Document and Entity Information
Document and Entity Information | 3 Months Ended |
Sep. 30, 2015shares | |
Document and Entity Information | |
Entity Registrant Name | Interlink Plus, Inc. |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2015 |
Amendment Flag | false |
Entity Central Index Key | 1,643,988 |
Current Fiscal Year End Date | --06-30 |
Entity Common Stock, Shares Outstanding | 36,111,200 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Trading Symbol | intlp |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Current assets | ||
Cash | $ 15,868 | $ 21,873 |
Accounts receivable | 78 | 215 |
Prepaid expenses | 938 | 3,600 |
Prepaid stock compensation | 5,667 | 7,792 |
Total current assets | 22,551 | 33,480 |
Other assets | ||
Website | 1,354 | 1,479 |
Total other assets | 1,354 | 1,479 |
TOTAL ASSETS | 23,905 | 34,959 |
Current liabilities | ||
Accounts payable - related party | 8,032 | |
Notes payable - related party | 500 | 500 |
Accrued interest payable - related party | 165 | 51 |
Total current liabilities | 8,697 | 551 |
Long-term liabilities | ||
Notes payable - related party | 4,000 | 4,000 |
Total long-term liabilities | 4,000 | 4,000 |
Total liabilities | 12,697 | 4,551 |
Stockholders equity | ||
Preferred stock value | 300 | 300 |
Common stock value | 3,611 | 3,611 |
Additional paid-in capital | 38,649 | 38,649 |
Subscriptions receivable | 6,500 | |
Retained earnings (deficit) | (31,352) | (5,652) |
Total stockholders' equity | 11,208 | 30,408 |
Total liabilities and stockholders' equity | $ 23,905 | $ 34,959 |
BALANCE SHEETS (parenthetical)
BALANCE SHEETS (parenthetical) - $ / shares | Sep. 30, 2015 | Jun. 30, 2015 |
Balance Sheet | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 3,000,000 | 3,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 36,111,200 | 36,111,200 |
Common stock, shares outstanding | 36,111,200 | 36,111,200 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS | 3 Months Ended |
Sep. 30, 2015USD ($)$ / sharesshares | |
Income Statement | |
Revenue | $ 2,684 |
Operating expenses | |
General and administrative | 907 |
Amortization | 125 |
Professional fees | 19,205 |
Professional fees - related party | 8,032 |
Total operating expenses | 28,269 |
Other income (expenses) | |
Interest expense - related party | 115 |
Total other expenses | (115) |
Net loss | $ (25,700) |
Net loss per common share, basic | $ / shares | $ 0 |
Weighted average number of shares outstanding, basic | shares | 36,111,200 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Cash flows from operating activities: | |
Net loss | $ (25,700) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |
Amortization of prepaid stock compensation | 2,125 |
Amortization of website costs | 125 |
Changes in operating assets and liabilities: | |
(Increase) decrease in accounts receivable | 137 |
(Increase) decrease in prepaid expenses | 2,662 |
Increase (decrease) in accounts payable - related party | 8,032 |
Increase (decrease) in accrued interest payable - related party | 114 |
Net cash used in operating activities | (12,505) |
Cash flows from financing activities: | |
Proceeds from stock receivable | 6,500 |
Net cash provided by financing activities | 6,500 |
Net increase (decrease) in cash | (6,005) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,873 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 15,868 |
Non-cash investing and financing activities: | |
Amortization of prepaid stock compensation | $ 2,125 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended June 30, 2015 and notes thereto included in the Companys registration statement. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for the interim period are not indicative of annual results. Organization The Company was incorporated on May 11, 2015 (Date of Inception) under the laws of the State of Nevada, as Interlink Plus, Inc. Nature of operations The Company will provide services for oversea travel agents on hotel price quotation and negotiation, contract reviewing, detailed guests arrangements, hotel check-in assistance, as well as tradeshow services to domestic and international businesses. Year end The Companys year-end is June 30. Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. Website The Company capitalizes the costs associated with the development of the Companys website pursuant to ASC Topic 350. Other costs related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes. The Company plans to commence amortization upon completion and release of the Companys fully operational website. Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services are completed as part of the service contract. Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three months ended September 30, 2015. Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1: Level 2 Level 3: Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. 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 of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Recent pronouncements The Company has evaluated the recent accounting pronouncements through October 2015 and believes that none of them will have a material effect on the companys financial statements except for the following ASU below. The Company has elected early adoption of Accounting Standard Update (ASU) 2014-10, Topic 915, Development Stage Entities, Elimination of Certain Financial Reporting Requirements |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Going Concern | NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start-up costs and expenses. As a result, the Company had a retained deficit as of September 30, 2015 of ($31,352). In addition, the Companys activities since inception have been financially sustained through debt and equity financing. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
Prepaid Expenses Disclosure
Prepaid Expenses Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Prepaid Expenses Disclosure | NOTE 3 - PREPAID EXPENSES As of September 30, 2015, the Company had prepaid transfer agent expenses totaling $938. The prepaid professional fees will be expensed on a straight line basis over the remaining life of the service period. During the three months ended September 30, 2015 the Company amortized transfer agent expenses of $62 and accounting fees of $3,600. |
Prepaid Stock Compensation Disc
Prepaid Stock Compensation Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Prepaid Stock Compensation Disclosure | NOTE 4 - PREPAID STOCK COMPENSATION During the period ending June 30, 2015, the Company issued a total of 1,700,000 shares of common stock as part of a consulting agreement totaling $8,500. The shares were valued according to the fair value of the common stock, based on recent sales in a PPM at $0.005 per share. The value of the shares was recorded as prepaid expense and is being amortized over one year which is the related service period of the agreement. For the three months ended September 30, 2015, the Company expensed $2,125 as professional fees with a remaining prepaid stock compensation amount totaling $5,667 at September 30, 2015. |
Website Disclosure
Website Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Website Disclosure | NOTE 5 - WEBSITE The following is a summary of website costs: September 30, 2015 Website $ 1,500 Less: accumulated amortization (146) Website, net $ 1,354 Amortization expense for the three months ended September 30, 2015 was $125 . |
Notes Payable - Related Party D
Notes Payable - Related Party Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Notes Payable - Related Party Disclosure | NOTE 6 - NOTES PAYABLE - RELATED PARTY Short term On May 13, 2015, the Company executed a promissory note with a related party for $500. The unsecured note bears interest at 10% per annum and is due upon demand. Long term On May 22, 2015, the Company executed a convertible promissory note with a related party for $4,000. The unsecured note bears interest at 10% per annum and is due on May 22, 2017. This note is convertible at $0.0001 per share and can be converted on or before the maturity date of May 22, 2015. As of September 30, 2015, the balance of accrued interest was $165. The interest expense for the three months ended September 30, 2015 was $115. |
Stockholders' Equity Disclosure
Stockholders' Equity Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Stockholders' Equity Disclosure | NOTE 7 - STOCKHOLDERS EQUITY (DEFICIT) The Company is authorized to issue 475,000,000 shares of its $0.0001 par value common stock and 25,000,000 shares of its $0.0001 par value preferred stock. The Series A convertible preferred stock have a liquidation preference of $0.10 per share, have super voting rights of 100 votes per share, and each share of Series A may be converted into 100 shares of common stock. Preferred stock During the three months ended September 30, 2015, there have been no other issuances of preferred stock. Common stock During the three months ended September 30, 2015, there have been no other issuances of common stock. During the three months ended September 30, 2015, the Company received $6,500 from investors and reduced the entire balance of common stock receivable. |
Warrants and Options Disclosure
Warrants and Options Disclosure | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Warrants and Options Disclosure | NOTE 8 - WARRANTS AND OPTIONS As of September 30, 2015, there were no warrants or options outstanding to acquire any additional shares of common stock. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2015 | |
Notes | |
Related Party Transactions | NOTE 9 - RELATED PARTY TRANSACTIONS On July 11, 2015, the Company executed a consulting agreement for a period of one year with a former officer and director and current shareholder at a rate of $3,000 per month. During the three months ended September 30, 2015, the Company had professional fees - related party totaling $8,032. As of September 30, 2015, the accounts payable - related party balance was $8,032. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies: Basis of Presentation (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Basis of Presentation | Basis of presentation The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended June 30, 2015 and notes thereto included in the Companys registration statement. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for the interim period are not indicative of annual results. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies: Organization (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Organization | Organization The Company was incorporated on May 11, 2015 (Date of Inception) under the laws of the State of Nevada, as Interlink Plus, Inc. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies: Nature of Operations (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Nature of Operations | Nature of operations The Company will provide services for oversea travel agents on hotel price quotation and negotiation, contract reviewing, detailed guests arrangements, hotel check-in assistance, as well as tradeshow services to domestic and international businesses. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies: Year End Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Year End Policy | Year end The Companys year-end is June 30. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Cash and Cash Equivalents Policy | Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies: Website Development Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Website Development Policy | Website The Company capitalizes the costs associated with the development of the Companys website pursuant to ASC Topic 350. Other costs related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes. The Company plans to commence amortization upon completion and release of the Companys fully operational website. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Revenue Recognition Policy | Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services are completed as part of the service contract. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies: Advertising Costs Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Advertising Costs Policy | Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the three months ended September 30, 2015. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies: Fair Value of Financial Instruments Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Fair Value of Financial Instruments Policy | Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1: Level 2 Level 3: |
Summary of Significant Accoun24
Summary of Significant Accounting Policies: Stock-based Compensation Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Stock-based Compensation Policy | Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies: Earnings Per Share Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Earnings Per Share Policy | Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies: Use of Estimates Policy (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Use of Estimates Policy | 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 of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2015 | |
Policies | |
Recent Pronouncements | Recent pronouncements The Company has evaluated the recent accounting pronouncements through October 2015 and believes that none of them will have a material effect on the companys financial statements except for the following ASU below. The Company has elected early adoption of Accounting Standard Update (ASU) 2014-10, Topic 915, Development Stage Entities, Elimination of Certain Financial Reporting Requirements |
Website Disclosure_ Summary of
Website Disclosure: Summary of website costs (Tables) | 3 Months Ended |
Sep. 30, 2015 | |
Tables/Schedules | |
Summary of website costs | September 30, 2015 Website $ 1,500 Less: accumulated amortization (146) Website, net $ 1,354 |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2015 | Jun. 30, 2015 |
Details | ||
Retained earnings (deficit) | $ 31,352 | $ 5,652 |
Prepaid Expenses Disclosure (De
Prepaid Expenses Disclosure (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Prepaid expenses | $ 938 | $ 3,600 |
Transfer agent expenses | ||
Amortization of prepaid expenses | 62 | |
Accounting fees- | ||
Amortization of prepaid expenses | $ 3,600 |
Prepaid Stock Compensation Di31
Prepaid Stock Compensation Disclosure (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Jun. 30, 2015 | |
Details | ||
Common stock issued for services | 1,700,000 | |
Value of stock issued for services | $ 8,500 | |
Amortization of prepaid stock compensation | $ 2,125 | |
Prepaid stock compensation | $ 5,667 | $ 7,792 |
Website Disclosure_ Summary o32
Website Disclosure: Summary of website costs (Details) | Sep. 30, 2015USD ($) |
Details | |
Website, gross | $ 1,500 |
Website, accumulated amortization | (146) |
Website, net | $ 1,354 |
Website Disclosure (Details)
Website Disclosure (Details) | 3 Months Ended |
Sep. 30, 2015USD ($) | |
Details | |
Amortization of website costs | $ 125 |
Notes Payable - Related Party34
Notes Payable - Related Party Disclosure (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Details | ||
Note payable, related party - current | $ 500 | $ 500 |
Note payable, related party - long-term | 4,000 | 4,000 |
Accrued interest payable - related party | 165 | $ 51 |
Interest expense - related party | $ 115 |
Stockholders' Equity Disclosu35
Stockholders' Equity Disclosure (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2015 | |
Details | ||
Common stock shares authorized for issuance | 475,000,000 | 475,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Preferred (Series A) shares authorized for issuance | 25,000,000 | 25,000,000 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Series A convertible preferred stock preference | $ 0.10 | |
Proceeds from stock receivable | $ 6,500 |
Related Party Transactions (Det
Related Party Transactions (Details) | Sep. 30, 2015USD ($) |
Details | |
Monthly commitment, consulting agreement (period of one year from July 11, 2015) | $ 3,000 |
Accounts payable - related party | $ 8,032 |