| Nature of Business and Significant Accounting Policies | Note
1 Nature of Business and Significant Accounting Policies Nature
of Business Global Holding
International ("the Company", "Global") was incorporated
in the state of Nevada on March 28, 2014 ("Inception"). The Company was formed to develop, market, and sell a handheld water filtration
system. The Company will market the product named Hydra Pitcher through traditional sales methods. These
statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary
for fair presentation of the information contained therein. Company
has adopted a fiscal year-end of November 30. Use
of Estimates The
preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, and the 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. Cash
and Cash Equivalents We
maintain cash balances in non-interest-bearing accounts, which do not currently exceed federally insured limits. For the purpose
of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered
to be cash equivalents. There are no cash equivalents as of May 31, 2015 or November 30, 2014. Fair
Value of Financial Instruments Under
FASB ASC 820-10-05, the Financial Accounting Standards Board establishes a framework for measuring fair value in generally accepted
accounting principles and expands disclosures about fair value measurements. This Statement reaffirms that fair value is the relevant
measurement attribute. The adoption of this standard did not have a material effect on the Company's financial statements as reflected
herein. The carrying amounts of cash, prepaid expenses and accrued expenses reported on the balance sheet are estimated by management
to approximate fair value primarily due to the short term nature of the instruments. The Company had no items that required fair
value measurement on a recurring basis. Basic
and Diluted Loss Per Share The
basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding.
Diluted net loss per common share is computed by dividing the net loss adjusted on an "as if converted" basis, by the weighted
average number of common shares outstanding plus potential dilutive securities. For the periods presented, there were no outstanding
potential common stock equivalents and therefore basic and diluted earnings per share result in the same figure. Stock-Based
Compensation The
Company adopted FASB guidance on stock based compensation upon inception at March 28, 2014. Under FASB ASC 718-10-30-2, all share-based
payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair
values. Pro forma disclosure is no longer an alternative. The Company has not had any stock or stock options issued for services. Revenue
Recognition Revenue
recognition occurs at the time of sale of merchandise to Global's customers, in compliance with FASB ASC 605, " Revenue
Recognition" Advertising
and Promotion All
costs associated with advertising and promoting products are expensed as incurred. There were no advertising or promotional expenses
during the period from March 28, 2014 (inception) to May 31, 2015. Income
Taxes 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. A valuation allowance is provided for significant deferred tax assets when it is more likely than not, that
such asset will not be recovered through future operations. Uncertain
Tax Positions In
accordance with ASC 740, "Income Taxes" ("ASC 740"), the Company recognizes the tax benefit from an uncertain tax position only
if it is more likely than not that the tax position will be capable of withstanding examination by the taxing authorities based
on the technical merits of the position. These standards prescribe a recognition threshold and measurement attribute for the financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. These standards also provide
guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Various
taxing authorities periodically audit the Company's income tax returns. These audits include questions regarding the Company's
tax filing positions, including the timing and amount of deductions and the allocation of income to various tax jurisdictions.
In evaluating the exposures connected with these various tax filing positions, including state and local taxes, the Company records
allowances for probable exposures. A number of years may elapse before a particular matter, for which an allowance has been established,
is audited and fully resolved. The Company has not yet undergone an examination by any taxing authorities. The
assessment of the Company's tax position relies on the judgment of management to estimate the exposures associated with the Company's
various filing positions. Recently
Issued Accounting Pronouncements In November
2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-16Derivatives and Hedging
(Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share Is More Akin
to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update do not change the
current criteria in GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument
is required. That is, an entity will continue to evaluate whether the economic characteristics and risks of the embedded derivative
feature are clearly and closely related to those of the host contract, among other relevant criteria. The amendments clarify how
current GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial
instrument that is issued in the form of a share. The effects of initially adopting the amendments in this Update should be applied
on a modified retrospective basis to existing hybrid financial instruments issued in the form of a share as of the beginning of
the fiscal year for which the amendments are effective. Retrospective application is permitted to all relevant prior periods. In November
2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-17Business Combinations
(Topic 805): Pushdown Accounting (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update
provide an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of
an event in which an acquirer obtains control of the acquired entity. The amendments in this Update are effective on November 18,
2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events
or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control
event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting
principle. In August
2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2014-15, Presentation of Financial
Statements Going Concerns (Subtopic 205-40): Disclosures of Uncertainties about an Entity's Ability to Continue as a Going
Concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding
upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of
the term substantial doubt, (2) require an evaluation every reporting period including interim periods, (3) provide principles
for considering the mitigating effect of management's plans, (4) require certain disclosures when substantial doubt is alleviated
as a result of consideration of management's plans, (5) require an express statement and other disclosures when substantial doubt
is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued
(or available to be issued). The amendments in this Update are effective for the annual period ending after December 15, 2016,
and for annual periods and interim periods thereafter. Early application is permitted. In June 2014,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-12, Compensation Stock
Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could
Be Achieved after the Requisite Service Period. The new guidance requires that share-based compensation that require a specific
performance target to be achieved in order for employees to become eligible to vest in the awards and that could be achieved after
an employee completes the requisite service period be treated as a performance condition. As such, the performance target should
not be reflected in estimating the grant-date fair value of the award. Compensation costs should be recognized in the period in
which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable
to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being
achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively
over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service
period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately
vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award
if the performance target is achieved. This new guidance is effective for fiscal years and interim periods within those years
beginning after December 15, 2015. Early adoption is permitted. Entities may apply the amendments in this Update either (a) prospectively
to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that
are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified
awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on our financial position or results
of operations. In June 2014,
the FASB issued ASU No. 2014-10: Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements,
Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation , to improve financial reporting by
reducing the cost and complexity associated with the incremental reporting requirements of development stage entities. The amendments
in this update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, thereby
improving financial reporting by eliminating the cost and complexity associated with providing that information. The amendments
in this Update also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining
whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. The amendments
to eliminate that exception simplify U.S. GAAP by reducing avoidable complexity in existing accounting literature and improve
the relevance of information provided to financial statement users by requiring the application of the same consolidation guidance
by all reporting entities. The elimination of the exception may change the consolidation analysis, consolidation decision, and
disclosure requirements for a reporting entity that has an interest in an entity in the development stage. The amendments related
to the elimination of inception-to-date information and the other remaining disclosure requirements of Topic 915 should be applied
retrospectively except for the clarification to Topic 275, which shall be applied prospectively. For public companies, those amendments
are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein. Early adoption is permitted.
The adoption of ASU 2014-10 is not expected to have a material impact on our financial position or results of operations. |
