Wari 10-Q 14 Jun 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Feb. 28, 2019	Jun. 12, 2019
Document And Entity Information
Entity Registrant Name	WARI, INC.
Entity Central Index Key	0001637197
Document Type	10-Q
Document Period End Date	Feb. 28, 2019
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	Q1
Document Fiscal Year Focus	2019
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Entity Shell Company	true

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Feb. 28, 2019	Nov. 30, 2018
Current Assets
Cash and cash equivalents	$ 0	$ 0
Total Current Assets	0	0
TOTAL ASSETS	0	0
Current Liabilities
Due to a related party	119,839	94,889
Total Current Liabilities	119,839	94,889
Stockholders' Deficit
Preferred stock: 100,000,000 authorized; $0.001 par value No shares issued and outstanding	0	0
Common stock: 900,000,000 authorized; $0.001 par value 20,691,050 shares issued and outstanding February 28, 2019 and November 30, 2018, respectively	20,691	20,691
Additional paid in capital	147,805	147,805
Accumulated deficit	(288,335)	(263,385)
Total Stockholders' Deficit	(119,839)	(94,889)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 0	$ 0

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2019	Nov. 30, 2018
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	20,691,050
Common stock, shares outstanding	20,691,050	20,691,050

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Operating Expenses
General and administrative		$ 5
Professional fees	$ 24,950	13,325
Total Operating Expenses	24,950	13,330
Net loss	$ (24,950)	$ (13,330)
Basic and dilutive loss per common share	$ 0	$ 0
Weighted average number of common shares outstanding	20,691,050	20,584,106

Condensed Statement Of Changes

Condensed Statement Of Changes In Stockholders' Equity(deficit)(unaudited) - USD ($)	Common Stock	Additional Paid in Capital	Accumulated Deficit	Total
Balance at Nov. 30, 2017	$ 20,566	$ 122,910	$ (143,900)	$ (424)
Balance (shares) at Nov. 30, 2017	20,566,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for cash	$ 125	24,875		25,000
Common shares issued for cash (in shares)	125,000
Net loss			(13,330)	(13,330)
Balance at Feb. 28, 2018	$ 20,691	147,785	(157,230)	11,246
Balance (shares) at Feb. 28, 2018	20,691,050
Balance at Nov. 30, 2018	$ 20,691	147,805	(263,385)	(94,889)
Balance (shares) at Nov. 30, 2018	20,691,050
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(24,950)	(24,950)
Balance at Feb. 28, 2019	$ 20,691	$ 147,805	$ (288,335)	$ (119,839)
Balance (shares) at Feb. 28, 2019	20,691,050

Consolidated Statement of Cash

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended		12 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (24,950)	$ (13,330)
Adjustments to reconcile net loss to net cash Changes in operating assets and liabilities:
Accounts payable		(12,279)
Net Cash used in Operating Activities	(24,950)	1,051
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceed from loan from related party	24,950
Proceeds from issuance of common stock		25,000
Net Cash provided by Financing Activities	24,950	25,000
Net increase (decrease) in cash and cash equivalents			$ 23,949
Cash and cash equivalents, beginning of period	0	1,673	1,673
Cash and cash equivalents, end of period	$ 0	$ 25,622	$ 0

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Wari, Inc., (the “Company”,“we”,“us”,“our”) is a Nevadatrue corporation incorporated on June 27, 2014. Its office is based in Washington, D.C. We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. We are currently a shell company.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP 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, 2018, as filed with the Securities and Exchange Commission (“SEC”) on May 14, 2019. In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months February 28, 2019 may not be indicative of results for the full year. 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. Use of Estimates The preparation of the unaudited condensed financial statements in conformity with GAAP 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. Net Loss Per Share Basic net loss per share excludes the effect of dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted net loss per share is computed by giving effect to all potential shares of common stock. For the three months ended February 28, 2019 and 2018 , there were no common stock equivalents outstanding. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. 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	3 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 3 - GOING CONCERN	NOTE 3 - GOING CONCERN The accompanying unaudited condensed 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 February 28, 2019, the Company has a loss from operations of $24,950 , and an accumulated deficit of $288,335. 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 period of 12 months from the isuance of those financial statements. The ability of the Company to emerge from a shell 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 unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

EQUITY

EQUITY	3 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 4 - EQUITY	NOTE 4 - EQUITY During the three months ended February 28, 2018, the Company issued 125,000 shares of common stock for cash of $25,000 .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 5 - RELATED PARTY TRANSACTIONS	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 three months ended February 28, 2019, the Company borrowed $24,950 from the CEO of the Company. The advance was non-interest bearing and due on demand. As of February 28, 2019, and November 30, 2018, the Company had due to a related party of $119,839 and $94,889 , respectively.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Feb. 28, 2019
Summary Of Significant Accounting Policies Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP 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, 2018, as filed with the Securities and Exchange Commission (“SEC”) on May 14, 2019. In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months February 28, 2019 may not be indicative of results for the full year.
Emerging Growth Company	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.
Use of Estimates	Use of Estimates The preparation of the unaudited condensed financial statements in conformity with GAAP 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.
Net Loss Per Share of Common Stock	Net Loss Per Share Basic net loss per share excludes the effect of dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding. Diluted net loss per share is computed by giving effect to all potential shares of common stock. For the three months ended February 28, 2019 and 2018 , there were no common stock equivalents outstanding. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation.
Recent Accounting Pronouncements	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.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	3 Months Ended
	Feb. 28, 2019
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 ($)	Feb. 28, 2019	Nov. 30, 2018	Feb. 28, 2018	Nov. 30, 2017
Summary Of Significant Accounting Policies Details Narrative
Cash and cash equivalents	$ 0	$ 0	$ 25,622	$ 1,673

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Going Concern Details Narrative
Net loss	$ (24,950)	$ (13,330)
Accumulated deficit	$ (288,335)		$ (263,385)

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)	3 Months Ended	9 Months Ended
	Feb. 28, 2018	Aug. 31, 2018	Feb. 28, 2019	Nov. 30, 2018
Equity
Preferred stock, shares authorized			100,000,000	100,000,000
Preferred stock, par value (in dollars per share)			$ 0.001	$ 0.001
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	20,691,050
Common stock, shares outstanding			20,691,050	20,691,050
Stock Issued During Period, Shares		125,000
Stock Issued During Period, Value	$ 25,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Amount borrowed from related party during period	$ 24,950
Due to related party	119,839	$ 94,889
Chief Executive Officer [Member]
Amount borrowed from related party during period	$ 24,950