Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Aug. 31, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Gripevine Inc. | |
Document Type | 10-K | |
Document Period End Date | Feb. 29, 2016 | |
Amendment Flag | false | |
Entity Central Index Key | 1,609,988 | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock, Shares Outstanding | 8,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Entity Public Float | $ 120,000 | |
Trading Symbol | baixo |
Balance Sheets
Balance Sheets - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Current assets | ||
Cash | $ 15,473 | $ 44,643 |
Total current assets | 15,473 | 44,643 |
Total assets | 15,473 | 44,643 |
Current liabilities | ||
Accounts payable and accrued liabilities | 341 | 1,666 |
Total current liabilities | 341 | 1,666 |
Total liabilities | 341 | 1,666 |
Stockholders' equity | ||
Common stock value | 8,000 | 8,000 |
Additional paid-in capital | 62,000 | 62,000 |
Accumulated other comprehensive income | (205) | |
Deficit accumulated | (54,663) | (27,023) |
Total stockholders' equity | 15,132 | 42,977 |
Total liabilities and stockholders' equity | $ 15,473 | $ 44,643 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Feb. 29, 2016 | Feb. 28, 2015 |
Balance Sheet Related Disclosures [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 8,000,000 | 8,000,000 |
Common stock, shares outstanding | 8,000,000 | 8,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Income Statement [Abstract] | ||
Revenue | ||
Expenses | ||
General and administrative | 5,893 | 15,898 |
Professional fees | 21,747 | 10,500 |
Total expenses | 27,640 | 26,398 |
Net loss | (27,640) | (26,398) |
Foreign exchange translation adjustment | (205) | |
Total comprehensive loss | $ (27,845) | $ (26,398) |
Net loss per share - basic and diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding - basic and diluted | 8,000,000 | 5,667,582 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common stock | Additional paid-in capital {1} | Accumulated deficit | Total |
Beginning Balance, shares at Feb. 28, 2014 | 5,000,000 | |||
Beginning Balance, amount at Feb. 28, 2014 | $ 5,000 | $ 20,000 | $ (625) | $ 24,375 |
Common stock issued for cash, shares | 3,000,000 | 3,000,000 | ||
Common stock issued for cash, value | $ 3,000 | 42,000 | $ 45,000 | |
Net loss for the period | (26,398) | (26,398) | ||
Ending Balance, shares at Feb. 28, 2015 | 8,000,000 | |||
Ending Balance, amount at Feb. 28, 2015 | $ 8,000 | 62,000 | (27,023) | 42,977 |
Other comprehensive income (loss) | (205) | (205) | ||
Net loss for the period | (27,640) | (27,640) | ||
Ending Balance, shares at Feb. 29, 2016 | 8,000,000 | |||
Ending Balance, amount at Feb. 29, 2016 | $ 8,000 | $ 62,000 | $ (54,868) | $ 15,132 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 2 Months Ended | 12 Months Ended | |
Feb. 28, 2014 | Feb. 29, 2016 | Feb. 28, 2015 | |
Cash flows from operating activities | |||
Net loss | $ (625) | $ (27,640) | $ (26,398) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Foreign exchange translation adjustment | (205) | ||
Change in operating assets and liabilities | |||
Increase (decrease) in accounts payable and accrued liabilities | (1,325) | 1,041 | |
Net cash used in operating activities | (29,170) | (25,357) | |
Cash flows from financing activities | |||
Proceeds from issuance of common stock | 45,000 | ||
Net cash provided by (used in) financing activities | 45,000 | ||
Net increase (decrease) in cash | (29,170) | 19,643 | |
Cash, beginning of period | 44,643 | 25,000 | |
Cash, end of period | $ 25,000 | 15,473 | 44,643 |
Supplemental disclosures of cash flow information: | |||
Cash paid for Interest | |||
Cash paid for Income tax |
Nature and Continuance of Opera
Nature and Continuance of Operations | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Nature and Continuance of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS 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 28. |
Going Concern
Going Concern | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Going Concern | 2. 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 a loss since inception resulting in an accumulated deficit of $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. Management intends to finance operating costs over the next twelve months with existing cash on hand and proceeds from its public offering. The Company has no written or verbal commitments from stockholders, director or officer to provide the Company with any form of cash advances, loans or other sources of liquidity to meet its working capital needs. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has elected February 28, year-end. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period presented have been reflected herein. Use of Estimates and Assumptions The preparation of consolidated 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 of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash and cash equivalent balances at one financial institution that is insured by the FDIC. As at February 29, 2016, the Company had $15,473 in cash. Fair Value of Financial Instruments The carrying amount reported in the consolidated balance sheet for cash and cash equivalents, accounts payable, and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company does not utilize derivative instruments. Foreign Currency Translation The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Intellectual Properties The Company has adopted the provisions of ASC 350-50, Website Development Costs. Costs incurred in the planning stage of a website are expensed as research and development while costs incurred in the development stage are capitalized and amortized over the life of the asset, estimated to be five years. Expenses subsequent to the launch will be expensed as research and development expenses. The Company will expense upgrades and revisions to its website as incurred. The Company has incurred no costs for research and development. Once the Companys website is fully operational, this asset will be amortized over a sixty month period. Revenue The Company's revenues will be derived principally by the sale of its services. The Company has generated no revenues to date. The Company recognizes revenue when it is realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. Basic and Diluted Loss per Share 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 including stock options and warrants using the treasury method. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income or expense during the period that includes the date of enactment or substantive enactment. At February 29, 2016 a full deferred tax asset valuation allowance has been provided and no deferred tax asset benefit has been recorded. Recently Adopted and Recently Enacted Accounting Pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and believes that none of them will have a material impact on the Companys consolidated financial statements. |
Capital Stock Disclosure
Capital Stock Disclosure | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Capital Stock Disclosure | 4. CAPITAL STOCK The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of $0.001 per share. During the period ended February 28, 2014, the Company issued 5,000,000 shares of common stock for total cash proceeds of $25,000 to the Company's director. The Company became a reporting company on September 4, 2014 and offered a total of 3,000,000 shares of Companys common stock on a "self-underwritten" basis at a fixed price of $0.015 per share. On December 9, 2014, the Company completed its offering of a total of 3,000,000 shares of Companys common stock on a "self-underwritten" basis at a fixed price of $0.015 per share, for total proceeds of $45,000. At February 29, 2016, there were no issued and outstanding stock options or warrants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Related Party Transactions | 5. RELATED PARTY TRANSACTIONS The Company neither owns nor leases any real or personal property. Ms. Rosy Rodrigues, officer and director of the Company, is currently providing the Company with use of office space and services at no charge. The Companys officer and director is involved in other business activities and may face a conflict in selecting between the Company and her other business interests. The Company has adopted a Code of Business Conduct and Ethics. The officer and director of the Company will not be paid for any underwriting services that she will form on behalf of the Company with respect to the Company's public offering. |
Income Taxes Disclosure
Income Taxes Disclosure | 12 Months Ended |
Feb. 29, 2016 | |
Disclosure Text Block [Abstract] | |
Income Taxes Disclosure | 6. INCOME TAXES As of February 29, 2016, the Company had net operating loss carry forwards of approximately $54,663 that may be available to reduce future years' taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these consolidated financial statements, as their realization is determined not likely to occur in compliance with the liability method of accounting for income taxes and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The components of the deferred tax asset, the statutory tax rate, the effective tax rate and the elected amount of the valuation allowance are indicated below: For the Year Ended February 29, 2016 For the Year Ended February 28, 2015 Operating loss $ 27,640 $ 26,398 Statutory tax rate 34% 34% Refundable federal income tax attributable to current operations 9,398 8,975 Change in valuation allowance (9,398) (8,975) Net refundable amount $ -- $ -- The cumulative tax effect at the expected rate of 34% of significant items comprising the net deferred tax amount is: February 29, 2016 February 28, 2015 Deferred tax asset attributed to: Net operating loss $ 18,585 $ 9,188 Less, valuation allowance (18,585) (9,188) Net deferred tax assets $ -- $ -- The Company has provided a valuation allowance against its deferred tax assets given that it is in the exploration stage and there is substantial uncertainty as to the Companys ability to realize future tax benefits through utilization of operating loss carry forwards. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has elected February 28, year-end. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period presented have been reflected herein. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies: Use of Estimates and Assumptions (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of consolidated 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 of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Cash and Cash Equivalents Policy | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash and cash equivalent balances at one financial institution that is insured by the FDIC. As at February 29, 2016, the Company had $15,473 in cash. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies: Fair Value of Financial Instruments Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Fair Value of Financial Instruments Policy | Fair Value of Financial Instruments The carrying amount reported in the consolidated balance sheet for cash and cash equivalents, accounts payable, and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company does not utilize derivative instruments. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies: Foreign Currency Translation Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Foreign Currency Translation Policy | Foreign Currency Translation The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies: Intellectual Properties policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Intellectual Properties policy | Intellectual Properties The Company has adopted the provisions of ASC 350-50, Website Development Costs. Costs incurred in the planning stage of a website are expensed as research and development while costs incurred in the development stage are capitalized and amortized over the life of the asset, estimated to be five years. Expenses subsequent to the launch will be expensed as research and development expenses. The Company will expense upgrades and revisions to its website as incurred. The Company has incurred no costs for research and development. Once the Companys website is fully operational, this asset will be amortized over a sixty month period. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies: Revenue Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Revenue Policy | Revenue The Company's revenues will be derived principally by the sale of its services. The Company has generated no revenues to date. The Company recognizes revenue when it is realized or realizable and earned less estimated future doubtful accounts. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement that the services have been rendered to the customer, the sales price is fixed or determinable, and collectability is reasonably assured. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies: Basic and Diluted Loss Per Share Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Basic and Diluted Loss Per Share Policy | Basic and Diluted Loss per Share 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 including stock options and warrants using the treasury method. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Income Taxes Policy | Income Taxes The Company follows the liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax balances. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income or expense during the period that includes the date of enactment or substantive enactment. At February 29, 2016 a full deferred tax asset valuation allowance has been provided and no deferred tax asset benefit has been recorded. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies: Recently Adopted and Recently Enacted Accounting Pronouncements (Policies) | 12 Months Ended |
Feb. 29, 2016 | |
Policy Text Block [Abstract] | |
Recently Adopted and Recently Enacted Accounting Pronouncements | Recently Adopted and Recently Enacted Accounting Pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and believes that none of them will have a material impact on the Companys consolidated financial statements. |
Income Taxes Disclosure_ Schedu
Income Taxes Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Table Text Block Supplement [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | For the Year Ended February 29, 2016 For the Year Ended February 28, 2015 Operating loss $ 27,640 $ 26,398 Statutory tax rate 34% 34% Refundable federal income tax attributable to current operations 9,398 8,975 Change in valuation allowance (9,398) (8,975) Net refundable amount $ -- $ -- |
Income Taxes Disclosure_ Sche24
Income Taxes Disclosure: Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Feb. 29, 2016 | |
Table Text Block Supplement [Abstract] | |
Schedule of Deferred Tax Assets | February 29, 2016 February 28, 2015 Deferred tax asset attributed to: Net operating loss $ 18,585 $ 9,188 Less, valuation allowance (18,585) (9,188) Net deferred tax assets $ -- $ -- |
Going Concern (Details)
Going Concern (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Text Block [Abstract] | ||
Accumulated deficit | $ 54,663 | $ 27,023 |
Capital Stock Disclosure (Detai
Capital Stock Disclosure (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |
Feb. 28, 2014 | Feb. 28, 2015 | Feb. 29, 2016 | |
Text Block [Abstract] | |||
Common shares authorized that may be issued | 75,000,000 | 75,000,000 | |
Par value per common share | $ 0.001 | $ 0.001 | |
Common stock issued for cash | 5,000,000 | 3,000,000 | |
Proceeds from issuance of common stock | $ 25,000 | $ 45,000 |
Income Taxes Disclosure (Detail
Income Taxes Disclosure (Details) | Feb. 29, 2016USD ($) |
Text Block [Abstract] | |
Net operating loss carry forwards | $ 54,663 |
Income Taxes Disclosure_ Sche28
Income Taxes Disclosure: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | |
Text Block [Abstract] | ||
Operating loss | $ 27,640 | $ 26,398 |
Statutory tax rate | 34.00% | 34.00% |
Refundable federal income tax attributable to current operations | $ 9,398 | $ 8,975 |
Change in valuation allowance | $ (9,398) | $ (8,975) |
Income Taxes Disclosure_ Sche29
Income Taxes Disclosure: Schedule of Deferred Tax Assets (Details) - USD ($) | Feb. 29, 2016 | Feb. 28, 2015 |
Text Block [Abstract] | ||
Deferred tax asset attributable to operating loss | $ 18,585 | $ 9,188 |
Less, valuation allowance | $ (18,585) | $ (9,188) |
Uncategorized Items - baixo-201
Label | Element | Value |
Common stock | ||
Common stock issued for cash, value | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 5,000 |
Common stock issued for cash, shares | us-gaap_StockIssuedDuringPeriodSharesNewIssues | 5,000,000 |
Additional paid-in capital {1} | ||
Common stock issued for cash, value | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 20,000 |
Accumulated deficit | ||
Net loss | us-gaap_NetIncomeLoss | $ (625) |