| NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis
of Presentation The
condensed financial statements present the balance sheets, statements of operations, and cash flows of the Company. These condensed
financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles
generally accepted in the United States of America. Use
of Estimates and Assumptions The
preparation of condensed financial statements in conformity with generally accepted accounting principles of 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 condensed financial statements and reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates. Cash
and Cash Equivalents The
Company considers highly liquid investments with maturities of three months or less, when purchased, to be cash equivalents. As
of November 30, 2018 and February 28, 2018, the Company’s cash and cash equivalents amounted $7,690 and $51,451, respectively. Fair
Value of Financial Instruments FASB
ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities
that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.
It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable
units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the
inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair
value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs
by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants
would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable
inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs
into three broad levels based on the reliability of the inputs as follows:
· Level 1 –
Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access
at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based
on quoted prices in active markets that are readily and regularly available.
· Level 2 –
Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement
date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
· Level 3 –
Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities
is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the
assumptions a market participant would use in pricing the asset or liability. The
carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short term
maturities. Loss
Per Common Share The
basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average
number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available
to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average
number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted
loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. For the three and nine months
ended November 30, 2018 and 2017, there were no common stock equivalents outstanding. Income
Taxes The
Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are
measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those
differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates
is recognized in income in the period that includes the date of enactment or substantive enactment. Reclassifications Certain
reclassifications have been made to the prior year condensed financial statements to conform to the current year presentation.
The reclassification had no impact on previously reported net loss or accumulated deficit. Recent
Accounting Pronouncements On
December 22, 2017, the SEC issued Staff Accounting Bulletin (“SAB 118”), which provides guidance on accounting for
tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment
date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax
effects of those aspects of the Act for which the accounting under ASC 740 is complete. In March 2018, the FASB issued ASU 2018-05,
Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 (SEC Update), Income Taxes (Topic 740). ASU 2018-05
provides guidance regarding the recording of tax impacts where uncertainty exists, in the period of adoption of the 2017 U.S.
Tax Cuts and Jobs Act (the “2017 Tax Act”). To the extent that a company’s accounting for certain income tax
effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate
to be included in the condensed financial statements. If a company cannot determine a provisional estimate to be included in the
condensed financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in
effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of
the reduction in corporate rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these
estimates, due to, among other things, changes in our interpretations and assumptions, additional guidance that may be issued
by the I.R.S., and actions we may take. The Company is continuing to gather additional information to determine the final impact. In
February 2018, the FASB issued Accounting Standards Update No. 2018-02 (ASU 2018-02), Income Statement - Reporting Comprehensive
Income (Topic 220). The guidance in ASU 2018-02 allows an entity to elect to reclassify the stranded tax effects related to the
Tax Cuts and Jobs Act (the Tax Act) of 2017 from accumulated other comprehensive income into retained earnings. ASU 2018-02 is
effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating
the effect this standard will have on its condensed financial statements. In
August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure
Requirements for Fair Value Measurement. The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by
removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related
to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses
for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting
period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements.
This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning
after December 15, 2019. The Company is currently evaluating the effect, if any, that the ASU will have on its condensed
financial statements. |
