Document and Entity Information
Document and Entity Information | 12 Months Ended |
Jun. 30, 2016USD ($)shares | |
Document And Entity Information | |
Entity Registrant Name | iWeb, Inc. |
Entity Central Index Key | 1,648,365 |
Document Type | 10-K |
Document Period End Date | Jun. 30, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --06-30 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ | $ 5,149 |
Entity Common Stock, Shares Outstanding | shares | 51,495,000 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 2,855 | $ 6,970 |
Total assets | 2,855 | 6,970 |
Current Liabilities: | ||
Accrued expenses | 895 | 895 |
Total liabilities | 895 | 895 |
Stockholders' Equity | ||
Common stock, $0.0001 par value; 75,000,000 shares authorized; 51,495,000 and 50,000,000 shares issued and outstanding | 5,149 | 5,000 |
Additional paid in capital | 10,801 | (4,000) |
Accumulated deficit during development stage | (13,990) | 5,075 |
Total stockholders' equity | 1,960 | 6,075 |
Total liabilities and stockholders' equity | $ 2,855 | $ 6,970 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ .0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, issued | 51,495,000 | 50,000,000 |
Common stock, outstanding | 51,495,000 | 50,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 4 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 5,970 | $ 24,984 |
Operating expenses: | ||
Legal fees | 11,645 | |
Audit fees | 5,500 | |
Bank fees | 715 | |
Transfer agent fee | 1,802 | |
EDGAR fees | 1,500 | |
Other | 4,887 | |
DTC solutions | 5,500 | |
OTC market | 12,500 | |
Total operating expenses | 44,049 | |
Net income (loss) from operations before income taxes | 5,970 | (19,065) |
Provision for income taxes | (895) | |
Net Income (Loss) | $ 5,075 | $ (19,065) |
Net income (Loss) per share | ||
Weights average of shares issued and outstanding | 50,000,000 | 51,495,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 4 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net Income (Loss) | $ 5,075 | $ (19,065) |
Changes in operating assets and liabilities: | ||
Accrued expenses | 895 | |
Net cash provided by (used in) operating activities | 5,970 | (19,065) |
Cash flows from investing activities: | ||
Net cash used in investing activities | ||
Cash flows from financing activities: | ||
Proceeds from sale of common stock | 1,000 | 14,950 |
Net cash provided by (used in) financing activities | 1,000 | 14,950 |
Net increase in cash | 6,970 | (4,115) |
Cash, beginning of the period | 6,970 | |
Cash, end of the period | 6,970 | 2,855 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | ||
Cash paid for taxes |
Statements of Shareholders' Equ
Statements of Shareholders' Equity - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings | Total |
Balance Beginning of Period, Shares at Feb. 16, 2015 | ||||
Balance Beginning of Period, Amount at Feb. 16, 2015 | ||||
Common stock to owner, Shares | 50,000,000 | |||
Common stock to owner, Amount | $ 5,000 | (4,000) | 1,000 | |
Net income For the period | 5,075 | 5,075 | ||
Balance End of Period, Shares at Jun. 30, 2015 | 50,000,000 | |||
Balance End of Period, Amount at Jun. 30, 2015 | $ 5,000 | (4,000) | 5,075 | 6,075 |
Sale of common stock for cash, Shares | 1,495,000 | |||
Sale of common stock for cash, Amount | $ 149 | 14,801 | 14,950 | |
Net income For the period | (19,065) | (19,065) | ||
Balance End of Period, Shares at Jun. 30, 2016 | 51,495,000 | |||
Balance End of Period, Amount at Jun. 30, 2016 | $ 5,149 | $ 10,801 | $ (13,990) | $ 1,960 |
Description of Business
Description of Business | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 DESCRIPTION OF BUSINESS IWEB, INC As a start up company, the Company had limited operating revenues through June 30, 2016. The revenue was generated from clients payments. The Company is currently devoting substantially all of its present time to establishing a web business and searching for new clients. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. Revenue recognition Revenue is recognized in accordance with Staff Accounting Bulletin Revenue Recognition in Financial Statements, as revised on SAB No. 104. As such, the Company recognizes revenue when work is done or services have been rendered. Specifically for our business we considered recognizes revenue on the accrual basis, which considers revenue to be earned when the services have been performed. Revenues are recognized when the rights and responsibility for websites have passed to the client. We considered gross revenue as a principal. Our revenue includes the gross amounts that come from Client for web service. Cost Our service cost will consist primarily of the Intellectual work, time and expenses that we spent for service implement. If the execution of the order we need to purchase additional hard, software or pay for some products, it can be increase a cost of service. Net income per common share Basic income per common share is computed based upon the weighted average number of common shares outstanding during the period. Cash equivalents The Company considers all highly liquid instruments to work in cash equivalent segment. The Company's bank accounts are deposited in Chase financial institutions. Income Taxes The Company accounts for its income taxes under the provisions of ASC Topic 740, Income Taxes. The method of accounting for income taxes under ASC 740 is an asset and liability method. The asset and liability method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. |
Common Stock Issued and Outstan
Common Stock Issued and Outstanding | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Common Stock Issued and Outstanding | NOTE 3 COMMON STOCK ISSUED AND OUTSTANDING The Company has authorized 75,000,000 common shares at $0.0001 par value, of which 51,495,000 shares are issued and outstanding as of June 30, 2016. Total 50,000,000 shares were issued to our sole director for $1,000 and 1,495,000 for our shareholders for $14,950 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 4 FAIR VALUE OF FINANCIAL INSTRUMENTS The carrying amounts of cash and cash equivalents approximate their fair values due to their short-term nature. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | NOTE 5 CONCENTRATION OF CREDIT RISK The Company maintains cash balances at the Chase bank. The balance, at any given time, may exceed Federal Deposit Insurance Corporation (FDIC) insurance limits of $250,000 per institution. The Companys cash balances at June 30, 2016 were within FDIC insured limits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 6 COMMITMENTS AND CONTINGENCIES From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of its business. The Company is not currently a party to any material legal proceedings, nor is the Company aware of any other pending or threatened litigation that would have a material adverse effect on the Companys business, operating results, cash flows or financial condition should such litigation be resolved unfavorably. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 7 STOCKHOLDERS EQUITY From the Companys inception on February 17, 2015 through June 30, 2016, the Company has issued 51,495,000 Shares of common stock. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 8 GOING CONCERN The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. For the year ended June 30, 2016, the Company had revenue $24,984 and small working capital of $2,855. The Companys ability to continue as a going concern is dependent upon the Companys ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock. Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities. Management believes that the Companys capital requirements will depend on many factors including the success of the Companys development efforts and its efforts to raise capital. Management also believes the Company needs to raise additional capital for working purposes. There is no assurance that such financing will be available in the future. The conditions described above raise substantial doubt about our ability to continue as a going concern. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 9 INCOME TAXES At June 30,2016 the company has net operation loss $19,065 which may be applied against future taxable income and which expire in the year 2035. The amount of and ultimate real ation of the benefits from the net operating loss carry for wards for income tax purposes is dependent , in part upon the tax laws in effect the future earnings of the company, and other future events the effect of which cannot be determined. Because uncertainty surrounding the reali tion net operating loss carry forward . The company has established a valuation allowance qual to the tax effect of the net operating loss care forwards and therefore no deferred tax are approximately $6,500 as of June 30,2016, with an offsetting valuation allowance of the same amount. The company did not have any tax positions for with it is reasonable possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months. The tax years that remain subject to examination by major taxing jurisdictions are for years ended June 30 and 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 SUBSEQUENT EVENTS The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred, other than noted in the paragraph above, that require recognition or disclosure in the financial statements. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of estimates | Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates. |
Revenue recognition | Revenue recognition Revenue is recognized in accordance with Staff Accounting Bulletin Revenue Recognition in Financial Statements, as revised on SAB No. 104. As such, the Company recognizes revenue when work is done or services have been rendered. Specifically for our business we considered recognizes revenue on the accrual basis, which considers revenue to be earned when the services have been performed. Revenues are recognized when the rights and responsibility for websites have passed to the client. We considered gross revenue as a principal. Our revenue includes the gross amounts that come from Client for web service. |
Cost of service | Cost Our service cost will consist primarily of the Intellectual work, time and expenses that we spent for service implement. If the execution of the order we need to purchase additional hard, software or pay for some products, it can be increase a cost of service. |
Net income per common share | Net income per common share Basic income per common share is computed based upon the weighted average number of common shares outstanding during the period. |
Cash equivalents | Cash equivalents The Company considers all highly liquid instruments to work in cash equivalent segment. The Company's bank accounts are deposited in Chase financial institutions. |
Income Taxes | Income Taxes The Company accounts for its income taxes under the provisions of ASC Topic 740, Income Taxes. The method of accounting for income taxes under ASC 740 is an asset and liability method. The asset and liability method requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of temporary differences between tax bases and financial reporting bases of other assets and liabilities. Deferred income tax assets and liabilities are computed annually for differences between financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period plus or minus the change during the period in deferred tax assets and liabilities. |
Common Stock Issued and Outst18
Common Stock Issued and Outstanding (Details Narrative) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, par value | $ .0001 | $ 0.0001 |
Common stock, issued and outstanding | 51,495,000 | 50,000,000 |
Common stock, value | $ 5,149 | $ 5,000 |
Director | ||
Common stock, issued and outstanding | 50,000,000 | |
Common stock, value | $ 1,000 | |
Shareholders | ||
Common stock, issued and outstanding | 1,495,000 | |
Common stock, value | $ 14,950 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details Narrative) | Jun. 30, 2016USD ($) |
Risks and Uncertainties [Abstract] | |
FDIC insurance limits | $ 250,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - shares | Jun. 30, 2016 | Jun. 30, 2015 |
Equity [Abstract] | ||
Common stock issued | 51,495,000 | 50,000,000 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 4 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenue | $ 5,970 | $ 24,984 |
Small working capital | $ 2,855 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Operation loss | $ 19,065 | |
Deferred tax assets | $ 6,500 |