Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2016 | Nov. 17, 2016 | Feb. 29, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | Messagebgone, Inc. | ||
Entity Central Index Key | 1,655,349 | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 75,440,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 1,308 | $ 5,945 |
Prepaid expenses | 1,500 | |
TOTAL ASSETS | 1,308 | 7,445 |
CURRENT LIABILITIES | ||
Accounts payable | 3,017 | |
Related parties | 4,579 | |
TOTAL CURRENT LIABILITIES | 7,595 | |
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 August 31, 2016 and August 31, 2015 | 10,000 | 10,000 |
Accumulated deficit | (16,287) | (2,555) |
TOTAL STOCKHOLDERS' (DEFICIT) EQUITY | (6,287) | 7,445 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ 1,308 | $ 7,445 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 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 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | Aug. 31, 2015 | Aug. 31, 2016 |
Statements Of Operations | ||
REVENUE | ||
EXPENSES | ||
Office and general | 2,555 | 1,332 |
Professional fees | 12,400 | |
TOTAL EXPENSES | (2,555) | (13,732) |
NET LOSS | $ (2,555) | $ (13,732) |
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 |
STATEMENT OF STOCKHOLDER_S EQUI
STATEMENT OF STOCKHOLDER’S EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Share Subscription Receivable | Deficit Accumulated During Development Stage | Total |
Beginning Balance, Amount at Aug. 25, 2015 | |||||
Beginning Balance, Shares at Aug. 25, 2015 | |||||
Share issued for cash, Amount | $ 10,000 | 10,000 | |||
Share issued for cash, Shares | 10,000,000 | ||||
Net Loss | (2,555) | (2,555) | |||
Ending Balance, Amount at Aug. 31, 2015 | $ 10,000 | (2,555) | 7,445 | ||
Ending Balance, Shares at Aug. 31, 2015 | 10,000,000 | ||||
Net Loss | (13,732) | (13,732) | |||
Ending Balance, Amount at Aug. 31, 2016 | $ 10,000 | $ (16,287) | $ (6,287) | ||
Ending Balance, Shares at Aug. 31, 2016 | 10,000,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | Aug. 31, 2015 | Aug. 31, 2016 |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (2,555) | $ (13,732) |
Changes in operating assets and liabilities | ||
Prepaid expenses | (1,500) | 1,500 |
Accounts payable | 3,016 | |
NET CASH (USED IN) OPERATING ACTIVITIES | (4,055) | (9,216) |
FINANCING ACTIVITIES | ||
Proceeds on sale of common stock | 10,000 | |
Proceeds from related parties | 4,579 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 10,000 | 4,579 |
NET INCREASE IN CASH | 5,945 | (4,637) |
CASH, BEGINNING OF PERIOD | 5,945 | |
CASH, END OF PERIOD | 5,945 | 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 | 12 Months Ended |
Aug. 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 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 $16,287. As at August 31, 2016, the Company has working capital deficit of $6,287. 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 August 31, 2016 the Company has funded initial expensed 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 | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders equity and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Comprehensive Loss Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of August 31, 2016, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. 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 August 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 Stock-based Compensation We recognize compensation cost for stock-based awards to employees in accordance with ASC Topic 718, over the requisite service period for each separately vesting tranche, as if multiply awards were granted. Compensation cost is based on grant-date fair value using quoted market prices for our common stock. We recognize compensation cost for stock-based awards to nonemployees in accordance with ASC Topic 505. Recent Accounting Pronouncements In August 2016, the Financial Accounting Standards Board (the FASB) issued new guidance amending certain cash flow issues which apply to all entities required to present a statement of cash flows. The amendments are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods. Early adoption is permitted. The Company is currently evaluating the impact it may have on its consolidated financial statements together with evaluating the adoption date. In November 2015, the FASB issued new accounting guidance that requires deferred tax assets and liabilities to be classified as noncurrent in the balance sheet. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods. Early application is permitted. The Company has early-adopted this standard effective August 31, 2016 and applied it prospectively. 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 | 12 Months Ended |
Aug. 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 August 31, 2015, 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 | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | As of August 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
NOTE 5 - INCOME TAXES | A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Companys income tax expense as reported is as follows: August 31, 2016 August 31, 2015 Net loss before income taxes $ (13,732 ) $ (2,555 ) Income tax rate 35 % 35 % Income tax recovery (4,806 ) (894 ) Non-deductible - - Valuation allowance change 4,806 894 Provision for income taxes $ - $ The significant components of deferred income tax assets at August 31, 2016 and August 31, 2015 are as follows: August 31, 2016 August 31, 2015 Net operating loss carry-forward $ 5,700 $ 894 Valuation allowance (5,700 ) (894 ) Net deferred income tax asset $ - $ The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management's judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of August 31, 2016 and August 31, 2015, the Company has no unrecognized income tax benefits. The Companys policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended August 31, 2016 and August 31, 2015 no interest or penalties have been accrued as of August 31, 2016 and August 31, 2015. As of August 31, 2016 and August 31, 2015, the Company did not have any amounts recorded pertaining to uncertain tax positions. The tax year from 2016 and 2015 forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2016 | |
Notes to Financial Statements | |
NOTE 6 - SUBSEQUENT EVENTS | Subsequent to the year ending August 31, 2016, and during September 2016, the Company issued 221,500 shares of its common stock at $0.02 for $4,430 in net proceeds to the Company. Post-split the 30 new shareholders will have 35,440,000 shares of common stock of the Company. Subsequent to the year ending August 31, 2016, on October 3, 2016 the founding shareholder returned 9,750,000 restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. Post-split our founding shareholder will have 40,000,000 shares of common stock of the Company. Subsequent to the year ending August 31, 2016, on October 3, 2016, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the company on a basis of 160 new common shares for 1 old common share. The issued and outstanding of common shares after the forward split is 75,440,000. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The financial statements present the balance sheet, statements of operations, stockholders equity and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
Comprehensive Loss | Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of August 31, 2016, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements. |
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 August 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. |
Stock-based Compensation | We recognize compensation cost for stock-based awards to employees in accordance with ASC Topic 718, over the requisite service period for each separately vesting tranche, as if multiply awards were granted. Compensation cost is based on grant-date fair value using quoted market prices for our common stock. We recognize compensation cost for stock-based awards to nonemployees in accordance with ASC Topic 505. |
Recent Accounting Pronouncements | In August 2016, the Financial Accounting Standards Board (the FASB) issued new guidance amending certain cash flow issues which apply to all entities required to present a statement of cash flows. The amendments are effective for public companies for fiscal years beginning after December 15, 2017, including interim periods. Early adoption is permitted. The Company is currently evaluating the impact it may have on its consolidated financial statements together with evaluating the adoption date. In November 2015, the FASB issued new accounting guidance that requires deferred tax assets and liabilities to be classified as noncurrent in the balance sheet. The standard is effective for fiscal years beginning after December 15, 2016, including interim periods. Early application is permitted. The Company has early-adopted this standard effective August 31, 2016 and applied it prospectively. 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. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Income Taxes Tables | |
Summary of reconciliation of provision for income taxes | August 31, 2016 August 31, 2015 Net loss before income taxes $ (13,732 ) $ (2,555 ) Income tax rate 35 % 35 % Income tax recovery (4,806 ) (894 ) Non-deductible - - Valuation allowance change 4,806 894 Provision for income taxes $ - $ |
Summary of significant components of deferred income tax assets | August 31, 2016 August 31, 2015 Net operating loss carry-forward $ 5,700 $ 894 Valuation allowance (5,700 ) (894 ) Net deferred income tax asset $ - $ |
NATURE OF OPERATIONS AND BASI15
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Nature Of Operations And Basis Of Presentation Details Narrative | ||
Working capital deficit | $ 6,287 | |
Accumulated deficit | $ (16,287) | $ (2,555) |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | Aug. 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 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Related Party Transactions Details Narrative | ||
Related parties | $ 4,579 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Aug. 31, 2015 | Aug. 31, 2016 |
Income Taxes Details | ||
Net loss before income taxes | $ (2,555) | $ (13,732) |
Income tax rate | 35.00% | 35.00% |
Income tax recovery | $ (894) | $ (4,806) |
Non-deductible | ||
Valuation allowance change | 894 | 4,806 |
Provision for income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Income Taxes Details 1 | ||
Net operating loss carry-forward | $ 5,700 | $ 894 |
Valuation allowance | (5,700) | (894) |
Net deferred income tax asset |