Cover
Cover - shares | 9 Months Ended | |
Nov. 30, 2021 | Jan. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Nov. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --02-28 | |
Entity File Number | 000-56314 | |
Entity Registrant Name | GABBIT CORP. | |
Entity Central Index Key | 0001657564 | |
Entity Tax Identification Number | 37-1790061 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 9130 South Dadeland Blvd. | |
Entity Address, Address Line Two | Suite 1528 | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33156 | |
City Area Code | 888 | |
Local Phone Number | 679 3350 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,490,000 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Nov. 30, 2021 | Feb. 28, 2021 |
Assets | ||
Cash | $ 0 | $ 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Other liabilities | 4,739 | 4,739 |
Due to related party | 21,738 | 7,466 |
Total liabilities | 26,477 | 12,205 |
Stockholders' Equity | ||
Common stock, $0.001 par value 75,000,000 shares authorized; 11,490,000 shares issued and outstanding as of November 30, 2021 and February 28, 2021 | 11,490 | 11,490 |
Additional paid-in capital | 22,410 | 22,410 |
Accumulated deficit | (60,377) | (46,105) |
Total Equity | (26,477) | (12,205) |
Total Liabilities & Stockholders' Equity | $ 0 | $ 0 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Nov. 30, 2021 | Feb. 28, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
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 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | |
Expenses | ||||
General and administration expenses | $ 4,544 | $ 300 | $ 14,272 | $ 1,650 |
Loss from operations | (4,544) | (300) | (14,272) | (1,650) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | $ (4,544) | $ (300) | $ (14,272) | $ (1,650) |
Basic and diluted loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 11,490,000 | 11,490,000 | 11,490,000 | 11,490,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Feb. 29, 2020 | $ 11,490 | $ 22,410 | $ (44,155) | $ (10,255) |
Shares, Outstanding, Beginning Balance at Feb. 29, 2020 | 11,490,000 | |||
Net loss | (400) | (400) | ||
Ending balance, value at May. 31, 2020 | $ 11,490 | 22,410 | (44,555) | (10,655) |
Shares, Outstanding, Ending Balance at May. 31, 2020 | 11,490,000 | |||
Beginning balance, value at Feb. 29, 2020 | $ 11,490 | 22,410 | (44,155) | (10,255) |
Shares, Outstanding, Beginning Balance at Feb. 29, 2020 | 11,490,000 | |||
Net loss | (1,650) | |||
Ending balance, value at Nov. 30, 2020 | $ 11,490 | 22,410 | (45,805) | (11,905) |
Shares, Outstanding, Ending Balance at Nov. 30, 2020 | 11,490,000 | |||
Beginning balance, value at May. 31, 2020 | $ 11,490 | 22,410 | (44,555) | (10,655) |
Shares, Outstanding, Beginning Balance at May. 31, 2020 | 11,490,000 | |||
Net loss | (950) | (950) | ||
Ending balance, value at Aug. 31, 2020 | $ 11,490 | 22,410 | (45,505) | (11,605) |
Shares, Outstanding, Ending Balance at Aug. 31, 2020 | 11,490,000 | |||
Net loss | (300) | (300) | ||
Ending balance, value at Nov. 30, 2020 | $ 11,490 | 22,410 | (45,805) | (11,905) |
Shares, Outstanding, Ending Balance at Nov. 30, 2020 | 11,490,000 | |||
Beginning balance, value at Feb. 28, 2021 | $ 11,490 | 22,410 | (46,105) | (12,205) |
Shares, Outstanding, Beginning Balance at Feb. 28, 2021 | 11,490,000 | |||
Net loss | (300) | (300) | ||
Ending balance, value at May. 31, 2021 | $ 11,490 | 22,410 | (46,405) | (12,505) |
Shares, Outstanding, Ending Balance at May. 31, 2021 | 11,490,000 | |||
Beginning balance, value at Feb. 28, 2021 | $ 11,490 | 22,410 | (46,105) | (12,205) |
Shares, Outstanding, Beginning Balance at Feb. 28, 2021 | 11,490,000 | |||
Net loss | (14,272) | |||
Ending balance, value at Nov. 30, 2021 | $ 11,490 | 22,410 | (60,377) | (26,477) |
Shares, Outstanding, Ending Balance at Nov. 30, 2021 | 11,490,000 | |||
Beginning balance, value at May. 31, 2021 | $ 11,490 | 22,410 | (46,405) | (12,505) |
Shares, Outstanding, Beginning Balance at May. 31, 2021 | 11,490,000 | |||
Net loss | (9,428) | (9,428) | ||
Ending balance, value at Aug. 31, 2021 | $ 11,490 | 22,410 | (55,833) | (21,933) |
Shares, Outstanding, Ending Balance at Aug. 31, 2021 | 11,490,000 | |||
Net loss | (4,544) | (4,544) | ||
Ending balance, value at Nov. 30, 2021 | $ 11,490 | $ 22,410 | $ (60,377) | $ (26,477) |
Shares, Outstanding, Ending Balance at Nov. 30, 2021 | 11,490,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Nov. 30, 2021 | Nov. 30, 2020 | |
Cash flow from operating activities: | ||
Net Loss | $ (14,272) | $ (1,650) |
Net cash used in operating activities | (14,272) | (1,650) |
Cash flow from financing activities: | ||
Related party loan | 14,272 | 1,650 |
Net cash provided by financing activities | 14,272 | 1,650 |
Net change in cash | 0 | 0 |
Cash at beginning of period | 0 | 0 |
Cash at end of period | 0 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Note 1 – Organization and Basis of Presentation Organization and Basis of Presentation Gabbit Corp. (the “Company”) is a corporation The Company plans to develop operations as a Bitcoin “miner”, which is a company that allocates computational resources to support and secure the Bitcoin blockchain, and in doing so earn Bitcoin. The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”) and have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 2 – Summary of significant accounting policies Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Use of Estimates The preparation of 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three and nine months ended November 30, 2021 and 2020. Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Going Concern
Going Concern | 9 Months Ended |
Nov. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern For the nine months ended November 30, 2021 and 2020 we incurred net losses of approximately $ 14,272 1,650 no 26,477 no 12,205 |
Related party transactions
Related party transactions | 9 Months Ended |
Nov. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 4 – Related party transactions The Company’s Co-CEO has provided office space at no cost to the Company. Our Co-CEO and CFO incurred expenses on behalf of the Company amounting to $ 14,272 1,650 21,738 7,466 |
Shareholders_ Equity
Shareholders’ Equity | 9 Months Ended |
Nov. 30, 2021 | |
Equity [Abstract] | |
Shareholders’ Equity | Note 5 – Shareholders’ Equity The Company has 75,000,000 0.001 11,490,000 |
Income Taxes
Income Taxes | 9 Months Ended |
Nov. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 – Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, which requires use of the liability method. FASB ASC Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences the tax basis of assets and liabilities and their carrying amounts for financial reporting purposes, referred to as temporary differences. As of November 30, 2021, the Company incurred a net operating loss and, accordingly, no provision for income taxes has been recorded. In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. The Company has approximately $ 60,000 46,000 13,000 10,000 Based on the available objective evidence, including the Company's history of losses, management believes it is more likely than not, the net deferred tax assets will not be fully realizable. Accordingly, the Company provided for a full valuation allowance against its net deferred tax assets at November 30, 2021 and February 28, 2021. The Company had no uncertain tax positions as of November 30, 2021 and February 28, 2021. |
Other Liabilities
Other Liabilities | 9 Months Ended |
Nov. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | Note 7 – Other Liabilities As of November 30, 2021 and February 28 2021, the Company has Other Liabilities of $ 4,739 |
Acquisition
Acquisition | 9 Months Ended |
Nov. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Note 8 – Acquisition In connection with a change in our business plan from providing cash advances to small and medium sized entities (“SME”) to developing operations as a participant in the cryptocurrency ecosystem, specifically as a company that supports and secures the Bitcoin blockchain as a Bitcoin miner, we have on October 21, 2021 entered into a definitive letter of intent which gives us the right to acquire 2 properties, one of which is currently operating as a data center and the other requires buildout to begin data center operations. The properties are located in North Carolina and Tennessee, respectively. The North Carolina facility is 165,000 sq.ft on 21 acres and the Tennessee facility is 30,000 sq. ft. on 14.5 acres. Our decision to exercise our option to acquire the facilities will be based on our completion of due diligence of the properties, finalizing terms of the agreement, receiving the necessary waivers and consents from lenders, and our ability to raise a minimum of $10 million, at a valuation at or excess of $60 million. The acquisition price of the properties is 30% of our equity, on a fully diluted basis, the restructuring and or retirement of $21.5 million in debt. The transaction is to be structured under Section 721 of the IRS tax code. The Sellers will be entitled two seats of five seats on our board of directors and members of the datacenter’s ownership team will join our company as c-suite employees. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Nov. 30, 2021 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Use of Estimates | Use of Estimates The preparation of 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Loss per Common Share | Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three and nine months ended November 30, 2021 and 2020. |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Nov. 30, 2021 | Aug. 31, 2021 | May 31, 2021 | Nov. 30, 2020 | Aug. 31, 2020 | May 31, 2020 | Nov. 30, 2021 | Nov. 30, 2020 | Feb. 28, 2021 | Feb. 29, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Net Income (Loss) Attributable to Parent | $ 4,544 | $ 9,428 | $ 300 | $ 300 | $ 950 | $ 400 | $ 14,272 | $ 1,650 | ||
Cash | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | ||||
Liabilities, Current | $ 26,477 | $ 26,477 | $ 12,205 |
Related party transactions (Det
Related party transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Nov. 30, 2021 | Nov. 30, 2020 | Feb. 28, 2021 | |
Related Party Transaction [Line Items] | |||
Proceeds from Related Party Debt | $ 14,272 | $ 1,650 | |
Due to Related Parties | 21,738 | $ 7,466 | |
Co Ceo And Cfo [Member] | |||
Related Party Transaction [Line Items] | |||
Due to Related Parties | $ 21,738 | $ 7,466 |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - $ / shares | Nov. 30, 2021 | Feb. 28, 2021 |
Equity [Abstract] | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 11,490,000 | 11,490,000 |
Common Stock, Shares, Outstanding | 11,490,000 | 11,490,000 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | Nov. 30, 2021 | Feb. 28, 2021 |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $ 60,000 | $ 46,000 |
Deferred Tax Assets, Gross | $ 13,000 | $ 10,000 |
Other Liabilities (Details Narr
Other Liabilities (Details Narrative) | Nov. 30, 2021USD ($) |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities, Current | $ 4,739 |