Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2016 | Jul. 15, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Paramount Supply Inc | |
Entity Central Index Key | 1,624,140 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
CURRENT ASSETS | ||
Cash | $ 536 | $ 5,098 |
TOTAL CURRENT ASSETS | 536 | 5,098 |
FIXED ASSETS | ||
Building and Land | 10,500 | 10,500 |
Depreciation | (875) | (500) |
TOTAL FIXED ASSETS | 9,625 | 10,000 |
TOTAL ASSETS | 10,161 | 15,098 |
Current Liabilities: | ||
Loan Payable - Related Party | 720 | 720 |
Income Tax Payable | 2,303 | 2,303 |
TOTAL LIABILITIES | 3,023 | 3,023 |
STOCKHOLDERS' EQUITY | ||
Common stock: authorized 75,000,000; $0.001 par value; 5,000,000 shares issued and outstanding at June 30, 2016 and September 30, 2015 | 5,000 | 5,000 |
Additional Paid in Capital | 39,000 | 39,000 |
Accumulated deficit | (36,862) | (31,925) |
Total Stockholders' Equity | 7,138 | 12,075 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 10,161 | $ 15,098 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2016 | Sep. 30, 2015 |
STOCKHOLDER EQUITY | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 5,000,000 | 5,000,000 |
Common stock shares outstanding | 5,000,000 | 5,000,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales: | ||||
Merchandise Sales | $ 31,299 | $ 30,379 | $ 95,090 | $ 81,215 |
Total Income | 31,299 | 30,379 | 95,090 | 81,215 |
Cost of Goods Sold: | ||||
Fashion Bags Purchases | 29,394 | 25,126 | 75,768 | 47,953 |
Total Cost of Goods Sold | 29,394 | 25,126 | 75,768 | 47,953 |
Gross Profit | 1,906 | 5,253 | 19,322 | 33,262 |
Operating Expenses: | ||||
General and administrative | 2,287 | 19,080 | 24,260 | 29,082 |
Total Expenses | 2,287 | 19,080 | 24,260 | 29,082 |
Income (Loss) Before Income Tax | (381) | (13,827) | (4,938) | 4,180 |
Other Income | 1 | |||
Provision for Income Tax | (3,469) | 703 | ||
Net Income (Loss) for Period | $ (381) | $ (10,357) | $ (4,937) | $ 3,478 |
Net gain (loss) per share: | ||||
Basic and diluted | $ (0.0001) | $ (0.0021) | $ (0.0010) | $ 0.0007 |
Weighted average number of shares outstanding: | ||||
Basic and diluted | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities: | ||
Net Income | $ (4,937) | $ 3,478 |
Changes in assets and liabilities: | ||
Depreciation | 375 | 375 |
Provision for Income Tax | 703 | |
Net cash provided by operating activities | (4,562) | 4,555 |
Financing activities: | ||
Proceeds from issuance of common stock | ||
Due to related party | 100 | |
Net cash provided by financing activities | 100 | |
Investing activities: | ||
Purchase of Building | ||
Net cash provided by investing activities | ||
Net increase in cash | (4,562) | 4,655 |
Cash, beginning of period | 5,098 | 233 |
Cash, end of period | 536 | 4,888 |
Cash paid during the period | ||
Taxes | ||
Interest |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 1 - Organization and Basis of Presentation | Paramount Supply Inc (the "Company") is a for profit corporation established under the Corporation Laws of the State of Nevada on September 12, 2014. The Company was formed for the purpose of marketing and distributing ladies fashion handbags. The Company is a newly created company and is subject to all risks inherent to the establishment of a start-up business enterprise. The Company's operations are based in Latvia, but use the U.S. dollar as its functional currency. Our financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company's fiscal year-end is September 30. The Financial Statements and related disclosures as of June 30, 2016 are unaudited pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Unless the context otherwise requires, all references to "Paramount", "Paramount Supply", "we", "us", "our" or the "company" are to Paramount Supply Inc. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 2 - Significant Accounting Policies and Recent Accounting Pronouncements | 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, 2016. 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. Development Stage Entity The Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810. 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 The company follows the guidelines of ASC 605-15 for revenue recognition. Revenue is recognized when all the following conditions have been met: a. the customer has prepaid for the product; b. the product has been shipped from either Paramount or one of our suppliers, and; c. the product has been delivered and signed for by the customer as evidenced by the shipping company. Customers are allowed to return the products within 30 days for exchange or refund if defects in manufacturing are identified. The company does not believe the 30 day exchange or refund will have a material impact on our revenue recognition as any product which has a defect in manufacturing will be returned to the supplier for replacement or refund for the customer based upon pursuant law and the Uniform Commercial Code. We do not make any allowance to returns. To date there have been no returns and given the terms with our suppliers that products would be returned directly to them for replacement we don't expect any returns so the allowance is currently deemed not necessary. Based on the above, the Company determined that the revenue recognition for the sales is in accordance with the FASB ASC 605-15-25-1. 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. Our effective tax rate for fiscal years 2016 and 2015 is 17%, which we expect to be fairly consistent in the near term. Our tax rate is also affected by discrete items that may occur in any given year, but are not consistent from year to year. Income taxes are calculated and accrued for U.S. taxes only. The company does not currently accrue any Latvian taxes under Latvian corporate rules. As we become profitable, and have sustained revenue within Latvia, we may become subject to Latvian taxes. Recent Accounting Pronouncements The Financial Accounting Standards Board ("FASB") periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements. During this review the Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810. On June 10, 2014, The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, consolidation, There are several new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of June 30, 2016, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
Going Concern
Going Concern | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 3 - Going Concern | The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. For the three month period ended June 30, 2016, the Company had a net loss of $381. From the period of inception (September 12, 2014) through June 30, 2016 the Company had a net loss of $36,862. 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 a recently completed 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. 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 additional funding if necessary would be detrimental to the Company. |
Concentrations
Concentrations | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 4 - Concentrations | Initial sales are concentrated with one client. Sales are made without collateral and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts. |
Legal Matters
Legal Matters | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 5 - Legal Matters | The Company has no known legal issues pending. |
Debt
Debt | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 6 - Debt | Since inception the Director and President of the Company made the initial deposits to the Company's bank accounts (checking and savings) and paid a bill for professional services resulting in the amount $720 which is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand. |
Capital Stock
Capital Stock | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 7 - Capital Stock | The Company has 75,000,000 shares of common stock with a par value of $0.001 per share. On September 23, 2014 the Company issued 4,000,000 shares of common stock for a purchase price of $0.001 per share to its sole director. The Company received aggregate gross proceeds of $4,000.00. On September 2, 2015 the Company issued 1,000,000 shares of common stock for a purchase price of $0.04 to 30 independent investors pursuant to an offering on Registration Statement on Form S-1. The Company received proceeds of $40,000.00. As of June 30, 2016 there were no outstanding stock options or warrants. |
Fixed Assets
Fixed Assets | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 8 - Fixed Assets | In September 2014 the Company purchased for $10,500 land and a small office located at 1 Varpuiela, Kakciems, Latvia, LV-2135. The building is valued at $7,500 and the land at $3,000. The Company utilizes the space as a primary office. Fixed assets are stated at cost. The Company utilizes straight-line depreciation over the estimated useful life of the asset. The Company utilizes straight-line depreciation over the estimated useful life of the asset. Land 0 years Buildings 15 years Office Equipment 7 years During the three months ended June 30, 2016 the Company recorded $125 in depreciation expense for the building. No depreciation was recorded for office equipment as the Company had not yet purchased any. |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 9 - Income Taxes | The Company uses 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. Our effective tax rate for fiscal years 2016 and 2015 is 17%, which we expect to be fairly consistent in the near term. Our tax rate is also affected by discrete items that may occur in any given year, but are not consistent from year to year. The components of income (loss) before income taxes were comprised of the following: Three months ended June 30, 2016 Year ended Sept. 30, 2015 Tax jurisdictions from: U.S. $ (381 ) $ (36,155 ) Income (loss) before income taxes $ (381 ) $ (36,155 ) Provision for income taxes (at 17%) consisted of the following: Three months ended June 30, 2016 Year ended Sept. 30, 2015 Current: $ Nil 703 Income tax expense $ Nil 703 Paramount Supply Inc is registered in the State of Nevada and is subject to United States of America tax law. As of June 30, 2016 the operations in the United States of America incurred $36,862 of cumulative net operating losses. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 10 - Related Party Transactions | 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 has a related party transaction involving the Company's director. The nature and details of the transaction are described in Note 6. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Note 11 - Subsequent Events | The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements. |
Significant Accounting Polici17
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Jun. 30, 2016 | |
Significant Accounting Policies And Recent Accounting Pronouncements 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, 2016. 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. |
Development Stage Entity | The Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810. |
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 | The company follows the guidelines of ASC 605-15 for revenue recognition. Revenue is recognized when all the following conditions have been met: a. the customer has prepaid for the product; b. the product has been shipped from either Paramount or one of our suppliers, and; c. the product has been delivered and signed for by the customer as evidenced by the shipping company. Customers are allowed to return the products within 30 days for exchange or refund if defects in manufacturing are identified. The company does not believe the 30 day exchange or refund will have a material impact on our revenue recognition as any product which has a defect in manufacturing will be returned to the supplier for replacement or refund for the customer based upon pursuant law and the Uniform Commercial Code. We do not make any allowance to returns. To date there have been no returns and given the terms with our suppliers that products would be returned directly to them for replacement we don't expect any returns so the allowance is currently deemed not necessary. Based on the above, the Company determined that the revenue recognition for the sales is in accordance with the FASB ASC 605-15-25-1. |
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. Our effective tax rate for fiscal years 2016 and 2015 is 17%, which we expect to be fairly consistent in the near term. Our tax rate is also affected by discrete items that may occur in any given year, but are not consistent from year to year. Income taxes are calculated and accrued for U.S. taxes only. The company does not currently accrue any Latvian taxes under Latvian corporate rules. As we become profitable, and have sustained revenue within Latvia, we may become subject to Latvian taxes. |
Recent Accounting Pronouncements | The Financial Accounting Standards Board ("FASB") periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements. During this review the Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810. On June 10, 2014, The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, consolidation, There are several new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of June 30, 2016, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company. |
Fixed Assets (Tables)
Fixed Assets (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Fixed Assets Tables | |
Fixed Assets | The Company utilizes straight-line depreciation over the estimated useful life of the asset. Land 0 years Buildings 15 years Office Equipment 7 years |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Income Taxes Tables | |
Components of income (loss) before income taxes | Three months ended June 30, 2016 Year ended Sept. 30, 2015 Tax jurisdictions from: U.S. $ (381 ) $ (36,155 ) Income (loss) before income taxes $ (381 ) $ (36,155 ) |
Provision for income taxes | Three months ended June 30, 2016 Year ended Sept. 30, 2015 Current: $ Nil 703 Income tax expense $ Nil 703 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 22 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | |
Going Concern Details Narrative | |||||
Net Income (Loss) | $ (381) | $ (10,357) | $ (4,937) | $ 3,478 | $ 36,862 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Jun. 30, 2016 | Sep. 30, 2015 |
Capital Stock Details Narrative | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Fixed Assets (Details)
Fixed Assets (Details) | 9 Months Ended |
Jun. 30, 2016 | |
Land [Member] | |
Estimated useful life of the asset | 0 years |
Buildings [Member] | |
Estimated useful life of the asset | 15 years |
Office Equipment [Member] | |
Estimated useful life of the asset | 7 years |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fixed Assets Details Narrative | |||
Depreciation expense | $ 125 | $ 375 | $ 375 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Tax jurisdictions from: | |||||
U.S. | $ (381) | $ (36,155) | |||
Income (loss) before income taxes | $ (381) | $ (13,827) | $ (4,938) | $ 4,180 | $ (36,155) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Current: | |||||
Income tax expense | $ (3,469) | $ 703 | $ 703 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Income Taxes Details Narrative | |||
Cumulative net operating losses | $ (36,862) | $ (31,925) | |
Effective tax rate | 17.00% | 17.00% |