Gabbit (GBTT) 10-Q 17 Jul 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	May 31, 2017shares
Document and Entity Information:
Entity Registrant Name	Gabbit Corp.
Document Type	10-Q
Document Period End Date	May 31, 2017
Trading Symbol	gabbit
Amendment Flag	false
Entity Central Index Key	1,657,564
Current Fiscal Year End Date	--02-28
Entity Common Stock, Shares Outstanding	11,490,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	No
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Statement of Financial Position

Statement of Financial Position - USD ($)	May 31, 2017	Feb. 28, 2017
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 37,550	$ 32,464
Assets, Noncurrent
Property, Plant and Equipment, Gross	4,415	2,157
Assets	41,965	34,621
Liabilities, Noncurrent
Due to Related Parties, Noncurrent	3,842	1,692
Liabilities	3,842	1,692
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
Common Stock, Value, Issued	11,490	11,490
Additional Paid in Capital, Common Stock	22,410	22,410
Retained Earnings (Accumulated Deficit)	4,223	(971)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 38,123	$ 32,929
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	11,490,000	11,490,000
Common Stock, Shares Outstanding	11,490,000	11,490,000
Liabilities and Equity	$ 41,965	$ 34,621

Statement of Operations

Statement of Operations - USD ($)	3 Months Ended
	May 31, 2017	May 31, 2016
Revenues
Sales Revenue, Services, Net	$ 8,500	$ 5,000
Revenues	8,500	5,000
Cost of Revenue
Cost of Revenue	0	0
Gross Profit	8,500	5,000
Amortization of Deferred Charges
Administrative Expense	3,306	5,113
Total Operating Expenses	3,306	5,113
Net loss from operations	5,194	(113)
Interest and Debt Expense
Net Income (Loss)	$ 5,194	$ (113)
Earnings Per Share
Weighted Average Number of Shares Outstanding, Basic	11,490,000	9,000,000
Earnings Per Share, Basic and Diluted	$ 0	$ 0

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	May 31, 2017	May 31, 2016
Net Cash Provided by (Used in) Operating Activities
Net loss for the period	$ 5,194	$ (113)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Amortization	242	167
Increase (Decrease) in Operating Liabilities
Increase (Decrease) in Deferred Revenue		(2,500)
Net Cash Provided by (Used in) Operating Activities	5,436	(2,446)
Net Cash Provided by (Used in) Investing Activities
Payments to Acquire Property, Plant, and Equipment	(2,500)
Net Cash Provided by (Used in) Investing Activities	(2,500)	0
Net Cash Provided by (Used in) Financing Activities
Proceeds from director loans	2,150
Net Cash Provided by (Used in) Financing Activities	2,150	0
Cash and Cash Equivalents, Period Increase (Decrease)	5,086	(2,446)
Cash and Cash Equivalents, at Carrying Value	32,464	9,493
Cash and Cash Equivalents, at Carrying Value	$ 37,550	$ 7,047

Organization, Consolidation and

Organization, Consolidation and Presentation of Financial Statements	3 Months Ended
	May 31, 2017
Organization, Consolidation and Presentation of Financial Statements:
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies	GABBIT CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MAY 31, 2017 NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION GABBIT CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on August 16, 2015. The Company intends to commence operations in the business of providing individual and group extremal tour to Austrian Alps. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan. The Company has adopted February 28 fiscal year end. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At May 31, 2017, the Company's bank deposits did not exceed the insured amounts. Advertising Costs The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period from inception (August 16, 2015) to May 31, 2017. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Stock-Based Compensation As of May 31, 2017, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Subsequent Events The Company has evaluated all transactions from May 31, 2017 through the financial statement issuance date for subsequent event disclosure consideration. NOTE 3 – CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On February 16, 2016 the Company issued 9,000,000 shares of its common stock at $ 0.001 per share for total proceeds of $9,000. For the year ended February 28, 2017, the Company issued 2,490,000 shares of its common stock at $ 0.01 per share for total proceeds of $24,900. As of May 31, 2017 the Company had 11,490,000 shares issued and outstanding.

Related Party Disclosures

Related Party Disclosures	3 Months Ended
	May 31, 2017
Related Party Disclosures:
Related Party Transactions Disclosure	NOTE 4 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.