Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 17, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Illumitry Corp. | |
Entity Central Index Key | 1,636,760 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 3,625,000 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 24,985 | $ 3,463 |
Inventory | 0 | 2,755 |
Prepaid Expenses | 10,395 | 284 |
Total Current Assets | 35,380 | 6,502 |
Total Net Fixed Assets | 0 | 3,468 |
Total Assets | 35,380 | 9,970 |
Current Liabilities | ||
Loan from director | 0 | 24,000 |
Notes payable to related party | 30,726 | 0 |
Account payable | 10,888 | 0 |
Accrued expenses to related party | 362 | 0 |
Total current liabilities | 41,976 | 24,000 |
Total Liabilities | 41,976 | 24,000 |
Stockholders' deficit | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 3,625,000 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 3,625 | 3,625 |
Additional paid-in capital | 41,602 | 11,707 |
Accumulated deficit | (51,823) | (29,362) |
Total Stockholder's deficit | (6,596) | (14,030) |
Total Liabilities and stockholders' Deficit | $ 35,380 | $ 9,970 |
CONDENSED BALANCE SHEETS (Unau3
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 3,625,000 | 3,625,000 |
Common stock shares outstanding | 3,625,000 | 3,625,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue, net | $ 0 | $ 1,900 |
Cost of goods sold | 0 | 248 |
Gross profit | 0 | 1,652 |
Operating expenses | ||
General and administrative | 18,734 | 9,898 |
Operating loss from continuing operations | (18,734) | (8,246) |
Other income (expense) | ||
Interest expense | (362) | 0 |
Total other income (expense) | (362) | 0 |
Discontinued operations | ||
Income from discontinued operations | (3,365) | 0 |
Net loss | $ (22,461) | $ (8,246) |
Net loss per share - basic and diluted | ||
From continuing operations | $ (.01) | $ 0 |
From discontinued operations | 0 | 0 |
Total net loss per share- basic and diluted | $ (.01) | $ 0 |
Weighted average number of shares outstanding - basic and diluted | 3,625,000 | 3,345,879 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss from continuing operations | $ (19,096) | $ (8,246) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 0 | 223 |
Changes in operating assets and liabilities of continuing operations: | ||
Inventory | 0 | 248 |
Prepaid expenses | (10,111) | (600) |
Accounts payable | 10,888 | 0 |
Accrued expenses to related party | 362 | 0 |
Net cash used in operating activities - continuing operations | (17,957) | (8,375) |
Net loss from discontinued operations | (3,365) | 0 |
Adjustments to reconcile net loss to net cash provided by discontinued operations: | ||
Depreciation and amortization | 111 | 0 |
Net cash provided by operating activities - discontinued operations | (3,254) | 0 |
Cash flows from financing activities - continuing operations: | ||
Proceeds from loan from former director | 12,507 | 0 |
Proceeds from note payable to related party | 30,726 | 0 |
Repayment of loan to former director | (500) | 0 |
Proceeds from sale of common stock | 0 | 12,347 |
Net cash provided by financing activities - continuing operations | 42,733 | 12,347 |
Net decrease in cash | 21,522 | 3,972 |
Cash at beginning of period | 3,463 | 176 |
Cash at end of period | 24,985 | 4,148 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
NOTE 1 - ORGANIZATION AND NATUR
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | 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. On February 7, 2017 (the date of the “Change of Control”), Jaeson Cayne (“Cayne”), acquired control of Three Million (3,000,000) restricted shares of the Company’s issued and outstanding common stock, representing approximately 83% of the Company’s total issued and outstanding common stock, from Arusyak Sukiasyan (“Sukiasyan”), the former officer and director of the Company, in exchange for $315,000 per the terms of a Stock Purchase Agreement by and between Cayne and Sukiasyan. |
NOTE 2 - GOING CONCERN
NOTE 2 - GOING CONCERN | 3 Months Ended |
Mar. 31, 2017 | |
- GOING CONCERN [Abstract] | |
NOTE 2 - GOING CONCERN | 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, 2017. 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 Company’s 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 management’s 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. |
NOTE 3 - BASIS OF PRESENTATION
NOTE 3 - BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
NOTE 3 - BASIS OF PRESENTATION | NOTE 3 – BASIS OF PRESENTATION The accompanying unaudited financial statements of Illumitry Corp. have been prepared in accordance with generally accepted accounting principles for interim financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. The results of operations for the interim period ended March 31, 2017 shown in this report are not necessarily indicative of results to be expected for the full fiscal year ending December 31, 2017. In the opinion of the Company’s management, the information contained herein reflects all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s results of operations, financial position and cash flows. The unaudited interim financial statements should be read in conjunction with the audited financial statements in the Company’s Form 10-K for the year ended December 31, 2016 filed on March 10, 2017 and Management’s Discussion and Analysis of Financial Condition and Results of Operations. Use of Estimates The timely preparation of financial statements 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Discontinued Operations Due to the Change of Control, the operations of the Company prior to the date of the Change of Control are reflected on the financial statements as discontinued operations. 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 cash of $24,985 as of March 31, 2017 and $3,463 as of December 31, 2016. As part of the settlement of debt with Sukiasyan, $500 of cash was netted against the outstanding balance due Sukiasyan on the date of the Change of Control. See Note 4. Inventory The Company had $0 and $2,755 in raw materials inventory as of March 31, 2017 and December 31, 2016, respectively. As part of the settlement of debt with Sukiasyan, the inventory was netted against the outstanding balance due Sukiasyan on the date of the Change of Control. See Note 4. Income Taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of December 31, 2016, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. 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 Company’s loan from shareholder approximates its fair value due to their short-term maturity. Stock-Based Compensation The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. Net Loss Per Share The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2017. Segment Information In accordance with the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of March 31, 2017. 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. |
NOTE 4 - RELATED PARTY
NOTE 4 - RELATED PARTY | 3 Months Ended |
Mar. 31, 2017 | |
- LOAN FROM DIRECTOR [Abstract] | |
NOTE 4 - RELATED PARTY | NOTE 4 – RELATED PARTY As of March 31, 2017 and December 31, 2016, the Company had loans to Sukiasyan, our former sole director of $0 and $24,000, respectively, pursuant to the Verbal Agreement. This loan was unsecured, non-interest bearing and due on demand. The imputed interest was deemed immaterial. As part of the Change of Control, the balance due was $24,000 which was netted against various assets and netted a contribution of $29,895 which was recorded to additional paid-in capital. See Notes 3, 5 and 6. On January 5, 2017, the Company entered into a loan with Sukiasyan for up to $15,000, which $12,507 was funded to the Company. This loan was unsecured, non-interest bearing and due on demand. The imputed interest was deemed immaterial. As part of the Change of Control, the balance due was $12,507, which was netted against various assets and netted a contribution of $29,895 which was recorded to additional paid-in capital. See Notes 3, 5 and 6. On February 9, 2017, the Company entered into a loan with Waylon McMullen (“W. McMullen”), the father of Collin McMullen, the sole officer and director of the Company, for $2,500. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $2,500 and $35, respectively. See Note 6. On February 16, 2017, the Company entered into a loan with W. McMullen for $26,526. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $26,526 and $320, respectively. See Note 6. On March 17, 2017, the Company entered into a loan with W. McMullen for $1,700. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $1,700 and $7, respectively. See Note 6. |
NOTE 5 - FIXED ASSETS
NOTE 5 - FIXED ASSETS | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
NOTE 5 - FIXED ASSETS | NOTE 5 – FIXED ASSETS The fixed assets of the Company, net of depreciation, is as follows: March 31, December 31, 2017 2016 Equipment $ - $ 4,452 Website - 800 Total fixed assets - 5,252 Less: accumulated depreciation and amortization - (1,784) Fixed assets, net $ - $ 3,468 We recognized depreciation and amortization expense of $111 and $223 in for the three months ended March 31, 2017 and 2016, respective. For the period ended March 31, 2017, the $111 was reclassified to discontinued operations. Due to the Change of Control, the fixed assets, net of accumulated depreciation, were part of the settlement of the debt owed to Sukiasyan, resulting in $3,357 of net fixed assets being transferred to Sukiasyan. See Note 4. |
NOTE 6 - NOTES PAYABLE
NOTE 6 - NOTES PAYABLE | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTE 6 - NOTES PAYABLE | NOTE 6 – NOTES PAYABLE As of March 31, 2017 and December 31, 2016, the Company had the following notes payable: Notes payable to related party March 31, 2017 December 31, 2016 Accrued Accrued Principal Interest Total Principal Interest Total Waylon McMullen $ 2,500 $ 35 $ 2,535 $ - $ - $ - Waylon McMullen 26,526 320 26,846 - - - Waylon McMullen 1,700 7 1,707 - - - Total $ 30,726 $ 362 $ 31,088 $ - $ - $ - On January 5, 2017, the Company entered into a loan with Sukiasyan for up to $15,000, which $12,507 was funded to the Company. The loan was unsecured, non-interest bearing and due on demand. The imputed interest was deemed immaterial. As part of the Change of Control, the balance due was $12,507, which was netted against various assets and netted a contribution of $29,895 which was recorded to additional paid-in capital. See Notes 3, 4 and 5. On February 9, 2017, the Company entered into a loan with W. McMullen for $2,500. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $2,500 and $35, respectively. See Note 4. On February 16, 2017, the Company entered into a loan with W. McMullen for $26,526. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $26,526 and $320, respectively. See Note 4. On March 17, 2017, the Company entered into a loan with W. McMullen for $1,700. The loan is unsecured, 10% interest, and is due on demand. The principal and accrued interest as of March 31, 2017 was $1,700 and $7, respectively. See Note 4. |
NOTE 7 - STOCKHOLDERS' EQUITY
NOTE 7 - STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' deficit | |
NOTE 7 - STOCKHOLDERS' EQUITY | NOTE 7 – STOCKHOLDERS’ EQUITY The Company has 75,000,000, $0.001 par value shares of common stock authorized. 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 525,000 common shares for cash contribution of $10,392 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 3,625,000 shares of common stock issued and outstanding as of March 31, 2017. |
NOTE 8 - RESTATEMENT
NOTE 8 - RESTATEMENT | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
NOTE 8 - RESTATEMENT | NOTE 8 – RESTATEMENT As of March 31, 2016, there were adjustments made in the structure of the Company’s liabilities and shareholders’ equity: $500 increase in Loan from Director and $25 decrease in Common Stock and $475 decrease in Additional Paid In Capital, due to error in records of accounting entries. As Reported As Restated Loans 10,900 11,400 Common stock 3,650 3,625 Additional paid in capital 12,182 11,707 |
NOTE 9 - COMMITMENTS AND CONTIN
NOTE 9 - COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 9 - COMMITMENTS AND CONTINGENCIES | NOTE 9 – COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of its business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened litigation that would have a material adverse effect on the Company’s business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. |
NOTE 10 - SUBSEQUENT EVENTS
NOTE 10 - SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
NOTE 10 - SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS As of the date of this report, management has determined that there are no significant subsequent events. |
NOTE 3 - BASIS OF PRESENTATION
NOTE 3 - BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The timely preparation of financial statements 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Discontinued Operations | Discontinued Operations Due to the Change of Control, the operations of the Company prior to the date of the Change of Control are reflected on the financial statements as discontinued operations. |
Cash and Cash Equivalents | 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 cash of $24,985 as of March 31, 2017 and $3,463 as of December 31, 2016. As part of the settlement of debt with Sukiasyan, $500 of cash was netted against the outstanding balance due Sukiasyan on the date of the Change of Control. See Note 4. |
Inventory | Inventory The Company had $0 and $2,755 in raw materials inventory as of March 31, 2017 and December 31, 2016, respectively. As part of the settlement of debt with Sukiasyan, the inventory was netted against the outstanding balance due Sukiasyan on the date of the Change of Control. See Note 4. |
Income Taxes | Income Taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of December 31, 2016, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. |
Revenue Recognition | 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 | 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 Company’s loan from shareholder approximates its fair value due to their short-term maturity. |
Stock-Based Compensation | Stock-Based Compensation The Company records stock based compensation in accordance with the guidance in ASC 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This requires that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. |
Net Loss Per Share | Net Loss Per Share The Company follows ASC Topic 260 to account for the loss per share. Basic loss per common share calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted loss per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2017. |
Segment Information | Segment Information In accordance with the provisions of ASC 280-10, “Disclosures about Segments of an Enterprise and Related Information,” the Company is required to report financial and descriptive information about its reportable operating segments. The Company does not have any operating segments as of March 31, 2017. |
Recent Accounting Pronouncements | 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. |
NOTE 5 - FIXED ASSETS (Tables)
NOTE 5 - FIXED ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
NOTE 5 - FIXED ASSETS | March 31, December 31, 2017 2016 Equipment $ - $ 4,452 Website - 800 Total fixed assets - 5,252 Less: accumulated depreciation and amortization - (1,784) Fixed assets, net $ - $ 3,468 |
NOTE 6 - NOTES PAYABLE (Tables)
NOTE 6 - NOTES PAYABLE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes payable to related party March 31, 2017 December 31, 2016 Accrued Accrued Principal Interest Total Principal Interest Total Waylon McMullen $ 2,500 $ 35 $ 2,535 $ - $ - $ - Waylon McMullen 26,526 320 26,846 - - - Waylon McMullen 1,700 7 1,707 - - - Total $ 30,726 $ 362 $ 31,088 $ - $ - $ - |
NOTE 8 - RESTATEMENT (Tables)
NOTE 8 - RESTATEMENT (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
- RESTATEMENT (Tables) [Abstract] | |
Adjustments to the financial statements | As Reported As Restated Loans 10,900 11,400 Common stock 3,650 3,625 Additional paid in capital 12,182 11,707 |
NOTE 1 - ORGANIZATION AND NAT20
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS (Details narrative) | Feb. 07, 2017USD ($)shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Shares acquired by Cayne | shares | 3,000,000 |
Percent of outstanding owned by Cayne | 83.00% |
Cost to purchase Cayne shares | $ | $ 315,000 |
NOTE 3 - BASIS OF PRESENTATIO21
NOTE 3 - BASIS OF PRESENTATION Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||||
Cash | $ 24,985 | $ 3,463 | $ 4,148 | $ 176 |
Inventory | $ 0 | $ 2,755 |
NOTE 4 - RELATED PARTY (Details
NOTE 4 - RELATED PARTY (Details Narrative) - USD ($) | Mar. 31, 2017 | Mar. 17, 2017 | Feb. 16, 2017 | Feb. 09, 2017 | Jan. 05, 2017 | Dec. 31, 2016 |
- LOAN FROM DIRECTOR [Abstract] | ||||||
Loan from related party | $ 0 | $ 1,700 | $ 26,526 | $ 2,500 | $ 15,000 | $ 24,000 |
NOTE 5 - FIXED ASSETS (Details)
NOTE 5 - FIXED ASSETS (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||
Equipment | $ 0 | $ 4,452 |
Website | 0 | 800 |
Total fixed assets | 0 | 5,252 |
Less: accumulated depreciation and amortization | 0 | (1,784) |
Total Net Fixed Assets | $ 0 | $ 3,468 |
NOTE 5 - FIXED ASSETS (Details
NOTE 5 - FIXED ASSETS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation [Abstract] | ||
Depreciation and amortization expense | $ 111 | $ 223 |
Assets trasferred for debt as settlement | $ 3,357 |
NOTE 6 - NOTES PAYABLE (Details
NOTE 6 - NOTES PAYABLE (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Principal owed on note | $ 30,726 | |
Accrued interest | 362 | |
Total owed on note | 31,088 | |
McMullen Note #1 | ||
Principal owed on note | $ 2,500 | $ 0 |
Interest rate of note | 10.00% | |
Accrued interest | $ 35 | 0 |
Total owed on note | 2,535 | 0 |
McMullen Note #2 | ||
Principal owed on note | $ 26,526 | 0 |
Interest rate of note | 10.00% | |
Accrued interest | $ 320 | 0 |
Total owed on note | 26,846 | 0 |
McMullen Note #3 | ||
Principal owed on note | $ 1,700 | 0 |
Interest rate of note | 10.00% | |
Accrued interest | $ 7 | 0 |
Total owed on note | $ 1,707 | $ 0 |
NOTE 7 - STOCKHOLDERS' EQUITY (
NOTE 7 - STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jan. 31, 2016 |
Stockholders' deficit | |||||
Shares issued for cash, shares | 25,000 | 525,000 | 50,000 | ||
Shares issued for cash, amount | $ 500 | $ 10,392 | $ 955 | ||
Shares issued for cash, price per share | $ .02 | $ .02 | $ .02 | ||
Common stock shares outstanding | 3,625,000 | 3,625,000 | |||
Common stock par value | $ 0.001 | $ 0.001 | |||
Common stock shares authorized | 75,000,000 | 75,000,000 |
NOTE 8 - RESTATEMENT (Details)
NOTE 8 - RESTATEMENT (Details) | Mar. 31, 2017USD ($) |
Restatement [Abstract] | |
As Reported: Loans | $ 10,900 |
As Restated: Loans | 11,400 |
As Reported: Common Stock | 3,650 |
As Restated: Common Stock | 3,625 |
As Reported: Additional Paid In Capital | 12,182 |
As Restated: Additional Paid In Capital | $ 11,707 |
NOTE 8 - RESTATEMENT (Details N
NOTE 8 - RESTATEMENT (Details Narrative) | Mar. 31, 2017USD ($) |
Restatement [Abstract] | |
There are adjustments in the structure of the Company's liabilities and shareholders' equity: $500 increase in Loan from Director and $25 decrease in Common Stock and $475 decrease in Additional Paid In Capital. | $ 500 |