Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | Illumitry Corp. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2016 |
Trading Symbol | ilmt |
Amendment Flag | false |
Entity Central Index Key | 1,636,760 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 3,650,000 |
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 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 4,148 | $ 176 |
Inventory | 623 | $ 871 |
Prepaid Expenses | 600 | |
Total Current Assets | 5,371 | $ 1,047 |
Fixed Assets | ||
Equipment/Website | 5,252 | 5,252 |
Accumulated Amortization | (1,115) | (892) |
Total Fixed Assets | 4,137 | 4,360 |
Total Assets | $ 9,508 | $ 5,407 |
Current Liabilities | ||
Accounts payable | ||
Loan from director | $ 10,900 | $ 10,900 |
Total Liabilities | 10,900 | 10,900 |
Stockholders' Equity | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 3,650,000 and 3,025,000 shares issued and outstanding respectively | 3,650 | 3,025 |
Additional paid-in capital | 12,182 | 460 |
Deficit accumulated during the development stage | (17,224) | (8,978) |
Total Stockholder's Equity | (1,392) | (5,493) |
Total Liabilities and Shareholder's Equity | $ 9,508 | $ 5,407 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity | ||
Common stock, Par value | $ .001 | $ .001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 3,650,000 | 3,025,000 |
Common Stock, Shares Outstanding | 3,650,000 | 3,025,000 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Condensed Statement Of Operations | ||
REVENUES | $ 1,900 | $ 1,248 |
Cost of Goods Sold | 248 | |
Gross Profit | 1,652 | $ 1,248 |
OPERATING EXPENSES | ||
General and Administrative Expense | 9,898 | 6,080 |
TOTAL OPERATING EXPENSES | 9,898 | 6,080 |
NET LOSS FROM OPERATIONS | (8,246) | $ (4,832) |
PROVISION FOR INCOME TAXES | 0 | |
NET LOSS | $ (8,246) | $ (4,832) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 3,345,879 | 1,880,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (8,246) | $ (4,832) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Inventory | 248 | |
Prepaid Expenses | (600) | $ (300) |
Amortization | 223 | 223 |
CASH FLOWS USED IN OPERATING ACTIVITIES | $ (8,375) | $ (4,309) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of Fixed Assets | ||
CASH FLOWS USED IN INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | $ 625 | $ 3,000 |
Additional paid in capital | 11,722 | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 12,347 | $ 3,000 |
NET INCREASE IN CASH | 3,972 | (1,309) |
Cash, beginning of period | 176 | 3,500 |
Cash, end of period | 4,148 | 2,191 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Illumitry Corp. (the Company, we, us or our) was incorporated in the State of Nevada on October 17, 2014. We are a development-stage company formed to commence operations in a field of embroidery on fabric, furnishings, and clothing in Armenia. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company had limited revenues and incurred losses as of March 31, 2016. The Company currently has negative working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Companys ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The Companys unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The preparation of financial statements in conformity with accounting principles generally accepted 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 revenues and expenses during the reporting period. Actual results may differ from those estimates. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the period shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2016. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and related notes for the year ended December 31, 2015. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three months period ended March 31, 2016 and March 31, 2015. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $4,148 of cash as of March 31, 2016. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC topic 605 Revenue Recognition. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. Fair Value of Financial Instruments AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Companys loan from shareholder approximates its fair value due to their short-term maturity. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2016. Comprehensive Income Comprehensive income is defined as all changes in stockholders' deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of March 31, 2016 there were no differences between our comprehensive loss and net loss. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above. |
LOAN FROM DIRECTOR
LOAN FROM DIRECTOR | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - LOAN FROM DIRECTOR | As of March 31, 2016 our sole director has loaned to the Company $10,900 pursuant to the Verbal Agreement. This loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $10,900 as of March 31, 2016. |
FIXED ASSETS
FIXED ASSETS | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - FIXED ASSETS | Equipment Website Totals Cost As at December 31, 2015 $ 4,452 $ 800 $ 5,252 Additions - - - Disposals - - - As at March 31, 2016 $ 4,452 $ 800 $ 5,252 Depreciation As at December 31, 2015 892 - 892 Change for the period 223 - 223 As at March 31, 2016 $ 1,115 $ - $ 1,115 Net book value $ 3,337 $ 800 $ 4,137 We recognized depreciation expense of $1,115 in respect of equipment as of March 31, 2016. No depreciation was recognized in respect of the website from inception to March 31, 2016, as the website was not yet operational during the period. |
STOCKHOLDER'S EQUITY
STOCKHOLDER'S EQUITY | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - STOCKHOLDER'S EQUITY | The Company has 75,000,000, $0.001 par value shares of common stock authorized. On November 14, 2014, the company issued a total of 3,000,000 common shares to its founder for a cash contribution of $3,000. During November 2015, the company issued a total of 25,000 common shares for cash contribution of $484 at $0.02 per share. During January 2016, the company issued a total of 50,000 common shares for cash contribution of $955 at $0.02 per share. During February 2016, the company issued a total of 550,000 common shares for cash contribution of $10,892 at $0.02 per share. During March 2016, the company issued a total of 25,000 common shares for cash contribution of $500 at $0.02 per share. There were 3,650,000 shares of common stock issued and outstanding as of March 31, 2016. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - COMMITMENTS AND CONTINGENCIES | Company has entered in the one year rental agreement starting on August 16, 2015 and ending on August 16, 2016, with monthly price of $200. The office is 30 square meters in underground passage on Sasunci Davit Square, Yerevan, Armenia. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 8 - INCOME TAXES | As of March 31, 2016 and December 31, 2015, the Company had net operating loss carry forwards of approximately $17,224 and $8,978 that may be available to reduce future years taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following: March 31, 2016 December 31, 2015 Federal income tax benefit attributable to: Current Operations $ 2,803 $ 3,018 Less: valuation allowance (2,803 ) (3,018 ) Net provision for Federal income taxes $ 0 $ 0 The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: March 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 5,856 $ 3,053 Less: valuation allowance (5,856 ) (3,053 ) Net deferred tax asset $ 0 $ 0 Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $17,224 as of March 31, 2016 compare to $8,978 as of December 31, 2015 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
NOTE 9 - SUBSEQUENT EVENTS | In accordance with ASC 855-10 the Company has analyzed its operations from |
SUMMARY OF SIGNIFCANT ACCOUNT15
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Notes to Financial Statements | |
Basis of presentation | The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three months period ended March 31, 2016 and March 31, 2015. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $4,148 of cash as of March 31, 2016. |
Income Taxes | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | The Company will recognize revenue in accordance with ASC topic 605 Revenue Recognition. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Fair Value of Financial Instruments | AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Companys loan from shareholder approximates its fair value due to their short-term maturity. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Stock-Based Compensation | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic Income (Loss) Per Share | The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2016. |
Comprehensive Income | Comprehensive income is defined as all changes in stockholders' deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of March 31, 2016 there were no differences between our comprehensive loss and net loss. |
Recent Accounting Pronouncements | We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company other than those relating to Development Stage Entities as discussed above. |
FIXED ASSETS (Tables)
FIXED ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fixed Assets Tables | |
FIXED ASSETS | Equipment Website Totals Cost As at December 31, 2015 $ 4,452 $ 800 $ 5,252 Additions - - - Disposals - - - As at March 31, 2016 $ 4,452 $ 800 $ 5,252 Depreciation As at December 31, 2015 892 - 892 Change for the period 223 - 223 As at March 31, 2016 $ 1,115 $ - $ 1,115 Net book value $ 3,337 $ 800 $ 4,137 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes Tables | |
Provision for Federal income tax | The provision for Federal income tax consists of the following: March 31, 2016 December 31, 2015 Federal income tax benefit attributable to: Current Operations $ 2,803 $ 3,018 Less: valuation allowance (2,803 ) (3,018 ) Net provision for Federal income taxes $ 0 $ 0 |
Effective income tax rate | The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: March 31, 2016 December 31, 2015 Deferred tax asset attributable to: Net operating loss carryover $ 5,856 $ 3,053 Less: valuation allowance (5,856 ) (3,053 ) Net deferred tax asset $ 0 $ 0 |
SUMMARY OF SIGNIFCANT ACCOUNT18
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Summary Of Signifcant Accounting Policies Details Narrative | ||||
Cash and Cash Equivalents | $ 4,148 | $ 176 | $ 2,191 | $ 3,500 |
LOAN FROM DIRECTOR (Details Nar
LOAN FROM DIRECTOR (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Loan From Director Details Narrative | ||
Unsecured Loan | $ 10,900 | |
Loan from director | $ 10,900 | $ 10,900 |
FIXED ASSETS (Details)
FIXED ASSETS (Details) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Cost | |
Cost, Beginning | $ 5,252 |
Cost, Ending | 5,252 |
Depreciation | |
Depreciation, Beginning | 892 |
Change for the period | 223 |
Depreciation, Ending | 1,115 |
Net book value | 4,360 |
Equipment | |
Cost | |
Cost, Beginning | $ 4,452 |
Additions | |
Disposals | |
Cost, Ending | $ 4,452 |
Depreciation | |
Depreciation, Beginning | 892 |
Change for the period | 223 |
Depreciation, Ending | 1,115 |
Net book value | 3,337 |
Website | |
Cost | |
Cost, Beginning | $ 800 |
Additions | |
Disposals | |
Cost, Ending | $ 800 |
Depreciation | |
Depreciation, Beginning | |
Change for the period | |
Depreciation, Ending | |
Net book value | $ 800 |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fixed Assets Details Narrative | ||
Depreciation expense | $ 1,115 | $ 892 |
STOCKHOLDER'S EQUITY (Details N
STOCKHOLDER'S EQUITY (Details Narrative) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Stockholders Equity Details Narrative | ||
Common Stock, Shares Issued | 3,650,000 | 3,025,000 |
Common Stock, Shares Outstanding | 3,650,000 | 3,025,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Federal income tax benefit attributable to: | |||
Current Operations | $ 2,803 | $ 3,018 | |
Less: valuation allowance | (2,803) | (3,018) | |
Net provision for Federal income taxes | 0 | 0 | |
Deferred tax asset attributable to: | |||
Net operating loss carryover | 5,856 | 3,053 | |
Less: valuation allowance | (5,856) | (3,053) | |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Income Taxes Details Narrative | ||
Net operating loss carry forwards | $ 17,224 | $ 8,978 |