Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2016 | Dec. 13, 2016 | Feb. 29, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | CRYPTO-SERVICES, INC. | ||
Entity Central Index Key | 1,626,745 | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 27,497 | ||
Entity Common Stock, Shares Outstanding | 7,750,000 | ||
Entity Trading Symbol | CRYT | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Current Assets | ||
Cash | $ 42,492 | |
Prepaid Expense | 11,333 | |
Total Current Assets | 11,333 | 42,492 |
Total Assets | 11,333 | 42,492 |
Current Liabilities | ||
Accrued liabilities | 10,582 | |
Due to related party-Gorden Hum | ||
Due to related party-Xinlong Shen | 3,000 | 241 |
Total Current Liabilities | 3,000 | 10,823 |
Total Liabilities | 3,000 | 10,823 |
Stockholders' Equity | ||
Common stock Authorized: 7,750,000 common shares issued and outstanding as of August 31, 2016 and 2015 | 7,750 | 7,750 |
Additional paid-in capital | 69,750 | 69,750 |
Accumulated deficit | (69,167) | (45,831) |
Total Stockholders' Equity | 8,333 | 31,669 |
Total Liabilities and Stockholders' Equity | $ 11,333 | $ 42,492 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - shares | Aug. 31, 2016 | Aug. 31, 2015 |
Assets [Abstract] | ||
Common stock, shares authorized | 7,750,000 | 7,750,000 |
Common stock, shares issued | 7,750,000 | 7,750,000 |
Common stock, shares outstanding | 7,750,000 | 7,750,000 |
Statement of Operations
Statement of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Revenues [Abstract] | ||
Revenue | ||
Expenses | ||
General and administrative expenses | 44,465 | 45,590 |
Total Operating Expenses | 44,465 | 45,590 |
Other Income | ||
Gain from waive of liabilities | 21,129 | |
Total Other Income | 21,129 | |
Net Loss | $ (23,336) | $ (45,590) |
Net Loss Per Share - Basic and Diluted | $ (0.01) | $ (0.01) |
Weighted Average Shares Outstanding | 7,750,000 | 5,177,397 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Aug. 31, 2014 | $ 5,000 | $ 45,000 | $ (241) | $ 49,759 |
Balance, shares at Aug. 31, 2014 | 5,000,000 | |||
Common stock issued for cash | $ 2,750 | 24,750 | 27,500 | |
Common stock issued for cash, shares | 2,750,000 | |||
Net loss for the year | (45,590) | (45,590) | ||
Balance at Aug. 31, 2015 | $ 7,750 | 69,750 | (45,831) | 31,669 |
Balance, shares at Aug. 31, 2015 | 7,750,000 | |||
Net loss for the year | (23,336) | (23,336) | ||
Balance at Aug. 31, 2016 | $ 7,750 | $ 69,750 | $ (69,167) | $ 8,333 |
Balance, shares at Aug. 31, 2016 | 7,750,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Cash Flows From Operating Activities | ||
Net loss | $ (23,336) | $ (45,590) |
Changes in operating assets and liabilities: | ||
Gain from waive of liabilities | (21,129) | |
Prepaid expenses | (8,333) | |
Accounts payable | 11,579 | |
Accrued expenses | (582) | 10,582 |
Net Cash Used In Operating Activities | (42,492) | (35,008) |
Cash Flows From Financing Activities | ||
Proceeds from issuance of common stock | 27,500 | |
Net Cash Provided By Financing Activities | 27,500 | |
Net Decrease in cash | (42,492) | (7,508) |
Cash and Cash Equivalents at Beginning of Period | 42,492 | 50,000 |
Cash and Cash Equivalents at End of Period | 42,492 | |
Non-Cash Transactions | ||
Due to related party-Xinlong Shen | 3,000 | |
Due to related party-Gordon Hum | 1,500 | |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | ||
Income taxes paid |
Nature of Operations
Nature of Operations | 12 Months Ended |
Aug. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Crypto-Services, Inc. was incorporated in the State of Nevada as a for-profit company on March 21, 2014 and established a fiscal year end of August 31. CRYT is a development-stage Company which intended to offer an information based website at www.digitalcoindaily.com that would provide users with up to date information on the world of digital currencies. Upon the consummation of the sale, a change of control occurred with Gordon Hum and Edwin Jong appointing Xinlong Shen as the designee of the Purchasers to serve as the Companys Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Sole Director of the Company. Mr. Hum and Mr. Jong resigned from all of their positions with the Company. A Form 8-K was filed with the Securities Commission reflecting this change of officers and directors. Effective August 28, 2016, shareholders of Crypto-Services, Inc. representing 54.19% of the Companys issued stock approved changing the Companys name from Crypto-Services, Inc., to Fortune Valley Treasures, Inc. The Company filed a Certificate of Amendment with the State of Nevada on September 21, 2016. However, the name change is subject to the approval of Financial Industry Regulatory Authority (FINRA). Thus, the Company currently is still using Crypto-Services, Inc. as its company name. |
Going Concern
Going Concern | 12 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
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 year ended August 31, 2016, the Company has recurring losses and negative cash flows from operation. 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 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, 2016 | |
Accounting Policies [Abstract] | |
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 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 prepaid expense were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, freemarket dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. 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 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions a) As of August 8, 2016, the former President, Gordon Hum confirmed that there were no trade payables, accrued expenses, liabilities, taxes, obligations or commitments prior to August 8, 2016 ,which would be required to accrue or be reflected in in the financial statements. Additionally, he confirmed that he has waived any and all such liabilities as of August 8, 2016. b) As of August 31, 2016, the Company was indebted to the current CEO, Xinlong Shen, in the amount of $3,000, which is non-interest bearing, unsecured, and due on demand. c) Lily Chen, friend of Xinlong Shen provided non-compensated book keeping and financial reporting services from August, 2016 to December, 2016. |
Common Stock
Common Stock | 12 Months Ended |
Aug. 31, 2016 | |
Equity [Abstract] | |
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, 2016 | |
Income Tax Disclosure [Abstract] | |
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 $44,464 which expires beginning in 2034. The Company has adopted ASC 740, Accounting 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, 2016 and 2015, after applying enacted corporate income tax rates, are as follows: 2016 2015 $ $ Deferred income tax asset Net operating loss carried forward 23,517 15,583 Valuation allowance (23,517 ) (15,583 ) Net deferred income tax asset - - |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
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 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 prepaid expense were estimated to approximate their carrying values due to the immediate or relatively short maturity of these instruments. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, freemarket dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. 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 does not expect the adoption of any other recently issued accounting pronouncements to have a significant effect on its financial statements. |
Related Parties | h) Related parties The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Deferred Tax Assets and Liabilities | Significant components of the Companys deferred tax assets and liabilities as at August 31, 2016 and 2015, after applying enacted corporate income tax rates, are as follows: 2016 2015 $ $ Deferred income tax asset Net operating loss carried forward 23,517 15,583 Valuation allowance (23,517 ) (15,583 ) Net deferred income tax asset - - |
Nature of Operations (Details N
Nature of Operations (Details Narrative) | Aug. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Percentage of stock issued during the period | 54.19% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | 12 Months Ended |
Aug. 31, 2016USD ($) | |
Xinlong Shen [Member] | |
Proceeds from president | $ 3,000 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Aug. 18, 2015 | Jul. 29, 2015 | Aug. 29, 2014 |
Equity [Abstract] | |||
Number of common shares issued | 1,300,000 | 1,450,000 | 5,000,000 |
Common stock per share | $ 0.01 | $ 0.01 | $ 0.01 |
Proceeds from issuance of common stock | $ 13,000 | $ 14,500 | $ 50,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Aug. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss | $ 44,464 |
Net operating loss expires date | 2,034 |
Federal income tax rate | 34.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carried forward | $ 23,517 | $ 15,583 |
Valuation allowance | (23,517) | (15,583) |
Net deferred income tax asset |