Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Document and Entity Information: | ||
Entity Registrant Name | Illumitry Corp. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
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 | 3,000,000 | |
Entity Public Float | $ 30,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
Balance Sheets
Balance Sheets - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 1,041 | $ 3,500 |
Inventory, Net | 807 | 848 |
Prepaid Expense, Current | 800 | 1,200 |
Assets, Current | 2,648 | 5,548 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 5,252 | 5,252 |
Other Assets, Noncurrent | (669) | 0 |
Assets, Noncurrent | 4,583 | 5,252 |
Assets | 7,231 | 10,800 |
Liabilities, Current | ||
Accounts Payable, Current | 0 | 0 |
Taxes Payable, Current | 0 | 0 |
Advances from director | 10,900 | 7,900 |
Liabilities, Current | 10,900 | 7,900 |
Liabilities, Noncurrent | ||
Liabilities | 10,900 | 7,900 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 3,000 | 3,000 |
Additional Paid in Capital, Common Stock | 0 | 0 |
Deficit accumulated during the development stage (Accumulated Deficit) | (6,669) | (100) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (3,669) | $ 2,900 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 3,000,000 | 3,000,000 |
Common Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
Liabilities and Equity | $ 7,231 | $ 10,800 |
Statement of Income
Statement of Income - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 4,180 | $ 8,183 |
Revenues | 4,180 | 8,183 |
Cost of Revenue | ||
Cost of Goods Sold | 651 | 651 |
Gross Profit | 3,529 | 7,532 |
Amortization of Deferred Charges | ||
General and Administrative Expense | 4,328 | 14,101 |
Operating Expenses | 4,328 | 14,101 |
Operating Income (Loss) | (799) | (6,569) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (799) | $ (6,569) |
Earnings Per Share | ||
Earnings Per Share, Diluted | $ 0 | $ 0 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) | $ (799) | $ (6,569) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Amortization | 223 | 669 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Inventories | 651 | 41 |
Increase (Decrease) in Prepaid Expense and Other Assets | (200) | 400 |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (125) | (5,459) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from director loan | 0 | 3,000 |
Proceeds from Issuance of Common Stock | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 0 | 3,000 |
Cash and Cash Equivalents, Period Increase (Decrease) | (125) | (2,459) |
Cash and Cash Equivalents, at Carrying Value | 1,166 | 3,500 |
Cash and Cash Equivalents, at Carrying Value | $ 1,041 | $ 1,041 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
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. We are a development-stage company formed to commence operations in a field of embroidery on fabric, furnishings, and clothing in Armenia. |
Note 2 - Going Concern
Note 2 - Going Concern | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
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 no revenues and incurred losses from October 17, 2014 through September 30, 2015. 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. |
Note 3 - Summary of Signifcant
Note 3 - Summary of Signifcant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 3 - Summary of Signifcant Accounting Policies | 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 period ended September 30, 2015. Cash and Cash E ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit t e ori i a m ritie o thre m t les to s e q i a le t 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. 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. 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. 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. 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. For the period from October 17, 2014 (inception) to September 30, 2015 there were no potentially dilutive debt or equity instruments issued or outstanding. 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. For the period from October 17, 2014 (inception) to September 30, 2015 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. |
Note 4 - Fixed Assets
Note 4 - Fixed Assets | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 4 - Fixed Assets | NOTE 4 FIXED ASSETS Equipment Website Totals Cost As at October 17, 2014 $ - $ - $ - Additions 4,452 800 5,252 Disposals - - - As at September 30, 2015 $ 4,452 $ 800 $ 5,252 Depreciation As at October 17, 2014 - - - Change for the period 669 - 669 As at September 30, 2015 $ 669 $ - $ 669 Net book value $ 3,783 $ 800 $ 4,583 We recognized depreciation expense of $669 in respect of equipment during the period from October 17, 2014 to September 30, 2015. No depreciation was recognized in respect of the website during the period from October 17, 2014 to September 30, 2015, as the website was not yet operational during the period. |
Note 5 - Loan From Director
Note 5 - Loan From Director | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 5 - Loan From Director | NOTE 5 LOAN FROM DIRECTOR During the period from October 17, 2014 (Inception) to September 30, 2015, 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 September 30, 2015. |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 6 - Commitments and Contingencies | NOTE 6 COMMITMENTS AND CONTINGENCIES Company has entered in the 6 months rental agreement starting on February 16, 2015 with monthly price of $200, which was prolonged for 4 months. The office is 30 square meters in underground passage on Sasunci Davit Square, Yerevan, Armenia. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 7 - Income Taxes | NOTE 7 INCOME TAXES As of September 30, 2015 and December 31, 2014, the Company had net operating loss carry forwards of approximately $6,669 and $100 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: September 30, 2015 December 31, 2014 Federal income tax benefit attributable to: Current Operations $ 6, 669 $ 100 Less: valuation allowance (6, 669 (100) 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: September 30, 2015 December 31, 2014 Deferred tax asset attributable to: Net operating loss carryover $ 2, 267 $ 34 Less: valuation allowance (2, 267 (34) 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 $6,669 as of September 30, 2015 compare to $100 as of December 31, 2014 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. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Notes | |
Note 8 - Subsequent Events | NOTE 8 SUBSEQUENT EVENTS In accordance with ASC 855-10 the Company has analyzed its operations from to October 28, 2015, the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |