Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2016 | Oct. 04, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | PETRICHOR CORP. | |
Entity Central Index Key | 1,604,082 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 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 Common Stock, Shares Outstanding | 94,750 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Aug. 31, 2016 | May 31, 2016 |
Current Assets | ||
Prepaid and other current assets | $ 833 | $ 3,333 |
Total current assets | 833 | 3,333 |
Non-current Assets | ||
Computer, net of accumulated depreciation of $320 and $280 | 480 | 520 |
Total non-current assets | 480 | 520 |
TOTAL ASSETS | 1,313 | 3,853 |
Current Liabilities | ||
Accounts payable | 318 | 2,296 |
Due to related parties | 21,796 | 5,000 |
Total Current Liabilities | 22,114 | 7,296 |
TOTAL LIABILITIES | 22,114 | 7,296 |
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 | 33,969 |
Accumulated deficit | (54,865) | (37,507) |
Total Stockholders' Equity (Deficit) | (20,801) | (3,443) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 1,313 | $ 3,853 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Aug. 31, 2016 | May 31, 2016 |
Condensed Balance Sheets Parenthetical | ||
Accumulated depreciation | $ 320 | $ 280 |
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 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Condensed Statements Of Operations | ||
Revenues | ||
Operating Expenses | ||
General and administration | $ 17,358 | 4,340 |
Total operating expenses | 17,358 | 4,340 |
Net loss before taxes | (17,358) | (4,340) |
Net loss | $ (17,358) | $ (4,340) |
Loss per common share - Basic | $ (0.18) | $ (0.05) |
Weighted average number of common shares outstanding - Basic | 94,750 | 94,750 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (17,358) | $ (4,340) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 40 | 40 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 2,500 | |
Accounts payable | (1,978) | |
Due to related party | 16,796 | |
Net Cash Used in Operating Activities | (4,300) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net Cash Used in Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net Cash Provided by Financing Activities | ||
Net increase (decrease) in cash and cash equivalents | (4,300) | |
Cash and cash equivalents, beginning of period | 24,225 | |
Cash and cash equivalents, end of period | 19,925 | |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 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 August 31, 2016 the Company has generated $1,560 in revenue and has accumulated losses of $54,865. 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. 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. Recent accounting pronouncements Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
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 August 31, 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, 2016 audited financial statements. The results of operations for the three months ended August 31, 2016 are not necessarily indicative of the operating results for the full year. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
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. |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Note 4. COMMON STOCK | The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. As of August 31, 2016, the Company had 94,750 shares issued and outstanding. |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Note 5. 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 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 TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Note 6. RELATED PARTY TRANSACTIONS | During the period ended August 31, 2016, operating expense of $16,796 was paid by related party and recorded as due to related party. As of August 31, 2016 and May 31, 2016, the balance due to related party was $21,796 and $5,000, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
Note 7. SUBSEQUENT EVENTS | The Company has evaluated subsequent events from August 31, 2016 to the date the financial statements were issued and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 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 August 31, 2016 the Company has generated $1,560 in revenue and has accumulated losses of $54,865. |
Accounting Basis | The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America ("GAAP" accounting). The Company has adopted May 31 fiscal year end. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent accounting pronouncements | Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 32 Months Ended | |
Aug. 31, 2015 | Aug. 31, 2016 | May 31, 2016 | |
Summary Of Significant Accounting Policies Details Narrative | |||
Revenue | $ 1,560 | ||
Accumulated deficit | $ (54,865) | $ (37,507) |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Aug. 31, 2016 | May 31, 2016 |
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 | Aug. 31, 2016 | May 31, 2016 |
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 ($) | 3 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | May 31, 2016 | |
Related Party Transactions Details Narrative | |||
Due to related party | $ 16,796 | ||
Due to related parties | $ 21,796 | $ 5,000 |