Adamas Ventures 10-Q 16 Dec 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	9 Months Ended
	Oct. 31, 2015	Dec. 14, 2015
Document And Entity Information
Entity Registrant Name	Adamas Ventures Inc.
Entity Central Index Key	1,600,694
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--01-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 3,600,000
Entity Common Stock, Shares Outstanding		20,000,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Oct. 31, 2015	Jan. 31, 2015
ASSETS
Cash and Cash Equivalents	$ 2,285	$ 2,285
Stock Subscription Receivables	100,000
TOTAL ASSETS	102,285	$ 2,285
Current Liabilities
Accounts Payable and Accrued Liabilities	1,370
TOTAL CURRENT LIABILITIES	1,370
Stockholders' Equity
Issued and Fully paid: 20,000,000 common shares at $0.0001 par value	$ 2,000	$ 2,000
Issued and Fully paid: 10,000,000 common shares at $0.0001 par value	1,000
Additional paid in capital	$ 107,000	8,000
(Deficit) accumulated during the development stage	(9,085)	(7,715)
TOTAL STOCKHOLDERS' EQUITY	100,915	2,285
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 102,285	$ 2,285

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2015	Jan. 31, 2015
Statement of Financial Position [Abstract]
Common Stock Par Value	$ 0.0001	$ 0.0001
Common Stock Authorized	75,000,000	75,000,000
Common Stock Issued and Outstanding	20,000,000	20,000,000
Common Stock Issued and Outstanding	10,000,000

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
General and Administration Expenses
Filing Fee		$ 0	$ 0	$ 213
Professional Fees	$ 120	382	1,370	1,507
Operating Loss	120	382	1,370	1,720
Net (loss) for the period	$ 120	$ 382	$ 1,370	$ 1,720
Net (loss) per share
Basic and diluted
Weighted Average Number of Common
Shares Outstanding - Basic and Diluted	30,000,000	30,000,000	30,000,000	30,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Cash flow from Operating Activities
Net loss	$ (120)	$ (382)	$ (1,370)	$ (1,720)
Change in Non-Cash Working Capital Items:
Accounts Payable and Accrued Liabilities	$ 120	$ 382	$ 1,370	382
Net Cash Flow Used in Operating Activities				$ (1,338)
Investing Activities
Due from Related Party
Financing Activities
Capital Contribution
Net Cash Flow Provided by Financing Activities
Net change in cash				$ (1,338)
Cash, Beginning of Period	$ 2,285	$ 5,337	$ 2,285	6,675
Cash, End of Period	$ 2,285	$ 5,337	$ 2,285	$ 5,337

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Oct. 31, 2015
Accounting Policies [Abstract]
Organization and Basis of Presentation	Note 1: Organization and Basis of Presentation Adamas Ventures, Inc. (the “Company”) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on January 31, 2014. The Company is in the development phase and intends to sell baby products. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. In our opinion, these financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for the fair statement of the results for the period. These financial statements should be read in conjunction with the financial statements for the six months ended July 31, 2015. Unless the context otherwise requires, all references to “Adamas Ventures,” “we,” “us,” “our” or the “company” are to Adamas Ventures, Inc. and any subsidiaries.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Note 2: Recent Accounting Pronouncements In December 2011, the FASB issued ASU 2011-11, Disclosures about Offsetting Assets and Liabilities, (“ASU 2011-11”). ASU 2011-11 requires an entity to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. ASU 2011- 11 is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. Retrospective disclosure is required for all comparative periods presented. The adoption of ASU 2011-11 did not have a material impact on the Company’s financial statements. In October 2012, the FASB issued ASU No. 2012-04, Technical Corrections and Improvements, (“ASU 2012-04”). This update includes source literature amendments, guidance clarification, reference corrections and relocated guidance affecting a variety of topics in the Codification. The update also includes conforming amendments to the Codification to reflect ASC 820’s fair value measurement and disclosure requirements. The amendments in this update that will not have transition guidance are effective upon issuance. The amendments in this update that are subject to the transition guidance will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 did not have a material impact on the Company’s financial statements. In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities (“ASU 2013-01”). This update clarifies that ordinary trade receivables and receivables are not in the scope of ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). Specifically, ASU 2011-11 applies only to derivatives, repurchase agreements and reverse purchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with specific criteria contained in the FASB Accounting Standards Codification or subject to a master netting arrangement or similar agreement. The Company is required to apply the amendments in ASU 2013-01 beginning January 1, 2013. The adoption of ASU 2013-01 by the Company did not have a material impact on the consolidated financial statements. In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2013-02, Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. This update requires companies to provide information regarding the amounts reclassified out of accumulated other comprehensive income by component. In addition, companies are required to present, either on the face of the statement where net income is presented or in the accompanying notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income. ASU 2013-02 is effective for annual reporting periods beginning on or after December 15, 2012, and interim periods within those annual periods. ASU 2013-02 was adopted January 1, 2013 and did not have a significant impact on our financial statements.

Concentrations

Concentrations	9 Months Ended
	Oct. 31, 2015
Risks and Uncertainties [Abstract]
Concentrations	The company has not had any sales.

Legal Matters

Legal Matters	9 Months Ended
	Oct. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Note 4: Legal Matters The Company has no known legal issues pending.

Debt

Debt	9 Months Ended
	Oct. 31, 2015
Debt Disclosure [Abstract]
Debt	Note 5: Debt The Company has no debt.

Capital Stock

Capital Stock	9 Months Ended
	Oct. 31, 2015
Equity [Abstract]
Capital Stock	Note 6: Capital Stock On January 31, 2014 the Company authorized 75,000,000 shares of commons stock with a par value of $0.0001 per share. On January 31, 2014 the Company issued 20,000,000 shares of common stock for a purchase price of $0.0001 per share to its founding shareholder. The Company received aggregate gross proceeds of $10,000.00. During the period of May and June, 2015, the Company issued 10,000,000 shares of common stocks for a purchase price of $0.01 per share for gross proceeds of $100,000. As of October 31, 2015 there were no outstanding stock options or warrants.

Income Taxes

Income Taxes	9 Months Ended
	Oct. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Note 7: Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Oct. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Note 8: Related Party Transactions The Company neither owns nor leases any real or personal property. The sole officer of the Company provides office space and services free of charge. The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

Subsequent Events

Subsequent Events	9 Months Ended
	Oct. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Note 9: Subsequent Events The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements.

Going Concern

Going Concern	9 Months Ended
	Oct. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Note 10: Going Concern The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. For the period ended October 31, 2015, the Company had an accumulated deficit of $9,085 and working capital of $102,285, which may not be sufficient to sustain operations over the next 12 months. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company.