iHealthcare 10-Q 17 Jul 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	May 31, 2017	Jul. 17, 2017
Document And Entity Information
Entity Registrant Name	iHealthcare, Inc.
Entity Central Index Key	1,634,291
Document Type	10-Q
Document Period End Date	May 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float		$ 9
Entity Common Stock Shares Outstanding		1,085,100
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)	May 31, 2017	Nov. 30, 2016
Current Assets
Cash	$ 1,315	$ 33
Inventory	285	285
Loan to Related Party	4,491
Total Assets	6,091	318
Current Liabilities
Accrued Expenses	2,150	4,629
Due to related party	22,908	13,855
Total Current Liabilities	25,058	18,484
Total Liabilities	25,058	18,484
Stockholders' Deficit
Series A Preferred stock ($.0001 par value, 1,500,000 shares authorized; none issued and outstanding)
Series B Preferred stock ($.0001 par value, 5,000,000 shares authorized; none issued and outstanding)
Common stock ($.0001 par value 143,500,000 shares authorized and 1,085,100 and 1,000,000 outstanding as of May 31, 2017 and November 30, 2016, respectively)	109	100
Subscription receivable	(5,500)	(5,500)
Additional Paid In Capital	64,864	43,598
Accumulated Deficit	(78,440)	(56,364)
Total Stockholders' Deficit	(18,967)	(18,166)
Total Liabilities & Stockholders' Deficit	$ 6,091	$ 318

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2017	Nov. 30, 2016
StockholdersEquity
Preferred Stock Par Or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred Stock Shares Authorized	6,500,000	6,500,000
Preferred Stock Shares Issued	0	0
Preferred Stock Shares Outstanding	0	0
Common Stock Par Or Stated Value Per Share	$ 0.0001	$ .0001
Common Stock Shares Authorized	143,500,000	143,500,000
Common Stock Shares Issued	1,085,100	1,000,000
Common Stock Shares Outstanding	1,085,100	1,000,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
Income Statement [Abstract]
Revenues	$ 841		$ 1,386
Cost of Good Sold	285		570
Gross Profit	556		816
Organization and Related Expenses	698	1,964	1,551	2,215
Professional Fees	4,641	19,361	21,341	27,111
Total Operating Expenses	5,339	21,325	22,892	29,326
Net Loss	$ (4,783)	$ (21,325)	$ (22,076)	$ (29,326)
Basic and Diluted net loss per share of common stock	$ 0	$ (0.02)	$ (0.02)	$ (0.03)
Weighted Average Number of Common Shares Outstanding-Basic and Diluted	1,081,056	1,000,000	1,050,916	1,000,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	May 31, 2017	May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (22,076)	$ (29,326)
Increase in accrued expenses	3,931	13,630
Net cash used in operating activities	(18,145)	(15,696)
CASH FLOW FROM INVESTING ACTIVITIES:
Overpayment accounted for as loan to related party	(4,491)
Net cash used in investing activities	(4,491)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party loans	8,094
Payments made on related party loan	(5,451)
Subscription Receivable		16,605
Proceeds from the sale of common shares	21,275
Net cash provided by financing activities	23,918	16,605
Increase in cash	1,282	909
Beginning cash balance	33
Ending Cash Balance	1,315	909
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid
Income taxes paid
SUPPLEMENTAL DISCLOSURES OF NON-CASH INFORMATION
Expenses paid by related party on behalf of the Company	6,410
Subscription receivable contributed in merger		34,980
Due to related party		$ 11,536

NOTE 1 - ORGANIZATION AND DESCR

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	6 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS iHealthcare Inc. (formerly Opulent Acquisition, Inc.) (the Company) was incorporated under the laws of the State of Delaware on November 25, 2014. The Company intended to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. The Company elected November 30th as its year end. On February 23, 2017 iHealthcare, Inc. entered into an agreement with John Cook and Paul Pereira. Under the terms of the agreement John Cook and Paul Pereira will act as part time consultants for iHealthcare, Inc. Their role shall pertain to assisting the Company with obtaining and structuring institutional financing from various commercial banks, investment banking firms, private equity firms and related financial and business issues. John Cook and Paul Pereira shall be compensated for their part time assistance as consultants through a combination of cash and stock incentives. John Cook and Paul Pereira shall be awarded a total of 10.00%, respectively, of Series B Preferred stock based upon acquisition milestones. The 10.00% to that point shall be Series B Preferred Stock, however, if they assist the Company in achieving gross revenues exceeding $200,000,000 then they will each be awarded an extra 2.5% of the Preferred Stock in a new class with the same rights as Series B. This would bring their total equity interest to 12.50% each, and 25.00% total. No milestones have been achieved and no shares of preferred stock issued as of May 31, 2017.

NOTE 2 - SUMMARY OF SIGNIFICANT

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	May 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principals of Consolidation These financial statements include the accounts of the Company’s wholly owned subsidiary iHealthcare, all material intercompany balances and transactions have been eliminated. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These unaudited consolidated financial statements should be read in conjunction with the financial statements for the year ended November 30, 2016 and notes thereto. The results of operations for the three and six month period ended May 31, 2017 are not necessarily indicative of the results for the full fiscal year. Inventories Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out ("FIFO") method, and are valued at the lower of cost or market value. This valuation requires iHealthcare, Inc. to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category. Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.

NOTE 3 - GOING CONCERN

NOTE 3 - GOING CONCERN	6 Months Ended
	May 31, 2017
Going Concern
Going Concern	NOTE 3 - GOING CONCERN The Company’s unaudited interim consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, negative cash flow from operating activities, and other adverse key financial ratios. The Company has not established any significant source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The unaudited interim consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

NOTE 4 - RELATED PARTY TRANSACT

NOTE 4 - RELATED PARTY TRANSACTIONS	6 Months Ended
	May 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 4 - RELATED-PARTY TRANSACTIONS Due to related party Unisource Discovery, Inc., is a related party and is controlled by our Chief Executive Officer, Noel Mijares. During the year ending November 30, 2016 Unisource Discovery Inc. advanced the Company $6,115 and the Company made payment of $3,805 on these advances. The total due to the Unisource Discovery Inc. as November 30, 2016 was $2,310. During the period ending May 31, 2017, Unisource Discovery Inc. advanced the Company $3,041 and the Company made payments of $5,351 on these advances to pay the balance owed in full. In addition, monies were transferred from the Company to Unisource Discovery Inc. totaling $4,491 for the six month period. This is listed as a loan to related party in the balance sheet. The loan is unsecured, noninterest-bearing and is payable on demand. During the year ending November 30, 2016, the Company borrowed $19,545 from its CEO to pay for expenses on behalf of the company in the current year and $7,500 of these payments were posted as a reduction to subscription receivable. As of November 30, 2016, the Company was indebted to the Chief Executive Officer of the Company in the amount of $11,545. During the six months ended May 31, 2017, our CEO advanced $5,053 and paid $6,410 in expenses on behalf of the Company totaling $11,463 and was paid back $100 for a total loan balance of $22,908 as of May 31, 2017. This loan is unsecured, noninterest-bearing and is payable on demand . Subscription Receivable As a result of the merger in 2016, a subscription receivable was contributed by the principal shareholders in the amount of $34,980. The Company has collected $21,980 from the subscription receivable and converted advances of $7,500 due to the Company’s CEO as of November 30, 2016. The balance as of November 30, 2016 and May 31, 2017 is $5,500 which is owed by the Company’s CFO. Office Space Our office space is located at 3901 NW 28th Street, 2nd Floor, Miami, FL 33142 . This space is provided to the Company rent free by Noel Mijares, who leases the office space on his personal behalf.

NOTE 5 - EQUITY

NOTE 5 - EQUITY	6 Months Ended
	May 31, 2017
Equity [Abstract]
Equity	NOTE 5 - EQUITY During the six months ended May 31, 2017, 85,100 shares of common stock were sold to 30 purchasers at a share price of $0.25 per share. The proceeds from the sale of stock totaled $21,275 which is recorded as $21,266 in additional paid-in capital and $9 in common stock.

NOTE 6 - SUBSEQUENT EVENTS

NOTE 6 - SUBSEQUENT EVENTS	6 Months Ended
	May 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 6 - SUBSEQUENT EVENTS On July 11, 2017, a related party repaid $2,000 of loan due to the Company.

NOTE 2. SUMMARY OF SIGNIFICANT

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	May 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	Principals of Consolidation These financial statements include the accounts of the Company’s wholly owned subsidiary iHealthcare, all material intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These unaudited consolidated financial statements should be read in conjunction with the financial statements for the year ended November 30, 2016 and notes thereto. The results of operations for the three and six month period ended May 31, 2017 are not necessarily indicative of the results for the full fiscal year.
Inventories	Inventories Inventories, consisting of products available for sale, are primarily accounted for using the first-in, first-out ("FIFO") method, and are valued at the lower of cost or market value. This valuation requires iHealthcare, Inc. to make judgments, based on currently-available information, about the likely method of disposition, such as through sales to individual customers, returns to product vendors, or liquidations, and expected recoverable values of each disposition category.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured.