Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2020 | Jul. 09, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | VISIBER57 CORP. | |
Entity Central Index Key | 0001627041 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 13,200,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Balance Sheets
Balance Sheets - USD ($) | May 31, 2020 | Aug. 31, 2019 | |
CURRENT ASSETS: | |||
Prepaid expenses | $ 6,827 | $ 14,330 | |
Total Current Assets | 6,827 | 14,330 | |
TOTAL ASSETS | 6,827 | 14,330 | |
CURRENT LIABILITIES: | |||
Accounts payable | 2,684 | 3,800 | |
Due to related party | 263,265 | 232,000 | |
Total Current Liabilities | 265,949 | 235,800 | |
TOTAL LIABILIITES | 265,949 | 235,800 | |
STOCKHOLDERS' DEFICIT: | |||
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at May 31, 2020 and August 31, 2019 | |||
Common stock, $0.0001 par value, authorized: 425,000,000 shares 13,200,000 shares issued and outstanding at May 31, 2020 and August 31, 2019 | [1] | 1,320 | 1,320 |
Additional paid-in capital | [1] | 23,180 | 23,180 |
Accumulated deficit | (283,622) | (245,970) | |
TOTAL STOCKHOLDERS' DEFICIT | (259,122) | (221,470) | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 6,827 | $ 14,330 | |
[1] | Effective November 8, 2019, the Company affected a forward stock split, whereby each share of common stock issued and outstanding immediately prior to the effective time was automatically and without any action on the part of the respective holders thereof, split and converted into two and one half shares of common stock (the "2.5-for-1 Forward Stock Split"). The authorized number of shares and par value per share remained unchanged. The Company's prior period capital accounts have been retroactively stated to reflect the 2.5-for-1 Forward Stock Split. |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | May 31, 2020 | Aug. 31, 2019 |
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 | 13,200,000 | 13,200,000 |
Common stock, shares outstanding | 13,200,000 | 13,200,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
May 31, 2020 | May 31, 2019 | May 31, 2020 | May 31, 2019 | ||
Income Statement [Abstract] | |||||
REVENUES | |||||
OPERATING EXPENSES: | |||||
Professional fees | 5,735 | 12,296 | 23,135 | 40,634 | |
General and administrative expense | 4,836 | 4,602 | 14,517 | 13,614 | |
Total Operating Expenses | 10,571 | 16,898 | 37,652 | 54,248 | |
LOSS BEFORE INCOME TAX | (10,571) | (16,898) | (37,652) | (54,248) | |
INCOME TAX EXPENSE | |||||
LOSS FROM CONTINUING OPERATIONS | (10,571) | (16,898) | (37,652) | (54,248) | |
NET LOSS | $ (10,571) | $ (16,898) | $ (37,652) | $ (54,248) | |
BASIC AND DILUTED LOSS PER COMMON SHARE: | |||||
Net loss per common shares - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 | |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||
Basic and diluted | [1] | 13,200,000 | 13,200,000 | 13,200,000 | 13,200,000 |
[1] | Effective November 8, 2019, the Company affected a forward stock split, whereby each share of common stock issued and outstanding immediately prior to the effective time was automatically and without any action on the part of the respective holders thereof, split and converted into two and one half shares of common stock (the "2.5-for-1 Forward Stock Split"). The authorized number of shares and par value per share remained unchanged. The Company's prior period capital accounts have been retroactively stated to reflect the 2.5-for-1 Forward Stock Split. |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | [1] | Additional Paid-in Capital [Member] | [1] | Accumulated Deficit [Member] | Total |
Balance at Aug. 31, 2018 | $ 1,320 | $ 23,180 | $ (177,144) | $ (152,644) | |||
Balance, shares at Aug. 31, 2018 | 13,200,000 | ||||||
Net loss | (23,237) | (23,237) | |||||
Balance at Nov. 30, 2018 | $ 1,320 | 23,180 | (200,381) | (175,881) | |||
Balance, shares at Nov. 30, 2018 | 13,200,000 | ||||||
Balance at Aug. 31, 2018 | $ 1,320 | 23,180 | (177,144) | (152,644) | |||
Balance, shares at Aug. 31, 2018 | 13,200,000 | ||||||
Net loss | (54,248) | ||||||
Balance at May. 31, 2019 | $ 1,320 | 23,180 | (231,392) | (206,892) | |||
Balance, shares at May. 31, 2019 | 13,200,000 | ||||||
Balance at Nov. 30, 2018 | $ 1,320 | 23,180 | (200,381) | (175,881) | |||
Balance, shares at Nov. 30, 2018 | 13,200,000 | ||||||
Net loss | (14,113) | (14,113) | |||||
Balance at Feb. 28, 2019 | $ 1,320 | 23,180 | (214,494) | (189,994) | |||
Balance, shares at Feb. 28, 2019 | 13,200,000 | ||||||
Net loss | (16,898) | (16,898) | |||||
Balance at May. 31, 2019 | $ 1,320 | 23,180 | (231,392) | (206,892) | |||
Balance, shares at May. 31, 2019 | 13,200,000 | ||||||
Balance at Aug. 31, 2019 | $ 1,320 | 23,180 | (245,970) | (221,470) | |||
Balance, shares at Aug. 31, 2019 | 13,200,000 | ||||||
Net loss | (17,206) | (17,206) | |||||
Balance at Nov. 30, 2019 | $ 1,320 | 23,180 | (263,176) | (238,676) | |||
Balance, shares at Nov. 30, 2019 | 13,200,000 | ||||||
Balance at Aug. 31, 2019 | $ 1,320 | 23,180 | (245,970) | (221,470) | |||
Balance, shares at Aug. 31, 2019 | 13,200,000 | ||||||
Net loss | (37,652) | ||||||
Balance at May. 31, 2020 | $ 1,320 | 23,180 | (283,622) | (259,122) | |||
Balance, shares at May. 31, 2020 | 13,200,000 | ||||||
Balance at Nov. 30, 2019 | $ 1,320 | 23,180 | (263,176) | (238,676) | |||
Balance, shares at Nov. 30, 2019 | 13,200,000 | ||||||
Net loss | (9,875) | (9,875) | |||||
Balance at Feb. 29, 2020 | $ 1,320 | 23,180 | (273,051) | (248,551) | |||
Balance, shares at Feb. 29, 2020 | 13,200,000 | ||||||
Net loss | (10,571) | (10,571) | |||||
Balance at May. 31, 2020 | $ 1,320 | $ 23,180 | $ (283,622) | $ (259,122) | |||
Balance, shares at May. 31, 2020 | 13,200,000 | ||||||
[1] | Effective November 8, 2019, the Company affected a forward stock split, whereby each share of common stock issued and outstanding immediately prior to the effective time was automatically and without any action on the part of the respective holders thereof, split and converted into two and one half shares of common stock (the "2.5-for-1 Forward Stock Split"). The authorized number of shares and par value per share remained unchanged. The Company's prior period capital accounts have been retroactively stated to reflect the 2.5-for-1 Forward Stock Split. |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 31, 2020 | Nov. 30, 2019 | May 31, 2019 | Nov. 30, 2018 | May 31, 2020 | May 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net loss | $ (10,571) | $ (17,206) | $ (16,898) | $ (23,237) | $ (37,652) | $ (54,248) |
Changes in operating assets and liabilities: | ||||||
Prepaid expenses | 8,752 | 13,326 | ||||
Accounts payable | 28,900 | 40,922 | ||||
NET CASH USED IN OPERATING ACTIVITIES | ||||||
NET DECREASE IN CASH | ||||||
CASH AND CASH EQUIVALENTS - beginning of period | ||||||
CASH AND CASH EQUIVALENTS - end of period | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Interest | ||||||
Income taxes | ||||||
NON-CASH TRANSACTIONS: | ||||||
Prepayment made by related party | 1,249 | 5,990 | ||||
Operating expenses paid by related party | $ 30,016 | $ 38,338 |
Organization and Nature of Oper
Organization and Nature of Operations | 9 Months Ended |
May 31, 2020 | |
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. On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the “Forward Stock Split”) of the Company’s issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company’s common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited 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 unaudited 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 unaudited financial statements, the Company had a net loss of $37,652 and $54,248 for the nine months ended May 31, 2020 and 2019, respectively. The working capital deficit was $259,122 as of May 31, 2020. The net cash generated from operating activities was $0 for both nine months ended May 31, 2020 and 2019. 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 unaudited 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. Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. 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 May 31, 2020, there were no outstanding common share equivalents. Recent accounting pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
May 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 – RELATED PARTY TRANSACTIONS During the nine months ended May 31, 2020 and 2019, 57 Society, a Company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $30,016 and $38,338, of operating expenses, respectively, and made $1,249 and $5,990 prepayment, respectively, on behalf of the Company. As of May 31, 2020 and August 31, 2019, the Company had an outstanding payable to 57 Society in the amount of $263,265 and $232,000, 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. |
Common Stock
Common Stock | 9 Months Ended |
May 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | NOTE 4 – COMMON STOCK On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the “Forward Stock Split”) of the Company’s issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company’s common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
May 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying unaudited 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 unaudited 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 unaudited financial statements, the Company had a net loss of $37,652 and $54,248 for the nine months ended May 31, 2020 and 2019, respectively. The working capital deficit was $259,122 as of May 31, 2020. The net cash generated from operating activities was $0 for both nine months ended May 31, 2020 and 2019. 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 unaudited 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. |
Related Party | Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
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 May 31, 2020, there were no outstanding common share equivalents. |
Recent Accounting Pronouncements | Recent accounting pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) | Nov. 08, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stock split, description | On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the "Forward Stock Split") of the Company's issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company's common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
May 31, 2020 | Feb. 29, 2020 | Nov. 30, 2019 | May 31, 2019 | Feb. 28, 2019 | Nov. 30, 2018 | May 31, 2020 | May 31, 2019 | |
Accounting Policies [Abstract] | ||||||||
Net loss | $ (10,571) | $ (9,875) | $ (17,206) | $ (16,898) | $ (14,113) | $ (23,237) | $ (37,652) | $ (54,248) |
Working capital | $ (259,122) | (259,122) | ||||||
Net cash used in operating activities | ||||||||
Anti-dilutive ordinary shares |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
May 31, 2020 | May 31, 2019 | Aug. 31, 2019 | |
Prepayment made by related party | $ 1,249 | $ 5,990 | |
Due to related party | 263,265 | $ 232,000 | |
57 Society International Limited [Member] | Choong Jeng Hew [Member] | |||
Paid of related party expenses | $ 30,016 | $ 38,338 |
Common Stock (Details Narrative
Common Stock (Details Narrative) | Nov. 08, 2019 |
Stockholders' Equity Note [Abstract] | |
Stock split, description | On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the "Forward Stock Split") of the Company's issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company's common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. |