Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
May 31, 2016 | Sep. 07, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Messagebgone, Inc. | |
Entity Central Index Key | 1,655,349 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
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 | 10,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May 31, 2016 | Aug. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 1,308 | $ 5,945 |
Prepaid expenses | 1,500 | |
Total Current Assets | 1,308 | 7,445 |
TOTAL ASSETS | 1,308 | 7,445 |
CURRENT LIABILITIES | ||
Accounts payable | 316 | |
Related parties | 4,579 | |
TOTAL CURRENT LIABILITIES | 4,895 | |
STOCKHOLDERS' (DEFICIT) EQUITY | ||
Common Stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and Outstanding 10,000,000 shares of common stock as of May 31, 2016 and August 31, 2015 | 10,000 | 10,000 |
Accumulated deficit | (13,587) | (2,555) |
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY | (3,587) | 7,445 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ 1,308 | $ 7,445 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2016 | Aug. 31, 2015 |
STOCKHOLDERS' (DEFICIT) EQUITY | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 10,000,000 | 10,000,000 |
Common stock, outstanding shares | 10,000,000 | 10,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2016 | May 31, 2016 | |
Condensed Statements Of Operations | ||
REVENUE | ||
EXPENSES | ||
Office and general | 171 | 11,032 |
TOTAL EXPENSES | (171) | (11,032) |
NET LOSS | $ (171) | $ (11,032) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF BASIC COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 10,000,000 | 10,000,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2016 | May 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (171) | $ (11,032) |
Changes in operating assets and liabilities | ||
Increase (decrease) in prepaid expenses | 1,500 | |
Increase (decrease) in accounts payable | 316 | |
NET CASH (USED IN) OPERATING ACTIVITIES | (9,216) | |
FINANCING ACTIVITIES | ||
Proceeds from related parties | 4,579 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,579 | |
NET INCREASE IN CASH | (4,637) | |
CASH, BEGINNING OF PERIOD | 5,945 | |
CASH, END OF PERIOD | $ 1,308 | 1,308 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 9 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | MessageBgone, Inc. was incorporated in the State of Nevada as a for-profit Company on August 25, 2015 and established a fiscal year end of August 31. The Company intends to develop, market and sell the most secure, closed point-to-point messaging system available today. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $13,587. As at May 31, 2016, the Company has working capital deficit of $3,587. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Companys ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of May 31, 2016 the Company has funded initial expenses through advances from the president. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation - Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended August 31, 2015 included in the Companys S-1 filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form S-1. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending August 31, 2016. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of May 31, 2016. Financial Instruments All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair value of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. Loss per Common Share The basic earnings (loss) per share are calculated by dividing the Companys net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Companys net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those 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 income in the period that includes the date of enactment or substantive enactment. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
NOTE 3 - CAPITAL STOCK | The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. As of May 31, 2016, the Company has not granted any stock options and has not recorded any stock-based compensation. On August 25, 2015, the Company issued 10,000,000 common shares at $0.001 per share to the sole director and president of the Company for cash proceeds of $10,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
May 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | As of May 31, 2016, the Company has received $4,579 from its officer and director. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUMMARY OF SIGNIFICANT ACCOUN10
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation - Unaudited Financial Statements | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended August 31, 2015 included in the Companys S-1 filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form S-1. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine months ended May 31, 2016 are not necessarily indicative of the results that may be expected for the year ending August 31, 2016. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company did not have cash equivalents as of May 31, 2016. |
Financial Instruments | All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Where practical the fair value of financial assets and financial liabilities have been determined and disclosed; otherwise only available information pertinent to fair value has been disclosed. |
Loss per Common Share | The basic earnings (loss) per share are calculated by dividing the Companys net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Companys net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those 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 income in the period that includes the date of enactment or substantive enactment. |
Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
NATURE OF OPERATIONS AND BASI11
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | May 31, 2016USD ($) |
Nature Of Operations And Basis Of Presentation Details Narrative | |
Working capital deficit | $ 3,587 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | May 31, 2016 | Aug. 31, 2015 |
Capital Stock Details Narrative | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 200,000,000 | 200,000,000 |
Common stock, issued shares | 10,000,000 | 10,000,000 |
Common stock, outstanding shares | 10,000,000 | 10,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2016 | Aug. 31, 2015 |
Related Party Transactions Details Narrative | ||
Related parties | $ 4,579 |