Spelt (SPELT) 10-Q 29 Jun 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	May 31, 2016shares
Document and Entity Information:
Entity Registrant Name	Spelt Group Corp.
Document Type	10-Q
Document Period End Date	May 31, 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	9,540,000
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	Q3

Statement of Financial Position

Statement of Financial Position - USD ($)	May 31, 2016	Aug. 31, 2015
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 23,076	$ 7,013
Assets, Noncurrent
Assets	23,076	7,013
Liabilities, Noncurrent
Due to Related Parties, Noncurrent	625	625
Liabilities	625	625
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
Common Stock, Value, Issued	9,540	7,000
Additional Paid in Capital, Common Stock	22,860
Retained Earnings (Accumulated Deficit)	(9,949)	(612)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 22,451	$ 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	9,540,000	7,000,000
Common Stock, Shares Outstanding	9,540,000	7,000,000
Liabilities and Equity	$ 23,076	$ 7,013

Statement of Operations (Unaudi

Statement of Operations (Unaudited) - USD ($)	3 Months Ended		7 Months Ended	9 Months Ended
	May 31, 2016	May 31, 2015	May 31, 2015	May 31, 2016
Revenues
Sales Revenue, Goods, Net				$ 7,800
Revenues	$ 0	$ 0	$ 0	7,800
Cost of Revenue
Cost of Revenue	0	0	0	0
Gross Profit	0	0	0	7,800
Amortization of Deferred Charges
Administrative Expense	4,467	36	585	17,137
Total Operating Expenses	4,467	36	585	17,137
Net loss from operations	(4,467)	(36)	(585)	(9,337)
Interest and Debt Expense
Net Income (Loss)	$ (4,467)	$ (36)	$ (585)	$ (9,337)
Earnings Per Share
Weighted Average Number of Shares Outstanding, Basic	8,852,391			7,619,709
Earnings Per Share, Basic and Diluted	$ 0			$ 0

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	7 Months Ended	9 Months Ended
	May 31, 2015	May 31, 2016
Net Cash Provided by (Used in) Operating Activities
Net loss for the period	$ (585)	$ (9,337)
Increase (Decrease) in Operating Liabilities
Net Cash Provided by (Used in) Operating Activities	(585)	(9,337)
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 Issuance of Common Stock		25,400
Proceeds from director loans	625
Net Cash Provided by (Used in) Financing Activities	625	25,400
Cash and Cash Equivalents, Period Increase (Decrease)	40	16,063
Cash and Cash Equivalents, at Carrying Value		7,013
Cash and Cash Equivalents, at Carrying Value	$ 40	$ 23,076

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements	9 Months Ended
	May 31, 2016
Organization, Consolidation and Presentation of Financial Statements:
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	SPELT GROUP CORP. NOTES TO THE FINANCIAL STATEMENTS (Unaudited) 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 Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the Company’s 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 Company’s 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 Company’s Form S-1 (amendment #3) filed on February 16, 2016. There have been no changes to the Company’s significant accounting policies since August 31, 2015. NOTE 3 – GOING CONCERN The Company’s financial statements as of May 31, 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 May 31, 2016 of $9,949. 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. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its operating expenses and to seek 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. 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 May 31, 2016 , amount was $ 625 . The loan is non-interest bearing, due upon demand and unsecured. NOTE 5 – INCOME TAX As of May 31, 2016, the Company had net operating loss carry forwards of $9,949 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 full amount of the deferred tax asset relating to these tax loss carry-forwards pending a future determination of the realizability of the deferred tax asset. NOTE 6 – CAPTIAL STOCK During the quarter ended May 31, 2016, the Company issued 2,540,000 common shares at $0.01 per share for cash proceeds of $25,400.