Visiber57 (VCOR) 10-Q 11 Apr 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 28, 2017	Apr. 11, 2017
Document And Entity Information
Entity Registrant Name	VISIBER57 CORP.
Entity Central Index Key	1,627,041
Document Type	10-Q
Document Period End Date	Feb. 28, 2017
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		5,280,000
Entity Trading Symbol	VCOR
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Balance Sheets

Balance Sheets - USD ($)	Feb. 28, 2017	Aug. 31, 2016
CURRENT ASSETS:
Prepaid expenses	$ 6,663	$ 8,333
Total Current Assets	6,663	8,333
TOTAL ASSETS	6,663	8,333
CURRENT LIABILITIES:
Accounts payable	3,100	3,060
Due to related party	38,048	3,981
Total Current Liabilities	41,148	7,041
TOTAL LIABILIITES	41,148	7,041
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at February 28, 2017 and August 31, 2016
Common stock, $0.0001 par value, authorized: 425,000,000 shares 5,280,000 shares issued and outstanding at February 28, 2017 and August 31, 2016	528	528
Additional paid-in capital	23,972	23,972
Accumulated deficit	(58,985)	(23,208)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(34,485)	1,292
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 6,663	$ 8,333

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2017	Aug. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	75,000,000	75,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	425,000,000	425,000,000
Common stock, shares issued	5,280,000	5,280,000
Common stock, shares outstanding	5,280,000	5,280,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
OPERATING EXPENSES:
Professional fees	$ 14,000	$ 5,665	$ 28,505	$ 22,265
General and administrative expense	4,166	194	7,272	4,344
Total Operating Expenses	18,166	5,859	35,777	26,609
LOSS BEFORE INCOME TAX	(18,166)	(5,859)	(35,777)	(26,609)
INCOME TAX EXPENSE
LOSS FROM CONTINUING OPERATIONS	(18,166)	(5,859)	(35,777)	(26,609)
DISCONTINUED OPERATIONS:
Income from discontinued operations, net of tax		11,250		16,688
NET INCOME (LOSS)	$ (18,166)	$ 5,391	$ (35,777)	$ (9,921)
BASIC AND DILUTED NET INOME (LOSS) PER COMMON SHARE:
Loss from continuing operations	$ 0	$ 0	$ (0.01)	$ (0.01)
Income from discontinued operations, net of tax	0	0	0	0
Net income (loss) per common shares - basic and diluted	$ 0	$ 0	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted	5,280,000	5,280,000	5,280,000	5,276,099

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ 5,391	$ (35,777)	$ (9,921)
Changes in operating assets and liabilities:
Accounts receivable - related party - discontinued operations			(3,750)
Prepaid expenses		6,665
Accounts payable		29,112	6,780
Accounts payable - related party - discontinued operations			(10,000)
NET CASH USED IN OPERATING ACTIVITIES			(16,891)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock			10,750
Repayment to related party			(1,419)
NET CASH PROVIDED BY FINANCING ACTIVITIES			9,331
NET DECREASE IN CASH AND CASH EQUIVALENTS			(7,560)
CASH AND CASH EQUIVALENTS - beginning of period			8,917
CASH AND CASH EQUIVALENTS - end of period	$ 1,357		1,357
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest
Income taxes
NON-CASH TRANSACTIONS:
Prepayment made by related party		4,995
Operating expenses paid by related party		$ 29,072

Organization and Nature of Oper

Organization and Nature of Operations	6 Months Ended
	Feb. 28, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS VISIBER57 CORP. (the “Company”) formerly eBizware, Inc., was incorporated in the State of Delaware on December 31, 2013 and established a fiscal year end of August 31. The Company was engaged in the electronic management and appointment of licensed producers in the insurance industry of the United States. On August 12, 2016, in connection with the sale of a controlling interest in the Company, Mark W. DeFoor (the “Seller”), the Company’s former Chief Executive Officer and Director entered into and closed on a Share Purchase Agreement (the “Agreement”) with 57 Society International Limited, (“57 Society”), a Hong Kong company, whereby 57 Society purchased from the Seller a total of 5,000,000 shares of the Company’s common stock. The Shares acquired represent approximately 94.7% of the issued and outstanding shares of common stock of the Company. Following the closing of the agreement, Mark W. DeFoor resigned from all positions held of the Company and Choong Jeng Hew was appointed as the Chief Executive Officer and President of the Company. On August 12, 2016, the Company discontinued its activities related to its electronic management and appointment of licensed producers in the insurance industry and commenced exploration of its new business opportunities by way of developing and launching a mobile device application (APP) that encourages community building centered around the use of a cloud-based APP. The concept for development of this APP surrounds the use of “Numbers 1-9” where products are expected to be customizable according to individual color preferences and suitable number combinations. On March 16, 2017, the Board of Directors of the Company approved the change of the Company’s name to VISIBER57 CORP. The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State on March 23, 2017 with an effective date of April 10, 2017.

Basis of Presentation, Going Co

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies	6 Months Ended
	Feb. 28, 2017
Accounting Policies [Abstract]
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies	NOTE 2 – BASIS OF PRESENTATION, GOING CONCERN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Discontinued Operations The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission. On August 12, 2016, in connection with the Agreement discussed in Note 1, the Company discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the operating results of this business been classified as discontinued operations in our statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the financial statements relate to the Company’s continuing operations. The accompanying unaudited interim financial statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the United States Securities and Exchange Commission. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the six months period ended February 28, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending August 31, 2017. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2016 Annual Report filed with the SEC on December 15, 2016. Going concern These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a net loss from continuing operations of $35,777 during the six months ended February 28, 2017. The Company had a working capital deficit in the amount of $34,485 as of February 28, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Feb. 28, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 3 – RELATED PARTY TRANSACTIONS During the six months ended February 28, 2017, 57 Society, a company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $29,072 of operating expenses and made $4,995 prepayment on behalf of the Company. As of February 28, 2017 and August 31, 2016, the Company had an outstanding payable to 57 Society in the amount of $38,048 and $3,981, respectively. The payable is unsecured, does not bear interest and is due on demand. The Company’s principal executive offices in Hong Kong, which it shares with its controlling shareholder, 57 Society, are furnished to the Company by 57 Society without any charge.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Feb. 28, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	NOTE 4 – DISCONTINUED OPERATIONS The results of operation of the Company’s discontinued business have been presented as discontinued operations for the six months ended February 28, 2017 and February 29, 2016. The following table provides the financial results included in unaudited income from discontinued operations during the periods presented: Six months ended Six months ended February 28, 2017 February 29, 2016 Revenue – software revenue from related party $ — $ 22,500 Operating expenses – related party — (5,812 ) Income from discontinued operation, net of tax of zero $ — $ 16,688 The revenue shown above was solely from a related party customer. For the six months ended February 28, 2017 and February 29, 2016, net cash flows provided by discontinued operations consisted of the following: Six months ended February 28, 2017 Six months ended February 29, 2016 Income from discontinued operations $ — $ 16,688 Increase in accounts receivable - related party (3,750 ) Decrease in accounts payable - related party — (10,000 ) Net cash flows provided by discontinued operations $ — $ 2,938

Subsequent Events

Subsequent Events	6 Months Ended
	Feb. 28, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 5 – SUBSEQUENT EVENTS On March 16, 2017, the Board of Directors of the Company approved the change of the Company’s name to VISIBER57 CORP. The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State on March 23, 2017 with an effective date of April 10, 2017.

Basis of Presentation, Going 11

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Feb. 28, 2017
Accounting Policies [Abstract]
Basis of Presentation and Discontinued Operations	Basis of Presentation and Discontinued Operations The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission. On August 12, 2016, in connection with the Agreement discussed in Note 1, the Company discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the operating results of this business been classified as discontinued operations in our statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the financial statements relate to the Company’s continuing operations. The accompanying unaudited interim financial statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the United States Securities and Exchange Commission. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the six months period ended February 28, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending August 31, 2017. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2016 Annual Report filed with the SEC on December 15, 2016.
Going Concern	Going concern These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a net loss from continuing operations of $35,777 during the six months ended February 28, 2017. The Company had a working capital deficit in the amount of $34,485 as of February 28, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Feb. 28, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Income from Discontinued Operations	The following table provides the financial results included in unaudited income from discontinued operations during the periods presented: Six months ended Six months ended February 28, 2017 February 29, 2016 Revenue – software revenue from related party $ — $ 22,500 Operating expenses – related party — (5,812 ) Income from discontinued operation, net of tax of zero $ — $ 16,688
Schedule of Cash Flow from Discontinued Operations	For the six months ended February 28, 2017 and February 29, 2016, net cash flows provided by discontinued operations consisted of the following: Six months ended February 28, 2017 Six months ended February 29, 2016 Income from discontinued operations $ — $ 16,688 Increase in accounts receivable - related party (3,750 ) Decrease in accounts payable - related party — (10,000 ) Net cash flows provided by discontinued operations $ — $ 2,938

Organization and Nature of Op13

Organization and Nature of Operations (Details Narrative) - Mark W. DeFoor [Member] - Share Purchase Agreement [Member]	Aug. 12, 2016shares
Purchases of shares	5,000,000
Shares acquired percentage	94.70%

Basis of Presentation, Going 14

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Accounting Policies [Abstract]
Net loss from continuing operations	$ 18,166	$ 5,859	$ 35,777	$ 26,609
Working capital deficit	$ 34,485		$ 34,485

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	6 Months Ended
	Feb. 28, 2017	Aug. 31, 2016
Prepayment made by related party	$ 4,995
Choong Jeng Hew [Member]
Paid operating expenses on behalf of company	29,072
Prepayment made by related party	4,995
57 Society [Member]
Due to related party	$ 38,048	$ 3,981

Discontinued Operations - Sched

Discontinued Operations - Schedule of Income From Discontinued Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Discontinued Operations and Disposal Groups [Abstract]
Revenue - software revenue from related party				$ 22,500
Operating expenses - related party				(5,812)
Income from discontinued operation, net of tax of zero		$ 11,250		$ 16,688

Discontinued Operations - Sch17

Discontinued Operations - Schedule of Cash Flow From Discontinued Operations (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2017	Feb. 29, 2016	Feb. 28, 2017	Feb. 29, 2016
Discontinued Operations and Disposal Groups [Abstract]
Income from discontinued operations		$ 11,250		$ 16,688
Increase in accounts receivable - related party				(3,750)
Decrease in accounts payable - related party				(10,000)
Net cash flows provided by discontinued operations				$ 2,938