Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Feb. 28, 2017 | Apr. 12, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | WEI PAI ELECTRONIC COMMERCE CO., LTD. | |
Entity Central Index Key | 1,604,082 | |
Trading Symbol | wpec | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,950,000 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Feb. 28, 2017 | May 31, 2016 |
Current Assets | ||
Prepaid and other current assets | $ 3,333 | |
Total current assets | 3,333 | |
Non-current Assets | ||
Computer, net of accumulated depreciation of $400 and $280 | $ 400 | 520 |
Total non-current assets | 400 | 520 |
TOTAL ASSETS | 400 | 3,853 |
Current Liabilities | ||
Accounts payable | 2,583 | 2,296 |
Due to related parties | 31,796 | 5,000 |
Total Current Liabilities | 34,379 | 7,296 |
TOTAL LIABILITIES | 34,379 | 7,296 |
Stockholders' Deficit | ||
Preferred stock value | ||
Common stock: 75,000,000 authorized; $0.001 par value, 18,950,000 shares issued and outstanding | 18,950 | 18,950 |
Additional paid in capital | 15,114 | 15,114 |
Accumulated deficit | (68,043) | (37,507) |
Total Stockholders' Deficit | (33,979) | (3,443) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | 400 | 3,853 |
Series A Preferred Stock | ||
Stockholders' Deficit | ||
Preferred stock value |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Feb. 28, 2017 | May 31, 2016 |
Non-current Assets | ||
Accumulated depreciation | $ 400 | $ 280 |
Stockholders' Deficit | ||
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 | 18,950,000 | 18,950,000 |
Common stock, shares outstanding | 18,950,000 | 18,950,000 |
Series A Preferred Stock | ||
Stockholders' Deficit | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock, share outstanding | 0 | 0 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2017 | Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
Condensed Statements Of Operations | ||||
Revenues | ||||
Operating Expenses | ||||
General and administration | $ 6,505 | $ 5,507 | 30,536 | $ 9,847 |
Total operating expenses | 6,505 | 5,507 | 30,536 | 9,847 |
Net loss before taxes | (6,505) | (5,507) | (30,536) | (9,847) |
Net loss | $ (6,505) | $ (5,507) | $ (30,536) | $ (9,847) |
Loss per common share - Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic (in shares) | 18,950,000 | 18,950,000 | 18,950,000 | 18,950,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2017 | Feb. 29, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (5,507) | $ (30,536) | $ (9,847) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation | 120 | 80 | |
Changes in operating assets and liabilities: | |||
Prepaid expenses | 3,333 | (8,333) | |
Accounts payable | 287 | 100 | |
Net Cash Used in Operating Activities | (26,796) | (18,000) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Due to related party | 26,796 | ||
Net Cash Provided by Financing Activities | 26,796 | ||
Net increase (decrease) in cash and cash equivalents | (18,000) | ||
Cash and cash equivalents, beginning of period | 24,225 | ||
Cash and cash equivalents, end of period | $ 6,225 | 6,225 | |
Supplemental cash flow information | |||
Cash paid for interest | |||
Cash paid for taxes |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Feb. 28, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business WEI PAI ELECTRONIC COMMERCE CO., LTD. ("the Company") was incorporated under the laws of the State of Nevada, U.S. on January 14, 2014. Effective on March 16, 2017, the Company changed its name from " PETRICHOR CORP.," to " WEI PAI ELECTRONIC COMMERCE CO., LTD." 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 | 9 Months Ended |
Feb. 28, 2017 | |
Statement of Financial Position [Abstract] | |
CONDENSED 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 February 28, 2017, 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 Company’s May 31, 2016 audited financial statements. The results of operations for the nine months ended February 28, 2017 are not necessarily indicative of the operating results for the full year. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Feb. 28, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | 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. These conditions raise substantial doubt about the company’s ability to continue as a going concern. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Feb. 28, 2017 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 4 – COMMON STOCK The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. Effective on March 16, 2017, the Company amended its Certificate of Incorporation, as amended, to effectuate a 200 for 1 forward stock split of its issued and outstanding shares of common stock. All relevant information relating to numbers of shares and per share information have been retrospectively adjusted to reflect the reverse stock split for all periods presented. As of February 28, 2017, the Company had 18,950,000 shares issued and outstanding. |
PREFERRED STOCK
PREFERRED STOCK | 9 Months Ended |
Feb. 28, 2017 | |
Preferred Stock [Abstract] | |
PREFERRED STOCK | 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 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[SV1] , 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 | 9 Months Ended |
Feb. 28, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS During the nine months ended February 28, 2017, operating expense of $26,796 was paid by related party and recorded as due to related party. As of February 28, 2017 and May 31, 2016, the balance due to related party was $31,796 and $5,000, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Feb. 28, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with ASC 855-10, The Company has evaluated subsequent events from February 28, 2017 to the date the financial statements were issued and has determined that to the following actions should be disclosed: On March 10, 2017, as a result of a private transaction, the control block of voting stock of this company, represented by 65,000 shares of common stock (the “Shares”), was transferred from Chun-Hao Chang to Hao Fa Chang, and a change of control of the Company+ occurred. The consideration paid for the Shares, which represent 69% of the issued and outstanding share capital of the Company on a fully-diluted basis, was $200,000. The source of the cash consideration for the Shares was personal funds of Hao Fa Chung. In connection with the transaction, Chun-Hao Chang released the Company from all accounts payable and loans due to related parties of $31,796. Upon the change of control of the Company, the existing directors and officer resigned immediately. Accordingly, Chun-Hao Chang, serving as a director and as an officer, ceased to be the Company’s Chief Executive Officer. Also, Mei-Chun Lin, serving as a director and as an officer, ceased to be the Company’s Principal Accounting Officer. At the effective date of the transfer, Hao Fa Chang assumed the role as Chairman of the Board of Directors and President, Chief Executive Officer, Principal Officer, and Treasurer of the Company. The Company amended its Articles of Incorporation with the State of Nevada in order to (i) change its name to Wei Pai Electronic Commerce Co. Ltd., (ii) effectuate a 200 for 1 forward stock split and change the authorized shares of common stock to 75,000,000 (the “Amendment”). The financials and footnotes for all share and per share amounts reflect the split on a retroactive basis as if the split was occurred on the first day of the first period presented. The board of directors of the Company approved the Amendments on March 14, 2017. The shareholders of the Company approved of the Amendment by written consent on March 14, 2017. The Amendment became effective on March 16, 2017. We are awaiting final approval from FINRA. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Feb. 28, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Organization and Description of Business | Organization and Description of Business WEI PAI ELECTRONIC COMMERCE CO., LTD. ("the Company") was incorporated under the laws of the State of Nevada, U.S. on January 14, 2014. Effective on March 16, 2017, the Company changed its name from " PETRICHOR CORP.," to " WEI PAI ELECTRONIC COMMERCE CO., LTD." |
Accounting Basis | 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 | 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 | 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) | 9 Months Ended |
Feb. 28, 2017USD ($) | |
Accounting Policies [Abstract] | |
State Country Name | State of Nevada |
Date of Incorporation | Jan. 14, 2014 |
Revenues |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | 1 Months Ended | ||
Mar. 16, 2017 | Feb. 28, 2017 | May 31, 2016 | |
Subsequent Event [Line Items] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 75,000,000 | 75,000,000 | |
Common stock, shares issued | 18,950,000 | 18,950,000 | |
Common stock, shares outstanding | 18,950,000 | 18,950,000 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock forward stock split | 200 for 1 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - $ / shares | 9 Months Ended | |
Feb. 28, 2017 | May 31, 2016 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Series A Preferred Stock | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 4,000,000 | 4,000,000 |
Preferred stock voting rights | 2 votes |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Feb. 28, 2017 | May 31, 2016 | |
Related Party Transactions Details Narrative | ||
Operating expense paid by related party | $ 26,796 | |
Due to related parties | $ 31,796 | $ 5,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Mar. 10, 2017 | Mar. 16, 2017 | Feb. 28, 2017 | May 31, 2016 |
Subsequent Event [Line Items] | ||||
Due to related parties | $ 31,796 | $ 5,000 | ||
Common stock shares authorized | 75,000,000 | 75,000,000 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock forward stock split | 200 for 1 | |||
Subsequent Event | Chun-Hao Chang | Hao Fa Chang | ||||
Subsequent Event [Line Items] | ||||
Common stock shares | 65,000 | |||
Percentage of issued and outstanding share capital | 69.00% | |||
Common stock value | $ 200,000 |