Momentous (MMNT) 10-Q 13 Apr 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Feb. 28, 2018	Apr. 12, 2018
Document And Entity Information
Entity Registrant Name	Momentous Holdings Corp.
Entity Central Index Key	1,653,876
Document Type	10-Q
Document Period End Date	Feb. 28, 2018
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 Common Stock, Shares Outstanding		3,885,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,018

Balance Sheet (Unaudited)

Balance Sheet (Unaudited) - USD ($)	Feb. 28, 2018	May 31, 2017
Current Assets
Cash	$ 1,319	$ 3,967
Accounts receivable	40	40
Total Current Assets	1,359	4,007
Property & Equipment, net of accumulated depreciation of $1,230 and $948, respectively.	0	188
TOTAL ASSETS	1,359	4,195
Current Liabilities
Accounts payable	9,936	9,757
Advances from related party	10,662	9,930
Total Current Liabilities	20,598	19,687
Total Liabilities	20,598	19,687
Stockholders' Deficit
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of February 28, 2018 and May 31, 2017, respectively	0	0
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,885,000 and 3,785,000 shares issued and outstanding as of February 28, 2018 and May 31, 2017, respectively	3,885	3,785
Additional paid-in capital	66,515	57,615
Accumulated deficit	(87,357)	(76,681)
Accumulated other comprehensive loss\	(2,282)	(211)
Total Stockholders' Deficit	(19,239)	(15,492)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 1,359	$ 4,195

Balance Sheet (Unaudited) (Pare

Balance Sheet (Unaudited) (Parenthetical) - USD ($)	Feb. 28, 2018	May 31, 2017
Statement of Financial Position [Abstract]
Accumulated depreciation	$ 1,230	$ 948
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	3,885,000	3,785,000
Common stock, shares outstanding	3,885,000	3,785,000

Statements of Comprehensive Los

Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Feb. 28, 2018	Feb. 28, 2017
Income Statement [Abstract]
Revenues	$ 19	$ 27	$ 115	$ 90
Operating Expenses
General and administrative expenses	2,592	3,269	10,791	29,418
Total Operating Expenses	2,592	3,269	10,791	29,418
Loss before Provision for Income Taxes	(2,573)	(3,242)	(10,676)	(29,328)
Provision for Income Taxes	0	0	0	0
Net Loss	(2,573)	(3,242)	(10,676)	(29,328)
Other Comprehensive Income/(Loss)
Foreign currency translation adjustment	(1,232)	381	(2,071)	729
Total Comprehensive Loss	$ (3,805)	$ (2,861)	$ (12,747)	$ (28,599)
Net Loss per Share: Basic and Diluted	$ 0	$ 0	$ 0	$ (0.01)
Weighted Average Number of Shares Outstanding: Basic and Diluted	3,823,890	3,785,000	3,797,770	3,785,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (10,676)	$ (29,328)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	195	205
Changes in assets and liabilities:
Accounts payable	180	3,554
Accounts receivable	0	25
Prepaid expenses	0	561
Net cash used in operating activities	(10,301)	(24,983)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the sale of common stock	9,000	0
Proceeds from (repayments to) related party, net	732	(1,709)
Net cash provided by (used in) financing activities	9,732	(1,709)
Effect of exchange rate changes on cash	(2,079)	(3,121)
Changes in cash during the period	(2,648)	(29,813)
Cash at beginning of period	3,967	37,154
Cash at end of period	$ 1,319	$ 7,341

1. Organization, Description of

1. Organization, Description of Business and Principles of Consolidation	9 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Organization, Description of Business and Principles of Consolidation	We were incorporated as Momentous Holdings Corp. (the “Company”) on May 29, 2015 in the State of Nevada for the purpose of designing, acquiring and developing mobile apps and mobile software for download by end consumers. Prior to forming Momentous Holdings Corp., Mr. Horan, our founder and president, operated the business as a sole proprietor under the dba “Health & Fitness Apps”. He started the business on December 2, 2013, when he purchased a computer, and started working on product designs and the company’s website. The first sales occurred in early 2014, prior to the formation of Momentous Holdings Corp. Subsequently, Mr. Horan contributed the business assets and liabilities of his sole proprietorship into Momentous Holdings Corp., in exchange for 500,000 shares of our common stock. Our overall aim is to design, acquire and develop mobile applications (‘app/apps’) and mobile software for download by end consumers. Our goal is to have a training, health and fitness, well-being app for everyone.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	9 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at February 28, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the nine months ended February 28, 2018 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended May 31, 2017 and 2016. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in the determination of the fair value of financial instruments and the valuation of long-lived and indefinite-lived assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Revenue Recognition The Company follows FASB ASC 605 “Revenue Recognition” and recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: 1. persuasive evidence of an arrangement exists; 2. the product has been shipped or the services have been rendered to the customer; 3. the sales price is fixed or determinable; and, 4. collectability is reasonably assured. Software Development cost The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years. Net Loss Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report. Foreign Currency Translation The functional currency of the Company is Great British Pounds (GBP). Assets and liabilities of our operations are translated into United States dollar equivalents using the exchange rates in effect at the balance sheet date. Revenues and expenses are translated using the average exchange rates during each period and equity accounts are translated at historical cost. Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive loss in stockholders’ deficit. Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

3. Going Concern

3. Going Concern	9 Months Ended
	Feb. 28, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated minimal revenues since inception, has an accumulated deficit of $87,357, a working capital deficit of $19,239 and has incurred losses since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due.

4. Property and Equipment

4. Property and Equipment	9 Months Ended
	Feb. 28, 2018
Property, Plant and Equipment [Abstract]
Property and Equipment	Property consists of equipment purchased for the production of revenues. As of: February 28, May 31, 2018 2017 Equipment $ 1,230 $ 1,136 Less accumulated depreciation 1,230 948 Equipment, net $ – $ 188 Assets are depreciated over their useful lives beginning when placed in service. Depreciation expense was $195 and $205 for the nine months ended February 28, 2018 and 2017, respectively.

5. Related Party Transactions

5. Related Party Transactions	9 Months Ended
	Feb. 28, 2018
Related Party Transactions [Abstract]
Related Party Transactions	As of February 28, 2018 and May 31, 2017, the balance of the amounts due to the director was $10,662 and $9,930, respectively. The amounts loaned to and from the director are unsecured, non-interest bearing, and due on demand. The Company’s officer has provided office services without charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein.

6. Capital Stock

6. Capital Stock	9 Months Ended
	Feb. 28, 2018
Equity [Abstract]
Capital Stock	On January 25, 2018, we issued 100,000 shares of common stock for cash in the amount of $0.09 per share for a total of $9,000. There were 3,885,000 shares of common stock issued and outstanding at February 28, 2018. There were no shares of preferred stock issued and outstanding at February 28, 2018.

7. Concentration

7. Concentration	9 Months Ended
	Feb. 28, 2018
Risks and Uncertainties [Abstract]
Concentration	One customer accounted for 100% of total revenue earned during the nine months ended February 28, 2018 and 2017. 100% of the accounts receivable is due from this customer at February 28, 2018 and May 31, 2017.

2. Summary of Significant Acc13

2. Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at February 28, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the nine months ended February 28, 2018 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended May 31, 2017 and 2016.
Use of estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates and assumptions are required in the determination of the fair value of financial instruments and the valuation of long-lived and indefinite-lived assets. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates.
Revenue Recognition	Revenue Recognition The Company follows FASB ASC 605 “Revenue Recognition” and recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: 1. persuasive evidence of an arrangement exists; 2. the product has been shipped or the services have been rendered to the customer; 3. the sales price is fixed or determinable; and, 4. collectability is reasonably assured.
Software Development Cost	Software Development cost The Company accounts for software development costs in accordance with ASC 350-40, whereby all costs incurred during the preliminary stage of a development project should be charged to expense as incurred. Capitalization of costs begins after the preliminary stage has been completed, management commits to funding the project, it is probable that the project will be completed, and the software will be used for its intended function. All post-implementation costs are charged to expense as incurred. Accordingly, direct internal and external costs associated with the development of the features and functionality of the Company’s software, incurred during the application development stage, are capitalized and amortized using the straight-line method of the estimated life of five years.
Net Loss Per Share	Net Loss Per Share Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then only the basic per share amounts are shown in the report.
Foreign Currency Translation	Foreign Currency Translation The functional currency of the Company is Great British Pounds (GBP). Assets and liabilities of our operations are translated into United States dollar equivalents using the exchange rates in effect at the balance sheet date. Revenues and expenses are translated using the average exchange rates during each period and equity accounts are translated at historical cost. Adjustments resulting from the process of translating foreign functional currency financial statements into U.S. dollars are included in accumulated other comprehensive loss in stockholders’ deficit.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations and cash flows when implemented.

4. Property and Equipment (Tabl

4. Property and Equipment (Tables)	9 Months Ended
	Feb. 28, 2018
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	February 28, May 31, 2018 2017 Equipment $ 1,230 $ 1,136 Less accumulated depreciation 1,230 948 Equipment, net $ – $ 188

2. Summary of Significant Acc15

2. Summary of Significant Accounting Policies (Details Narrative)	9 Months Ended
	Feb. 28, 2018
Accounting Policies [Abstract]
Software estimated life	5 years

3. Going Concern (Details Narra

3. Going Concern (Details Narrative) - USD ($)	Feb. 28, 2018	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (87,357)	$ (76,681)
Working capital	$ (19,239)

4. Property and Equipment (Deta

4. Property and Equipment (Details) - USD ($)	Feb. 28, 2018	May 31, 2017
Property, Plant and Equipment [Abstract]
Equipment	$ 1,230	$ 1,136
Less accumulated depreciation	1,230	948
Equipment, net	$ 0	$ 188

4. Property and Equipment (De18

4. Property and Equipment (Details Narrative) - USD ($)	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 195	$ 205

5. Related Party Transactions (

5. Related Party Transactions (Details Narrative) - USD ($)	Feb. 28, 2018	May 31, 2017
Related Party Transactions [Abstract]
Amounts due to a director	$ 10,662	$ 9,930

6. Capital Stock (Details Narra

6. Capital Stock (Details Narrative) - USD ($)	9 Months Ended
	Feb. 28, 2018	May 31, 2017
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares issued	3,885,000	3,785,000
Common stock, shares outstanding	3,885,000	3,785,000
Common Stock [Member]
Stock issued for cash, shares	100,000
Stock issued for cash, value	$ 9,000

7. Concentration (Details Narra

7. Concentration (Details Narrative)	9 Months Ended
	Feb. 28, 2018	Feb. 28, 2017
Risks and Uncertainties [Abstract]
Concentration of revenue from one client	100.00%	100.00%