Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Feb. 29, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | Spelt Group Corp. | |
Document Type | 10-K | |
Document Period End Date | Aug. 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 Public Float | $ 0 | |
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 | FY |
Statement of Financial Position
Statement of Financial Position - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 20,389 | $ 7,013 |
Assets, Noncurrent | ||
Assets | 20,389 | 7,013 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 1,625 | 625 |
Liabilities | 1,625 | 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) | (13,636) | (612) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 18,764 | $ 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 | $ 20,389 | $ 7,013 |
Statement of Operations
Statement of Operations - USD ($) | 10 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Aug. 31, 2016 | |
Revenues | ||
Sales Revenue, Goods, Net | $ 7,800 | |
Revenues | $ 0 | 7,800 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 7,800 |
Amortization of Deferred Charges | ||
Administrative Expense | 612 | 20,824 |
Total Operating Expenses | 612 | 20,824 |
Net loss from operations | (612) | (13,024) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (612) | $ (13,024) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 1,404,531 | 8,046,027 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY - 12 months ended Aug. 31, 2016 - USD ($) | Common Stock | Additional paid-in-capital | Retained Earnings | Total |
Shares issued starting balance at Aug. 31, 2015 | 7,000,000 | 7,000,000 | ||
Stockholders' equity starting balance at Aug. 31, 2015 | $ 7,000 | $ (612) | $ 6,388 | |
Shares issued during period | 2,540,000 | 2,540,000 | ||
Net Income (Loss) | (13,024) | $ (13,024) | ||
Adjustment to additional paid-in-capital | $ 0 | $ 22,860 | $ 22,860 | |
Shares issued ending balance at Aug. 31, 2016 | 9,540,000 | 9,540,000 | ||
Stockholders' equity ending balance at Aug. 31, 2016 | $ 9,540 | $ 22,860 | $ (13,636) | $ 18,764 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 10 Months Ended | 12 Months Ended |
Aug. 31, 2015 | Aug. 31, 2016 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (612) | $ (13,024) |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (612) | (13,024) |
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 | 7,000 | 25,400 |
Proceeds from director loans | 625 | 1,000 |
Net Cash Provided by (Used in) Financing Activities | 7,625 | 26,400 |
Cash and Cash Equivalents, Period Increase (Decrease) | 7,013 | 13,376 |
Cash and Cash Equivalents, at Carrying Value | 7,013 | |
Cash and Cash Equivalents, at Carrying Value | $ 7,013 | $ 20,389 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 12 Months Ended |
Aug. 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 (Audited) 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. 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 Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2016 the Company's bank deposits did not exceed the insured amounts. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Subsequent Events The Company has evaluated all transactions from August 31, 2016 through the financial statement issuance date for subsequent event disclosure consideration. NOTE 3 GOING CONCERN The Companys financial statements as of August 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 August 31, 2016 of $13,636. 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 | 12 Months Ended |
Aug. 31, 2016 | |
Equity: | |
Stockholders' Equity Note Disclosure | CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On July 1, 2015, the Company issued 7,000,000 shares at $0.001 per share for total proceeds of $7,000 to its Director. In March and April 2016, the Company issued 2,540,000 shares at $0.01 per share for total proceeds of $25,400. As of August 31, 2016 the Company had 9,540,000 shares issued and outstanding. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2016 | |
Income Taxes: | |
Income Tax Disclosure | INCOME TAX As of August 31, 2016, the Company had net operating loss carry forwards of $13,636 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 | 12 Months Ended |
Aug. 31, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS As of August 31, 2016, the Companys sole officer and director loaned the Company $1,625 to pay for incorporation costs and operating expenses. . The loan is non-interest bearing, due upon demand and unsecured. |
Uncategorized Items - spelt-201
Label | Element | Value |
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 7,000,000 |
Retained Earnings | ||
Net Income (Loss) | us-gaap_NetIncomeLoss | $ (612) |
Common Stock | ||
Shares issued during period | us-gaap_StockIssuedDuringPeriodSharesOther | 7,000,000 |