Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Dec. 31, 2017 | Feb. 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | FUNDTHATCOMPANY | |
Entity Central Index Key | 1,658,304 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
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 Common Stock, Shares Outstanding | 73,850,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Sep. 30, 2017 |
CURRENT ASSETS | ||
Cash | $ 112 | $ 169 |
TOTAL CURRENT ASSETS | 112 | 169 |
CURRENT LIABILITIES | ||
Accounts payable | 8,917 | 3,000 |
Due to related party | 28,892 | 28,892 |
TOTAL CURRENT LIABILITIES | 37,809 | 31,892 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDER'S DEFICIT | ||
Common stock Authorized 75,000,000 shares of common stock, $0.001 par value, 73,850,000 shares issued and outstanding (September 30, 2017 –73,850,000) | 73,850 | 73,850 |
Additional paid in capital | (58,700) | (58,700) |
Accumulated deficit | (52,847) | (46,873) |
TOTAL STOCKHOLDER'S DEFICIT | (37,697) | (31,723) |
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT | $ 112 | $ 169 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 02, 2016 |
Stockholders' equity | |||
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock shares authorized | 75,000,000 | 75,000,000 | |
Common stock shares issued | 73,850,000 | 73,850,000 | 422,000 |
Common stock shares outstanding | 73,850,000 | 73,850,000 | 422,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Condensed Statements Of Operations | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 724 | 898 |
Professional fees | 5,250 | 5,200 |
TOTAL OPERATING EXPENSES | (5,974) | (6,098) |
NET LOSS | $ (5,974) | $ (6,098) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 73,850,000 | 1,221,648,370 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (5,974) | $ (6,098) |
Changes in operating assets and liabilities | ||
Accounts payable | 5,917 | 4,428 |
NET CASH USED IN OPERATING ACTIVITIES | (57) | (1,670) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | ||
Proceeds from loan from related party | 1,200 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,200 | |
NET INCREASE IN CASH | (57) | (470) |
CASH, BEGINNING OF PERIOD | 169 | |
CASH, END OF PERIOD | 112 | 199 |
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 | 3 Months Ended |
Dec. 31, 2017 | |
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 $52,847. As at December 31, 2017, the Company has a working capital deficit of $33,697. 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 December 31, 2017, the Company has issued 1,750,000,000 (pre-split 43,750,000) founder shares for net proceeds of $10,000 and 30,100,000 in private placements for next proceeds of $5,160. 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 | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation Unaudited Financial Statements 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 September 30, 2017 included in the Companys Form 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 on January 12, 2018. 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 three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. 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. 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 December 31, 2017 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 | 3 Months Ended |
Dec. 31, 2017 | |
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, with 73,850,000 and 73,850,000 shares issued and outstanding at December 31, 2017 and September 30, 2017, respectively. No preferred shares have been authorized or issued. On September 4, 2015, the Company issued 1,750,000,000 (pre-split 10,000,000) common shares at $0.000005714 (pre-split $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 1,750,000,000 common shares at $0.000005714 per share to the sole director and President of the Company on September 4, 2015. On December 2, 2016 the Company has sold 30,100,000 (pre-split 172,000) common shares at $0.0001714 (pre-split $0.03) per share to 30 shareholders of the company for proceeds of $5,160. Funds were received by the Company on January 5, 2017. On December 2, 2016, the founding shareholder of the Company returned 1,706,250,000 (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 $0.000000005 per share for a total consideration of $10 to the shareholder. On December 2, 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 175 new common shares for 1 old common share. The issued and outstanding common stock increased from 422,000 to 73,850,000 as of December 2, 2016. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 175:1 forward split have been adjusted to reflect the stock split on a retroactive basis unless otherwise noted. As of December 31, 2017, the Company has not granted any stock options and has not recorded any stock-based compensation. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 4. RELATED PARTY TRANSACTIONS | During this period, the Company received $0 from Chayut Ardwichai, the Companys President and Director, for operating expenses payment. As of December 31, 2017, due to related party balance is $28,892. The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
NOTE 5. SUBSEQUENT EVENTS | On January 2, 2018 the president of the Company advanced $6,000 in a related party loan. The amount due to the related party is unsecure and non-interest bearing with no set terms of repayment. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (POLICIES) | 3 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation - Unaudited Financial Statements | 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 September 30, 2017 included in the Companys Form 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 on January 12, 2018. 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 three months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2018. |
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. |
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 December 31, 2017 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. |
NATURE OF OPERATIONS AND BASI12
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | 3 Months Ended | 28 Months Ended |
Dec. 31, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | |
Date of incorporation | Sep. 4, 2015 | |
State of incorporation | Nevada | |
Incurred operating losses | $ (52,847) | |
Working capital deficit | $ (33,697) | $ (33,697) |
Pre-split of common shares | shares | 43,750,000 | 43,750,000 |
Private placement in founder value | $ 10,000 | |
Private placement in founder shares | shares | 30,100,000 | |
Proceed from private placement | $ 5,160 | |
Founders' Shares [Member] | ||
Common stock shares issued | shares | 1,750,000,000 | 1,750,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 3 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies Details Narrative | |
Maturity of cash and cash equivalents | Three months or less |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) | Dec. 02, 2016USD ($)Shareholder$ / sharesshares | Dec. 31, 2017$ / sharesshares | Sep. 30, 2017$ / sharesshares | Oct. 26, 2015USD ($)$ / sharesshares | Sep. 04, 2015USD ($)$ / sharesshares |
Common stock par value | $ / shares | $ 0.001 | $ 0.001 | |||
Common stock shares authorized | 75,000,000 | 75,000,000 | |||
Common stock shares issued | 422,000 | 73,850,000 | 73,850,000 | ||
Common stock shares outstanding | 422,000 | 73,850,000 | 73,850,000 | ||
Pre-split of common shares | 43,750,000 | ||||
Forward split description | Common stock of the Company on a basis of 175 new common shares for 1 old common share | 175:1 forward split | |||
Common Stock [Member] | |||||
Common stock shares issued | 73,850,000 | ||||
Common stock shares outstanding | 73,850,000 | ||||
Director and President [Member] | |||||
Common stock par value | $ / shares | $ 0.000005714 | $ 0.000005714 | |||
Common stock shares issued | 1,750,000,000 | 1,750,000,000 | |||
Pre-split of common shares | 10,000,000 | ||||
Pre-split of common stock, par value | $ / shares | $ 0.001 | ||||
Proceeds from common stock | $ | $ 10,000 | $ 10,000 | |||
Shareholder [Member] | |||||
Common stock par value | $ / shares | $ 0.0001714 | ||||
Common stock shares issued | 30,100,000 | ||||
Pre-split of common shares | 172,000 | ||||
Pre-split of common stock, par value | $ / shares | $ 0.03 | ||||
Proceeds from common stock | $ | $ 5,160 | ||||
Number of shareholders | Shareholder | 30 | ||||
Treasury Stock [Member] | |||||
Common stock par value | $ / shares | $ 0.00 | ||||
Pre-split of common shares | 9,750,000 | ||||
Proceeds from common stock | $ | $ 10 | ||||
Common stock shares returned or cancelled | 1,706,250,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Related Party Transactions Details Narrative | ||
Advances from related party | $ 0 | |
Due to related party | $ 28,892 | $ 28,892 |
SUBSEQUENT EVENTS ( Details Nar
SUBSEQUENT EVENTS ( Details Narrative) - USD ($) | Jan. 02, 2018 | Dec. 31, 2017 |
Advances from related party | $ 0 | |
Subsequent Event [Member] | President [Member] | ||
Advances from related party | $ 6,000 |