Wari 10-Q 22 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2018	Oct. 09, 2018
Document And Entity Information
Entity Registrant Name	WARI, INC.
Entity Central Index Key	1,637,197
Document Type	10-Q
Document Period End Date	Aug. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--11-30
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		20,691,050
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Aug. 31, 2018	Nov. 30, 2017
Current Assets
Cash and cash equivalents		$ 1,673
Total Current Assets		1,673
TOTAL ASSETS	0	1,673
Current Liabilities
Accounts payable and accrued liabilities	2,383	2,097
Due to a related party	56,042
Total Current Liabilities	58,425	2,097
TOTAL LIABILITIES	58,425	2,097
Stockholders' Deficit
Preferred stock: 100,000,000 authorized; $0.001 par value No shares issued and outstanding
Common stock: 900,000,000 authorized; $0.001 par value 20,691,050 and 20,566,050 shares issued and outstanding August 31, 2018 and November 30, 2017	20,691	20,566
Additional paid in capital	147,805	122,910
Accumulated deficit	(226,921)	(143,900)
Total Stockholders' Deficit	(58,425)	(424)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 1,673

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2018	Nov. 30, 2017
Stockholders' Deficit
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	900,000,000	900,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares issued	20,691,050	20,566,050
Common stock, shares outstanding	20,691,050	20,566,050

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Consolidated Statement Of Operations
Revenue
Operating Expenses
General and administrative	1,981		1,992	14,413
Professional fees	55,454	15,594	81,029	33,845
Total Operating Expenses	57,435	15,594	83,021	48,258
Net loss from operations	(57,435)	(15,594)	(83,021)	(48,258)
Provision for income taxes
Loss from discontinued operations, net of tax		84		(1,150)
Net loss	$ (57,435)	$ (15,510)	$ (83,021)	$ (49,408)
Basic and dilutive loss per common share	$ 0	$ 0	$ 0	$ 0
Weighted average number of common shares outstanding	20,691,050	20,466,050	20,655,922	20,466,050

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (83,021)	$ (49,408)
Adjustments to reconcile net loss to net cash Changes in operating assets and liabilities:
Inventory		1,332
Prepaid expenses and other assets		1,935
Accounts payable	286	(33,165)
Net Cash used in Operating Activities	(82,735)	(79,306)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Cash used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceed from loan from related party	56,042	52,665
Proceeds from issuance of common stock	25,020	20,000
Net Cash provided by Financing Activities	81,062	72,665
Net increase (decrease) in cash and cash equivalents	(1,673)	(6,641)
Cash and cash equivalents, beginning of period	1,673	20,966
Cash and cash equivalents, end of period		14,325
Supplemental cash flow information
Cash paid for interest
Cash paid for taxes
Non-cash transactions:
Related party debt forgiven		$ 52,665

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	Wari, Inc., formerly Cheetah Enterprises, Inc. (the “Company”) is a Nevada corporation incorporated on June 27, 2014. It is based in Seattle, WA. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is November 30. We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Unaudited Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and Article 8 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. This report on Form 10-Q should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K, for the fiscal year ended November 30, 2017, as filed with the Securities and Exchange Commission ("SEC") on April 20, 2018. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. Use of Estimates 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Emerging Growth Company We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $0 and $1,673 in cash and cash equivalents as of at August 31, 2018 and November 30, 2017, respectively. Net Loss Per Share of Common Stock The Company has adopted ASC Topic 260, “Earnings per Share,” The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. Concentrations of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Financial Instruments The Company's financial instruments consist principally of cash and accounts payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. Commitments and Contingencies The Company follows ASC 450-20 , “Loss Contingencies Revenue Recognition We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. Discontinued Operations The Company follows ASC 205-20,” Discontinued Operations,” to report for disposed or discontinued operations. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 3 - GOING CONCERN	The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of August 31, 2018, the Company has a loss from operations of $83,021, an accumulated deficit of $226,921 and has earned minimal revenues since inception. The Company is seeking a new business opportunity at this time. If and when it acquires such an opportunity, it might be required to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ended November 30, 2018. The ability of the Company to emerge from the development stage is dependent upon, among other things, securing assets and/or a business, by merger or acquisition, as to which there can be no assurance. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

EQUITY

EQUITY	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 4 - EQUITY	On June 28, 2018, the Company amended its Articles of Incorporation, increasing its authorized common shares from 125,000,000 to 900,000,000, par value $.001 per share, and increasing its authorized preferred shares from 10,000,000 to 100,000,000, par value $.001 per share. Preferred Stock The Company has authorized 100,000,000 preferred shares with a par value of $0.001 per share, as of August 31, 2018. The Board of Directors is authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. Common Stock As of August 31, 2018, the Company has authorized 900,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. During the nine months ended August 31, 2018, the Company issued 125,000 shares of common stock for cash of $25,020. As of August 31, 2018, and November 30, 2017, 20,691,050 and 20,566,050 shares of common stock were issued and outstanding, respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 5 - RELATED PARTY TRANSACTIONS	We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions . The officer and director of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts. During the period ended August 31, 2018 and 2017, the Company borrowed $56,042 from CEO of the Company and $52,665 from the former CEO of the Company, respectively. A total of loan of $52,665 was forgiven by the former CEO for the period ended August 31, 2017. The advance was non-interest bearing and due on demand. Imputed interest was not calculated, as it is deemed not material. As of August 31, 2018, and November 30, 2017, the Company had due to a related party of $56,042 and $0, respectively.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 6 - DISCONTINUED OPERATIONS	On October 31, 2017, the Company decided to exit the field of selling used automobiles in the Costa Rican market. The change of the business qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of the operations from its Consolidated Statements of Operations to present this business in discontinued operations. The following table shows the results of operations of the Company for the three and nine ended August 31, 2017 which are included in the loss from discontinued operations: Three Months Ended Nine Months Ended August 31, August 31, 2017 2017 Revenue $ - $ 4,094 Cost of goods - (4,300 ) Gross profit - (206 ) General and administrative (84 ) 344 Impairment of inventory - 600 Operating loss 84 (1,150 ) Earnings from discontinued operations before income taxes 84 (1,150 ) Income tax provision - - Loss from discontinued operations, net of tax $ 84 $ (1,150 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Aug. 31, 2018
Notes to Financial Statements
NOTE 7 - SUBSEQUENT EVENTS	Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no events have occurred that require disclosure.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Aug. 31, 2018
Summary Of Significant Accounting Policies Policies
Unaudited Interim Financial Statements	The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and Article 8 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. This report on Form 10-Q should be read in conjunction with the Company's audited financial statements and notes thereto included in the Company's Annual Report on Form 10-K, for the fiscal year ended November 30, 2017, as filed with the Securities and Exchange Commission ("SEC") on April 20, 2018. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year.
Basis of Presentation	The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States.
Use of Estimates	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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Emerging Growth Company	We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.
Cash and Cash Equivalents	Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $0 and $1,673 in cash and cash equivalents as of at August 31, 2018 and November 30, 2017, respectively.
Net Loss Per Share of Common Stock	The Company has adopted ASC Topic 260, “Earnings per Share,” The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.
Concentrations of Credit Risk	The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables that it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.
Financial Instruments	The Company's financial instruments consist principally of cash and accounts payable. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.
Commitments and Contingencies	The Company follows ASC 450-20 , “Loss Contingencies
Revenue Recognition	We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business.
Discontinued Operations	The Company follows ASC 205-20,” Discontinued Operations,” to report for disposed or discontinued operations.
Recent Accounting Pronouncements	Management has considered all recent accounting pronouncements issued. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Aug. 31, 2018
Discontinued Operations Tables Abstract
Loss from discontinued operations	Three Months Ended Nine Months Ended August 31, August 31, 2017 2017 Revenue $ - $ 4,094 Cost of goods - (4,300 ) Gross profit - (206 ) General and administrative (84 ) 344 Impairment of inventory - 600 Operating loss 84 (1,150 ) Earnings from discontinued operations before income taxes 84 (1,150 ) Income tax provision - - Loss from discontinued operations, net of tax $ 84 $ (1,150 )

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	9 Months Ended
	Aug. 31, 2018
Organization And Description Of Business Details Narrative
State of Incorporation	Nevada
Date of incorporation	Jun. 27, 2014

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Aug. 31, 2018	Nov. 30, 2017	Aug. 31, 2017	Nov. 30, 2016
Summary Of Significant Accounting Policies Details Narrative
Cash and cash equivalents		$ 1,673	$ 14,325	$ 20,966

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Going Concern Details Narrative
Net loss	$ (57,435)	$ (15,510)	$ (83,021)	$ (49,408)
Accumulated deficit	$ (226,921)		$ (226,921)		$ (143,900)

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	9 Months Ended
	Aug. 31, 2018	Jun. 28, 2018	Jun. 27, 2018	Nov. 30, 2017
Equity
Preferred stock, shares authorized	100,000,000	100,000,000	10,000,000	100,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares authorized	900,000,000	900,000,000	125,000,000	900,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001	$ 0.001
Common stock, shares issued	20,691,050			20,566,050
Common stock, shares outstanding	20,691,050			20,566,050
Stock Issued During Period, Shares	125,000
Stock Issued During Period, Value	$ 25,020

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Nov. 30, 2017
Amount borrowed from related party during period	$ 56,042	$ 52,665
Due to related party	56,042
Chief Executive Officer [Member]
Amount borrowed from related party during period	$ 56,042
Former Chief Executive Officer [Member]
Amount borrowed from related party during period		52,665
Debt forgiven by related party		$ 52,665

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	Aug. 31, 2018	Aug. 31, 2017
Discontinued Operations
Revenue				$ 4,094
Cost of goods				(4,300)
Gross profit				(206)
General and administrative		(84)		344
Impairment of inventory				600
Operating loss		84		(1,150)
Earnings from discontinued operations before income taxes		84		(1,150)
Income tax provision
Loss from discontinued operations, net of tax		$ 84		$ (1,150)