Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2015 | Dec. 21, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | METASOLUTIONS, INC. | |
Entity Trading Symbol | mtsu | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2015 | |
Amendment Flag | false | |
Entity Central Index Key | 1,630,113 | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 9,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
CURRENT ASSETS: | ||
Cash | $ 1,838 | $ 4,410 |
Prepaid expense and other | 9,204 | 14,338 |
Total Current Assets | 11,042 | 18,748 |
OTHER ASSETS: | ||
Deferred offering expense | 0 | 0 |
Intangible asset, net | 0 | 0 |
Total Other Assets | 0 | 0 |
TOTAL ASSETS | 11,042 | 18,748 |
CURRENT LIABILITIES: | ||
Accounts payable | 203,125 | 180,650 |
Accrued compensation | 52,500 | 48,000 |
Loans - unrelated parties | 46,903 | 33,672 |
TOTAL LIABILITIES | 302,528 | 262,322 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 shares authorized; 9,000,000 shares issued and outstanding at November 30, 2015 and August 31, 2015, respectively | 9,000 | 9,000 |
Additional paid in capital | 13,300 | 13,300 |
Accumulated deficit | (313,786) | (265,874) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (291,486) | (243,574) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 11,042 | $ 18,748 |
Balance Sheets Parentheticals
Balance Sheets Parentheticals - $ / shares | Nov. 30, 2015 | Aug. 31, 2015 |
Parentheticals | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares Issued | 9,000,000 | 9,000,000 |
Common Stock, Shares Outstanding | 9,000,000 | 9,000,000 |
Statements of Operations (unaud
Statements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
REVENUE: | ||
Service revenue | $ 0 | $ 0 |
Expenses: | ||
Officer compensation | 4,500 | 4,500 |
Audit and accounting expense | 4,000 | 0 |
Software development costs | 6,800 | 7,200 |
Consulting services | 13,050 | 3,600 |
Travel/business development | 1,232 | 3,604 |
Other expense | 18,330 | 0 |
Amortization expense | 0 | 0 |
Organizational expense | 0 | 0 |
Loss before provision for income tax | 47,912 | 18,904 |
Provision for income tax | 0 | 0 |
Net loss | $ (47,912) | $ (18,904) |
Basic and diluted loss per share | $ (0.01) | $ 0 |
Weighted average common shares outstanding - basic and diluted | 9,000,000 | 4,500,000 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||
Net loss | $ (47,912) | $ (18,904) |
Amortization | 0 | 0 |
Shares issued for organizational expense | 0 | 0 |
Adjustments to reconcile net loss to cash (used in) operating activities: | ||
Change in prepaid expenses and other | 5,134 | 0 |
Change in deferred offering expense | 0 | 0 |
Change in accounts payable | 22,475 | 10,800 |
Change in accrued compensation | 4,500 | 4,500 |
Change in deferred expenses | 0 | 0 |
Net Cash (Used in) Operating Activities | (15,803) | (3,604) |
CASH FLOW FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 0 | 0 |
Deferred offering costs paid in cash | 0 | 0 |
Loans from unrelated parties | 14,231 | 3,604 |
Payment of loans unrelated parties | (1,000) | 0 |
Net Cash Provided by Financing Activities | 13,231 | 3,604 |
CHANGE IN CASH | (2,572) | 0 |
CASH AT BEGINNING OF PERIOD | 4,410 | 0 |
CASH AT END OF PERIOD | 1,838 | 0 |
Cash paid for: | ||
Interest | 0 | 0 |
Income taxes | 0 | 0 |
Non-cash investing and financing activities: | ||
Stock issued for intangible asset | $ 0 | $ 0 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Nov. 30, 2015 | |
ORGANIZATION | |
ORGANIZATION | NOTE 1 ORGANIZATION MetaSolutions, Inc. (the Company) was incorporated under the laws of the State of Nevada on August 29, 2012. The Company issued 3,500,000 shares of common stock to its founder at inception in exchange for organizational costs. Following its formation, the Company issued 1,000,000 shares of common stock to our founder, as consideration for the purchase of a business plan along with developmental code and software. Our founder paid approximately $1,000 for the business plan, software and development code. The acquisition was valued at $1,000. The Company will acquire and/or develop software and services that will significantly enhance the ability for small to medium sized businesses to control their energy costs through a program. The Companys products and services will use proprietary technology that will enable businesses to obtain substantial improvements in performance, reliability and usability when it comes to energy equipment and costs. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Nov. 30, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Basis of Accounting The Companys financial statements are prepared using the accrual method of accounting. The Company elected an August 31, year-end. b. Cash Equivalents For purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. c. Stock-based Compensation The Company follows ASC 718-10, Stock Compensation d. Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. e. Earnings (Loss) per Share The basic earnings (loss) per share is calculated by dividing the Companys net income available to common shareholders by the weighted average number of common shares during the period. The diluted earnings (loss) per share is calculated by dividing the Companys net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. f. Income Taxes Income taxes are provided in accordance with ASC 740, Income Taxes Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. No provision was made for Federal income tax. g. Advertising Advertising will be expensed in the period in which it is incurred. There has been no advertising expense in the reporting period presented. h. Related Software Costs Certain direct purchase and related development costs associated with software are capitalized and include external direct costs for services and payroll costs. These costs include employees devoting time to the software projects principally related to software coding, designing system interfaces and installation and testing of the software. These costs will be recorded as property and equipment and will be amortized over a period of three to five years beginning when the asset is substantially ready for use. Costs incurred during the development stage, as well as maintenance, code development and training costs are expensed as incurred. i. Intangible Assets Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. For the period August 29, 2012 (inception) through August 31, 2012 we recognized $1,000 in amortization expense. Our proprietary business plan and modeling program was placed in service on August 29, 2012. We amortized these costs during the period ended August 31, 2012. j. Recently Issued Accounting Pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and did not or are not believed by management to have a material impact on the Companys financial statements except for the following: In June of 2014 FASB issued Accounting Standards Update (ASU) 2014-10, |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 2015 | |
GOING CONCERN: | |
GOING CONCERN | NOTE 3 GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying financial statements, the Company had negative working capital of $291,486 and a deficit accumulated during the development stage of $313,786 at November 30, 2015. As of November 30, 2015, the Company had no revenues from product or services and had no committed sources of capital or financing. While the Company is attempting to generate revenues from service or software products, the Companys cash position may not be significant enough to support the Companys daily operations. Management believes that the actions presently being taken to further implement its business plan and generate additional products and revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to realize revenues and in its ability to raise additional funds, there can be no assurances that it will accomplish either. The Companys ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Nov. 30, 2015 | |
SHARE CAPITAL | |
SHARE CAPITAL | NOTE 4 SHARE CAPITAL The Company is authorized to issue 100,000,000 shares of common stock ($0.001 par value) and 1,000,000 shares of preferred stock ($0.001 par value). The Company issued 3,500,000 shares of its common stock to its incorporator (chief executive officer and president), for organization expense and services. These services and direct costs were valued at $3,500. Following its formation, the Company issued 1,000,000 shares of common stock to our incorporator, as consideration for the purchase of a development code, software and a business plan. Our incorporator, incurred approximately $1,000 in costs and other payments to develop this asset. The acquisition of the business plan along with developmental code and software was valued at $1,000. The Company on June 26, 2015 completed its offering pursuant to a registration statement filed on Form S-1. The Company issued 4,500,000 shares of its common stock to 23 investors. The investors paid $0.01 per share for a combined investment of $45,000. At November 30, 2015, there are 9,000,000 shares of common stock issued and outstanding. As of November 30, 2014 there were 4,500,000 shares of common stock issued and outstanding. |
DEFERRED OFFERING EXPENSE
DEFERRED OFFERING EXPENSE | 3 Months Ended |
Nov. 30, 2015 | |
DEFERRED OFFERING EXPENSE | |
DEFERRED OFFERING EXPENSE | NOTE 5 DEFERRED OFFERING EXPENSE Deferred offering expense consisted of accounting fees, legal fees and other fees incurred through the balance sheet date related to our common stock offering. Upon completion of our common stock offering we offset deferred offering expense against the net offering proceeds of $45,000 and recorded this amount to additional paid in capital. |
LOANS - UNRELATED PARTIES
LOANS - UNRELATED PARTIES | 3 Months Ended |
Nov. 30, 2015 | |
LOANS - UNRELATED PARTIES | |
LOANS - UNRELATED PARTIES | NOTE 6 LOANS - UNRELATED PARTIES As of November 30, 2015 the Company owes $46,903 in loan proceeds from one unrelated party. Subsequent to inception (August 29, 2012) our incorporator and founder established a financial relationship with two unrelated parties. The Company secured two loans in order to fund the Companys working capital expenses. From one of the unrelated parties the Company received $14,231 and $3,604 during the three month period ended November 30, 2015 and 2014, respectively. The unrelated party loans were unsecured and carried no interest rate or repayment terms. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Nov. 30, 2015 | |
INCOME TAXES | |
INCOME TAXES | NOTE 7 INCOME TAXES As of November 30, 2015 and August 31, 2015, the Company had net operating loss carry forwards of $313,786 and $265,874, respectively. These amounts may be available to reduce future years taxable income. As of November 30, 2015 As of August 31, 2015 Deferred tax assets: Net operating tax carry-forwards $ 109,825 $ 93,056 Other - - Gross deferred tax assets 109,825 93,056 Valuation allowance (109,825) (93,056) Net deferred tax assets $ - $ - Realization of deferred tax asset is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a valuation allowance. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Nov. 30, 2015 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 SUBSEQUENT EVENTS The Company evaluated all events that occurred after the balance sheet date of November 30, 2015 through the date these financial statements were issued. The Company determined that it has no reportable subsequent events. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Nov. 30, 2015 | |
SIGNIFICANT ACCOUNTING POLICIES (Policies): | |
Basis of Accounting, Policy | a. Basis of Accounting The Companys financial statements are prepared using the accrual method of accounting. The Company elected an August 31, year-end. |
Cash Equivalents, Policy | b. Cash Equivalents For purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Stock-based Compensation | c. Stock-based Compensation The Company follows ASC 718-10, Stock Compensation |
Use of Estimates and Assumptions | d. Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Earnings (Loss) per Share | e. Earnings (Loss) per Share The basic earnings (loss) per share is calculated by dividing the Companys net income available to common shareholders by the weighted average number of common shares during the period. The diluted earnings (loss) per share is calculated by dividing the Companys net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the period. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Income Taxes | f. Income Taxes Income taxes are provided in accordance with ASC 740, Income Taxes Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. No provision was made for Federal income tax. |
Advertising | g. Advertising Advertising will be expensed in the period in which it is incurred. There has been no advertising expense in the reporting period presented. |
Related Software Costs | h. Related Software Costs Certain direct purchase and related development costs associated with software are capitalized and include external direct costs for services and payroll costs. These costs include employees devoting time to the software projects principally related to software coding, designing system interfaces and installation and testing of the software. These costs will be recorded as property and equipment and will be amortized over a period of three to five years beginning when the asset is substantially ready for use. Costs incurred during the development stage, as well as maintenance, code development and training costs are expensed as incurred. |
Intangible Assets | i. Intangible Assets Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. For the period August 29, 2012 (inception) through August 31, 2012 we recognized $1,000 in amortization expense. Our proprietary business plan and modeling program was placed in service on August 29, 2012. We amortized these costs during the period ended August 31, 2012. |
Recently Issued Accounting Pronouncements | j. Recently Issued Accounting Pronouncements The Company has reviewed recent accounting pronouncements issued by the FASB (including its EITF), the AICPA, and the SEC and did not or are not believed by management to have a material impact on the Companys financial statements except for the following: In June of 2014 FASB issued Accounting Standards Update (ASU) 2014-10, |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Nov. 30, 2015 | |
INCOME TAXES (Tables): | |
SCHEDULE OF INCOME TAXES (Tables) | As of November 30, 2015 and August 31, 2015, the Company had net operating loss carry forwards of $313,786 and $265,874, respectively. These amounts may be available to reduce future years taxable income. As of November 30, 2015 As of August 31, 2015 Deferred tax assets: Net operating tax carry-forwards $ 109,825 $ 93,056 Other - - Gross deferred tax assets 109,825 93,056 Valuation allowance (109,825) (93,056) Net deferred tax assets $ - $ - |
Organization (Details)
Organization (Details) | Aug. 29, 2012USD ($)shares |
Organization Details | |
Issued shares to founder | shares | 3,500,000 |
Issued shares to founder for purchase of a business plan along with developmental code and software | shares | 1,000,000 |
Founder paid for business plan, software and development code | $ | $ 1,000 |
Value of the acquisition | $ | $ 1,000 |
Significant Accounting Polici17
Significant Accounting Policies (Details) | 36 Months Ended |
Aug. 31, 2015USD ($) | |
Intangible Assets Details | |
Amortization expense | $ 1,000 |
Going Concern (Details)
Going Concern (Details) | Nov. 30, 2015USD ($) |
Going Concern Details | |
Negative working capital | $ 291,486 |
Deficit accumulated during the development stage | $ 313,786 |
Share Capital (Details)
Share Capital (Details) - USD ($) | Nov. 30, 2015 | Jun. 26, 2015 |
Share Capital Details | ||
Preferred Stock, par value | $ 0.001 | |
Preferred Stock, Shares Authorized | 1,000,000 | |
Common Stock, par value | $ 0.001 | |
Common Stock, Shares Authorized | 100,000,000 | |
Shares issued to incorporator for organization expense and services | 3,500,000 | |
Services and direct costs valued | $ 3,500 | |
Incorporator incurred in costs and other payments | 1,000 | |
Acquisition of the business plan along with developmental code and software valued | $ 1,000 | |
Issued shares to 23 investors | 4,500,000 | |
Investors paid per share | $ 0.01 | |
Investors paid for a combined investment | $ 45,000 | |
Common stock issued and outstanding | 9,000,000 |
Deferred Offering Expense (Deta
Deferred Offering Expense (Details) | 3 Months Ended |
Nov. 30, 2015USD ($) | |
Deferred Offering Expense Details | |
Deferred offering expense | $ 45,000 |
Loans - Unrelated Parties (Deta
Loans - Unrelated Parties (Details) - USD ($) | 3 Months Ended | |
Nov. 30, 2015 | Nov. 30, 2014 | |
Loans - Unrelated Parties Details | ||
Owes in loan proceeds from one unrelated party | $ 46,903 | |
Received from two loans from two unrelated parties | 14,231 | $ 3,604 |
Repaid in principal on two unrelated party notes | $ 16,500 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
Income Taxes Details | ||
Net operating loss carryforwards | $ 313,786 | $ 265,874 |
Deferred Tax Assets (Details)
Deferred Tax Assets (Details) - USD ($) | Nov. 30, 2015 | Aug. 31, 2015 |
Deferred tax assets: | ||
Net operating tax carry-forwards | $ 109,825 | $ 93,056 |
Other | 0 | 0 |
Gross deferred tax assets | 109,825 | 93,056 |
Valuation allowance | (109,825) | (93,056) |
Net deferred tax assets | $ 0 | $ 0 |