and cash equivalents, beginning of period | 507,934 | 61,205 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 339,408 | 57,616 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION | ||
Income taxes paid | ||
Interest paid |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS |
Greenpro Capital Corp. (“Greenpro”) was incorporated on July 19, 2013 in the state of Nevada. Greenpro locates in Hong Kong. It currently operates and provides a wide range of solution service varying from cloud system solution, financial consulting services and corporate accounting services to small and medium-size businesses located in Asia, with an initial focus on Hong Kong and Malaysia. Greenpro’s comprehensive range of services cover cloud accounting solutions, cross-border business solutions, record management services, and accounting outsourcing services. | |
Greenpro, on May 6, 2015, with approval of a majority of the Company’s shareholders, changed its name from Greenpro, Inc. to Greenpro Capital Corp.. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | |
Apr. 30, 2015 | ||
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
This summary of significant accounting policies is presented to assist in understanding the Company’s unaudited condensed financial statements. The unaudited condensed financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the unaudited condensed financial statements. | ||
Basis of Presentation: | ||
These unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for the interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal, recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended April 30, 2015 are not necessarily indicative of the results that may be expected for the year ending October 31, 2015. | ||
For further information, refer to the financial statements and notes thereto included on the Company’s Annual Report on Form 10-K for the year ended October 31, 2014. | ||
The Company has adopted its fiscal year end of October 31. | ||
Basis of Accounting: | ||
The Company's unaudited condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles. | ||
Cash and Cash Equivalents: | ||
The Company considers cash on hand and amounts on deposit with financial institutions which have original maturities of three months or less to be cash and cash equivalents. | ||
Revenue Recognition: | ||
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. | ||
Use of Estimates and Assumptions: | ||
Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Management has no reason to make estimates at this time. | ||
Property and equipment: | ||
Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized. | ||
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the reporting period of disposition. | ||
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. | ||
The estimated useful lives of the assets are as follows: | ||
Estimated Useful Lives | ||
Furniture and fixtures | 5 years | |
Software | 5 years | |
Recently Issued Accounting Pronouncements: | ||
The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. | ||
FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. | ||
The Company reviewed all recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and they did not or are not believed by management to have a material impact on the Company's present or future financial statements. | ||
Basic and Diluted Loss per Share: | ||
Loss per share was computed by dividing the net loss by the weighted average number of shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighing them by the amount of time that they were outstanding. Basic and diluted loss per share is the same, as inclusion of common stock equivalents would be anti-dilutive. | ||
Income Taxes: | ||
The Company utilizes the asset and liability method to measure and record deferred income tax assets and liabilities. Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At this time, the Company has set up an allowance for deferred taxes as there is no company history to indicate the usage of deferred tax assets and liabilities. | ||
Fair Value of Financial Instruments: | ||
The Company's financial instruments may include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and liabilities to banks and shareholders. The carrying amount of long-term debt to banks approximates fair value based on interest rates that are currently available to the Company for issuance of debt with similar terms and remaining maturities. The carrying amounts of other financial instruments approximate their fair value because of short-term maturities. | ||
Concentrations of Credit Risk: | ||
Financial instruments which potentially expose The Company to concentrations of credit risk consist principally of operating demand deposit accounts. The Company's policy is to place its operating demand deposit accounts with high credit quality financial institutions. At this time The Company has no deposits that are at risk. |
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
PROPERTY AND EQUIPMENT, NET | NOTE 3 – PROPERTY AND EQUIPMENT, NET | ||||||||
Property and equipment, net consist of the following: | |||||||||
(Unaudited) | |||||||||
April 30, | October 31, | ||||||||
2015 | 2014 | ||||||||
Furniture and fixtures | $ | 15,250 | $ | 14,011 | |||||
Software | 19,211 | - | |||||||
Total property and equipment | 34,461 | 14,011 | |||||||
Less: Accumulated depreciation | (2,922 | ) | (234 | ) | |||||
$ | 31,539 | $ | 13,777 | ||||||
Depreciation expense was $1,668 and $nil for the three months ended April 30, 2015 and 2014, respectively. | |||||||||
Depreciation expense was $2,688 and $nil for the six months ended April 30, 2015 and 2014, respectively. |
PREPAYMENTS_AND_OTHER_RECEIVAB
PREPAYMENTS AND OTHER RECEIVABLES | 6 Months Ended |
Apr. 30, 2015 | |
Prepayments And Other Receivables | |
PREPAYMENTS AND OTHER RECEIVABLES | NOTE 4 – PREPAYMENTS AND OTHER RECEIVABLES |
Prepayments and other receivables amounted to $1,256,580 as of April 30, 2015. Prepayments and other receivables mainly consist of escrow deposits of $1,234,810 paid to a related company controlled by a director of the Company for the purpose of business development, which bears no interest and is payable upon demand. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS |
The Company sold a total of 10,000,000 shares of our Common Stock to our officers at $0.0001 per share for aggregate proceeds of $1,000 in August 2013. | |
In August 2013, the Company issued two 8% Convertible Promissory Notes (the “Notes”) to our Chief Executive Officer, Lee Chong Kuang and our Chief Financial Officer, Loke Che Chan, Gilbert (the “Holders”), in the principal amount of $41,250 for each Note, pursuant to certain Securities Purchase Agreements dated August 12, 2013. The Notes may be convertible to the Company’s Common Stock at the Holders’ election conversion price of $.00825 per share. The maturity date for the Notes has been extended to 31 August 2014 at 8% interest rate per annum. On May 6, 2014, Mr. Lee and Mr. Loke and the Company signed the Letter of Amendment to extend the maturity date of both Notes to August 31, 2014. | |
On August 31, 2014, the maturity date of the Notes, the Holders elected to convert $41,250 of the principle sum of the Note into 5,000,000 shares of common stock of the Company for each note. | |
During the six months period ended April 30, 2015, our shareholders, Mr. Lertwattanarak Thanawat and Ms. Chuchottaworn Srirat advanced collectively $1,300,000 to the Company, which bears no interest and is payable upon demand, for the purpose of business development. | |
As of April 30, 2015, escrow deposits of $1,234,810 had been collectively paid to a related company controlled by a director of the Company for the purpose of business development, which bears no interest and is payable upon demand. |
PREFERRED_STOCK
PREFERRED STOCK | 6 Months Ended |
Apr. 30, 2015 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 6 – PREFERRED STOCK |
Preferred stock includes 100,000,000 shares authorized at a par value of $0.0001, of which none are issued or outstanding. |
COMMON_STOCK
COMMON STOCK | 6 Months Ended |
Apr. 30, 2015 | |
Stockholders' Equity Note [Abstract] | |
COMMON STOCK | NOTE 7 – COMMON STOCK |
Common Stock includes 500,000,000 shares authorized at a par value of $0.0001, of which 10,000,000 have been issued for the amount of $1,000 in August 2013 and 12,422,800 have been issued for the amount of $688,200 during the year ended October 31, 2014. | |
On August 31, 2014, the Company issued 10,000,000 common shares at a conversion price of $0.00825 per share to our Chief Executive Officer, Lee Chong Kuang and our Chief Financial Officer, Loke Che Chan, Gilbert for conversion of two 8% Convertible Promissory Notes. | |
On September 23, 2014, the Company completed a public offering whereby it sold 2,000,000 common shares at $0.25 per share for total gross proceeds of $500,000; and the Company also completed a private placement where it totally issued 422,800 common shares at $0.25 per share to three investors for $105,700 pursuant to Regulation S promulgated under the Securities Act of 1933, as amended. | |
There were no stock options, warrants or other potentially dilutive securities outstanding as of April 30, 2015. | |
As of April 30, 2015, there are 22,422,800 shares of common stock issued and outstanding. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 – COMMITMENTS AND CONTINGENCIES |
The Company leases its office at Suite 2201, 22/F., Malaysia Building, 50 Gloucester Road, Wanchai, Hong Kong under a two year operating lease expiring on August 31, 2016 that provides for monthly payments of approximately $9,257. During the six months period ended April 30, 2015 and 2014, lease expense totaled up to $50,013 and $nil, respectively. |
INCOME_TAXES
INCOME TAXES | 6 Months Ended | ||||
Apr. 30, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
INCOME TAXES | NOTE 9 – INCOME TAXES | ||||
At April 30, 2015, the Company has available net operating loss carry-forwards of $248,260 for financial statement and federal income tax purposes. These loss carry-forwards will expire in 2020 and thereafter. The Company's management has determined a valuation allowance is necessary to reduce any tax benefits because the available benefits are more likely than not to expire before they can be used. | |||||
Realization of deferred tax assets is dependent on generating sufficient taxable income prior to expiration of the loss carryovers. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets, net of applicable valuation allowances, will be realized. The amount of the deferred tax assets considered realizable could be reduced or increased if estimates of future taxable income change during the carryover period. | |||||
The Company's management determines if a valuation allowance is necessary to reduce any tax benefits when the available benefits are more likely than not to expire before they can be used. The tax based net operating losses create tax benefits in the amount of $86,891 as valuation allowance as of April 30, 2015. | |||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial statement purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2015 are as follows: | |||||
Deferred tax assets: | |||||
Federal net operating loss | $ | 248,260 | |||
State net operating loss | - | ||||
Total Deferred Tax Asset | 86,891 | ||||
Less: valuation allowance | (86,891 | ) | |||
- | |||||
The reconciliation of the effective income tax rate to the federal statutory rate is as follows: | |||||
Federal income tax rate | 35 | % | |||
State tax, net of federal benefit | 0 | % | |||
Increase in valuation allowance | (35.0 | )% | |||
Effective income tax rate | 0 | % |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS |
We evaluated subsequent events through the date the unaudited condensed financial statements were issued and filed with this Form 10-Q. There were no subsequent events that required recognition or disclosure. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | |
Apr. 30, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation: | |
These unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles for the interim financial information with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting of only normal, recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended April 30, 2015 are not necessarily indicative of the results that may be expected for the year ending October 31, 2015. | ||
For further information, refer to the financial statements and notes thereto included on the Company’s Annual Report on Form 10-K for the year ended October 31, 2014. | ||
The Company has adopted its fiscal year end of October 31. | ||
Basis of Accounting | Basis of Accounting: | |
The Company's unaudited condensed financial statements are prepared in accordance with U.S. generally accepted accounting principles. | ||
Cash and Cash Equivalents | Cash and Cash Equivalents: | |
The Company considers cash on hand and amounts on deposit with financial institutions which have original maturities of three months or less to be cash and cash equivalents. | ||
Revenue Recognition | Revenue Recognition: | |
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. | ||
Use of Estimates and Assumptions | Use of Estimates and Assumptions: | |
Management uses estimates and assumptions in preparing these unaudited condensed financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenue and expenses. Management has no reason to make estimates at this time. | ||
Property and equipment | Property and equipment: | |
Property, plant and equipment are recorded at cost less accumulated depreciation. Maintenance, repairs and minor renewals are expensed as incurred; major renewals and improvements that extend the lives or increase the capacity of plant assets are capitalized. | ||
When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the reporting period of disposition. | ||
Depreciation is calculated on a straight-line basis over the estimated useful life of the assets after taking into account their respective estimated residual value. | ||
The estimated useful lives of the assets are as follows: | ||
Estimated Useful Lives | ||
Furniture and fixtures | 5 years | |
Software | 5 years | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements: | |
The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. | ||
FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. | ||
The Company reviewed all recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and they did not or are not believed by management to have a material impact on the Company's present or future financial statements. | ||
Basic and Diluted Loss per Share | Basic and Diluted Loss per Share: | |
Loss per share was computed by dividing the net loss by the weighted average number of shares outstanding during the period. The weighted average number of shares was calculated by taking the number of shares outstanding and weighing them by the amount of time that they were outstanding. Basic and diluted loss per share is the same, as inclusion of common stock equivalents would be anti-dilutive. | ||
Income Taxes | Income Taxes: | |
The Company utilizes the asset and liability method to measure and record deferred income tax assets and liabilities. Deferred tax assets and liabilities reflect the future income tax effects of temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that apply to taxable income in the years which those temporary differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. At this time, the Company has set up an allowance for deferred taxes as there is no company history to indicate the usage of deferred tax assets and liabilities. | ||
Fair Value of Financial Instruments | Fair Value of Financial Instruments: | |
The Company's financial instruments may include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and liabilities to banks and shareholders. The carrying amount of long-term debt to banks approximates fair value based on interest rates that are currently available to the Company for issuance of debt with similar terms and remaining maturities. The carrying amounts of other financial instruments approximate their fair value because of short-term maturities. | ||
Concentrations of Credit Risk | Concentrations of Credit Risk: | |
Financial instruments which potentially expose The Company to concentrations of credit risk consist principally of operating demand deposit accounts. The Company's policy is to place its operating demand deposit accounts with high credit quality financial institutions. At this time The Company has no deposits that are at risk. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | |
Apr. 30, 2015 | ||
Accounting Policies [Abstract] | ||
Property and equipment | The estimated useful lives of the assets are as follows: | |
Estimated Useful Lives | ||
Furniture and fixtures | 5 years | |
Software | 5 years |
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of property and equipment | Property and equipment, net consist of the following: | ||||||||
(Unaudited) | |||||||||
April 30, | October 31, | ||||||||
2015 | 2014 | ||||||||
Furniture and fixtures | $ | 15,250 | $ | 14,011 | |||||
Software | 19,211 | - | |||||||
Total property and equipment | 34,461 | 14,011 | |||||||
Less: Accumulated depreciation | (2,922 | ) | (234 | ) | |||||
$ | 31,539 | $ | 13,777 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 6 Months Ended | ||||
Apr. 30, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Schedule of deferred tax assets and liabilities | Deferred tax assets: | ||||
Federal net operating loss | $ | 248,260 | |||
State net operating loss | - | ||||
Total Deferred Tax Asset | 86,891 | ||||
Less: valuation allowance | (86,891 | ) | |||
- | |||||
Schedule of reconciliation of the effective income tax rate | The reconciliation of the effective income tax rate to the federal statutory rate is as follows: | ||||
Federal income tax rate | 35 | % | |||
State tax, net of federal benefit | 0 | % | |||
Increase in valuation allowance | (35.0 | )% | |||
Effective income tax rate | 0 | % |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended |
Apr. 30, 2015 | |
Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $34,461 | $14,011 |
Less: Accumulated depreciation | -2,922 | -234 |
Property and equipment, Net | 31,539 | 13,777 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 15,250 | 14,011 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $19,211 |
PROPERTY_AND_EQUIPMENT_NET_Det1
PROPERTY AND EQUIPMENT, NET (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | |
Property and Equipment Net (Textual) | ||||
Depreciation expenses | $1,668 | $2,688 |
PREPAYMENTS_AND_OTHER_RECEIVAB1
PREPAYMENTS AND OTHER RECEIVABLES (Details Narrative) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Prepayments And Other Receivables Details Narrative | ||
Prepayments and other receivables | $1,256,580 | $48,738 |
Escrow deposits | $1,234,810 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 1 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended |
Aug. 31, 2013 | Apr. 30, 2015 | 6-May-14 | Oct. 31, 2014 | Aug. 31, 2014 | |
Promissorynote | |||||
Related Party Transactions (Textual) | |||||
Common stock, par value | $0.00 | 0.0001 | |||
Number of convertible promissory notes | 2 | ||||
Advances from shareholders | $1,300,000 | ||||
Escrow deposits | 1,234,810 | ||||
Chief Executive Officer [Member] | |||||
Related Party Transactions (Textual) | |||||
Convertible promissory notes , interest rate | 8.00% | ||||
Principal amount | 41,250 | ||||
Conversion price | 0.00825 | ||||
Convertible promissory notes maturity date description | The maturity date for the Notes has been extended to 31 August 2014 at 8% interest rate per annum. | ||||
Convertible promissory notes maturity date | 31-Aug-14 | ||||
Chief Financial Officer [Member] | |||||
Related Party Transactions (Textual) | |||||
Convertible promissory notes , interest rate | 8.00% | ||||
Principal amount | 41,250 | ||||
Conversion price | 0.00825 | ||||
Convertible promissory notes maturity date description | The maturity date for the Notes has been extended to 31 August 2014 at 8% interest rate per annum. | ||||
Convertible promissory notes maturity date | 31-Aug-14 | ||||
Promissory note converted into common stock | 5,000,000 | ||||
Officer [Member] | |||||
Related Party Transactions (Textual) | |||||
Common stock issued | 10,000,000 | ||||
Common stock issued, Value | 1,000 | ||||
Common stock, par value | 0.0001 | ||||
Promissory note converted into common stock | 5,000,000 |
PREFERRED_STOCK_Details
PREFERRED STOCK (Details) (USD $) | Apr. 30, 2015 | Oct. 31, 2014 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, value | $0.00 | $0.00 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
COMMON_STOCK_Details
COMMON STOCK (Details) (USD $) | 1 Months Ended | ||||
Aug. 31, 2014 | Sep. 23, 2014 | Apr. 30, 2015 | Oct. 31, 2014 | Aug. 31, 2013 | |
Common Stock (Textual) | |||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||
Common stock, par value | $0.00 | $0.00 | |||
Common stock, shares issued | 22,422,800 | 22,422,800 | |||
Common stock, shares outstanding | 22,422,800 | 22,422,800 | |||
Common stock, value | $2,242 | $2,242 | |||
Chief Executive Officer [Member] | |||||
Common Stock (Textual) | |||||
Conversion common stock, share issued | 10,000,000 | ||||
Common stock conversion price | $0.01 | ||||
Officer [Member] | |||||
Common Stock (Textual) | |||||
Common stock, par value | $0.00 | ||||
IPO [Member] | |||||
Common Stock (Textual) | |||||
Common stock, shares issued | 2,000,000 | ||||
Sale of stock, price per share | $0.25 | ||||
Proceeds from issuance initial public offering | 500,000 | ||||
Private Placement [Member] | |||||
Common Stock (Textual) | |||||
Common stock, shares issued | 422,800 | ||||
Sale of stock, price per share | $0.25 | ||||
Proceeds from issuance of private placement | 105,700 | ||||
Common Stock [Member] | |||||
Common Stock (Textual) | |||||
Common stock, shares authorized | 500,000,000 | ||||
Common stock, par value | $0.00 | ||||
Common stock, shares issued | 12,422,800 | 10,000,000 | |||
Common stock, value | $688,200 | $1,000 | |||
Convertible Notes Payable [Member] | Chief Financial Officer [Member] | |||||
Common Stock (Textual) | |||||
Nmuber of note | 2 | ||||
Interest rate notes | 8.00% |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 6 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Commitments and Contingencies (Textual) | ||
Operating lease term | 2 years | |
Operating lease expiration date | 31-Aug-16 | |
Monthly operating lease payments | $9,257 | |
Lease expense | $50,013 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Apr. 30, 2015 |
Deferred tax assets: | |
Federal net operating loss | $248,260 |
State net operating loss | |
Total Deferred Tax Asset | 86,891 |
Less: valuation allowance | -86,891 |
Deferred Tax Asset Net |
INCOME_TAXES_Details_1
INCOME TAXES (Details 1) | 6 Months Ended |
Apr. 30, 2015 | |
Effective Income Tax Rate Reconciliation | |
Federal income tax rate | 35.00% |
State tax, net of federal benefit | 0.00% |
Increase in valuation allowance | -35.00% |
Effective income tax rate | 0.00% |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 6 Months Ended |
Apr. 30, 2015 | |
Income Taxes (Textual) | |
Net operating loss carryforwards | $86,891 |
Operating loss carryforwards | $248,260 |
Operating loss carryforwards expiration date | 31-Oct-20 |