Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May 31, 2016 | Jul. 25, 2016 | Jun. 07, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | PETRICHOR CORP. | ||
Entity Central Index Key | 1,604,082 | ||
Document Type | 10-K | ||
Document Period End Date | May 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --05-31 | ||
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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 94,750 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | May 31, 2016 | May 31, 2015 |
Current Assets | ||
Cash | $ 24,225 | |
Prepaid and other current assets | 3,333 | |
Total current assets | 3,333 | 24,225 |
Non-current Assets | ||
Computer, net of accumulated depreciation | 520 | 680 |
Total non-current assets | 520 | 680 |
TOTAL ASSETS | 3,853 | 24,905 |
Current Liabilities | ||
Accounts payable | 2,296 | |
Loan from Shareholder | 6,856 | |
Due to related parties | 5,000 | |
Total Current Liabilities | 7,296 | 6,856 |
TOTAL LIABILITIES | 7,296 | 6,856 |
Stockholders' Equity (Deficit) | ||
Preferred stock: 10,000,000 authorized; $0.001 par value, no shares outstanding | ||
Common stock: 75,000,000 authorized; $0.001 par value, 94,750 shares issued and outstanding | 95 | 95 |
Additional paid in capital | 33,969 | 30,705 |
Accumulated deficit | (37,507) | (12,751) |
Total Stockholders' Equity (Deficit) | (3,443) | 18,049 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 3,853 | $ 24,905 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2016 | May 31, 2015 |
Balance Sheets Parenthetical | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, share outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
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 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Statements Of Operations | ||
Revenues | $ 1,560 | |
Operating Expenses | ||
General and administration | 24,756 | 14,055 |
Total operating expenses | 24,756 | 14,055 |
Net loss before taxes | (24,756) | (12,495) |
Net loss | $ (24,756) | $ (12,495) |
Loss per common share - Basic | $ (0.26) | $ (0.18) |
Weighted average number of common shares outstanding - Basic | 94,750 | 69,252 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at May. 31, 2014 | $ 63 | $ 4,937 | $ (256) | $ 4,744 | |
Beginning Balance, Shares at May. 31, 2014 | 62,500 | ||||
Common shares issued for cash at $0.01, Amount | $ 32 | 25,768 | 25,800 | ||
Common shares issued for cash at $0.01, Shares | 32,250 | ||||
Net Loss | (12,495) | (12,495) | |||
Ending Balance, Amount at May. 31, 2015 | $ 95 | 30,705 | (12,751) | 18,049 | |
Ending Balance, Shares at May. 31, 2015 | 94,750 | ||||
Forgiveness of debt | 3,264 | 3,264 | |||
Net Loss | (24,756) | (24,756) | |||
Ending Balance, Amount at May. 31, 2016 | $ 95 | $ 33,969 | $ (37,507) | $ (3,443) | |
Ending Balance, Shares at May. 31, 2016 | 94,750 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (24,756) | $ (12,495) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 160 | 120 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (3,333) | |
Accounts payable | 2,296 | |
Due to related party | 5,000 | |
Net Cash Used in Operating Activities | (20,633) | (12,375) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (800) | |
Net Cash Used in Investing Activities | (800) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Sale of common stock | 25,800 | |
Loans from Shareholder | (3,592) | 5,600 |
Net Cash Provided by (Used in) Financing Activities | (3,592) | 31,400 |
Net increase (decrease) in cash and cash equivalents | (24,225) | 18,225 |
Cash and cash equivalents, beginning of period | 24,225 | 6,000 |
Cash and cash equivalents, end of period | 24,225 | |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash Financing Activities: | ||
Forgiveness of debt | $ 3,264 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
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 May 31, 2016 the Company has generated $1,560 in revenue and has accumulated losses of $37,507. 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 May 31, 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 Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during as at May 31, 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 In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement Period Adjustments." Changes to the accounting for measurement-period adjustments relate to business combinations. Currently, an acquiring entity is required to retrospectively adjust the balance sheet amounts of the acquiree recognized at the acquisition date with a corresponding adjustment to goodwill as a result of changes made to the balance sheet amounts of the acquiree. The measurement period is the period after the acquisition date during which the acquirer may adjust the balance sheet amounts recognized for a business combination (generally up to one year from the date of acquisition). The changes eliminate the requirement to make such retrospective adjustments, and, instead require the acquiring entity to record these adjustments in the reporting period they are determined. The new standard is effective for both public and private companies for periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting this guidance. There have been three new ASUs issued amending certain aspects of ASU 2014-09. ASU 2016-08 "Principal versus Agent Considerations (Reporting Revenue Gross Versus Net)," was issued in March, 2016 to clarify certain aspects of the principal versus agent guidance in ASU 2014-09. In addition, ASU 2016-10 "Identifying Performance Obligations and Licensing" issued in April 2016, amends other sections of ASU 2014-09 including clarifying guidance related to identifying performance obligations and licensing implementation. Finally, ASU 2016-12, "Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients" provides amendments and practical expedients to the guidance in ASU 2014-09 in the areas of assessing collectability, presentation of sales taxes received from customers, noncash consideration, contract modification and clarification of using the full retrospective approach to adopt ASU 2014-09. The Company is currently evaluating the impact of adopting this guidance. 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 May 31, 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. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 2. 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. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 3. COMMON STOCK | The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. 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 Company's Articles of Incorporation: An 80:1 reverse split of the Company's 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 affected by the Reverse Split. For the period from February 26, 2015 to April 24, 2015, the Company issued 32,250 shares of its common stock at $0.01 per share for total proceeds of $25,800. As of May 31, 2016 and 2015, the Company had 94,750 shares issued and outstanding, respectively. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 4. PREFERRED STOCK | The Company has 10,000,000 shares of blank check preferred stock authorized 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 Company's 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 Company's common stock, with the exception that (i) each share of Series A PS is entitled to 2 votes on all matters submitted to the Company's shareholders for a vote; and (ii) the Series A PS shall convert, on a share for share basis, into shares of the Company's 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 Company's 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 TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 5. RELATED PARTY TRANSACTIONS | During the period ended May 31, 2016, the former 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. On May 18, 2016, $3,592 was repaid to a former Director and on April 4, 2016 $3,264 was forgiven by the former Director, which was written off and recorded as additional paid in capital. As of May 31, 2016 and 2015, loan from shareholder was $0 and $6,856, respectively. During the period ended May 31, 2016, legal fees of $5,000 was paid by the chairman and recorded as due to related party. As of May 31, 2016 and 2015, the balance due to related party was $5,000 and $0, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 6. INCOME TAXES | As of May 31, 2016, the Company had net operating loss carry forwards of approximately $37,507 that may be available to reduce future years' taxable income in varying amounts through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following: May 31, 2016 May 31, 2015 Federal income tax benefit attributable to: Current Operations $ 3,713 $ 1,874 Less: valuation allowance (3,713 ) (1,874 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 15% of significant items comprising our net deferred tax amount is as follows: May 31, 2016 May 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 5,625 $ 1,912 Less: valuation allowance (5,625 ) (1,912 ) Net deferred tax asset $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $37,507 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 7. SUBSEQUENT EVENTS | The Company has evaluated subsequent events from May 31, 2016 to the date the financial statements were issued and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
May 31, 2016 | |
Summary Of Significant Accounting Policies 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 May 31, 2016 the Company has generated $1,560 in revenue and has accumulated losses of $37,507. |
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 May 31, 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 Company's policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during as at May 31, 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 | In March 2016, the FASB issued ASU 2016-09, "Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the impact of adopting this guidance. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company is currently evaluating the impact of adopting this guidance. In September 2015, the FASB issued ASU 2015-16, "Simplifying the Accounting for Measurement Period Adjustments." Changes to the accounting for measurement-period adjustments relate to business combinations. Currently, an acquiring entity is required to retrospectively adjust the balance sheet amounts of the acquiree recognized at the acquisition date with a corresponding adjustment to goodwill as a result of changes made to the balance sheet amounts of the acquiree. The measurement period is the period after the acquisition date during which the acquirer may adjust the balance sheet amounts recognized for a business combination (generally up to one year from the date of acquisition). The changes eliminate the requirement to make such retrospective adjustments, and, instead require the acquiring entity to record these adjustments in the reporting period they are determined. The new standard is effective for both public and private companies for periods beginning after December 15, 2015. The Company is currently evaluating the impact of adopting this guidance. There have been three new ASUs issued amending certain aspects of ASU 2014-09. ASU 2016-08 "Principal versus Agent Considerations (Reporting Revenue Gross Versus Net)," was issued in March, 2016 to clarify certain aspects of the principal versus agent guidance in ASU 2014-09. In addition, ASU 2016-10 "Identifying Performance Obligations and Licensing" issued in April 2016, amends other sections of ASU 2014-09 including clarifying guidance related to identifying performance obligations and licensing implementation. Finally, ASU 2016-12, "Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients" provides amendments and practical expedients to the guidance in ASU 2014-09 in the areas of assessing collectability, presentation of sales taxes received from customers, noncash consideration, contract modification and clarification of using the full retrospective approach to adopt ASU 2014-09. The Company is currently evaluating the impact of adopting this guidance. |
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 May 31, 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
May 31, 2016 | |
Income Taxes Tables | |
Provision for federal income tax | The provision for Federal income tax consists of the following: May 31, 2016 May 31, 2015 Federal income tax benefit attributable to: Current Operations $ 3,713 $ 1,874 Less: valuation allowance (3,713 ) (1,874 ) Net provision for Federal income taxes $ - $ - |
Summary of net deferred tax | The cumulative tax effect at the expected rate of 15% of significant items comprising our net deferred tax amount is as follows: May 31, 2016 May 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 5,625 $ 1,912 Less: valuation allowance (5,625 ) (1,912 ) Net deferred tax asset $ - $ - |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | 29 Months Ended | |
May 31, 2016 | May 31, 2015 | May 31, 2016 | |
Summary Of Significant Accounting Policies Details Narrative | |||
Revenue | $ 1,560 | $ 1,560 | |
Accumulated deficit | (37,507) | $ (12,751) | $ (37,507) |
Advertising expense | $ 0 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | May 31, 2016 | May 31, 2015 |
Common Stock Details Narrative | ||
Common stock, par value | $ 0.001 | $ 0.001 |
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 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | May 31, 2016 | May 31, 2015 |
Preferred Stock Details Narrative | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Related Party Transactions Details Narrative | ||
Loan from Shareholder | $ 6,856 | |
Due to related parties | 5,000 | |
Legal fees paid by chairman | 5,000 | |
Loan from former director | $ 6,856 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
May 31, 2016 | May 31, 2015 | |
Federal income tax benefit attributable to: | ||
Current Operations | $ 3,713 | $ 1,874 |
Less: valuation allowance | (3,713) | (1,874) |
Net provision for Federal income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | May 31, 2016 | May 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 5,625 | $ 1,912 |
Less: valuation allowance | (5,625) | (1,912) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | May 31, 2016USD ($) |
Income Taxes Details Narrative | |
Net operating loss carry forwards | $ 37,507 |