Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Nov. 30, 2016 | Jan. 17, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | GRIPEVINE INC. | |
Entity Central Index Key | 1,609,988 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding | 120,000,000 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets - USD ($) | Nov. 30, 2016 | Feb. 29, 2016 |
Current assets | ||
Cash | $ 8 | $ 15,473 |
Total current assets | 8 | 15,473 |
Total assets | 8 | 15,473 |
Current liabilities | ||
Accrued liabilities | 4,146 | 341 |
Total current liabilities | 4,146 | 341 |
Total liabilities | 4,146 | 341 |
STOCKHOLDERS’ (DEFICIENCY) EQUITY | ||
Preferred stock: $0.001 par value, 20,000,000 authorized and none issued as of November 30, 2016 and February 29, 2016 [Note 3] | ||
Common stock: $0.001 par value, 300,000,000 authorized, 120,000,000 issued and outstanding as of November 30, 2016 and February 29, 2016 respectively [Note 3] | 120,000 | 120,000 |
Additional paid-in capital | (50,000) | (50,000) |
Accumulated other comprehensive income | (205) | (205) |
Deficit accumulated | (73,933) | (54,663) |
Total stockholders’ (deficiency) equity | (4,138) | 15,132 |
Total liabilities and stockholders’ (deficiency) equity | $ 8 | $ 15,473 |
Interim Condensed Consolidated3
Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2016 | Feb. 29, 2016 |
Balance Sheets Parenthetical | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 120,000,000 | 120,000,000 |
Common stock, shares outstanding | 120,000,000 | 120,000,000 |
Interim Condensed Consolidated4
Interim Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Expenses | ||||
General and administrative | $ 1,795 | $ 1,189 | $ 7,483 | $ 4,502 |
Professional fees | 2,075 | 1,453 | 11,787 | 20,231 |
Net loss | (3,870) | (2,642) | 19,270 | 24,733 |
Other Comprehensive Loss | ||||
Foreign exchange translation adjustment | 220 | 220 | ||
Net Comprehensive Loss | $ (3,870) | $ (2,862) | $ (19,270) | $ (24,953) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares outstanding – basic and diluted | 120,000,000 | 120,000,000 | 120,000,000 | 120,000,000 |
Interim Condensed Consolidated5
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2016 | Nov. 30, 2015 | Nov. 30, 2016 | Nov. 30, 2015 | |
Cash flows from operating activities | ||||
Net loss | $ 3,870 | $ 2,642 | $ (19,270) | $ (24,733) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Foreign exchange translation adjustment | (220) | (220) | ||
Change in operating assets and liabilities | ||||
Accrued liabilities | 3,805 | (1,325) | ||
Net cash used in operating activities | (15,465) | (26,278) | ||
Change in cash | (15,465) | (26,278) | ||
Cash, beginning of period | 15,473 | 44,643 | ||
Cash, end of period | $ 8 | $ 18,365 | 8 | 18,365 |
Supplemental cash flow disclosures | ||||
Cash paid for Interest | ||||
Cash paid for Income tax |
Nature and Continuance of Opera
Nature and Continuance of Operations | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 1 - Nature and Continuance of Operations | Gripevine Inc. (formerly Baixo Relocation Services, Inc. (the "Company") was incorporated in the state of Nevada on January 7, 2014 ("Inception"). The Company operates as a relocation service provider for clients moving to the State of Goa, India. The Company's corporate headquarters are located in Baixo, India and its fiscal year-end is February end. Effective October 3, 2016, Rosy Rodrigues, the majority shareholder, sole executive officer and member of the Board of Directors of the Company entered into certain stock purchase agreements with certain investors. In accordance with the terms and provisions of the Stock Purchase Agreements, Rodrigues sold and transferred at a per share price of $0.037 the control block of the Company consisting of 5,000,000 shares of restricted common stock and representing approximately 62.5% of the total issued and outstanding shares of common stock. This has resulted in a change of control. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 2 - Basis of Presentation | Unaudited interim consolidated financial statements The unaudited interim consolidated financial statements include the accounts of Baixo Relocation Services, Inc. and its wholly-owned Indian subsidiary, Baixo Relocation Services Private Limited. All significant intercompany balances and transactions have been eliminated upon consolidation. During the period ended November 30, 2016, the Company dissolved its wholly-owned subsidiary and therefore the balance sheet as at November 30, 2016 represents only the assets and liabilities of the Company. There were no significant transactions or balances in the subsidiary. The accompanying unaudited consolidated interim financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They may not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the consolidated financial statements for the year ended February 29, 2016 included in the Companys annual report on Form 10-K filed with the Securities and Exchange Commission. These interim unaudited consolidated financial statements should be read in conjunction with those consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three and nine months ended November 30, 2016 are not necessarily indicative of the results that may be expected for the year ending February 28, 2017. |
Capital Stock
Capital Stock | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 3 - Capital Stock | On October 31, 2016, the Board of Directors of the Company authorized an increase in the Company's shares of common stock to three hundred million (300,000,000) shares with par value remaining at $0.001 and creation of twenty million (20,000,000) shares of preferred stock, par value $0.001. On November 4, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State increasing its authorized capital to 300,000,000 shares of common stock, par value $0.001, and 20,000,000 shares of preferred stock, par value $0.001 (the Amendment). The Amendment was effective with the Nevada Secretary of State on November 4, 2016 when the Certificate of Amendment was filed. The Amendment was approved by the Board of Directors pursuant to written consent resolutions dated October 31, 2016 and further approved by the shareholders holding a majority of the total issued and outstanding shares of common stock of the Company pursuant to written consent resolutions dated October 31, 2016. At November 30, 2016, there were 120,000,000 shares of common stock issued and outstanding (at February 29, 2016: 120,000,000 shares of common stock issued and outstanding). At November 30, 2016, there were no issued and outstanding preferred stock, stock options or warrants. |
Going Concern
Going Concern | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 4 - Going Concern | These consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $73,933 as at November 30, 2016 ($54,663 as at February 29, 2016) and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. In addition to operational expenses, as the Company executes its business plan, it is incurring expenses related to complying with its public reporting requirements. In order to remain in business, the Company will need to raise capital in the next twelve months. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 5 - Recently Issued Accounting Pronouncements | The Company adopted the accounting pronouncement issued by the Financial Accounting Standards Board ("FASB") to update guidance on how companies account for certain aspects of share-based payments to employees. This pronouncement is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. This guidance requires all income tax effects of awards to be recognized in the income statement when the awards vest or are settled and changes the presentation of excess tax benefits on the statement of cash flows. The Company adopted these provisions on a prospective basis. In addition, this pronouncement changes guidance on: (a) accounting for forfeitures of share-based awards and (b) employers accounting for an employees use of shares to satisfy the employers statutory income tax withholding obligation. The adoption of this pronouncement did not have a material impact on the consolidated financial position and/or results of operations. In February 2016, an accounting pronouncement was issued by the FASB to replace existing lease accounting guidance. This pronouncement is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet for most leases. Expenses associated with leases will continue to be recognized in a manner similar to current accounting guidance. This pronouncement is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. The adoption is required to be applied on a modified retrospective basis for each prior reporting period presented. The Company has not yet determined the effect that the adoption of this pronouncement may have on the consolidated financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB which eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Instead, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The adoption of this pronouncement did not have a material impact on the consolidated financial position and/or results of operations. On January 1, 2016, the Company adopted the accounting pronouncement issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. The Company adopted this pronouncement on a retrospective basis, and the adoption did not have a material impact on the consolidated financial position and/or results of operations. In November 2015, an accounting pronouncement was issued by the FASB to simplify the presentation of deferred income taxes within the balance sheet. This pronouncement eliminates the requirement that deferred tax assets and liabilities are presented as current or noncurrent based on the nature of the underlying assets and liabilities. Instead, the pronouncement requires all deferred tax assets and liabilities, including valuation allowances, be classified as noncurrent. This pronouncement is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company intends to adopt this pronouncement on January 1, 2017, and the adoption will not have a material impact on the consolidated financial position and/or results of operations. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Nov. 30, 2016 | |
Notes to Financial Statements | |
Note 6 - Subsequent Events | The Companys management has evaluated subsequent event up to January 17, 2017, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent event: On December 9, 2016, the Board of Directors and the holders of a majority of the shares of common stock approved a forward split of such shares by a ratio of fifteen for one (15:1) (the Forward Split) and a change in the name of the Company to Gripevine Inc. (the Name Change). The Company filed the certificate of amendment (the Certificate) to its articles of incorporation with the State of Nevada effectuating the Name Change and the Forward Split on December 22, 2016. The Forward Split and Name Change became effective on the OTC Bulletin Board on January 5, 2017 based upon the filing of appropriate documentation with the Financial Industry Regulatory Authority, Inc (FINRA). As a result of the Forward Split, our total issued and outstanding shares of common stock increased from approximately 8,000,000 shares to 120,000,000 shares of common stock. On January 13, 2017, the Board of Directors of Gripevine Inc. authorized the execution of those certain share purchase warrant nos. 1 through 27 dated effective December 1, 2016 (collectively, the Share Purchase Warrants) with certain shareholders of the Company. The terms and provisions of the Share Purchase Warrants provide for the issuance of an aggregate 13,162,500 warrants (the Warrants). The Warrants are exercisable into 13,162,500 shares of the Companys restricted common stock for a period of three years commencing December 1, 2016 and expiring December 1, 2019 at an exercise price of $0.40 per share. |
Nature and Continuance of Ope12
Nature and Continuance of Operations (Details Narrative) - $ / shares | 9 Months Ended | |
Nov. 30, 2016 | Oct. 03, 2016 | |
Nature And Continuance Of Operations Details Narrative | ||
Entity incorporation state name | Nevada | |
Entity incorporate date | Jan. 7, 2014 | |
Restricted common stock issued and outstanding percentage | 62.50% | |
Restricted common stock | 5,000,000 | |
Stock Purchase agreement per share | $ 0.037 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Nov. 30, 2016 | Nov. 04, 2016 | Oct. 31, 2016 | Feb. 29, 2016 |
Capital Stock Details | ||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock, shares issued | 120,000,000 | 120,000,000 | ||
Common stock, shares outstanding | 120,000,000 | 120,000,000 | ||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Nov. 30, 2016 | Feb. 29, 2016 |
Going Concern Details | ||
Accumulated deficit | $ 73,933 | $ 54,663 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | Dec. 09, 2016 | Jan. 05, 2017 | Nov. 30, 2016 | Nov. 04, 2016 | Oct. 31, 2016 | Oct. 03, 2016 | Feb. 29, 2016 | Jan. 13, 2016 |
Common stock per share | $ 0.037 | |||||||
Common stock shares | 5,000,000 | |||||||
Restricted common stock issued and outstanding percentage | 62.50% | |||||||
Forward split | On December 9, 2016, the Board of Directors and the holders of a majority of the shares of common stock approved a forward split of such shares by a ratio of fifteen for one (15:1) (the Forward Split) and a change in our name to Gripevine Inc. (the Name Change). | |||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Warrants issued | 13,162,500 | |||||||
Exercise price | $ 0.40 | |||||||
Subsequent Event [Member] | ||||||||
Common stock shares issued at start | 8,000,000 | |||||||
Increase number of shares issued | 120,000,000 | |||||||
Common stock shares outstanding at start | 8,000,000 | |||||||
Increase number of shares outstanding | 120,000,000 | |||||||
Common stock, par value | $ 0.001 |