Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
May 31, 2016 | Jul. 05, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Exceed World, Inc. | |
Entity Central Index Key | 1,634,293 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2016 | |
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 | $ 14 | |
Entity Common Stock Shares Outstanding | 20,000,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | May 31, 2016 | Nov. 30, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 30,306 | |
Inventories | 108,818 | |
Total current assets | 139,124 | |
Total Assets | 139,124 | |
Current Liabilities | ||
Loan from director | 161,819 | |
Accrued Expenses | 4,696 | |
Total current liabilities | 161,819 | 4,696 |
Total Liabilities | 161,819 | 4,696 |
Stockholders' Deficit | ||
Preferred Stock ($.0001 par value, 20,000,000 authorized; none issued and outstanding as of May 31, 2016 and November 30, 2015) | ||
Common stock ($0.0001 par value, 500,000,000 shares authorized; 20,000,000 shares issued and outstanding as of May 31, 2016 and November 30, 2015) | 2,000 | 2,000 |
Additional Paid In Capital | 10,894 | 6,198 |
Accumulated Deficit | (34,855) | (12,894) |
Accumulated other comprehensive income (loss) | (734) | |
Total Stockholders' Deficit | (22,695) | (4,696) |
Total Liabilities & Stockholders' Deficit | $ 139,124 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2016 | Nov. 30, 2015 |
StockholdersEquity | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock Shares Authorized | 20,000,000 | 20,000,000 |
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 | 500,000,000 | 500,000,000 |
Common Stock Shares Issued | 20,000,000 | 20,000,000 |
Common Stock Shares Outstanding | 20,000,000 | 20,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
May 31, 2016 | May 31, 2015 | May 31, 2016 | May 31, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 5,540 | $ 5,540 | ||
Cost of revenue | 3,693 | 3,693 | ||
Gross profit | 1,847 | 1,847 | ||
General and administrative expenses | 247 | 550 | 3,743 | 550 |
Professional fees | 17,736 | 1,375 | 19,662 | 2,750 |
Total Operating Expenses | 17,983 | 1,925 | 23,405 | 3,300 |
Loss from operations | (17,983) | (1,925) | (23,405) | (3,300) |
Tax expenses | (13) | (403) | ||
Total other expenses | (13) | (403) | ||
Net loss | (16,149) | (1,925) | (21,961) | (3,300) |
Foreign Currency Translation | (445) | (734) | ||
Total comprehensive loss | $ (16,594) | $ (1,925) | $ (22,695) | $ (3,300) |
Basic and Diluted net loss per share of common stock | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding-Basic and Diluted | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 6 Months Ended | |
May 31, 2016 | May 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (21,961) | $ (3,300) |
Expenses contributed to capital | 3,648 | |
Inventories | (108,818) | |
Net cash used in operating activities | (130,779) | |
Acquisition of stock of E&F Co., Ltd | 4,518 | |
Net cash provided by investing activities | 4,518 | |
Loan from director | 157,301 | |
Net cash provided by (used in) financing activities | 157,301 | |
Net effect of exchange rate changes on cash | (734) | |
Increase (Decrease) in cash | 30,306 | |
Ending Cash Balance | 30,306 | |
Interest paid | ||
Income taxes paid | ||
Accrued expenses former related party written off to capital contribution | $ 4,696 |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
May 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 - ORGANIZATION, DESCRIPTION OF BUSINESS, AND BASIS OF PRESENTATION Exceed World, Inc., formerly known as Brilliant Acquisition, Inc. (the Company), a growth company, was incorporated under the laws of the State of Delaware on November 25, 2014, with an objective to acquire, or merge with, an operating business. On February 29, 2016, the Company entered into a Stock Purchase Agreement (the Stock Purchase Agreement) with Tomoo Yoshida, our President, CEO and Director. Pursuant to this Agreement, on February 29, 2016 Tomoo Yoshida transferred to the Company, 10 shares of the common stock of E&F Co., Ltd., a Japan corporation (E&F), which represents all of its issued and outstanding shares, in consideration of 500,000 JPY ($4,518 USD). Following the effective date of the share purchase transaction above on February 29, 2016, Exceed World, Inc. gained a 100% interest in the issued and outstanding shares of E&Fs common stock and E&F became a wholly owned subsidiary of the Company. As of May 31, 2016, the Company conducts a business of selling and distributing of health related products through E&F. The accompanying unaudited consolidated financial statements of Exceed World, Inc. have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, or the SEC, including the instructions to Form 10-Q and Regulation S-X. In the opinion of the management of the Company, all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the three month period, have been made. Results for the interim periods presented are not necessarily indicative of the results that might be expected for the entire fiscal year. When used in these notes, the terms Company, we, us or our mean the Company. Certain information and note disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America has been omitted from these statements pursuant to such accounting principles and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements for the year ended November 30, 2015. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of E&F Co., Ltd. Equity investments in which we exercise significant influence, but do not control and are not the primary beneficiary, are accounted for using the equity method of accounting. Investments in which we do not exercise significant influence over the investee are accounted for using the cost method of accounting. Intercompany transactions are eliminated. Cash equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. 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 E&F 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. FOREIGN CURRENCY TRANSLATION Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (US$) and the accompanying financial statements have been expressed in US$. The Company maintains its books and record in its local currency, Japanese YEN (JPY), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the statements of owners equity. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: May 31, 2016 Current JPY: US$1 exchange rate 110.68 Average JPY: US$1 exchange rate 114.37 COMPREHENSIVE INCOME OR LOSS ASC Topic 220, Comprehensive Income, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying statements of owners equity consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income or loss is not included in the computation of income tax expense or benefit. REVENUE RECOGNITION The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize 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, 2016 | |
Going Concern | |
Going Concern | NOTE 3 - GOING CONCERN The accompanying consolidated financial statements are prepared on a basis of accounting assuming that the Company is a going concern that contemplates realization of assets and satisfaction of liabilities in the normal course of business. The Company is considered a start-up company and has reoccurring losses and negative cash flows. These factors raise substantial doubt about the Companys ability to continue as a going concern. The Companys management plans to engage in very limited activities without incurring any liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue- producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
NOTE 4 - RELATED PARTY TRANSACT
NOTE 4 - RELATED PARTY TRANSACTIONS DISCLOSURE | 6 Months Ended |
May 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED-PARTY TRANSACTIONS On January 12, 2016, Mr. DeNunzio, the former sole shareholder of the Company, consummated a sale of 20,000,000 shares of our common stock to e-Learning Laboratory Co., Ltd., for an aggregate purchase price of $34,900. Following the closing of the share purchase transaction, e-Learning Laboratory Co., Ltd., owns a 100% interest in the issued and outstanding shares of our common stock. E-Learning Laboratory Co., Ltd., is the controlling shareholder of the Company. Commensurate with the closing, the Company, filed with the Delaware Secretary of State, a Certificate of Amendment to change the name of Registrant to Exceed World, Inc. On February 29, 2016, the Company entered into a Stock Purchase Agreement with Tomoo Yoshida, our President, CEO and Director. Pursuant to this Agreement, on February 29, 2016 Tomoo Yoshida transferred to Exceed World, Inc., 10 shares of the common stock of E&F Co., Ltd., a Japan corporation, (E&F), which represents all of its issued and outstanding shares, in consideration $4,518. This is a merger of entities under common control and therefore all assets, liabilities and operations of E&F were accounted for at their historical carryover basis and as if they had been combined since E&Fs inception. Further note the inception date of E&F and that from inception through the date of acquisition that E&F had no revenues and nominal assets. The assets and liabilities of E&F at February 29, 2016 are as follows: ASSETS Current Assets Cash and cash equivalents $ 20,138 Inventories 9,995 Account receivables 2,045 TOTAL CURRENT ASSETS 32,178 TOTAL ASSETS 32,178 LIABILITIES AND SHAREHOLDER'S EQUITY Current Liabilities Account payables $ 9,995 Loan from director 21,392 TOTAL CURRENT LIABILITIES 31,387 TOTAL LIABILITIES 31,387 Shareholder's Deficit Common stock (No par value, 1,000 shares authorized, 10 shares issued and outstanding as of February 29, 2016 4,458 Deficit accumulated during the development stage (3,474) Accumulated other comprehensive income (193) TOTAL SHAREHOLDER'S EQUITY 791 TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY $ 32,178 *As of February 29, 2016, 1 US Dollar was 112.17 to JP Yen for the historical rate and 118.27 for the average rate. Following the effective date of the share purchase transaction above on February 29, 2016, Exceed World, Inc. gained a 100% interest in the issued and outstanding shares of E&Fs common stock and E&F became a wholly owned subsidiary of Exceed World Inc. Exceed World, Inc. is now the controlling and sole shareholder of E&F. On February 29, 2016, the Company wrote off the accrued expenses owed to the previous owner whose amount was $4,696. The accrued expense written off has been recorded as additional paid in capital. As of May 31, 2016, the Company owed a related party in the amount of $161,819 to Tomoo Yoshida, sole director, for payment of the Companys expenses of which $4,518 was paid for the acquisition of E&Fs common stock. These are due on demand and bear no interest. |
NOTE 2. SUMMARY OF SIGNIFICANT
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
May 31, 2016 | |
Accounting Policies [Abstract] | |
Principals of Consolidation | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of E&F Co., Ltd. Equity investments in which we exercise significant influence, but do not control and are not the primary beneficiary, are accounted for using the equity method of accounting. Investments in which we do not exercise significant influence over the investee are accounted for using the cost method of accounting. Intercompany transactions are eliminated. |
Cash Equivalents | Cash equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. |
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 E&F 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. |
Foreign Currency Translation | FOREIGN CURRENCY TRANSLATION Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of operations. The reporting currency of the Company is the United States Dollars (US$) and the accompanying financial statements have been expressed in US$. The Company maintains its books and record in its local currency, Japanese YEN (JPY), which is a functional currency as being the primary currency of the economic environment in which its operation is conducted. In accordance with ASC Topic 830-30, Translation of Financial Statement, assets and liabilities of the Company whose functional currency is not US$ are translated into US$, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements are recorded as a separate component of accumulated other comprehensive income within the statements of owners equity. Translation of amounts from the local currency of the Company into US$1 has been made at the following exchange rates: May 31, 2016 Current JPY: US$1 exchange rate 110.68 Average JPY: US$1 exchange rate 114.37 |
Comprehensive Income or Loss | COMPREHENSIVE INCOME OR LOSS ASC Topic 220, Comprehensive Income, establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income, as presented in the accompanying statements of owners equity consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income or loss is not included in the computation of income tax expense or benefit. |
Revenue Recognition | REVENUE RECOGNITION The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize 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. |