Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 18, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PUNTO GROUP, CORP. | |
Entity Central Index Key | 1,622,244 | |
Trading Symbol | PNTTE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,290,000 |
Unaudited Condensed Balance She
Unaudited Condensed Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | ||
Total assets | ||
Current liabilities | ||
Accounts payable and accrued liabilities | 10,833 | 10,897 |
Related party payable | 50,112 | 30,568 |
Total liabilities | 60,945 | 41,465 |
Commitments and Contingencies | ||
Stockholders' deficiency | ||
Common stock, $0.001 par value, 75,000,000 shares authorized, 5,290,000 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively. | 5,290 | 5,290 |
Additional paid-in capital | 24,510 | 24,510 |
Accumulated deficit | (90,745) | (71,265) |
Total stockholders' deficiency | (60,945) | (41,465) |
Total liabilities and stockholders' deficiency |
Unaudited Condensed Balance Sh3
Unaudited Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 5,290,000 | 5,290,000 |
Common stock, shares outstanding | 5,290,000 | 5,290,000 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | ||||
General and administrative expenses | 8,286 | 9,618 | 19,480 | 17,832 |
Loss from operation | (8,286) | (9,618) | (19,480) | (17,832) |
Gain on change of control | 14,468 | |||
Loss before income tax | (8,286) | (9,618) | (19,480) | (3,364) |
Income tax | ||||
Net loss | (8,286) | (9,618) | (19,480) | (3,364) |
Comprehensive loss | $ (8,286) | $ (9,618) | $ (19,480) | $ (3,364) |
Basic and diluted income/(loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares used in per share calculations - basic and diluted | 5,290,000 | 5,290,000 | 5,290,000 | 5,290,000 |
Unaudited Condensed Statements5
Unaudited Condensed Statements of Stockholders' Equity Deficiency - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2015 | $ (19,577) | $ 5,290 | $ 24,510 | $ (49,377) |
Balance, shares at Dec. 31, 2015 | 5,290,000 | |||
Net loss for the year | (21,888) | (21,888) | ||
Balance at Dec. 31, 2016 | (41,465) | $ 5,290 | 24,510 | (71,265) |
Balance, shares at Dec. 31, 2016 | 5,290,000 | |||
Net loss for the year | (19,480) | (19,480) | ||
Balance at Jun. 30, 2017 | $ (60,945) | $ 5,290 | $ 24,510 | $ (90,745) |
Balance, shares at Jun. 30, 2017 | 5,290,000 |
Unaudited Condensed Statements6
Unaudited Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows used in operating activities | ||
Net loss | $ (19,480) | $ (3,364) |
Adjustment to reconcile net loss to net cash provided by operations: | ||
Decreased accounts payable and accrued liabilities | (64) | (4,000) |
Net cash used in operating activities | (19,544) | (7,364) |
Cash flows from financing activities | ||
Advances from stockholders | 19,544 | 4,173 |
Net cash provided by financing activities | 19,544 | 4,173 |
Change in cash and cash equivalents | (3,191) | |
Cash and cash equivalents - Beginning of period | 3,191 | |
Cash and cash equivalents - End of period | ||
Interest paid | ||
Income tax paid |
Unaudited Condensed Statements7
Unaudited Condensed Statements of Cash Flows (Parenthetical) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Non-cash transaction | |
Obligation to repay the advances from a former shareholder and recognized as a one-time gain | $ 14,468 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
Nature of Operations [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS Punto Group, Corp. (the “Company”) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on September 2, 2014. 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 December 31, 2016 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 “Punto Group, Corp.,” “we,” “us,” “our” or the “company” are to Punto Group, Corp. and any subsidiaries. |
Basis of Presentation and Going
Basis of Presentation and Going Concern | 6 Months Ended |
Jun. 30, 2017 | |
Basis of Presentation and Going Concern [Abstract] | |
BASIS OF PRESENTATION AND GOING CONCERN | 2. BASIS OF PRESENTATION AND GOING CONCERN Basis of Presentation The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the SEC. Going Concern The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. As of June 30, 2017, the Company had accumulated deficits of $90,745. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. If we do not raise all of the money we need from public offerings, we will have to find alternative sources, such as loans or advances from our officers, directors or others. Such additional financing may not become available on acceptable terms and there can be no assurance that any additional financing that the Company does obtain will be sufficient to meet its needs in the long term. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern. The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 June 30, 2017. 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. Revenue Recognition The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"). ASC-605 requires that four basic criteria must be met before revenue can be recognized: 1. Persuasive evidence of an arrangement exists 2. Delivery has occurred 3. The selling price is fixed and determinable 4. Collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Basic and Diluted Net Loss Per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating loss because all warrants and stock options outstanding are anti-dilutive. There were no adjustments to net loss required for purposes of computing diluted earnings per share. For the six month periods ended June 30, 2017 and 2016, there were no potential dilutive securities. Comprehensive income (loss) The Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive Income Recently Issued Accounting Pronouncements On August 26, 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)". Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. As a result, the Company has elected to early adopt this Update prospectively as of June 30, 2017 and prior periods have not been retrospectively adjusted. As of June 30, 2017, except for the above, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Expenses [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 4. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the followings as of June 30, 2017 and December 31, 2016: 6/30/2017 12/31/2016 Audit and review expense $ 8,000 $ 8,000 Legal expense 1,200 180 Filing fee 1,333 1,247 Other 300 1,470 $ 10,833 $ 10,897 |
Gain on Change of Control
Gain on Change of Control | 6 Months Ended |
Jun. 30, 2017 | |
Gain on Change of Control [Abstract] | |
GAIN ON CHANGE OF CONTROL | 5. GAIN ON CHANGE OF CONTROL The Company underwent a change of control in January 2016, and the former shareholder forgave the $14,468 advances at the date of transfer. The Company recognized it as one-time gain, which reflected on the Statements of Operation and Comprehensive Loss for the six months ended June 30, 2016. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS The director of the Company provides services free of charge. The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available. The Company underwent a change of control in January 2016, which the majority ownership was transferred to a new majority shareholder. The former shareholder forgave the $14,468 advances at the date of the transfer, and the Company recognized a one-time gain of $14,468 which is included as gain on change of control in the Company’s results of operations during the six month ended June 30, 2016. As of December 31, 2016, there were advances of $30,568 from the current shareholder for the purpose of operating the Company. As of June 30, 2017, there were advances of $50,112 from the current shareholder for the purpose of operating the Company. The Company’s registration address is free of charge as it is provided by a related party. The Company is not able to estimate fair market value for using a registered address; therefore, there is no rent expenses for the six month ended June 30, 2017. |
Income Tax
Income Tax | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax [Abstract] | |
INCOME TAX | 7. INCOME TAX The Company was established in the State of Nevada in United States and is subject to Nevada State and US Federal tax laws. The Company has not recognized an income tax benefit for its operating losses based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of , the Company has accumulated net operating losses of $90,745 which carryovers as a deferred tax asset that begins to expire in 2025. The net losses before income taxes and its provision for income taxes as follows: 6/30/2017 6/30/2016 Net loss before income taxes $ (19,480 ) $ (3,364 ) Tax expenses (benefit) at the statutory tax rate (6,428 ) (1,110 ) Tax effects of: Valuation allowance 6,428 1,110 Income tax benefit - - |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 8. SUBSEQUENT EVENTS The Company has evaluated subsequent events from June 30, 2017 through the date the financial statements were available to be issued. There was no subsequent event at the report date. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates and Assumptions | 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 | 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 | 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 June 30, 2017. 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. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"). ASC-605 requires that four basic criteria must be met before revenue can be recognized: 1. Persuasive evidence of an arrangement exists 2. Delivery has occurred 3. The selling price is fixed and determinable 4. Collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating loss because all warrants and stock options outstanding are anti-dilutive. There were no adjustments to net loss required for purposes of computing diluted earnings per share. For the six month periods ended June 30, 2017 and 2016, there were no potential dilutive securities. |
Comprehensive income (loss) | Comprehensive income (loss) The Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive Income |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements On August 26, 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)". Stakeholders indicated that there is diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. This Update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. As a result, the Company has elected to early adopt this Update prospectively as of June 30, 2017 and prior periods have not been retrospectively adjusted. As of June 30, 2017, except for the above, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements. |
Accounts Payable and Accrued 17
Accounts Payable and Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Expenses [Abstract] | |
Schedule of accounts payable and accrued expenses | 6/30/2017 12/31/2016 Audit and review expense $ 8,000 $ 8,000 Legal expense 1,200 180 Filing fee 1,333 1,247 Other 300 1,470 $ 10,833 $ 10,897 |
Income Tax (Tables)
Income Tax (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax [Abstract] | |
Summary of net losses before income taxes and its provision for income taxes | 6/30/2017 6/30/2016 Net loss before income taxes $ (19,480 ) $ (3,364 ) Tax expenses (benefit) at the statutory tax rate (6,428 ) (1,110 ) Tax effects of: Valuation allowance 6,428 1,110 Income tax benefit - - |
Basis of Presentation and Goi19
Basis of Presentation and Going Concern (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Basis of Presentation and Going Concern (Textual) | ||
Accumulated deficits | $ (90,745) | $ (71,265) |
Accounts Payable and Accrued 20
Accounts Payable and Accrued Expenses (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts Payable and Accrued Expenses [Abstract] | ||
Audit and review expense | $ 8,000 | $ 8,000 |
Legal expense | 1,200 | 180 |
Filing fee | 1,333 | 1,247 |
Other | 300 | 1,470 |
Accounts payable and accrued expenses, Total | $ 10,833 | $ 10,897 |
Gain on Change of Control (Deta
Gain on Change of Control (Details) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Gain on Change of Control (Textual) | |
Gain on change of control | $ 14,468 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Related Party Transactions (Textual) | |||
Forgave of advances | $ 14,468 | ||
Gain on change of control | $ 14,468 | ||
Stockholders provided net advances | $ 50,112 | $ 30,568 | |
Rent expenses |
Income Tax (Details)
Income Tax (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax [Abstract] | |||||
Net loss before income taxes | $ (8,286) | $ (9,618) | $ (19,480) | $ (3,364) | $ (21,888) |
Tax expenses (benefit) at the statutory tax rate | (6,428) | (1,110) | |||
Tax effects of: | |||||
Valuation allowance | 6,428 | 1,110 | |||
Income tax benefit |
Income Tax (Details Textual)
Income Tax (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Income Tax (Textual) | ||
Accumulated net operating losses | $ (90,745) | $ (71,265) |
Deferred tax asset, description | Carryovers as a deferred tax asset that begins to expire in 2025. |