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 |