Cover
Cover - USD ($) | 12 Months Ended | ||
Aug. 31, 2022 | Dec. 16, 2022 | Feb. 28, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Aug. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --08-31 | ||
Entity File Number | 000-55570 | ||
Entity Registrant Name | VISIBER57 CORP. | ||
Entity Central Index Key | 0001627041 | ||
Entity Tax Identification Number | 61-1633330 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | No.104-2F, Section 1 | ||
Entity Address, Address Line Two | Yanping North Road | ||
Entity Address, Address Line Three | Datong District | ||
Entity Address, City or Town | Taipei City | ||
Entity Address, Country | TW | ||
Entity Address, Postal Zip Code | 10341 | ||
City Area Code | +886 | ||
Local Phone Number | 285012196 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 5,162,000 | ||
Entity Common Stock, Shares Outstanding | 7,000,000 | ||
Auditor Firm ID | 206 | ||
Auditor Name | MaloneBailey, LLP | ||
Auditor Location | Houston, Texas |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2022 | Aug. 31, 2021 |
CURRENT ASSETS: | ||
Prepaid expenses | $ 1,623 | $ 1,247 |
Total Current Assets | 1,623 | 1,247 |
TOTAL ASSETS | 1,623 | 1,247 |
CURRENT LIABILITIES: | ||
Accounts payable | 5,880 | 2,942 |
Due to related party | 346,441 | 303,678 |
Total Current Liabilities | 352,321 | 306,620 |
TOTAL LIABILITIES | 352,321 | 306,620 |
STOCKHOLDERS’ DEFICIT: | ||
Preferred Stock Value | ||
Common stock, $0.0001 par value, 425,000,000 shares authorized, 7,000,000 shares issued and outstanding at August 31, 2022 and 2021 | 700 | 700 |
Additional paid-in capital | 23,800 | 23,800 |
Accumulated deficit | (375,198) | (329,873) |
TOTAL STOCKHOLDERS’ DEFICIT | (350,698) | (305,373) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | 1,623 | 1,247 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS’ DEFICIT: | ||
Preferred Stock Value | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2022 | Aug. 31, 2021 |
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares authorized | 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 | 7,000,000 | 7,000,000 |
Common stock, shares outstanding | 7,000,000 | 7,000,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 1 | 1 |
Preferred stock, shares outstanding | 1 | 1 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
OPERATING EXPENSES: | ||
Professional fees | $ 24,200 | $ 17,757 |
General and administrative expense | 21,125 | 18,658 |
Total Operating Expenses | 45,325 | 36,415 |
LOSS BEFORE INCOME TAX | (45,325) | (36,415) |
INCOME TAX EXPENSE | ||
NET LOSS | $ (45,325) | $ (36,415) |
BASIC AND DILUTED LOSS PER COMMON SHARE: | ||
Net loss per common shares - basic and diluted | $ (0.01) | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic and diluted | 7,000,000 | 11,773,151 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Aug. 31, 2020 | $ 1,320 | $ 23,180 | $ (293,458) | $ (268,958) | ||
Beginning balance, shares at Aug. 31, 2020 | 13,200,000 | |||||
Issuance of Series A preferred stock in exchange of common stock | $ 0 | $ (620) | 620 | |||
Issuance of Series A Preferred Stock in exchange of common stock, shares | 1 | (6,200,000) | ||||
Net loss | (36,415) | (36,415) | ||||
Ending balance, value at Aug. 31, 2021 | $ 0 | $ 700 | 23,800 | (329,873) | (305,373) | |
Ending balance, shares at Aug. 31, 2021 | 1 | 7,000,000 | ||||
Net loss | (45,325) | (45,325) | ||||
Ending balance, value at Aug. 31, 2022 | $ 0 | $ 700 | $ 23,800 | $ (375,198) | $ (350,698) | |
Ending balance, shares at Aug. 31, 2022 | 1 | 7,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (45,325) | $ (36,415) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 1,247 | 2,331 |
Accounts payable | 44,078 | 34,084 |
NET CASH USED IN OPERATING ACTIVITIES | ||
NET DECREASE IN CASH AND CASH EQUIVALENTS | ||
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | ||
CASH AND CASH EQUIVALENTS - END OF YEAR | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | ||
Income taxes | ||
NON-CASH TRANSACTION | ||
Prepayment made by related party | 1,623 | 1,248 |
Operating expenses paid by related party | 41,140 | 36,427 |
Issuance of series a preferred stock in exchange of common stock | $ 620 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 12 Months Ended |
Aug. 31, 2022 | |
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 94.70 On June 7, 2021, the Company’s Board of Directors has authorized the Company to create a new series of one share of preferred stock designated the Series A Preferred Stock at par value of $ 0.0001 The voting power of each share of Series A Preferred Stock is equal to 110% of the issued and outstanding shares of common stock of the Company 6,200,000 52.37 10.19 6,200,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – 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. VISIBER57 CORP. Notes to Financial Statements August 31, 2022 Going concern Our financial statements have been prepared assuming that we 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, we had a net loss of $ 45,325 36,415 350,698 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, 2022 and 2021. 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. VISIBER57 CORP. Notes to Financial Statements August 31, 2022 ASC 825-10 “ Financial Instruments” Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. 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, 2022, and 2021, there were no 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. VISIBER57 CORP. Notes to Financial Statements August 31, 2022 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2022 | |
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. Kok Low Kau Company’s shareholder and relative of Choong Jeng Hew During the fiscal years ended August 31, 2022 and 2021, 57 Society paid $ 41,140 36,427 1,623 1,248 346,441 303,678 The Company’s principal executive offices relocated to Taiwan on August 5, 2021, 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, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 4 – INCOME TAXES The Company maintains deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets at August 31, 2022 and 2021 consist of net operating loss carry forwards. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of the attainment of future taxable income. The Company has a deferred tax asset which is summarized as follows at: Summary of Deferred Tax Asset 2022 2021 August 31, 2022 2021 Deferred Tax Assets: Net operating loss carry forward $ 78,792 $ 69,273 Total deferred tax assets before valuation allowance 78,792 69,273 Valuation allowance (78,792 ) (69,273 ) Net deferred tax assets $ — $ — Additionally, the future utilization of the net operating loss carry forward to offset future taxable income is subject to annual limitations as a result of ownership or business changes that may occur in the future. The Company has not conducted a study to determine the limitations on the utilization of these net operating losses carry forwards. If necessary, the deferred tax assets will be reduced by any carry forward that may not be utilized or expires prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2022 | |
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. VISIBER57 CORP. Notes to Financial Statements August 31, 2022 |
Going concern | Going concern Our financial statements have been prepared assuming that we 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, we had a net loss of $ 45,325 36,415 350,698 |
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, 2022 and 2021. 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. VISIBER57 CORP. Notes to Financial Statements August 31, 2022 ASC 825-10 “ Financial Instruments” |
Related party | Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
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, 2022, and 2021, there were no |
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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Deferred Tax Asset | The Company has a deferred tax asset which is summarized as follows at: Summary of Deferred Tax Asset 2022 2021 August 31, 2022 2021 Deferred Tax Assets: Net operating loss carry forward $ 78,792 $ 69,273 Total deferred tax assets before valuation allowance 78,792 69,273 Valuation allowance (78,792 ) (69,273 ) Net deferred tax assets $ — $ — |
ORGANIZATION AND NATURE OF OP_2
ORGANIZATION AND NATURE OF OPERATIONS (Details Narrative) - $ / shares | Jul. 08, 2021 | Jun. 07, 2021 | Aug. 12, 2016 | Aug. 31, 2022 | Aug. 31, 2021 | Jun. 08, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, par value | $ 0.0001 | |||||
Series A Preferred Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||
Series A Preferred Stock [Member] | 57 Society International Ltd [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Preferred stock, par value | $ 0.0001 | |||||
Preferred stock, voting rights description | The voting power of each share of Series A Preferred Stock is equal to 110% of the issued and outstanding shares of common stock of the Company | |||||
Option to purchase common stock | 6,200,000 | |||||
Decreased ownership percentage | 52.37% | 10.19% | ||||
Number of shares purchased | 6,200,000 | |||||
Share Purchase Agreement [Member] | Common Stock [Member] | 57 Society International Limited [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Acquired percentage | 94.70% | |||||
Mark W. DeFoor [Member] | Share Purchase Agreement [Member] | Common Stock [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Number of shares issued purchased | 5,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Accounting Policies [Abstract] | ||
Net loss | $ 45,325 | $ 36,415 |
Working capital deficit | $ 350,698 | |
Anti-dilutive ordinary shares | 0 | 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Related Party Transaction [Line Items] | ||
Due to related party | $ 346,441 | $ 303,678 |
57 Society International Limited [Member] | ||
Related Party Transaction [Line Items] | ||
Paid of related party expenses | 41,140 | 36,427 |
Prepayment made by related party | 1,623 | 1,248 |
Due to related party | $ 346,441 | $ 303,678 |
Summary of Deferred Tax Asset (
Summary of Deferred Tax Asset (Details) - USD ($) | Aug. 31, 2022 | Aug. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 78,792 | $ 69,273 |
Total deferred tax assets before valuation allowance | 78,792 | 69,273 |
Valuation allowance | (78,792) | (69,273) |
Net deferred tax assets |