Document and Entity Information
Document and Entity Information | 12 Months Ended |
May 31, 2016USD ($)shares | |
Document And Entity Information | |
Entity Registrant Name | Asset Solutions Inc |
Entity Central Index Key | 1,653,629 |
Document Type | 10-K |
Document Period End Date | May 31, 2016 |
Amendment Flag | false |
Current Fiscal Year End Date | --05-31 |
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 | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 5,000,000 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | May 31, 2016 | May 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 465 | $ 4,890 |
FIXED ASSETS | ||
Office Building | 13,653 | 13,653 |
Accumulated Depreciation | (986) | |
TOTAL ASSETS | 13,132 | 18,543 |
Current Liabilities: | ||
Accounts Payable | ||
Related Party Loan | 750 | 100 |
Total Liabilities | 750 | 100 |
STOCKHOLDERS' EQUITY | ||
Common stock authorized 75,000,000; $0.001 par value; 5,000,000 and 4,000,000 shares issued and outstanding at May 31, 2016 and May 31, 2015 | 5,000 | 4,000 |
Additional Paid in Capital | 39,000 | |
Income (Deficit) accumulated during the development stage | (31,618) | 14,443 |
Total Stockholders' Equity | 12,382 | 18,443 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 13,132 | $ 18,543 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | May 31, 2016 | May 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock; par value | $ 0.001 | $ 0.001 |
Common stock; shares authorized | 75,000,000 | 75,000,000 |
Common stock; shares issued | 5,000,000 | 4,000,000 |
Common stock; shares outstanding | 5,000,000 | 4,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | 14 Months Ended | |
May 31, 2016 | May 31, 2015 | May 31, 2016 | |
Income: | |||
Revenue | $ 132,821 | $ 30,873 | $ 163,694 |
Cost of Goods Sold: | |||
Product Purchases | 125,434 | 16,393 | 141,827 |
Gross Profit | 7,387 | 14,481 | 21,867 |
Operating Expenses: | |||
General and administrative | 13,600 | 38 | 13,638 |
Product Development | 39,847 | 39,847 | |
Total Expenses | 53,447 | 38 | 53,485 |
Net income before income tax provision | (46,061) | 14,443 | (31,618) |
Provision for income tax | |||
Net gain (loss) for the period | $ (46,061) | $ 14,443 | $ (31,618) |
Net loss per share: | |||
Basic and diluted | $ (0.01) | $ 0 | $ (0.01) |
Weighted average number of shares outstanding: | |||
Basic and diluted | 5,000,000 | 4,000,000 | 5,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | 14 Months Ended | |
May 31, 2016 | May 31, 2015 | May 31, 2016 | |
Operating activities: | |||
Net gain (loss) | $ (46,061) | $ 14,443 | $ (31,618) |
Changes in assets and liabilities: | |||
Accounts Payable | |||
Depreciation | 986 | 986 | |
Net cash provided by operating activities | (45,075) | 14,443 | (30,632) |
Investing activities: | |||
Building and Land | (13,653) | (13,653) | |
Net cash provided by investing activities | (13,653) | (13,653) | |
Financing activities: | |||
Related Party Loan | 650 | 100 | 750 |
Proceeds from issuance of common stock | 40,000 | 4,000 | 44,000 |
Net cash provided by financing activities | 40,650 | 4,100 | 44,750 |
Net increase in cash | (4,425) | 4,890 | 465 |
Cash, beginning of period | 4,890 | ||
Cash, end of period | 465 | 4,890 | 465 |
Cash paid during the period | |||
Taxes | |||
Interest |
Statements Of Changes In Shareh
Statements Of Changes In Shareholders Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Gain (Loss) | Total |
Beginning Balance, Shares at Mar. 26, 2015 | ||||
Beginning Balance, Amount at Mar. 26, 2015 | ||||
Common Shares issued, Shares | 4,000,000 | |||
Common Shares issued, Amount | $ 4,000 | 4,000 | ||
Net loss | 14,443 | 14,443 | ||
Ending Balance, Shares at May. 31, 2015 | 4,000,000 | |||
Ending Balance, Amount at May. 31, 2015 | $ 4,000 | 14,443 | 18,443 | |
Beginning Balance, Shares at Mar. 26, 2015 | ||||
Beginning Balance, Amount at Mar. 26, 2015 | ||||
Net loss | (31,618) | |||
Ending Balance, Shares at May. 31, 2016 | 5,000,000 | |||
Ending Balance, Amount at May. 31, 2016 | $ 5,000 | 39,000 | (31,618) | 12,382 |
Beginning Balance, Shares at May. 31, 2015 | 4,000,000 | |||
Beginning Balance, Amount at May. 31, 2015 | $ 4,000 | 14,443 | 18,443 | |
Common Shares issued, Shares | 1,000,000 | |||
Common Shares issued, Amount | $ 1,000 | 39,000 | 40,000 | |
Net loss | (46,061) | (46,061) | ||
Ending Balance, Shares at May. 31, 2016 | 5,000,000 | |||
Ending Balance, Amount at May. 31, 2016 | $ 5,000 | $ 39,000 | $ (31,618) | $ 12,382 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 1. Organization and Basis of Presentation | Asset Solutions Inc. (the Company) is a for profit corporation established under the corporate laws of the State of Nevada on March 26, 2015. The Company is in the development phase and intends to expand its office chair distribution business. As such, the Company is subject to all risks inherent to the establishment of a start-up business enterprise. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Financial Statements and related disclosures as of May 31, 2015 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (SEC). Unless the context otherwise requires, all references to we, us, our or the Company are to Asset Solutions Inc. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 2. Significant Accounting Policies and Recent Accounting Pronouncements | Use of Estimates and Assumptions 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 revenues and expenses during the period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Fair Value of Financial Instruments ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. ASC 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2016. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Basic and Diluted Loss Per Share The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. Revenue Recognition The Company recognizes revenues in accordance with FASB ASC Topic 605, Revenue Recognition, and with the guidelines of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition. Under SAB 104, four conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) delivery has occurred or service has been rendered, (iii) the price is fixed or determinable, and (iv) collection is reasonably assured. Our customers pay for their product at the time we are advised by the manufacturer/distributor that the product is ready for shipment or pick-up. The Company recognizes revenue when the pre-paid product has been delivered to, or picked up by, the customer. In the event there is a significant delay between the date the customer pre-pays for the product and the delivery or pick-up of the product, revenue would be deferred until the customer accepts delivery of the product. Income Taxes We will use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entitys financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for the reporting period presented. The Company did not record any income tax accrual for the period from inception to May 31, 2016. We expect to incur significant expenses in future periods which will offset any net profit. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
Legal Matters
Legal Matters | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 3. Legal Matters | The Company has no known legal issues pending. |
Capital Stock
Capital Stock | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 4. Capital Stock | The Company has authorized 75,000,000 shares of common stock with a par value of $0.001 per share. On May 13, 2015 the Company issued 4,000,000 shares of common stock for a purchase price of $0.001 per share to its sole director. The Company received proceeds of $4,000 from the sale of the common stock. On May 3 and May 6, 2016 the Company issued a total of 1,000,000 shares of common stock for a purchase price of $0.04 per share to 30 individual investors. The Company received proceeds of $40,000 from the sale of the common stock. As of May 31, 2016 there were no outstanding stock options or warrants. |
Fixed Assets
Fixed Assets | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 5. Fixed Assets | On May 25, 2015 the Company purchased a small office located at 5 Garbary in Gdansk Poland. The purchase price was $13,653. The Company will utilize the space as its primary office. Fixed assets are stated at cost. The Company will utilize straight-line depreciation over the estimated useful life of the asset. Buildings 15 years Office Equipment 7 years During the year ended May 31, 2016 the Company recorded $986 in depreciation expense for the building, no depreciation was recorded for office equipment as none had been purchased. |
Income Taxes
Income Taxes | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 6. Income Taxes | The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entitys financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for the reporting period presented. The Company did not record any income tax accrual for the period from inception to May 31, 2016. We expect to incur significant expenses in future periods which will offset any future net income. In the future the Company will record income tax accruals at the following rates: Federal 34 % State 5 % 39 % |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 7. Related Party Transactions | The director of the Company made the initial $100 deposit to open the bank account. In September 2015 the director paid audit fees on behalf of the company in the amount of $650. These amounts, totaling $750, are being carried as a Related Party Loan which bears no interest and is payable on demand. |
Subsequent Events
Subsequent Events | 12 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
Note 8. 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, August 30, 2016. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements. |
Significant Accounting Polici15
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
May 31, 2016 | |
Significant Accounting Policies And Recent Accounting Pronouncements Policies | |
Use of Estimates and Assumptions | 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 revenues and expenses during the period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. |
Fair Value of Financial Instruments | ASC 825, Disclosures about Fair Value of Financial Instruments, requires disclosure of fair value information about financial instruments. ASC 820, Fair Value Measurements defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2016. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
Basic and Diluted Loss Per Share | The Company computes earnings (loss) per share in accordance with ASC 260-10-45 Earnings per Share, which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal. |
Revenue Recognition | The Company recognizes revenues in accordance with FASB ASC Topic 605, Revenue Recognition, and with the guidelines of the Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 104 Revenue Recognition. Under SAB 104, four conditions must be met before revenue can be recognized: (i) there is persuasive evidence that an arrangement exists, (ii) delivery has occurred or service has been rendered, (iii) the price is fixed or determinable, and (iv) collection is reasonably assured. Our customers pay for their product at the time we are advised by the manufacturer/distributor that the product is ready for shipment or pick-up. The Company recognizes revenue when the pre-paid product has been delivered to, or picked up by, the customer. In the event there is a significant delay between the date the customer pre-pays for the product and the delivery or pick-up of the product, revenue would be deferred until the customer accepts delivery of the product. |
Income Taxes | We will use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, Income Taxes. Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entitys financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprises financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for the reporting period presented. The Company did not record any income tax accrual for the period from inception to May 31, 2016. We expect to incur significant expenses in future periods which will offset any net profit. |
Recent Accounting Pronouncements | The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 31, 2016 | |
Income Taxes Tables | |
Schedule of effective income tax rate | Federal 34 % State 5 % 39 % |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | May 31, 2016 | May 31, 2015 |
Capital Stock Details Narrative | ||
Common stock; par value | $ 0.001 | $ 0.001 |
Common stock; shares authorized | 75,000,000 | 75,000,000 |
Fixed Assets (Details Narrative
Fixed Assets (Details Narrative) - USD ($) | 12 Months Ended | 14 Months Ended |
May 31, 2016 | May 31, 2016 | |
Depreciation expense | $ 986 | $ 986 |
Buildings [Member] | ||
Estimated useful life of the asset | 15 years | |
Office Equipment [Member] | ||
Estimated useful life of the asset | 7 years |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
May 31, 2016 | |
Income Taxes Details | |
Federal | 34.00% |
State | 5.00% |
Effective Income Tax Rate | 39.00% |