Document and Entity Information
Document and Entity Information | 9 Months Ended |
Apr. 30, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | TRENDMAKER INC. LTD. |
Document Type | 10-Q |
Document Period End Date | Apr. 30, 2016 |
Trading Symbol | til |
Amendment Flag | false |
Entity Central Index Key | 1,613,685 |
Current Fiscal Year End Date | --07-31 |
Entity Common Stock, Shares Outstanding | 13,075,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q3 |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Aug. 21, 2013 |
Entity Information, Former Legal or Registered Name | Nuts and Bolts Publishing, LLC |
Entity Information, Date to Change Former Legal or Registered Name | Apr. 14, 2016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Apr. 30, 2016 | Jul. 31, 2015 | |
Assets, Current | |||
Cash | $ 5 | $ 8,491 | |
Property, Plant and Equipment, Net | 626 | ||
Assets | 5 | 9,117 | |
Liabilities, Current | |||
Accounts Payable, Current | 21,535 | 40,650 | |
Loans Payable, Current | 5,000 | 100 | |
Liabilities, Current | 26,535 | 40,750 | |
Stockholders' Equity | |||
Preferred Stock, Value | [1] | ||
Common Stock, Value | [2] | 1,308 | 1,288 |
Additional Paid in Capital, Common Stock | 269,149 | 153,762 | |
Retained Earnings (Accumulated Deficit) | (296,987) | (186,683) | |
Stockholders' Equity | (26,530) | (31,633) | |
Liabilities and Equity | $ 5 | $ 9,117 | |
[1] | Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding | ||
[2] | Common stock, $0.0001 par value; 100,000,000 shares authorized, 13,075,000 and 12,875,000 issued and outstanding, respectively |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Apr. 30, 2016 | Apr. 30, 2015 | |
Condensed Consolidated Statements of Operations | ||||
Revenues | $ 22 | $ 99 | ||
Gross Profit | 22 | 99 | ||
Operating Expenses | ||||
Professional fees | 10,451 | $ 16,100 | 34,113 | $ 41,894 |
General and Administrative Expense | 14,756 | 22,733 | 76,089 | 70,137 |
Operating Expenses | 25,207 | 38,833 | 110,202 | 112,031 |
Operating Income (Loss) | (25,207) | (38,833) | (110,103) | (112,031) |
Other Expenses | ||||
Interest Expenses | (300) | |||
Income (Loss) from Continuing Operations before Income Taxes | (25,185) | (38,833) | (110,304) | (112,031) |
Net Income (Loss) | $ (25,185) | $ (38,833) | $ (110,304) | $ (112,031) |
Earnings Per Share, Basic | $ 0 | $ 0 | $ (0.01) | $ (0.01) |
Weighted Average Number of Shares Outstanding, Basic | 13,075,000 | 12,875,000 | 13,039,234 | 12,875,000 |
Condensed Consolidated Stateme4
Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - 9 months ended Apr. 30, 2016 - USD ($) | Total | Common Stocks, Par Value | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Deficit |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Jul. 31, 2015 | $ 1,288 | $ 153,762 | $ (186,683) | $ (31,633) | |
Shares, Outstanding at Jul. 31, 2015 | 12,875,000 | ||||
Common stock issued for cash, ($0.10 / per share) | $ 20 | 9,980 | 10,000 | ||
Net Income (Loss) | $ (110,304) | (110,304) | (110,304) | ||
Shares, Outstanding at Apr. 30, 2016 | 13,075,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest at Apr. 30, 2016 | $ 1,308 | $ 269,149 | $ (296,987) | $ (26,530) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) | $ (110,304) | $ (112,031) |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 90 | 134 |
Other Noncash Income (Expense) | 10,400 | 6,400 |
Restructuring Costs and Asset Impairment Charges | 536 | |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (19,115) | 15,827 |
Net Cash Provided by (Used in) Operating Activities | (118,393) | (89,670) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Contributed Capital | 94,907 | |
Proceeds from (Repayments of) Related Party Debt | 5,000 | |
Proceeds from (Repayments of) Other Long-term Debt | (1,129) | |
Proceeds from Issuance of Common Stock | 10,000 | |
Net Cash Provided by (Used in) Financing Activities | 109,907 | (1,129) |
Cash and Cash Equivalents, Period Increase (Decrease) | (8,486) | (90,799) |
Cash and Cash Equivalents, at Carrying Value | 8,491 | 108,326 |
Cash and Cash Equivalents, at Carrying Value | $ 5 | $ 17,527 |
Note 1 Summary of Significant A
Note 1 Summary of Significant Accounting Policies and Organization | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 1 Summary of Significant Accounting Policies and Organization | NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Basis of Presentation The accompanying condensed consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. It is managements opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. Nuts and Bolts International, Inc. (the "Company") was incorporated under the laws of the State of Nevada on August 21, 2013 to create and publish electronic non-fiction multimedia books for the hobby and do-it-yourself consumer markets (eBooks) through the internet. Its eBook publishing operations were conducted through its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, which was organized under the laws of the State of North Carolina on August 22, 2013. Effective as of February 29, 2016, the Company had a change of control as a result of the sale of its previous controlling shareholder of 10,000,000 shares of its common stock, representing approximately 76.5% of the Companys issued and outstanding common stock. Following the change of control, the Company has retained ownership of its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, but has discontinued the eBook publishing operations previously carried on through that subsidiary. Following the change of control, the Company is now engaged in the business of providing management and consulting services to Trendmaker Private Limited, a Singapore entity whose subsidiaries include PhytoScience Sdn Bnd (a Malaysia entity), and PhtyoScience Private Limited Company (an Indian entity). Through its subsidiaries, Trendmaker Private Limited is engaged in the business of sale of stem cell products, cosmetics and healthcare related consumable products in Asia. Effective as of April 14, 2016, the Company amended its Articles of Incorporation to change its name to Trendmaker, Inc., Limited. (B) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Trendmaker, Inc. Limited (f/k/a Nuts and Bolts International, Inc.), and its wholly owned subsidiary, Nuts and Bolts Publishing, LLC (collectively, the Company). All intercompany accounts have been eliminated upon consolidation. (C) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of services, valuation of deferred tax assets. Actual results could differ from those estimates. (D) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At April 30, 2016 and July 31, 2015, the Company had no cash equivalents. (E) Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, Earnings Per Share. As of April 30, 2016 and April 30, 2015, there were no common share equivalents outstanding. (F) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. (G) Property and Equipment Property and equipment is recorded at cost and depreciated or amortized using the straight-line method over the estimated useful life of the asset or the underlying lease term for leasehold improvements, whichever is shorter. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected in other income. (H) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The Company will generate revenue from the sale of eBooks which will sell from $2.00 to $10.00. (I) Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with GAAP. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities. We adopted accounting guidance for financial and non-financial assets and liabilities (ASC 820). The adoption did not have a material impact on our results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. (J) Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Currently, there is no guidance in U.S. GAAP about managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entitys ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of managements plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of managements plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In July 2015, FASB issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In August 2015, FASB issued Accounting Standards Update (ASU) No.2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date defers the effective date ASU No. 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU No. 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in Update 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU No. 2014-09. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer and provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date for ASU 2016-08 is the same as the effective date of ASU 2014-09 as amended by ASU 2015-14, for annual reporting periods beginning after December 15, 2017, including interim periods within those years. The Company has not yet determined the impact of ASU 2016-08 on its consolidated financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
Note 2 Property and Equipment
Note 2 Property and Equipment | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 2 Property and Equipment | NOTE 2 PROPERTY AND EQUIPMENT Property and equipment consist of the following at April 30, 2016: Schedule of Property and Equipment April 30, 2016 July 31, 2015 Computer Equipment [1] 896 896 Less: Accumulated Depreciation (360) (270) Less Impairment Loss (536) - Property and Equipment, Net - 626 [1] Computer Equipment, Estimated Useful Life: 5 years Depreciation expense was $90 and $134 for the nine months ended April 30, 2016 and 2015, respectively. During the nine months ended April 30, 2016 and 2015, the Company recorded $536 and $0 in impairment losses. |
Note 4 Stockholders' Equity
Note 4 Stockholders' Equity | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 4 Stockholders' Equity | NOTE 4 STOCKHOLDERS EQUITY (A) Preferred Stock The Company was incorporated on August 21, 2013. The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001 per share. Preferred stock may be issued in one or more series with rights and preferences are to be determined by the board of directors. As of April 30, 2016, no shares of preferred stock have been issued. (B) Common Stock The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share. On September 17, 2015, the Company issued 200,000 shares of common stock for $10,000 ($0.05/share). (C) In kind contribution of services For the nine months ended April 30, 2016, a shareholder of the Company contributed services having a fair value of $10,400 (See Note 6). In connection with the change in control in February 2016, a company controlled by the CEO paid operating expenses on behalf of the Company totaling $94,907 which was forgiven and recorded as an in-kind contribution of capital (See Note 6). In connection with the change in control in February 2016, the former CEO forgave a note payable in the amount of $100 (See Notes 3 and 6). (D) Stock Split On June 10, 2016, the Company declared a two for one stock forward stock split. All share and per share data has been retroactively restated. |
Note 5 Commitments and Continge
Note 5 Commitments and Contingencies | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 5 Commitments and Contingencies | NOTE 5 COMMITMENTS AND CONTINGENCIES (A) Consulting Agreements On April 1, 2016 the Company entered into a consulting agreement to receive administrative and other miscellaneous services. The Company is required to pay $2,500 a month. The agreement is to remain in effect unless either party desires to cancel the agreement. On March 1, 2014 the Company entered into a consulting agreement to receive administrative and other miscellaneous services. The Company is required to pay $5,000 a month. The agreement is to remain in effect unless either party desires to cancel the agreement. In connection with the change in control in February 2016, the agreement was terminated. (B) Consulting Revenue Related Party On April 15, 2016, the Company entered into a consulting agreement to provide consulting services to Trendmaker PTE, Ltd, a related party. Amounts received will be recorded as an expense reimbursement. For the nine months ended April 30, 2016, no reimbursement was received in connection with the consulting agreement (See Note 6). |
Note 6 Related Party Transactio
Note 6 Related Party Transactions | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 6 Related Party Transactions | NOTE 6 RELATED PARTY TRANSACTIONS For the nine months ended April 30, 2016, a shareholder of the Company contributed services having a fair value of $10,400 (See Note 4(C)). In connection with the change in control in February 2016, a company controlled by the CEO paid operating expenses on behalf of the Company totaling $94,907, which was forgiven and recorded as an in-kind contribution of capital (See Note 4). On October 13, 2013 the Company entered into a promissory note with a related party in the amount of $100. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. In conjunction with the change of control, this note was forgiven (See Notes 3 and 4) On April 15, 2016, the Company entered into a consulting agreement to provide consulting services to Trendmaker PTE, Ltd, a related party. The amounts received will be recorded as an expense reimbursement. For the nine months ended April 30, 2016, no reimbursement was received in connection with the consulting agreement (See Note 5(B)). During the nine months ended April 30, 2016 the Company entered into a promissory note with a related party in the amount of $5,000. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on December 31, 2016 (See Note 3). |
Note 7 Going Concern
Note 7 Going Concern | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 7 Going Concern | NOTE 7 GOING CONCERN As reflected in the accompanying financial statements, the Company has minimal operations, has an accumulated deficit of $296,987, a stockholders deficit of $26,530, and for the nine months ended April 30, 2016, had a net loss of $110,304 and used cash in operations of $118,393. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Companys ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern. During the period covered by this report, the Company has discontinued its eBook publishing operations and changed the focus of its business operations to the provision of management and consulting services. In addition, subsequent to the period covered by this report, the Company has initiated efforts to raise additional operating capital through the private placement offer and sale of shares of its common stock. |
Note 8 Subsequent Events
Note 8 Subsequent Events | 9 Months Ended |
Apr. 30, 2016 | |
Notes | |
Note 8 Subsequent Events | NOTE 8 SUBSEQUENT EVENTS Subsequent to April 30, 2016, the Company issued 295,000 shares of common stock for cash of $247,800 ($0.84/share). |
Note 1 Summary of Significant13
Note 1 Summary of Significant Accounting Policies and Organization: (a) Basis of Presentation (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(a) Basis of Presentation | (A) Basis of Presentation The accompanying condensed consolidated unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations. It is managements opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year. Nuts and Bolts International, Inc. (the "Company") was incorporated under the laws of the State of Nevada on August 21, 2013 to create and publish electronic non-fiction multimedia books for the hobby and do-it-yourself consumer markets (eBooks) through the internet. Its eBook publishing operations were conducted through its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, which was organized under the laws of the State of North Carolina on August 22, 2013. Effective as of February 29, 2016, the Company had a change of control as a result of the sale of its previous controlling shareholder of 10,000,000 shares of its common stock, representing approximately 76.5% of the Companys issued and outstanding common stock. Following the change of control, the Company has retained ownership of its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, but has discontinued the eBook publishing operations previously carried on through that subsidiary. Following the change of control, the Company is now engaged in the business of providing management and consulting services to Trendmaker Private Limited, a Singapore entity whose subsidiaries include PhytoScience Sdn Bnd (a Malaysia entity), and PhtyoScience Private Limited Company (an Indian entity). Through its subsidiaries, Trendmaker Private Limited is engaged in the business of sale of stem cell products, cosmetics and healthcare related consumable products in Asia. Effective as of April 14, 2016, the Company amended its Articles of Incorporation to change its name to Trendmaker, Inc., Limited. |
Note 1 Summary of Significant14
Note 1 Summary of Significant Accounting Policies and Organization: (b) Principles of Consolidation (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(b) Principles of Consolidation | (B) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Trendmaker, Inc. Limited (f/k/a Nuts and Bolts International, Inc.), and its wholly owned subsidiary, Nuts and Bolts Publishing, LLC (collectively, the Company). All intercompany accounts have been eliminated upon consolidation. |
Note 1 Summary of Significant15
Note 1 Summary of Significant Accounting Policies and Organization: (c) Use of Estimates (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(c) Use of Estimates | (C) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of services, valuation of deferred tax assets. Actual results could differ from those estimates. |
Note 1 Summary of Significant16
Note 1 Summary of Significant Accounting Policies and Organization: (d) Cash and Cash Equivalents (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(d) Cash and Cash Equivalents | (D) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At April 30, 2016 and July 31, 2015, the Company had no cash equivalents. |
Note 1 Summary of Significant17
Note 1 Summary of Significant Accounting Policies and Organization: (e) Loss Per Share (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(e) Loss Per Share | (E) Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB ASC No. 260, Earnings Per Share. As of April 30, 2016 and April 30, 2015, there were no common share equivalents outstanding. |
Note 1 Summary of Significant18
Note 1 Summary of Significant Accounting Policies and Organization: (f) Income Taxes (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(f) Income Taxes | (F) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (ASC 740-10-25). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Note 1 Summary of Significant19
Note 1 Summary of Significant Accounting Policies and Organization: (g) Property and Equipment (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(g) Property and Equipment | (G) Property and Equipment Property and equipment is recorded at cost and depreciated or amortized using the straight-line method over the estimated useful life of the asset or the underlying lease term for leasehold improvements, whichever is shorter. Additions are capitalized and maintenance and repairs are charged to expense as incurred. Gains and losses on dispositions of equipment are reflected in other income. |
Note 1 Summary of Significant20
Note 1 Summary of Significant Accounting Policies and Organization: (h) Revenue Recognition (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(h) Revenue Recognition | (H) Revenue Recognition The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, Revenue Recognition. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured. The Company will generate revenue from the sale of eBooks which will sell from $2.00 to $10.00. |
Note 1 Summary of Significant21
Note 1 Summary of Significant Accounting Policies and Organization: (i) Fair Value of Financial Instruments (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(i) Fair Value of Financial Instruments | (I) Fair Value of Financial Instruments The Company measures its financial assets and liabilities in accordance with GAAP. For certain of our financial instruments, including cash, accounts payable, and the short-term portion of long-term debt, the carrying amounts approximate fair value due to their short maturities. We adopted accounting guidance for financial and non-financial assets and liabilities (ASC 820). The adoption did not have a material impact on our results of operations, financial position or liquidity. This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures. This standard does not require any new fair value measurements, but rather applies to all other accounting pronouncements that require or permit fair value measurements. This guidance does not apply to measurements related to share-based payments. This guidance discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). The guidance utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The following is a brief description of those three levels: Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices that are observable, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3: Unobservable inputs in which little or no market data exists, therefore developed using estimates and assumptions developed by us, which reflect those that a market participant would use. |
Note 1 Summary of Significant22
Note 1 Summary of Significant Accounting Policies and Organization: (j) Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
(j) Recent Accounting Pronouncements | (J) Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update ASU 2014-15 on Presentation of Financial Statements Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern. Currently, there is no guidance in U.S. GAAP about managements responsibility to evaluate whether there is substantial doubt about an entitys ability to continue as a going concern or to provide related footnote disclosures. The amendments in this Update provide that guidance. In doing so, the amendments are intended to reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entitys ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles for considering the mitigating effect of managements plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of managements plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). The amendments in this Update are effective for public and nonpublic entities for annual periods ending after December 15, 2016. Early adoption is permitted. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In July 2015, FASB issued Accounting Standards Update (ASU) No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). The amendments in this ASU do not apply to inventory that is measured using last-in, first-out (LIFO) or the retail inventory method. The amendments apply to all other inventory, which includes inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. For all other entities, this ASU is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. The amendments in this ASU should be applied prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In August 2015, FASB issued Accounting Standards Update (ASU) No.2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date defers the effective date ASU No. 2014-09 for all entities by one year. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. All other entities may apply the guidance in ASU No. 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, including interim reporting periods within that reporting period. All other entities also may apply the guidance in Update 2014-09 earlier as of an annual reporting period beginning after December 15, 2016, and interim reporting periods within annual reporting periods beginning one year after the annual reporting period in which the entity first applies the guidance in ASU No. 2014-09. We are currently reviewing the provisions of this ASU to determine if there will be any impact on our results of operations, cash flows or financial condition. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) that clarifies how to apply revenue recognition guidance related to whether an entity is a principal or an agent. ASU 2016-08 clarifies that the analysis must focus on whether the entity has control of the goods or services before they are transferred to the customer and provides additional guidance about how to apply the control principle when services are provided and when goods or services are combined with other goods or services. The effective date for ASU 2016-08 is the same as the effective date of ASU 2014-09 as amended by ASU 2015-14, for annual reporting periods beginning after December 15, 2017, including interim periods within those years. The Company has not yet determined the impact of ASU 2016-08 on its consolidated financial statements. All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable. |
Note 3 Notes Payable - Related
Note 3 Notes Payable - Related Party (Policies) | 9 Months Ended |
Apr. 30, 2016 | |
Policies | |
Note 3 Notes Payable - Related Party | NOTE 3 NOTES PAYABLE RELATED PARTY During the nine months ended April 30, 2016 the Company entered into a promissory note with a related party in the amount of $5,000. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on December 31, 2016 (See Note 6). On October 13, 2013 the Company entered into a promissory note with a related party in the amount of $100. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. In connection with the change in control in February 2016, the former CEO forgave the full amount due of $100 (See Note 4). |
Note 2 Property and Equipment_
Note 2 Property and Equipment: Schedule of Property and Equipment (Tables) | 9 Months Ended |
Apr. 30, 2016 | |
Tables/Schedules | |
Schedule of Property and Equipment | Schedule of Property and Equipment April 30, 2016 July 31, 2015 Computer Equipment [1] 896 896 Less: Accumulated Depreciation (360) (270) Less Impairment Loss (536) - Property and Equipment, Net - 626 [1] Computer Equipment, Estimated Useful Life: 5 years |
Note 1 Summary of Significant25
Note 1 Summary of Significant Accounting Policies and Organization: (a) Basis of Presentation (Details) | 9 Months Ended |
Apr. 30, 2016 | |
Details | |
Entity Incorporation, State Country Name | Nevada |
Entity Incorporation, Date of Incorporation | Aug. 21, 2013 |
Entity Information, Former Legal or Registered Name | Nuts and Bolts Publishing, LLC |
Entity Information, Date to Change Former Legal or Registered Name | Apr. 14, 2016 |