Document and Entity Information
Document and Entity Information | 9 Months Ended |
Feb. 29, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | PETRICHOR CORP. |
Document Type | 10-Q |
Document Period End Date | Feb. 29, 2016 |
Trading Symbol | petricho |
Amendment Flag | false |
Entity Central Index Key | 1,604,082 |
Current Fiscal Year End Date | --05-31 |
Entity Common Stock, Shares Outstanding | 94,750 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Feb. 29, 2016 | May. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 4,709 | $ 24,225 |
Prepaid Expense, Current | 5,833 | |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 560 | 680 |
Assets | 11,102 | 24,905 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 100 | |
Due to Related Parties, Noncurrent | 6,856 | 6,856 |
Liabilities | 6,956 | 6,856 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 95 | 95 |
Additional Paid in Capital, Common Stock | 30,705 | 30,705 |
Retained Earnings (Accumulated Deficit) | (26,654) | (12,751) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 4,146 | $ 18,049 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 94,750 | 94,750 |
Common Stock, Shares Outstanding | 94,750 | 94,750 |
Liabilities and Equity | $ 11,102 | $ 24,905 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Revenues | ||||
Sales Revenue, Services, Net | $ 1,560 | |||
Revenues | 1,560 | |||
Amortization of Deferred Charges | ||||
Administrative Expense | $ 4,056 | $ 1,040 | $ 13,903 | 5,697 |
Total Operating Expenses | 4,056 | 1,040 | 13,903 | 5,697 |
Net loss from operations | (4,056) | (1,040) | (13,903) | (4,137) |
Interest and Debt Expense | ||||
Net Income (Loss) | $ (4,056) | $ (1,040) | $ (13,903) | $ (4,137) |
Earnings Per Share | ||||
Weighted Average Number of Shares Outstanding, Basic | 94,750 | 62,708 | 94,750 | 62,568 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 9 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (13,903) | $ (4,137) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Amortization | 120 | 80 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Prepaid Expense and Other Assets | (5,833) | |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 100 | |
Net Cash Provided by (Used in) Operating Activities | (19,516) | (4,057) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (800) | |
Net Cash Provided by (Used in) Investing Activities | 0 | (800) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 5,000 | |
Proceeds from director loans | 5,600 | |
Net Cash Provided by (Used in) Financing Activities | 0 | 10,600 |
Cash and Cash Equivalents, Period Increase (Decrease) | (19,516) | 5,743 |
Cash and Cash Equivalents, at Carrying Value | 24,225 | 6,000 |
Cash and Cash Equivalents, at Carrying Value | $ 4,709 | $ 11,743 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 9 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business PETRICHOR CORP. (the Company) was incorporated under the laws of the State of Nevada, U.S. on January 14, 2014. Since inception through February 29, 2016 the Company has generated $1,560 in revenue and has accumulated losses of $26,654. Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 29, 2016 the Company's bank deposits did not exceed the insured amounts. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during as at February 29, 2016. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted May 31 fiscal year end. Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Recent accounting pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation As of February 29, 2016 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. NOTE 2 - CONDENSED FINANCIAL STATEMENTS The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows on February 29, 2016, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys May 31, 2015 audited financial statements. The results of operations for the nine months ended February 29, 2016 are not necessarily indicative of the operating results for the full year. NOTE 3 GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. NOTE 4 COMMON STOCK The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. On February 26, 2014, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000. For the period from February 26, 2015 to April 24, 2015, the Company issued 2,580,000 shares of its common stock at $0.01 per share for total proceeds of $25,800. On January 28, 2016, Petrichor Corp. (the Company) filed a Certificate of Amendment to Articles of Incorporation (the Amendment) with the Nevada Secretary of State. The Amendment became effective on February 2, 2016, and effected the following amendments to the Companys Articles of Incorporation: An 80:1 reverse split of the Companys issued an outstanding common stock (the Reverse Split). Prior to the Reverse Split the Company had 7,580,000 shares of common stock issued and outstanding. After the Reverse Split the Company had 94,750 shares of common stock issued and outstanding. The Reverse Split did not result in any fractional shares. The number of shares of common stock authorized for issuance by the Company was not affected by the Reverse Split. As of February 29, 2016, the Company had 94,750 shares issued and outstanding. NOTE 5 - PREFERRED STOCK The Company has 10,000,000 shares of blank check preferred stock par value $0.0010 per share (the Blank Check PS). The Blank Check PS may be designated into one or more series, from time to time, by the Companys Board of Directors by filing a certificate pursuant to NRS Chapter 78. Designating 4,000,000 shares of Blank Check PS as Series A Preferred Stock (Series A PS), which Series A PS has the same rights, preferences, powers, privileges and restrictions, qualifications and limitations as the Companys common stock, with the exception that (i) each share of Series A PS is entitled to 2 votes on all matters submitted to the Companys shareholders for a vote; and (ii) the Series A PS shall convert, on a share for share basis, into shares of the Companys common stock, at the earlier to occur of the following: (A) any shares of Series A PS that are transferred by the initial holder thereof to an unaffiliated person or entity shall automatically upon said transfer convert to shares of the Companys common stock; and (B) shares of Series A Preferred Stock shall convert to Company common stock at the election of the holder thereof, upon notice to the Company. |
Related Party Disclosures
Related Party Disclosures | 9 Months Ended |
Feb. 29, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 5 RELATED PARTY TRANSACTIONS On February 26, 2014, the Company sold 5,000,000 shares of common stock at a price of $0.001 per share to its director. As of February 29, 2016, the Director loaned $6,856 to the Company to pay for general and administrative expenses. This loan is non-interest bearing, due upon demand and unsecured. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Feb. 29, 2016 | |
Subsequent Events: | |
Subsequent Events | NOTE 6 SUBSEQUENT EVENTS The Company has evaluated subsequent events from February 29, 2016 to the date the financial statements were issued and has determined that there are no items to disclos |