Visiber57 (VCOR) 10-K 27 Nov 18 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2018	Nov. 27, 2018	Feb. 28, 2018
Document And Entity Information
Entity Registrant Name	VISIBER57 CORP.
Entity Central Index Key	1,627,041
Document Type	10-K
Document Period End Date	Aug. 31, 2018
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	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 1,050,000
Entity Common Stock, Shares Outstanding		5,280,000
Entity Trading Symbol	VCOR
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,018

Balance Sheets

Balance Sheets - USD ($)	Aug. 31, 2018	Aug. 31, 2017
CURRENT ASSETS:
Prepaid expenses	$ 14,163	$ 1,730
Total Current Assets	14,163	1,730
TOTAL ASSETS	14,163	1,730
CURRENT LIABILITIES:
Accounts payable	3,200	2,985
Due to related party	163,607	73,979
Total Current Liabilities	166,807	76,964
TOTAL LIABILITIES	166,807	76,964
STOCKHOLDERS' DEFICIT:
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at August 31, 2018 and 2017
Common stock, $0.0001 par value, authorized: 425,000,000 shares 5,280,000 shares issued and outstanding at August 31, 2018 and 2017	528	528
Additional paid-in capital	23,972	23,972
Accumulated deficit	(177,144)	(99,734)
TOTAL STOCKHOLDERS' DEFICIT	(152,644)	(75,234)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 14,163	$ 1,730

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2018	Aug. 31, 2017
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
Preferred stock, shares outstanding
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

Statements of Operations - USD ($)	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
OPERATING EXPENSES:
Professional fees	$ 60,625	$ 62,398
General and administrative expense	16,785	14,128
Total Operating Expenses	77,410	76,526
LOSS BEFORE INCOME TAX	(77,410)	(76,526)
INCOME TAX EXPENSE
NET LOSS	$ (77,410)	$ (76,526)
BASIC AND DILUTED LOSS PER COMMON SHARE:
Net loss per common shares - basic and diluted	$ (0.01)	$ (0.01)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted	5,280,000	5,280,000

Statements of Changes in Stockh

Statements of Changes in Stockholders’ Equity (Deficit) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Aug. 31, 2016		$ 528	$ 23,972	$ (23,208)	$ 1,292
Balance, shares at Aug. 31, 2016		5,280,000
Net loss				(76,526)	(76,526)
Balance at Aug. 31, 2017		$ 528	23,972	(99,734)	(75,234)
Balance, shares at Aug. 31, 2017		5,280,000
Net loss				(77,410)	(77,410)
Balance at Aug. 31, 2018		$ 528	$ 23,972	$ (177,144)	$ (152,644)
Balance, shares at Aug. 31, 2018		5,280,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (77,410)	$ (76,526)
Changes in operating assets and liabilities:
Prepaid expenses	15,557	11,598
Accounts payable	61,853	64,928
NET CASH USED IN OPERATING ACTIVITIES
NET DECREASE IN CASH
CASH AND CASH EQUIVALENTS - beginning of year
CASH AND CASH EQUIVALENTS - end of year
Cash paid for:
Interest
Income taxes
NON-CASH TRANSACTIONS:
Prepayment made by related party	27,990	4,995
Operating expenses paid by related party	$ 61,638	$ 65,003

Organization and Nature of Oper

Organization and Nature of Operations	12 Months Ended
	Aug. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Nature of Operations	NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS VISIBER57 Corp. (the “Company”), was incorporated in the State of Delaware on December 31, 2013 and established a fiscal year end of August 31. Effective on March 23, 2017, the Company changed its name to VISIBER57 CORP. and its trading symbol to “VCOR” effective April 11, 2017 in connection with its plan to expand its business and rebrand its identity. 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 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 94.70% 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. The Company then ceased its activities in the electronic management and appointment of licensed producers in the insurance industry and abandoned that business model. The Company is currently seeking new business opportunities or acquisitions. On March 23, 2017, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to change its name to VISIBER57 CORP. and its trading symbol to “VCOR” with an effective date of April 11, 2017 in order to expand its business and rebrand its identity. The Company is currently seeking new business opportunities or acquisitions.

Basis of Presentation, Going Co

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies	12 Months Ended
	Aug. 31, 2018
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 The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission. 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 of $77,410 and $76,526 for the fiscal years ended August 31, 2018 and 2017, respectively. The working capital deficit was $152,644 as of August 31, 2018. The net cash provided by operating activities was $0 for both fiscal years ended August 31, 2018 and 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of this report. 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. Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America 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 expenses during the reporting period. Actual results could differ from these estimates. Fair value of financial instruments and fair value measurements The Company adopted the guidance of Accounting Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 The carrying amounts reported in the balance sheet for prepaid expenses, accounts payable, and amounts due to related party approximate their fair market value based on the short-term maturity of these instruments. The Company did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of August 31, 2018 and 2017. Management believes it is not practical to estimate the fair value of related party payables and due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. ASC 825-10 “ Financial Instruments” Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions (see Note 3). Income taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes Net loss per common share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. At August 31, 2018 and 2017, there were no outstanding common share equivalents. Recent Accounting Pronouncements In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The Company is currently evaluating the impact of the adoption of this guidance on the Financial Statements.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Aug. 31, 2018
Related Party Transactions [Abstract]
Related Party Transactions	NOTE – 3 – RELATED PARTY TRANSACTIONS Our related parties are the following individuals and entities: Name Nature of Relationships Choong Jeng Hew Company’s Chief Executive Officer, President and Director Chip Jin, Eng Company’s Chief Financial Officer 57 Society international Limited (“57 Society”) Company’s shareholder and owned by Choong Jeng Hew. During the fiscal years ended August 31, 2018 and 2017, 57 Society paid $61,638 and $65,003 of operating expenses, respectively and made $27,990 and $4,995 prepayment on behalf of the Company, respectively. As of August 31, 2018 and 2017, the Company had outstanding payable to 57 Society in the amount of $163,607 and $73,979, 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.

Income Taxes

Income Taxes	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 4 – INCOME TAXES The Company has a deferred tax asset which is summarized as follows at: August 31, 2018 August 31, 2017 Deferred Tax Assets: Net operating loss carryforward $ 37,200 $ 33,910 Total deferred tax assets before valuation allowance 37,200 33,910 Valuation allowance (37,200 ) (33,910 ) Net deferred tax assets $ — $ — The Tax Cuts and Jobs Act of 2017 (the “Tax Act 2017”) was signed into law on December 22, 2017. The Tax Act 2017, among other things, reduces the statutory U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, changes rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017, eliminates the corporate alternative minimum tax (“AMT”), and changes how existing AMT credits can be realized, creates the base erosion anti-abuse tax, a new minimum tax, and creates a new limitation on deductible interest expense. With the enactment of the Tax Act 2017, the Company’s financial results for the year ended August 31, 2018 included a re-valuation of the U.S. deferred tax assets and corresponding valuation allowance at the new lower 21% U.S. federal statutory tax rate. There was no impact of the re-valuation to the net income because it was fully offset by the valuation allowance that was recorded against the deferred tax asset. The impact of the Tax Act 2017 on the Company may differ from management’s estimates. These estimates will be evaluated when necessary based on future regulations or guidance issued by the U.S. Department of the Treasury, and on specific actions the Company may take in the future.

Basis of Presentation, Going _2

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Aug. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission.
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 of $77,410 and $76,526 for the fiscal years ended August 31, 2018 and 2017, respectively. The working capital deficit was $152,644 as of August 31, 2018. The net cash provided by operating activities was $0 for both fiscal years ended August 31, 2018 and 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of this report. 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.
Use of Estimates	Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America 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 expenses during the reporting period. Actual results could differ from these estimates.
Fair Value of Financial Instruments and Fair Value Measurements	Fair value of financial instruments and fair value measurements The Company adopted the guidance of Accounting Standards Codification (“ASC”) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 Level 2 Level 3 The carrying amounts reported in the balance sheet for prepaid expenses, accounts payable, and amounts due to related party approximate their fair market value based on the short-term maturity of these instruments. The Company did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of August 31, 2018 and 2017. Management believes it is not practical to estimate the fair value of related party payables and due to related party because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. ASC 825-10 “ Financial Instruments”
Stock-Based Compensation	Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the “measurement date.” The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date.
Related Party	Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions (see Note 3).
Income Taxes	Income taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 “ Uncertainty in Income Taxes
Net Loss Per Common Share	Net loss per common share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. At August 31, 2018 and 2017, there were no outstanding common share equivalents.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2018, the FASB issued ASU 2018-05, “Income Taxes (Topic 740) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118”. This ASU adds SEC paragraphs pursuant to the SEC Staff Accounting Bulletin No. 118, which expresses the view of the staff regarding application of Topic 740, Income Taxes, in the reporting period that includes December 22, 2017 - the date on which the Tax Cuts and Jobs Act was signed into law. The amendments are effective upon addition to the FASB Accounting Standards Codification. The Company is currently evaluating the impact of the adoption of this guidance on the Financial Statements.

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Aug. 31, 2018
Related Party Transactions [Abstract]
Schedule of Related Parties	Our related parties are the following individuals and entities: Name Nature of Relationships Choong Jeng Hew Company’s Chief Executive Officer, President and Director Chip Jin, Eng Company’s Chief Financial Officer 57 Society international Limited (“57 Society”) Company’s shareholder and owned by Choong Jeng Hew.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of Deferred Tax Assets	The Company has a deferred tax asset which is summarized as follows at: August 31, 2018 August 31, 2017 Deferred Tax Assets: Net operating loss carryforward $ 37,200 $ 33,910 Total deferred tax assets before valuation allowance 37,200 33,910 Valuation allowance (37,200 ) (33,910 ) Net deferred tax assets $ — $ —

Organization and Nature of Op_2

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

Basis of Presentation, Going _3

Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Accounting Policies [Abstract]
Net loss	$ (77,410)	$ (76,526)
Working capital deficit	152,644
Net cash used in operating activities
Anti-dilutive ordinary shares

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Paid of related party expenses	$ 61,638	$ 65,003
Prepayment made by related party	27,990	4,995
Due to related party	163,607	73,979
57 Society [Member]
Paid of related party expenses	61,638	65,003
Prepayment made by related party	$ 27,990	$ 4,995

Related Party Transactions - Sc

Related Party Transactions - Schedule of Related Parties (Details)	12 Months Ended
	Aug. 31, 2018
Choong Jeng Hew [Member]
Name of Related Parties	Choong Jeng Hew
Nature of Relationships	Company's Chief Executive Officer, President and Director
Chip Jin, Eng [Member]
Name of Related Parties	Chip Jin, Eng
Nature of Relationships	Company's Chief Financial Officer
57 Society International Limited ("57 Society") [Member]
Name of Related Parties	57 Society international Limited ("57 Society")
Nature of Relationships	Company's shareholder and owned by Choong Jeng Hew.

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Aug. 31, 2018
Income Tax Disclosure [Abstract]
Income tax description	The Tax Cuts and Jobs Act of 2017 (the "Tax Act 2017") was signed into law on December 22, 2017. The Tax Act 2017, among other things, reduces the statutory U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, changes rules related to uses and limitations of net operating loss carryforwards created in tax years beginning after December 31, 2017
Federal corporate tax rate	21.00%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Details) - USD ($)	Aug. 31, 2018	Aug. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforward	$ 37,200	$ 33,910
Total deferred tax assets before valuation allowance	37,200	33,910
Valuation allowance	(37,200)	(33,910)
Net deferred tax assets