Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2018 | Oct. 15, 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 | Aug. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-31 | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 4,035,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 | |
Emerging Growth Company | true | |
Transition Period | false | |
Small Business Entity | true |
Balance Sheet (Unaudited)
Balance Sheet (Unaudited) - USD ($) | Aug. 31, 2018 | May 31, 2018 |
Current Assets | ||
Cash | $ 7,430 | $ 430 |
Accounts receivable | 3 | 2 |
Total Current Assets | 7,433 | 432 |
TOTAL ASSETS | 7,433 | 432 |
Current Liabilities | ||
Accounts payable | 9,952 | 12,128 |
Advances from related party | 10,059 | 10,275 |
Total Current Liabilities | 20,011 | 22,403 |
Total Current Liabilities and Total Liabilities | 20,011 | 22,403 |
Stockholders' Deficit | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares issued and outstanding as of August 31, 2018 and May 31, 2018, respectively | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 4,035,000 and 3,885,000 shares issued and outstanding as of August 31, 2018 and May 31, 2018, respectively | 4,035 | 3,885 |
Additional paid-in capital | 81,365 | 66,515 |
Accumulated deficit | (96,597) | (90,931) |
Accumulated other comprehensive loss | (1,381) | (1,440) |
Total Stockholders' Deficit | (12,578) | (21,971) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 7,433 | $ 432 |
Balance Sheet (Unaudited) (Pare
Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2018 | May 31, 2018 |
Statement of Financial Position [Abstract] | ||
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 | 4,035,000 | 3,885,000 |
Common stock, shares outstanding | 4,035,000 | 3,885,000 |
Statements of Comprehensive Los
Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 2 | $ 63 |
Operating Expenses | ||
General and administrative expenses | 5,668 | 7,522 |
Total Operating Expenses | 5,668 | 7,522 |
Loss before Provision for Income Taxes | (5,666) | (7,459) |
Provision for Income Taxes | ||
Net Loss | (5,666) | (7,459) |
Other Comprehensive Loss | ||
Foreign currency translation adjustment | 59 | (113) |
Total Comprehensive Loss | $ (5,607) | $ (7,572) |
Net Loss per Share: Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding: Basic and Diluted | 4,002,740 | 3,785,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (5,666) | $ (7,459) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 0 | 72 |
Changes in assets and liabilities: | ||
Accounts payable | (2,176) | 6,972 |
Accounts receivable | (1) | 21 |
Net cash used in operating activities | (7,843) | (394) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from the sale of common stock | 15,000 | 0 |
Proceeds from /(repayments to) related party, net | (216) | 69 |
Net cash provided by financing activities | 14,784 | 69 |
Effect of exchange rate changes on cash | 59 | (114) |
Changes in cash | 7,000 | (439) |
Cash at beginning of period | 430 | 3,967 |
Cash at end of period | $ 7,430 | $ 3,528 |
1. Organization, Description of
1. Organization, Description of Business and Principles of Consolidation | 3 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Description of Business and Principles of Consolidation | NOTE 1 – 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 | 3 Months Ended |
Aug. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - 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 August 31, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended August 31, 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, 2018 and 2017. 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. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As at August 31, 2018, we had no cash equivalents. 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. Income Taxes We 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 entity’s 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 enterprise’s 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 derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. 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 shareholders’ 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 | 3 Months Ended |
Aug. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 - 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 $96,597 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. Related Party Transactions
4. Related Party Transactions | 3 Months Ended |
Aug. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED PARTY TRANSACTIONS As of August 31, 2018 and May 31, 2018, the balance of the amounts due to the director was $10,059 and $10,275, 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. |
5. Capital Stock
5. Capital Stock | 3 Months Ended |
Aug. 31, 2018 | |
Equity [Abstract] | |
Capital Stock | NOTE 5 – CAPITAL STOCK On June 12, 2018, we issued 50,000 shares of common stock for cash in the amount of $0.10 per share for a total of $5,000. On June 24, 2018, we issued 100,000 shares of common stock for cash in the amount of $0.10 per share for a total of $10,000. There were 4,035,000 shares of common stock issued and outstanding at August 31, 2018. There were no shares of preferred stock issued and outstanding at August 31, 2018. |
6. Concentration
6. Concentration | 3 Months Ended |
Aug. 31, 2018 | |
Risks and Uncertainties [Abstract] | |
Concentration | NOTE 6– CONCENTRATION One customer accounted for 100% of total revenue earned during the three months ended August 31, 2018 and 2017. 100% of the accounts receivable is due from this customer at August 31, 2018 and May 31, 2018. |
7. Subsequent Events
7. Subsequent Events | 3 Months Ended |
Aug. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 7 – SUBSEQUENT EVENTS We evaluated all events or transactions that occurred after the balance sheet date through the date when we issued these financial statements and we did not have any material recognizable subsequent events during this period. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Aug. 31, 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 August 31, 2018 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended August 31, 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, 2018 and 2017. |
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. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As at August 31, 2018, we had no cash equivalents. |
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. |
Income Taxes | Income Taxes We 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 entity’s 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 enterprise’s 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 derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. |
Fixed Assets | Fixed assets Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided for on a straight-line basis over the useful lives of the assets. Expenditures for additions and improvements are capitalized; repairs and maintenance are expensed as incurred. |
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 shareholders’ 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. |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended |
Aug. 31, 2018USD ($) | |
Accounting Policies [Abstract] | |
Cash Equivalents | $ 0 |
Software estimated life | 5 years |
3. Going Concern (Details Narra
3. Going Concern (Details Narrative) - USD ($) | Aug. 31, 2018 | May 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (96,597) | $ (90,931) |
4. Related Party Transactions (
4. Related Party Transactions (Details Narrative) - USD ($) | Aug. 31, 2018 | May 31, 2018 |
Related Party Transactions [Abstract] | ||
Amounts due to a director | $ 10,059 | $ 10,275 |
5. Capital Stock (Details Narra
5. Capital Stock (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 31, 2018 | May 31, 2018 | |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares issued | 4,035,000 | 3,885,000 |
Common stock, shares outstanding | 4,035,000 | 3,885,000 |
Common Stock [Member] | ||
Stock issued for cash, shares | 150,000 | |
Stock issued for cash, value | $ 15,000 |
6. Concentration (Details Narra
6. Concentration (Details Narrative) | 3 Months Ended | |
Aug. 31, 2018 | Aug. 31, 2017 | |
Risks and Uncertainties [Abstract] | ||
Concentration of revenue from one client | 100.00% | 100.00% |