Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2015 | Nov. 26, 2015 | Feb. 28, 2014 | |
Document and Entity Information: | |||
Entity Registrant Name | CRYPTO-SERVICES, INC. | ||
Entity Trading Symbol | cryp | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 31, 2015 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,626,745 | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Common Stock, Shares Outstanding | 7,750,000 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 0 |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2015 | Aug. 31, 2014 |
Current Assets | ||
Cash | $ 42,492 | $ 50,000 |
Total Current Assets | 42,492 | 50,000 |
Current Liabilities | ||
Accrued liabilities | 10,582 | 0 |
Due to related party | 241 | 241 |
Total Current Liabilities | 10,823 | 241 |
Stockholders' Equity | ||
Common stock Authorized: 75,000,000 shares, par value $0.001 7,750,000 and 5,000,000 share issued and outstanding; respectively | 7,750 | 5,000 |
Additional paid-in capital | 69,750 | 45,000 |
Accumulated deficit | (45,831) | (241) |
Total Stockholders' Equity | 31,669 | 49,759 |
Total Liabilities and Stockholders' Equity | $ 42,492 | $ 50,000 |
Balance Sheets Parentheticals
Balance Sheets Parentheticals - $ / shares | Aug. 31, 2015 | Aug. 31, 2014 |
Parentheticals | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 7,750,000 | 5,000,000 |
Common Stock, Shares Outstanding | 7,750,000 | 5,000,000 |
Statement of Operations
Statement of Operations - USD ($) | 5 Months Ended | 12 Months Ended |
Aug. 31, 2014 | Aug. 31, 2015 | |
REVENUES: | ||
Revenue | $ 0 | $ 0 |
Expenses | ||
General and administrative expenses | 241 | 45,590 |
Total Operating Expenses | 241 | 45,590 |
Net Loss | $ (241) | $ (45,590) |
Net Loss Per Share - Basic and Diluted | $ 0 | $ (0.01) |
Weighted Average Shares Outstanding | 726,994 | 5,177,397 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock Shares | Common Stock Amount | Additional Paid-In Capital | Deficit Accumulated During the Development Stage | Total |
Balance at Mar. 21, 2014 | 0 | 0 | 0 | 0 | 0 |
Common stock issued for cash | 5,000,000 | 5,000 | 45,000 | 0 | 50,000 |
Net loss for the period | $ 0 | $ 0 | $ (241) | $ (241) | |
Balance at Aug. 31, 2014 | 5,000,000 | 5,000 | 45,000 | (241) | 49,759 |
Common stock issued for cash | 2,750,000 | 2,750 | 24,750 | 0 | 27,500 |
Net loss for the period | $ 0 | $ 0 | $ (45,590) | $ (45,590) | |
Balance at Aug. 31, 2015 | 7,750,000 | 7,750 | 69,750 | (45,831) | 31,669 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 5 Months Ended | 12 Months Ended |
Aug. 31, 2014 | Aug. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net loss for the period | $ (241) | $ (45,590) |
Changes in operating assets and liabilities: | ||
Accrued expenses | 0 | 10,582 |
Net Cash Used In Operating Activities | (241) | (35,008) |
Financing Activities | ||
Proceeds from issuance of common stock | 50,000 | 27,500 |
Due to related parties | 241 | 0 |
Net Cash Provided By Financing Activities | 50,241 | 27,500 |
Net Increase (Decrease) in Cash | 50,000 | (7,508) |
Cash and Cash Equivalents at Beginning of Period | 0 | 50,000 |
Cash and Cash Equivalents at End of Period | 50,000 | 42,492 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Aug. 31, 2015 | |
Nature of Operations | |
Nature of Operations | 1. Nature of Operations Crypto-Services, Inc. (the Company) was incorporated in the state of Nevada on March 21, 2014. The Company has been in the exploration stage since its formation and has not commenced business operations. |
Going Concern
Going Concern | 12 Months Ended |
Aug. 31, 2015 | |
Going Concern | |
Going Concern | 2. Going Concern These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize it assets and discharge its liabilities in the normal course of business. During the period ended August 31, 2015, the Company has an accumulated deficit of $45,831. The Company intends to enter the business of providing information about the use of Bitcoin and other digital currencies through a website that aggregates news and current trading data about digital currencies. The Company also intends to provide consumer access to the purchase and sale of Bitcoin through ATMs placed at various high traffic locations in Canada. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Companys ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2015 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies a) Basis of Presentation These financial statements and notes are presented in accordance with accounting principles generally accepted in the United States. The Companys fiscal year end is August 31. b) Use of Estimates The preparation of financial statements in conformity with U.S. 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 reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets, donated expenses and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. d) Financial Instruments The fair values of financial instruments which include cash and amounts due to related parties were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. The Companys operations and financing activities are conducted primarily in United States dollars, and as a result the Company is not subject to significant exposure to market risks from changes in foreign currency rates. Management has determined that the Company is not exposed to significant credit risk. e) Loss per Share The Company computes net loss per share in accordance with ASC 740 " Earnings per Share f) Income Taxes The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized g) Recent Accounting Pronouncements The Company adopted new accounting guidance on business combinations. This new accounting guidance broadens the scope of business combinations, extending its applicability to all transactions and other events in which one entity obtains control over one or more other businesses. It broadens the fair value measurement and recognition of assets acquired, liabilities assumed and interests transferred as a result of business combinations. It also expands on required disclosures to improve the statement users abilities to evaluate the nature and financial effects of business combinations. The adoption of this guidance did not have a material impact on the Companys financial statements. The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant effect on its financial statements. h) Related parties The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Common Stock
Common Stock | 12 Months Ended |
Aug. 31, 2015 | |
Common Stock | |
Common Stock | 5. Common Stock a) On August 29, 2014, the Company issued 5,000,000 common shares at $0.01 per share for proceeds of $50,000. b) On July 29, 2015, the Company issued 1,450,000 common shares at $0.01 per share for proceeds of $14,500. c) On August 18, 2015, the Company issued 1,300,000 common shares at $0.01 per share for proceeds of $13,000. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2015USD ($) | |
Income Taxes: | |
Income Taxes | 6. Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has incurred a net operating loss of $45,590 which expires in 2034. The Company has adopted ASC 740, Accounting for Income Taxes The income tax benefit differs from the amount computed by applying the federal income tax rate of 34% to net loss before income taxes. Significant components of the Companys deferred tax assets and liabilities as at August 31, 2015 and 2014, after applying enacted corporate income tax rates, are as follows: 2015 $ 2014 $ Deferred income tax asset Net operating loss carried forward 15,583 82 Valuation allowance (15,583) (82) Net deferred income tax asset - - |
Net operating loss | $ 45,590 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2015 | |
Accounting Policies | |
Basis of Presentation | a) Basis of Presentation These financial statements and notes are presented in accordance with accounting principles generally accepted in the United States. The Companys fiscal year end is August 31. |
Use of Estimates | b) Use of Estimates The preparation of financial statements in conformity with U.S. 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 reporting period. Actual results could differ from those estimates. The Company regularly evaluates estimates and assumptions related to the recoverability of long-lived assets, donated expenses and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Companys estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. |
Financial Instruments | d) Financial Instruments The fair values of financial instruments which include cash and amounts due to related parties were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. The Companys operations and financing activities are conducted primarily in United States dollars, and as a result the Company is not subject to significant exposure to market risks from changes in foreign currency rates. Management has determined that the Company is not exposed to significant credit risk. |
Loss per Share | e) Loss per Share The Company computes net loss per share in accordance with ASC 740 " Earnings per Share |
Income Taxes | f) Income Taxes The Company accounts for income taxes using the asset and liability approach. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amounts expected to be realized |
Recent Accounting Pronouncements | g) Recent Accounting Pronouncements The Company adopted new accounting guidance on business combinations. This new accounting guidance broadens the scope of business combinations, extending its applicability to all transactions and other events in which one entity obtains control over one or more other businesses. It broadens the fair value measurement and recognition of assets acquired, liabilities assumed and interests transferred as a result of business combinations. It also expands on required disclosures to improve the statement users abilities to evaluate the nature and financial effects of business combinations. The adoption of this guidance did not have a material impact on the Companys financial statements. The Company does not expect the adoption of any other recently issued accounting pronouncements to have a significant effect on its financial statements. |
Related Party Transactions | h) Related parties The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Components of deferred tax asse
Components of deferred tax assets and liabilities (Details) - USD ($) | Aug. 31, 2015 | Aug. 31, 2014 |
Deferred income tax asset | ||
Net operating loss carried forward | $ 15,583 | $ 82 |
Valuation allowance | (15,583) | (82) |
Net deferred income tax asset | $ 0 | $ 0 |
Going Concern (Details)
Going Concern (Details) | 12 Months Ended |
Aug. 31, 2015USD ($) | |
Going Concern Details | |
Accumulated deficit | $ 45,831 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Aug. 31, 2015 | Aug. 31, 2014 |
Related Party Transactions Details | ||
Due to related party | $ 241 | $ 241 |
Common Stock Transactions (Deta
Common Stock Transactions (Details) - USD ($) | Aug. 18, 2015 | Jul. 29, 2015 | Aug. 29, 2014 |
Common Stock Transactions Details | |||
Issued common shares | 1,300,000 | 1,450,000 | 5,000,000 |
Issued common shares per share | $ 0.01 | $ 0.01 | $ 0.01 |
Issued common shares for proceeds | $ 13,000 | $ 14,500 | $ 50,000 |