Document and Entity Information
Document and Entity Information | 6 Months Ended |
Feb. 29, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | Spelt Group Corp. |
Document Type | 10-Q |
Document Period End Date | Feb. 29, 2016 |
Trading Symbol | spelt |
Amendment Flag | false |
Entity Central Index Key | 1,644,149 |
Current Fiscal Year End Date | --08-31 |
Entity Common Stock, Shares Outstanding | 7,000,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q2 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 3,323 | $ 7,013 |
Assets, Noncurrent | ||
Assets | 3,323 | 7,013 |
Liabilities, Current | ||
Accounts Payable, Current | 1,180 | |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 625 | 625 |
Liabilities | 1,805 | 625 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 7,000 | 7,000 |
Retained Earnings (Accumulated Deficit) | (5,482) | (612) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 1,518 | $ 6,388 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 7,000,000 | |
Common Stock, Shares Outstanding | 7,000,000 | |
Liabilities and Equity | $ 3,323 | $ 7,013 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 28, 2015 | Feb. 29, 2016 | |
Revenues | ||||
Sales Revenue, Goods, Net | $ 4,000 | $ 7,800 | ||
Revenues | 4,000 | $ 0 | $ 0 | 7,800 |
Cost of Revenue | ||||
Cost of Revenue | 0 | 0 | 0 | 0 |
Gross Profit | 4,000 | 0 | 0 | 7,800 |
Amortization of Deferred Charges | ||||
Administrative Expense | 6,836 | 24 | 549 | 12,670 |
Total Operating Expenses | 6,836 | 24 | 549 | 12,670 |
Net loss from operations | (2,836) | (24) | (549) | (4,870) |
Interest and Debt Expense | ||||
Net Income (Loss) | $ (2,836) | $ (24) | $ (549) | $ (4,870) |
Earnings Per Share | ||||
Weighted Average Number of Shares Outstanding, Basic | 7,000,000 | 7,000,000 | ||
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 4 Months Ended | 6 Months Ended |
Feb. 28, 2015 | Feb. 29, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (549) | $ (4,870) |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable | 1,180 | |
Net Cash Provided by (Used in) Operating Activities | (549) | (3,690) |
Net Cash Provided by (Used in) Investing Activities | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from director loans | 625 | |
Net Cash Provided by (Used in) Financing Activities | 625 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 76 | (3,690) |
Cash and Cash Equivalents, at Carrying Value | 7,013 | |
Cash and Cash Equivalents, at Carrying Value | $ 76 | $ 3,323 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 6 Months Ended |
Feb. 29, 2016 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION SPELT GROUP CORP. (the Company) is a corporation established under the laws in the State of Nevada on October 26, 2014. Since inception, the Company has devoted substantially all of its efforts to establishing a new graphic design business. The Company has generated revenue and expenses from the limited efforts to date. The Companys activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the Companys business plan. Interim Financial Statements The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information, and in accordance with the rules and regulations of the United States Securities and Exchange Commission with respect to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended August 31, 2015 and notes thereto contained in the Companys Form S-1 (amendment #3) filed on February 16, 2016. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company has provided a discussion of significant accounting policies, estimates and judgments in its audited financial statements for the year ended August 31, 2015 and notes thereto contained in the Companys Form S-1 (amendment #3) filed on February 16, 2016. There have been no changes to the Companys significant accounting policies since August 31, 2015. NOTE 3 GOING CONCERN The Companys financial statements as of February 29, 2016 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not raised sufficient funds to execute its business plans and has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has incurred a cumulative net loss from inception (October 26, 2014) to February 29, 2016 of $5,482. These factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Equity
Equity | 6 Months Ended |
Feb. 29, 2016 | |
Equity: | |
Stockholders' Equity Note Disclosure | NOTE 6 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. |
Income Taxes
Income Taxes | 6 Months Ended |
Feb. 29, 2016 | |
Income Taxes: | |
Income Tax Disclosure | NOTE 5 INCOME TAX As of February 29, 2016, the Company had net operating loss carry forwards of $5,482 that may be available to reduce future years taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
Related Party Disclosures
Related Party Disclosures | 6 Months Ended |
Feb. 29, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 4 RELATED PARTY TRANSACTIONS As of August 31, 2015 the director loaned the Company $ to pay for incorporation costs and operating expenses . As of February 29, 2016 , amount was $ 625 . The loan is non-interest bearing, due upon demand and unsecured. |