Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 29, 2016 | Nov. 30, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | KMRB Acquisition Corp. II | |
Document Type | 10-Q | |
Document Period End Date | Feb. 29, 2016 | |
Trading Symbol | kmrb | |
Amendment Flag | false | |
Entity Central Index Key | 1,653,882 | |
Current Fiscal Year End Date | --08-31 | |
Entity Common Stock, Shares Outstanding | 3,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Assets, Current | ||
Cash | $ 145 | $ 1,200 |
Assets, Current | 145 | 1,200 |
Total Assets | 145 | 1,200 |
Current liabilities | ||
Accounts payable | 1,125 | 125 |
Total curent liabilities | 1,125 | 125 |
Total liabilities | 1,125 | 125 |
Stockholders' Equity | ||
Common stock, $0.0001 par value, 900,000,000 shares authorized 3,000,000 and 3,000,000 shares issued and outstanding, respectively | 300 | 300 |
Additional paid-in capital | 900 | 900 |
Accumulated deficit | (2,180) | (125) |
Stockholders' Equity | (980) | 1,075 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 145 | $ 1,200 |
CONDENSED BALANCE SHEETS - Pare
CONDENSED BALANCE SHEETS - Parenthetical - $ / shares | Feb. 29, 2016 | Aug. 31, 2015 |
Stockholders' Equity | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 750,000,000 | 750,000,000 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 900,000,000 | 900,000,000 |
Common Stock, Shares Issued | 3,000,000 | 3,000,000 |
Common Stock, Shares Outstanding | 3,000,000 | 3,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 29, 2016 | Feb. 28, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | |
Operating Expenses | ||||
Professional fees | $ 1,000 | $ 2,000 | ||
Selling, general and administrative expense | 33 | 55 | ||
Total operating expenses | 1,033 | $ 0 | 2,055 | $ 0 |
Net loss from operations | (1,033) | (2,055) | ||
Net loss | $ (1,033) | $ 0 | $ (2,055) | $ 0 |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding | 3,000,000 | 0 | 3,000,000 | 0 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows | 6 Months Ended |
Feb. 29, 2016USD ($) | |
Cash flows from operating activities: | |
Net loss | $ (2,055) |
Increase (Decrease) in Operating Liabilities | |
Accounts payable | 1,000 |
Net cash used in operating activities | (1,055) |
Net change in cash and cash equivalents | (1,055) |
Cash and cash equivalents, Beginning of period | 1,200 |
Supplemental cash flow information and noncash financing activities: | |
Cash and cash equivalents, End of Period | $ 145 |
Note 1 Nature of Organization
Note 1 Nature of Organization | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 1 Nature of Organization | NOTE 1 NATURE OF ORGANIZATION Milost Acquisitions Corp. f/k/a KMRB Acquisition Corp. II (the "Company") is a for profit corporation established under the corporation laws in the State of Florida, United States of America on August 17, 2015. Since inception the Company has devoted substantially all of its efforts to establishing a new business. While operations have not commenced, the Company has generated expenses and no revenue from the limited efforts. The Companys activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the companys business plan. |
Note 2 - Going Concern
Note 2 - Going Concern | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 2 - Going Concern | NOTE 2 GOING CONCERN The Companys consolidated financial statements are prepared using accounting principles generally accepted 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 yet established an ongoing source of revenues sufficient to cover its operating cost and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced, to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan to obtain such resources for the Company include, obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 3 - Summary of Significant Accounting Policies | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The interim financial statements should be read in conjunction with the annual financial statements included in the Form 10 as of August 31, 2015 and filed with the Securities and Exchange Commission on November 4, 2015. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. BASIS OF PRESENTATION AND USE OF ESTIMATES The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. FISCAL YEAR END The Company elected August 31 as its fiscal year ending date. CASH FLOWS REPORTING The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (Indirect method) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. RELATED PARTIES The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. FINANCIAL INSTRUMENTS The Companys balance sheet includes certain financial instruments, including cash and accounts payable. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 29, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents totaled $145 at February 29, 2016 and $1,200 at August 31, 2015. REVENUE RECOGNITION The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products or services delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the products or services have not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the products or services have been delivered or no refund will be required. DEFERRED INCOME TAXES AND VALUATION ALLOWANCE The Company accounts for income taxes under ASC 740, Income Taxes NET INCOME (LOSS) PER COMMON SHARE Net income (loss) per share is calculated in accordance with ASC 260, Earnings Per Share. The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at February 29, 2016 COMMITMENTS AND CONTINGENCIES The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no known commitments or contingencies as of February 29, 2016 and August 31, 2015. RECENT ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective may have an impact on our results of operations and financial statements. ASU Update 2014-09 Revenue from Contracts with Customers ASU Update 2014-15 Presentation of Financial Statements Going Concern |
Note 4 - Accounts Payable
Note 4 - Accounts Payable | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 4 - Accounts Payable | NOTE 4 ACCOUNTS PAYABLE At February 29, 2016 and August 31, 2015, accounts payable was $1,125 and $125, respectively. |
Note 5 - Equity
Note 5 - Equity | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 5 - Equity | NOTE 5 EQUITY PREFERRED STOCK The Company has been authorized to issue 750,000,000 shares of $.0001 par value Preferred Stock. The Board of Directors is expressly vested with the authority to divide any or all of the Preferred Stock into series and to fix and determine the relative rights and preferences of the shares of each series so established, within certain guidelines established in the Articles of Incorporation. Series A: The certificate of designation for the Series A Convertible Preferred Stock provides that as a class it possesses, a number of votes equal to ten (10) votes per share and may be converted into ten (10) $0.0001 par value common shares. No preferred stock has been issued as of February 29, 2016. COMMON STOCK The Company has been authorized to issue 900,000,000 shares of common stock, $.0001 par value. Each share of issued and outstanding common stock shall entitle the holder thereof to fully participate in all shareholder meetings, to cast one vote on each matter with respect to which shareholders have the right to vote, and to share ratably in all dividends and other distributions declared and paid with respect to common stock, as well as in the net assets of the corporation upon liquidation or dissolution. The Company has issued 3,000,000 shares of common stock on August 27, 2015. 1,000,000 shares of common stock were issued to the Companys sole office and director and 2,000,000 shares were issued to unrelated investors. At February 29, 2016 and August 31, 2015, there are 3,000,000 and 3,000,000 shares of common stock issued and outstanding, respectively. OPTIONS AND WARRANTS There are no warrants or options outstanding to acquire any additional shares of common stock of the Company as of February 29, 2016. |
Note 6 - Related Party Transact
Note 6 - Related Party Transaction | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 6 - Related Party Transaction | NOTE 6 RELATED PARTY TRANSACTION In August 2015, the Company issued 1,000,000 shares of common stock to the Companys sole office and director The Company neither owns nor leases any real or personal property. The sole officer and officer of the Company provides office space and services free of charge. The Company's sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available. |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 6 Months Ended |
Feb. 29, 2016 | |
Notes | |
Note 7 - Subsequent Events | NOTE 7 SUBSEQUENT EVENTS 1. The Company changed its name to Learning Resources Network, Inc. 2. The Company amended its Series A Preferred Stock designation. The certificate of designation for the Series A Preferred Stock provides that as a class it possesses, no conversions rights and a number of votes equal to four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of voting, plus ii) the total number of shares of Series B Preferred Stocks which are issued and outstanding at the time of Voting. The Company has not designated or issued any Series B Preferred Stock. 3. Changed the Company address to 48 Wall Street, The Bank of New York Building, New York, NY 10005. The amendments to the Articles of Incorporation were approved by the Florida Department of State, Division of Corporations on November 30, 2016. EQUITY On November 15, 2016, the Company issued 1 share of Series A Preferred Stock to its sole officer and Director, Brian Kistler, for control. On November 16, 2016 shareholders of Milost Acquisitions Corp. f/k/a KMRB Acquisition Corp. II, entered into a Stock Purchase Agreement with Milos Advisors LLC to sell three million shares (3,000,000) of the outstanding common stock and one share of its issued and outstanding series A preferred stock. The effective date of the Stock Purchase Agreement is December 1, 2016. On December 2, 2016, the following amendment to the Articles of Incorporation were approved by the Florida Department of State, Division of Corporations. 1. The Company changed its name to Milost Acquisitions Corp. |
Note 3 - Summary of Significa13
Note 3 - Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 29, 2016 | |
Policies | |
Unaudited Interim Consolidated Financial Statements | UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, the consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. The interim financial statements should be read in conjunction with the annual financial statements included in the Form 10 as of August 31, 2015 and filed with the Securities and Exchange Commission on November 4, 2015. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. |
Basis of Presentation and Use of Estimates | BASIS OF PRESENTATION AND USE OF ESTIMATES The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP"), which require 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 reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fiscal Year End | FISCAL YEAR END The Company elected August 31 as its fiscal year ending date. |
Cash Flows Reporting | CASH FLOWS REPORTING The Company follows ASC 230, Statement of Cash Flows, for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (Indirect method) as defined by ASC 230, Statement of Cash Flows, to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. |
Related Parties | RELATED PARTIES The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Financial Instruments | FINANCIAL INSTRUMENTS The Companys balance sheet includes certain financial instruments, including cash and accounts payable. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 29, 2016. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. |
Cash and Cash Equivalents | CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. Cash and cash equivalents totaled $145 at February 29, 2016 and $1,200 at August 31, 2015. |
Revenue Recognition | REVENUE RECOGNITION The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, Revenue Recognition ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products or services delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the products or services have not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the products or services have been delivered or no refund will be required. |
Deferred Income Taxes and Valuation Allowance | DEFERRED INCOME TAXES AND VALUATION ALLOWANCE The Company accounts for income taxes under ASC 740, Income Taxes |
Net Income (loss) Per Common Share | NET INCOME (LOSS) PER COMMON SHARE Net income (loss) per share is calculated in accordance with ASC 260, Earnings Per Share. The weighted-average number of common shares outstanding during each period is used to compute basic earning or loss per share. Diluted earnings or loss per share is computed using the weighted average number of shares and diluted potential common shares outstanding. Dilutive potential common shares are additional common shares assumed to be exercised. Basic net income (loss) per common share is based on the weighted average number of shares of common stock outstanding at February 29, 2016 |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no known commitments or contingencies as of February 29, 2016 and August 31, 2015. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective may have an impact on our results of operations and financial statements. ASU Update 2014-09 Revenue from Contracts with Customers ASU Update 2014-15 Presentation of Financial Statements Going Concern |
Note 3 - Summary of Significa14
Note 3 - Summary of Significant Accounting Policies: Cash and Cash Equivalents (Details) - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Details | ||
Cash | $ 145 | $ 1,200 |
Note 4 - Accounts Payable (Deta
Note 4 - Accounts Payable (Details) - USD ($) | Feb. 29, 2016 | Aug. 31, 2015 |
Details | ||
Accounts payable | $ 1,125 | $ 125 |