Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Nov. 30, 2016 | Mar. 31, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | FUNDTHATCOMPANY | ||
Entity Central Index Key | 1,658,304 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
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 | 10,000,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
CURRENT ASSETS | ||
Cash | $ 669 | |
TOTAL CURRENT ASSETS | 669 | |
CURRENT LIABILITIES | ||
Accounts payable | 322 | |
Due to related party | 6,932 | 1,832 |
TOTAL CURRENT LIABILITIES | 7,254 | 1,832 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDER'S DEFICIT | ||
Common stock Authorized 75,000,000 shares of common stock, $0.001 par value, Issued and outstanding 10,000,000 shares issued and outstanding | 10,000 | 10,000 |
Subscription receivable | (10,000) | |
Accumulated deficit | (16,585) | (1,832) |
TOTAL STOCKHOLDER'S DEFICIT | (6,585) | (1,832) |
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ 669 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2016 | Sep. 30, 2015 |
Stockholders' equity | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 10,000,000 | 10,000,000 |
Common stock shares outstanding | 10,000,000 | 10,000,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | |
Statement Of Operations | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 1,832 | 2,478 |
Professional fees | 12,275 | |
TOTAL OPERATING EXPENSES | (1,832) | (14,753) |
NET LOSS | $ (1,832) | $ (14,753) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 10,000,000 | 10,000,000 |
STATEMENTS OF STOCKHOLDERS_ EQU
STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-In Capital | Subscription Receivable | Accumulated Deficit | Total |
Beginning Balance, Shares at Sep. 04, 2015 | |||||
Beginning Balance, Amount at Sep. 04, 2015 | |||||
Common stock issued for cash, Shares | 10,000,000 | ||||
Common stock issued for cash, Amount | $ 10,000 | (10,000) | |||
Net loss | (1,832) | (1,832) | |||
Ending Balance, Shares at Sep. 30, 2015 | 10,000,000 | ||||
Ending Balance, Amount at Sep. 30, 2015 | $ 10,000 | (10,000) | (1,832) | (1,832) | |
Subscription receivable - October 26, 2015 | 10,000 | 10,000 | |||
Net loss | (14,753) | (14,753) | |||
Ending Balance, Shares at Sep. 30, 2016 | 10,000,000 | ||||
Ending Balance, Amount at Sep. 30, 2016 | $ 10,000 | $ (16,585) | $ (6,585) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (1,832) | $ (14,753) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by related party | 1,832 | |
Changes in operating assets and liabilities | ||
Accounts payable | 322 | |
NET CASH USED IN OPERATING ACTIVITIES | (14,431) | |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 10,000 | |
Advances from related party | 5,100 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 15,100 | |
NET INCREASE IN CASH | 0 | 669 |
CASH, BEGINNING OF PERIOD | ||
CASH, END OF PERIOD | 669 | |
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 |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 1. NATURE OF OPERATIONS AND BASIS OF PRESENTATION | FundThatCompany was incorporated in the State of Nevada as a for-profit Company on September 4, 2015 and established a fiscal year end of September 30. The Company is organized to establish a portal for Rewards-Based Crowdfunding. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $16,585. As at September 30, 2016, the Company has a working capital deficit of $6,585. The Company requires 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 September 30, 2016, the Company has issued 10,000,000 founder shares at $0.001 per share for net proceeds of $10,000. 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 |
Sep. 30, 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. 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 For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short term maturities. Loss per Common Share The basic earnings (loss) per share is 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. As of September 30, 2016 and 2015, there were 10,000,000 common stock outstanding. 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 The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at September 30, 2016 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 3. COMMON STOCK | The Companys capitalization is 75,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On September 4, 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. On October 26, 2015, the Company received $10,000 for issued 10,000,000 common shares at $0.001 per share to the sole director and President of the Company on September 4, 2015. As of September 30, 2016, 10,000,000 common shares are issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 4. RELATED PARTY TRANSACTIONS | During the year 2016, the Company received cash advances from its CEO of $5,100. Additionally, the CEO paid expenses of $1,832 on behalf of the Company in year 2015. As of September 30, 2016 and 2015, the total amount owing to the CEO from the Company is $6,932 and 1,832. 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 |
Sep. 30, 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: September 30, 2016 September 30, 2015 Net loss before income taxes per financial statements $ (14,753 ) $ (1,832 ) Income tax rate 34 % 34 % Income tax recovery (5,016 ) (623 ) Non-deductible -- -- Valuation allowance change 5,016 623 Provision for income taxes $ $ The significant component of deferred income tax assets at September 30, 2016 and 2015 is as follows: September 30, 2016 September 30, 2015 Net operating loss carry-forward $ 5,639 $ 623 Valuation allowance (5,639 ) (623 ) 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 September 30, 2016 and 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 September 30, 2016 and 2015; and no interest or penalties have been accrued as of September 30, 2016 and 2015. As of September 30, 2016 and 2015, the Company did not have any amounts recorded pertaining to uncertain tax positions. The tax years from 2016 and 2015 and 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 |
Sep. 30, 2016 | |
Notes to Financial Statements | |
NOTE 6. SUBSEQUENT EVENTS | Subsequent to the period during November, 2016 the Company has sold 175,000 common shares of the company for proceeds of $5,250. Shares have not yet been issued as of the date of this filing. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 12 Months Ended |
Sep. 30, 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. |
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 | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short term maturities. |
Loss per Common Share | The basic earnings (loss) per share is 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. As of September 30, 2016 and 2015, there were 10,000,000 common stock outstanding. |
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 | The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at September 30, 2016 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Income Taxes Tables | |
Provision for income taxes at the United States federal statutory rate | 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: September 30, 2016 September 30, 2015 Net loss before income taxes per financial statements $ (14,753 ) $ (1,832 ) Income tax rate 34 % 34 % Income tax recovery (5,016 ) (623 ) Non-deductible -- -- Valuation allowance change 5,016 623 Provision for income taxes $ $ |
Summary Of deferred income tax assets | The significant component of deferred income tax assets at September 30, 2016 and 2015 is as follows: September 30, 2016 September 30, 2015 Net operating loss carry-forward $ 5,639 $ 623 Valuation allowance (5,639 ) (623 ) Net deferred income tax asset $ $ |
NATURE OF OPERATIONS AND BASI15
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | 13 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2016 | |
Nature Of Operations And Basis Of Presentation Details Narrative | |||
Incurred operating losses | $ 16,585 | ||
Working capital deficit | $ 6,585 | $ 6,585 | |
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock shares issued | 10,000,000 | 10,000,000 | 10,000,000 |
Proceeds from sale of common stock | $ 10,000 |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - shares | Sep. 30, 2016 | Sep. 30, 2015 |
Summary Of Significant Accounting Policies Details Narrative | ||
Common stock shares outstanding | 10,000,000 | 10,000,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Sep. 30, 2016 | Sep. 30, 2015 |
Common Stock Details Narrative | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 10,000,000 | 10,000,000 |
Common stock shares outstanding | 10,000,000 | 10,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | |
Related Party Transactions Details Narrative | ||
Advances from related party | $ 5,100 | |
Due to related party | $ 1,832 | $ 6,932 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Sep. 30, 2016 | |
Income Taxes Details | ||
Net loss before income taxes per financial statements | $ (1,832) | $ (14,753) |
Income tax rate | 34.00% | 34.00% |
Income tax recovery | $ (623) | $ (5,016) |
Non-deductible | ||
Valuation allowance change | 623 | 5,016 |
Provision for income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Income Taxes Details | ||
Net operating loss carry-forward | $ 5,639 | $ 623 |
Valuation allowance | (5,639) | (623) |
Net deferred tax asset |