Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Jun. 05, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Emerald Data Inc | |
Entity Central Index Key | 0001622231 | |
Document Type | 10-K | |
Document Period End Date | Aug. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 151,500,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2018 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2018 | Aug. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 468 | $ 468 |
TOTAL ASSETS | 468 | 468 |
Current Liabilities: | ||
Accrued expenses | 7,302 | 6,450 |
Related party loan | 77,465 | 468 |
Income tax payable | ||
TOTAL LIABILITIES | 84,767 | 6,918 |
STOCKHOLDERS' EQUITY | ||
Common stock: authorized 500,000,000; $0.001 par value; 151,500,000 and 151,500,000 shares issued and outstanding at August 31, 2018 and 2017 | 151,500 | 151,500 |
Additional Paid in Capital | (4,425) | (4,425) |
Accumulated deficit | (231,374) | (153,525) |
Total Stockholders' Equity | (84,299) | (6,450) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 468 | $ 468 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2018 | Aug. 31, 2017 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 500,000,000 | 500,000,000 |
Common stock, issued | 151,500,000 | 151,500,000 |
Common stock, outstanding | 151,500,000 | 151,500,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Statements Of Operations | ||
Revenues | $ 82,772 | |
Cost of Goods Sold | ||
Purchases | 75,040 | |
Gross Profit (Loss) | 7,732 | |
Operating Expenses | ||
General and administrative | (77,849) | (43,729) |
Total Expenses | (77,849) | (43,729) |
Net loss before income tax provision | (77,849) | (35,997) |
Provision for income tax | ||
Net loss for the period | $ (77,849) | $ (35,997) |
Net earnings (loss) per share | ||
Basic and Diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding: | ||
Basic and Diluted | 151,500,000 | 151,500,000 |
STATEMENTS OF CHANGES IN SHAREH
STATEMENTS OF CHANGES IN SHAREHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Aug. 31, 2016 | 151,500,000 | |||
Beginning Balance, Amount at Aug. 31, 2016 | $ 151,500 | $ (105,500) | $ (117,528) | $ (71,528) |
Net loss for the year | (35,997) | (35,997) | ||
Reclassification | 101,075 | 101,075 | ||
Ending Balance, Shares at Aug. 31, 2017 | 151,500,000 | |||
Ending Balance, Amount at Aug. 31, 2017 | $ 151,500 | (4,425) | (153,525) | (6,450) |
Net loss for the year | (77,849) | (77,849) | ||
Ending Balance, Shares at Aug. 31, 2018 | 151,500,000 | |||
Ending Balance, Amount at Aug. 31, 2018 | $ 151,500 | $ (4,425) | $ (231,374) | $ (84,299) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Operating activities: | ||
Net loss | $ (77,849) | $ (35,997) |
Accrued expenses | 852 | 34,942 |
Other payables - related parties | 76,997 | 468 |
Accumulated Depreciation | 700 | |
Net cash provided by operating activities | 113 | |
Net increase in cash | 113 | |
Cash, beginning of period | 468 | 355 |
Cash, end of period | 468 | 468 |
Non-Cash Transaction: | ||
Debts forgiveness and assets taken over by stockholder (net) | $ 101,075 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 1 - Organization and Basis of Presentation | Emerald Data Inc. (the “Company”) is a for profit corporation established under the corporate laws of the State of Nevada on August 15, 2014. The Company is in the development phase and is in the business of online marketing and advertising of restaurants, bars and dining locations in Asia including community platforms for its clients. Simultaneously, the Company has acquired the BOATIM boat trading and community platform and is working toward its market rollout. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise. In September 2017 we implemented a 1:30 forward split that resulted in a total of 151,500,000 shares issued and outstanding. The 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 Financial Statements and related disclosures as of August 31, 2018 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Unless the context otherwise requires, all references to “Emerald,” “we,” “us,” “our” or the “Company” are to Emerald Data Inc. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | Basis of Presentation The accompanying financial statements of the Company for the periods ended August 31, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Going Concern The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. The Company had limited operations during the year ended August 31, 2018 with a net loss of $77,849. There is no guarantee that the Company will continue to generate revenues. The report of our independent registered public accounting firm on our financial statements for the year ended August 31, 2018 contains an explanatory paragraph regarding our ability to continue as a going concern based upon our minimal cash and no source of revenues which are insufficient to cover our operating costs. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on borrowings from related party to fund operating expenses. In light of management’s efforts, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. Use of Estimates and Assumptions 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 of the 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. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2018. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 - Quoted market prices available in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. Revenue Recognition In accordance with ASC 605 “Revenue Recognition”, the Company recognizes revenue when the following four criteria are met: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue is recognized when the product has been prepaid by the customer, shipped from either our office or one of our vendors and the product has been delivered to, or picked up by, the customer. The Company has had no revenue recognized for the reporting period ended August 31, 2018. Income Taxes We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U.S. federal income tax rate of 21% is being used due to the new tax law recently enacted. Recent Accounting Pronouncements In May 2014, the FASB issued asu No. 2014-09, Revenue from Contracts with Customers (Topic 606). This amendment supersedes Topic 605 by establishing core principles that an entity should follow when recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2015-14 amended the guidance to be effective for annual reporting periods after December 15, 2017, including interim period within that reporting period. In applying ASC Topic 606, the Company is required to 1) identify any contracts with customers, 2) determine if multiple performance obligations exist, 3) determine the transaction price, 4) allocate the transaction price to the respective obligation, and 5) recognize the revenue as the obligation is satisfied. Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those products or services. The adoption of ASC Topic 606 will not result in a cumulative impact on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which requires an entity to recognize long-term lease arrangements as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all long-term leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing for the Company beginning on January 1, 2019. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented I nthe financial statements. Early adoption is permitted. Management does not believe the adoption of ASU 2016-02 will have a material impact on the Company´s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees. This guidance is effective for the Company as of January 1, 2019. Based on the completed analysis, the Company has determined the adjustment does not have an impact on the financial statements. In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Companies and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” Part I of this amendment addresses complexities of accounting for certain financial instruments with down round features, and Part II addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity. For public entities, this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The amendments in Part II require no transition guidance, as the amendments have no accounting effect. Reclassification Certain comparative figures have been reclassified so as to conform to the current year’s presentation. The reclassification has had no effect on the reported results of operations or accumulated deficit |
Capital Stock
Capital Stock | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 3 - Capital Stock | For the reporting period ended August 31, 2017 we reclassified $101,075 as equity, resulting in total paid in capital of $142,025, represented in 5,050,000 shares issued and outstanding. In September 2017 we implemented a 1:30 forward split that resulted in a total of 151,500,000 shares issued and outstanding. The forward split has been retroactively reflected in the financial statements as of August 31, 2016. There were no other stock splits in the reporting period. As of August 31, 2018, the Company has authorized shares of common stock of 500,000,000 shares with a par value of $0.001 per share. As of August 31, 2018 and 2017, there were no outstanding stock options or warrants. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 4 - Income Taxes | Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. 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. On December 22, 2017, the US Congress enacted the Tax Cuts and Jobs Act (Tax Reform Legislation), which made significant changes to US federal income tax law including a reduction in the corporate tax rate to 21% for tax years beginning with 2018. These changes will impact the changes in the valuation allowance, components of the tax rate reconciliation and realization of loss carryforwards. The Company did have an income tax provision or benefit for the year ended August 31, 2018 and 2017. The Company has incurred losses and therefore has provided a full valuation against net deferred tax assets as August 31, 2018 and 2017. The significant components of deferred tax assets and liabilities are as follows: Year Ended Year Ended Deferred tax assets 8/31/2018 8/31/2017 Net operating losses $ (113,846 ) $ (35,997 ) Deferred tax liability Net deferred tax assets $ 23,908 $ 34,075 Less: valuation allowance $ (23,908 ) $ (34,075 ) Deferred tax asset - net valuation allowance - - |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 5 - Related Party Transactions | The director of the Company provides office space and services free of charge. During the year ended August 31, 2018 and 2017, our CEO, Mr. Veng Kun Lun paid $76,997 and $468 in expenses on behalf of the Company. As of August 31, 2018 and 2017, the Company owed $77,465 and $468 to our CEO, Mr. Veng Kun LUN under a related party loan, which is non-interest bearing and due on demand. Mr. Robert Glass, a lawyer and Mrs. Gabbie Cheung, an accountant, are providing services free of charge from time to time, such services involving advice on accounting matters and processing of information for reporting services. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
Note 6 - Subsequent Events | Name change, changes in shareholdings and reverse split: On December 6, 2018, New Million Global Holdings Limited sold 98,300,000 of its shares of common stocks in Emerald Data Inc (the Company) to Mr. Yves Toelderer, who pays $250,000.00 in total, $50,000.00 in cash and $200,000.00 by means of a promissory note. The shares represent 64.88% ownership of the Company and are effectively in the process of being transferred to Mr. Toelderer on the date of this document. On January 23, 2019 the Company´s board and shareholders passed a motion that a 1:3 reverse split of the Company´s common stock should be performed and that the Company name be changed to “BOATIM INC.”. Change of the board with additional directors: Also on January 23, 2019 the shareholders of the Company voted Mr. Yves Toelderer to join the board of directors as Chairman and President of the Board and new CEO; Mr. Patrick Heneise as Director and CTO; Mr. Michael Veng Kun Lun to remain as Director and CBO, and Mr. Teck Sion Lim as Director and CFO. While the name change and the appointment of the additional directors have already been approved by the board and implemented on January 23, 2019, the change of the control block as well as the reverse split are still being processed at the time of this document due to formal reasons, specifically delays in providing the transfer agent with all necessary documents in the legally required certified and translated format and language. Following several months of overseeing the company´s operations, business development as well as the further development of the BOATIM software platform, the shareholders followed Mr Toelderer´s request to release him from his CEO duties in order to allow him to fully focus on platform development work and the operational details of the upcoming product rollout. In a special shareholder meeting on April 29, 2019 the shareholders voted to appoint Mr. Tippner as new CEO of BOATIM Inc. and Mr. Toelderer withdrew from the board. |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Aug. 31, 2018 | |
Significant Accounting Policies And Recent Accounting Pronouncements | |
Basis of Presentation | The accompanying financial statements of the Company for the periods ended August 31, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Going Concern | The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. The Company had limited operations during the year ended August 31, 2018 with a net loss of $77,849. There is no guarantee that the Company will continue to generate revenues. The report of our independent registered public accounting firm on our financial statements for the year ended August 31, 2018 contains an explanatory paragraph regarding our ability to continue as a going concern based upon our minimal cash and no source of revenues which are insufficient to cover our operating costs. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on borrowings from related party to fund operating expenses. In light of management’s efforts, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
Use of Estimates and Assumptions | 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 of the 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. |
Fair Value of Financial Instruments | ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of August 31, 2018. Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows: Level 1 - Quoted market prices available in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
Basic and Diluted Loss Per Share | The Company computes earnings (loss) per share in accordance with ASC 260-10-45 “Earnings per Share”, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. |
Revenue Recognition | In accordance with ASC 605 “Revenue Recognition”, the Company recognizes revenue when the following four criteria are met: (1) delivery has occurred or services rendered; (2) persuasive evidence of an arrangement exists; (3) there are no continuing obligations to the customer; and (4) the collection of related accounts receivable is probable. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue is recognized when the product has been prepaid by the customer, shipped from either our office or one of our vendors and the product has been delivered to, or picked up by, the customer. The Company has had no revenue recognized for the reporting period ended August 31, 2018. |
Income Taxes | We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. The Company has evaluated Staff Accounting Bulletin No. 118 regarding the impact of the decreased tax rates of the Tax Cuts & Jobs Act. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The U.S. federal income tax rate of 21% is being used due to the new tax law recently enacted. |
Recent Accounting Pronouncements | In May 2014, the FASB issued asu No. 2014-09, Revenue from Contracts with Customers (Topic 606). This amendment supersedes Topic 605 by establishing core principles that an entity should follow when recognizing revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2015-14 amended the guidance to be effective for annual reporting periods after December 15, 2017, including interim period within that reporting period. In applying ASC Topic 606, the Company is required to 1) identify any contracts with customers, 2) determine if multiple performance obligations exist, 3) determine the transaction price, 4) allocate the transaction price to the respective obligation, and 5) recognize the revenue as the obligation is satisfied. Revenue is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those products or services. The adoption of ASC Topic 606 will not result in a cumulative impact on the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases, which requires an entity to recognize long-term lease arrangements as assets and liabilities on the balance sheet of the lessee. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all long-term leases, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing for the Company beginning on January 1, 2019. Lessees must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented I nthe financial statements. Early adoption is permitted. Management does not believe the adoption of ASU 2016-02 will have a material impact on the Company´s financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity—Equity-Based Payments to Non-Employees. This guidance is effective for the Company as of January 1, 2019. Based on the completed analysis, the Company has determined the adjustment does not have an impact on the financial statements. In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): “(Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Companies and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception.” Part I of this amendment addresses complexities of accounting for certain financial instruments with down round features, and Part II addresses the difficulty of navigating Topic 480, Distinguishing Liabilities from Equity. For public entities, this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period. The amendments in Part II require no transition guidance, as the amendments have no accounting effect. |
Reclassification | Certain comparative figures have been reclassified so as to conform to the current year’s presentation. The reclassification has had no effect on the reported results of operations or accumulated deficit |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Income Taxes Tables Abstract | |
Income tax expense | Year Ended Year Ended Deferred tax assets 8/31/2018 8/31/2017 Net operating losses $ (113,846 ) $ (35,997 ) Deferred tax liability Net deferred tax assets $ 23,908 $ 34,075 Less: valuation allowance $ (23,908 ) $ (34,075 ) Deferred tax asset - net valuation allowance - - |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Details Narrative) - shares | 1 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Aug. 31, 2018 | |
Organization And Basis Of Presentation | ||
State of incorporation | Nevada | |
Date of incorporation | Aug. 15, 2014 | |
Stockholders' equity forward stock split | 1:30 forward split | |
Issued and outstanding shares | 151,500,000 |
Significant Accounting Polici_3
Significant Accounting Policies and Recent Accounting Pronouncements (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Notes to Financial Statements | ||
Net loss for the period | $ (77,849) | $ (35,997) |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Aug. 31, 2017 | Aug. 31, 2018 | |
Capital Stock | |||
Stockholders' equity forward stock split | 1:30 forward split | ||
Issued and outstanding shares | 151,500,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized | 500,000,000 | 500,000,000 | |
Reclassified equity | $ 101,075 | ||
Reclassified paid in capital | $ 142,025 | ||
Reclassified shares issued | 5,050,000 | ||
Reclassified shares outstanding | 5,050,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Deferred tax assets | ||
Net operating losses | $ (113,846) | $ (35,997) |
Deferred tax liability | ||
Net deferred tax assets | 23,908 | 34,075 |
Less: valuation allowance | (23,908) | (34,075) |
Deferred tax asset - net valuation allowance |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Due to related parties | $ 77,465 | $ 468 |
CEO [Member] | ||
Other payables – related parties | 76,997 | 468 |
Due to related parties | $ 77,465 | $ 468 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Dec. 06, 2018 | Jan. 23, 2019 | Sep. 30, 2017 |
Stockholders' equity reverse stock split | 1:30 forward split | ||
Subsequent Event [Member] | |||
Stockholders' equity reverse stock split | 1:3 reverse split | ||
Subsequent Event [Member] | Mr. Yves Toelderer [Member] | |||
Sale of common stock shares | 98,300,000 | ||
Payment to acquire common stock shares | $ 250,000 | ||
Payment in cash | 50,000 | ||
Payment made through issuance of promissory note | $ 200,000 | ||
Ownership percentage | 64.88% |