Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2018 | Apr. 20, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Messagebgone, Inc. | |
Entity Central Index Key | 1,655,349 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2018 | |
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 | 75,440,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Feb. 28, 2018 | Aug. 31, 2017 |
CURRENT ASSETS | ||
Cash | $ 22 | $ 73 |
Prepaid expenses | ||
TOTAL ASSETS | 22 | 73 |
CURRENT LIABILITIES | ||
Accounts payable | 6,767 | 650 |
Loan from related party | 45,177 | 38,602 |
TOTAL CURRENT LIABILITIES | 51,944 | 39,252 |
STOCKHOLDER'S DEFICIT | ||
Common Stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 75,440,000 shares of common stock as of February 28, 2018 and 75,440,000 at August 31, 2017 | 75,440 | 75,440 |
Additional paid in capital | (61,020) | (61,020) |
Accumulated deficit | (66,342) | (53,599) |
TOTAL STOCKHOLDER'S DEFICIT | (51,922) | (39,179) |
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ 22 | $ 73 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 28, 2018 | Aug. 31, 2017 | Oct. 03, 2016 |
STOCKHOLDER'S DEFICIT | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized shares | 200,000,000 | 200,000,000 | |
Common stock, issued shares | 75,440,000 | 75,440,000 | 75,440,000 |
Common stock, outstanding shares | 75,440,000 | 75,440,000 | 75,440,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | |
Condensed Statements Of Operations | ||||
REVENUE | ||||
EXPENSES | ||||
Office and general | 1,912 | 3,271 | 3,743 | 5,538 |
Professional fees | 3,500 | 3,525 | 9,000 | 10,500 |
TOTAL EXPENSES | (5,412) | (6,596) | (12,743) | (15,588) |
NET LOSS | $ (5,412) | $ (6,596) | $ (12,743) | $ (15,588) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF BASIC COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 75,440,000 | 75,440,000 | 75,440,000 | 344,975,470 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (12,743) | $ (15,588) |
Changes in operating assets and liabilities | ||
Accounts payable | 6,117 | (1,973) |
NET CASH (USED IN) OPERATING ACTIVITIES | (6,626) | (17,561) |
FINANCING ACTIVITIES | ||
Proceeds on sale of common stock | 4,430 | |
Payment purchase of common shares | (10) | |
Proceed from related party loan | 6,575 | 11,840 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 6,575 | 16,260 |
NET CHANGE IN CASH | (51) | (1,301) |
CASH, BEGINNING OF YEAR | 73 | 1,308 |
CASH, END OF YEAR | 22 | 7 |
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 | 6 Months Ended |
Feb. 28, 2018 | |
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 $66,342. As at February 28, 2018, the Company has working capital deficit of $51,922. 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 February 28, 2018, the Company has issued 1,600,000,000 founders shares at $0.00000625 per share for net proceeds of $10,000 to the Company and private placements of 32,440,000 common shares at $0.000125 per share for net proceeds of $4,430. 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 | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of presentation 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, 2017 included in the Companys 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. 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 six months ended February 28, 2018 are not necessarily indicative of the results that may be expected for the year ending August 31, 2018. Comprehensive Loss Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of February 28, 2018, 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 February 28, 2018. 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. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Feb. 28, 2018 | |
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 February 28, 2018, the Company has not granted any stock options and has not recorded any stock-based compensation. On August 25, 2015, the Company issued 1,600,000,000 common shares at $0.00000625 per share to the sole director and president of the Company for cash proceeds of $10,000. During September 2016, the Company issued 35,440,000 (pre-split 221,500) shares of commons stock to 30 new shareholders at 221,500 shares of its common stock at $0.000125 (pre-spit $0.02) for $4,430 in net proceeds to the Company. On October 3, 2016 the founding shareholder returned 1,560,000,000 (pre- split 9,750,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company. The shares were returned to treasury for $0.000000006 per share for a total consideration of $10. Post-split our founding shareholder will have 40,000,000 shares of common stock of the Company. 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. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 160:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. As of February 28, 2018, 75,440,000 shares are issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | During this period, the Company received $6,575 from Arraya Wilaiphan, the Companys officer and director, for operating expenses payment. As of February 28, 2018, the balance of loan from related party is $45,177 (August 31, 2017 - $38,602). The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Feb. 28, 2018 | |
Notes to Financial Statements | |
NOTE 5 - SUBSEQUENT EVENT | On April 10, 2018, Arraya Wilaiphan, the Companys officer and director, advanced the Company $10,600. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Feb. 28, 2018 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | 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, 2017 included in the Companys 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. 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 six months ended February 28, 2018 are not necessarily indicative of the results that may be expected for the year ending August 31, 2018. |
Comprehensive Loss | Reporting Comprehensive Income establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As of February 28, 2018, 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 February 28, 2018. |
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. |
NATURE OF OPERATIONS AND BASI12
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 6 Months Ended | 30 Months Ended | |||
Feb. 28, 2018 | Feb. 28, 2017 | Feb. 28, 2018 | Aug. 31, 2017 | Oct. 03, 2016 | |
Date of Incorporation | Aug. 25, 2015 | ||||
State of Incorporation | Nevada | ||||
Operating income loss | $ (66,342) | ||||
Working capital deficit | $ (51,922) | $ (51,922) | |||
Common stock, shares issued | 75,440,000 | 75,440,000 | 75,440,000 | 75,440,000 | |
Proceeds from issuance of common stock | $ 4,430 | ||||
Founder [Member] | |||||
Common stock, shares issued | 1,600,000,000 | 1,600,000,000 | |||
Common stock, shares issued, per share | $ 0.00000625 | $ 0.00000625 | |||
Proceeds from issuance of common stock | $ 10,000 | ||||
Private Placement [Member] | |||||
Common stock, shares issued | 32,440,000 | 32,440,000 | |||
Common stock, shares issued, per share | $ 0.000125 | $ 0.000125 | |||
Proceeds from issuance of common stock | $ 4,430 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) | Oct. 03, 2016USD ($)$ / sharesshares | Sep. 30, 2016USD ($)integer$ / sharesshares | Aug. 25, 2015USD ($)$ / sharesshares | Feb. 28, 2018USD ($)$ / sharesshares | Feb. 28, 2017USD ($) | Aug. 31, 2017$ / sharesshares |
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | ||||
Common stock, authorized shares | 200,000,000 | 200,000,000 | ||||
Common stock shares issued | 75,440,000 | 75,440,000 | 75,440,000 | |||
Common stock, outstanding shares | 75,440,000 | 75,440,000 | 75,440,000 | |||
Proceed from issuance of common stock | $ | $ 4,430 | |||||
Pre-split shares | 9,750,000 | |||||
Post-split shares | 40,000,000 | |||||
Reverse Stock Split | 160:1 forward split | |||||
Restricted shares of common stock returned | 1,560,000,000 | |||||
Price per returned share | $ / shares | $ 0.00 | |||||
Total consideration from returned shares | $ | $ 10 | |||||
Director And President [Member] | ||||||
Common stock shares issued | 1,600,000,000 | |||||
Common stock shares issued, per share | $ / shares | $ 0.00000625 | |||||
Proceed from issuance of common stock | $ | $ 10,000 | |||||
Majority Shareholder [Member] | ||||||
Common stock shares issued | 35,440,000 | |||||
Common stock shares issued, per share | $ / shares | $ 0.000125 | |||||
Proceed from issuance of common stock | $ | $ 4,430 | |||||
Pre-split shares | 221,500 | |||||
Pre-split price per share | $ / shares | $ 0.02 | |||||
Number of shareholders | integer | 30 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2017 | Feb. 28, 2018 | Feb. 28, 2017 | Aug. 31, 2017 | |
Loan from related party | $ 45,177 | $ 38,602 | ||
Proceed from related party loan | $ 6,575 | $ 11,840 | ||
Arraya Wilaiphan [Member] | ||||
Proceed from related party loan | $ 6,575 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) - USD ($) | Apr. 10, 2018 | Feb. 28, 2018 | Aug. 31, 2017 |
Due to related party | $ 45,177 | $ 38,602 | |
Subsequent Event [Member] | Officer And Director [Member] | |||
Due to related party | $ 10,600 |