Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 10, 2016 | |
Document and Entity Information: | ||
Entity Registrant Name | Plush Corp. | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Trading Symbol | plsh | |
Amendment Flag | false | |
Entity Central Index Key | 1,658,605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 8,000,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and cash equivalents | $ 3,605 | |
Prepaid expenses and deposits | 8,750 | |
Total Current Assets | 8,750 | 3,605 |
TOTAL ASSETS | 8,750 | 3,605 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 3,500 | |
Loan payable, related party | 1,111 | |
Total Liabilities | 4,611 | |
Stockholders' Equity (Deficit) | ||
Common stock; $0.001 par value; 75,000,000 shares authorized; 8,000,000 and 5,000,000 shares issued and outstanding at September 30, 2016 and December 31, 2015 | 8,000 | 5,000 |
Additional paid in capital | 40,562 | |
Accumulated deficit | (39,812) | (4,641) |
Stock subscription receivable | (1,365) | |
Total Stockholders' Equity (Deficit) | 8,750 | (1,006) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 8,750 | $ 3,605 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Stockholders' Equity (Deficit) | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 8,000,000 | 5,000,000 |
Common stock, shares outstanding | 8,000,000 | 5,000,000 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Statement Of Operations | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 8,745 | 35,171 |
Total operating expenses | 8,745 | 35,171 |
LOSS BEFORE INCOME TAXES | (8,745) | (35,171) |
Provision for income taxes | ||
NET LOSS | $ (8,745) | $ (35,171) |
NET LOSS PER COMMON SHARE: BASIC AND DILUTED | $ 0 | $ (0.01) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: BASIC AND DILUTED | 8,000,000 | 6,843,796 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) | 9 Months Ended |
Sep. 30, 2016USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | $ (35,171) |
Changes in operating assets and liabilities | |
Accounts payable and accrued liabilities | (3,500) |
Prepaid expenses | (8,750) |
Net cash used by operating activities | (47,421) |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Repayment of loan payable, related party | (1,111) |
Contribution from shareholder | 40,562 |
Stock subscription receivable | 1,365 |
Proceeds from issuance of common stock | 3,000 |
Net cash provided by financing activities | 43,816 |
Net decrease in cash and cash equivalents | (3,605) |
Cash and cash equivalents - beginning of period | 3,605 |
Cash and cash equivalents - end of period | |
Supplemental Cash Flow Disclosures | |
Cash paid for interest | |
Cash paid for income taxes | |
Non-Cash Investing and Financing Activity: | |
Loans forgiven by prior director |
Organization, Operations And Ba
Organization, Operations And Basis Of Accounting | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 1. Organization, Operations And Basis Of Accounting | Plush Corporation was incorporated in the State of Nevada on October 20, 2015 and it is based in Las Vegas, Nevada. The company is a development stage company that intends to design, market, and sell luxury accessories for men online through its website. To date, the companys activities have been limited to raising capital, organizational matters, launching the website and the structuring of its business plan. The company has not generated any revenues since inception. The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the United States Securities and Exchange Commission (SEC). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the companys management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the company as September 30, 2016 and the results of operations and cash flows for the periods presented. The results of operations for the nine and three months ended September 30, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes thereto included in the companys Registration statement on Form S-1 for the period ended December 31, 2015 filed with the SEC on March 14, 2016. Going Concern The accompanying financial statements have been prepared assuming that the company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2016 the company had a net loss of $35,171. As of September 30, 2016 the company has not generated any revenues from operations. These factors, among others, raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. The companys continuation as a going concern is dependent upon the companys ability to begin operations and to achieve a level of profitability. The company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 2. Summary of Significant Accounting Policies | This summary of significant accounting policies of the Company is presented to assist in understanding the Companys financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements. Development Stage Company The company is considered to be in the development stage as defined in ASC 915 Development Stage Entities. Use of estimates The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Start-Up Costs In accordance with ASC 720, Start-up Costs, Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The company has no assets or liabilities valued at fair value on a recurring basis. Concentrations of Credit Risks The companys financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The companys management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Income Taxes The company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of September 30, 2016 the company did not have any amounts recorded pertaining to uncertain tax positions. Loss per Share Calculations Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Companys diluted loss per share is the same as the basic loss per share for the period ended September 30, 2016, as there are no potential shares outstanding that would have a dilutive effect. Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Note Payable
Note Payable | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 3. Note Payable | As of September 30, 2016 and December 31, 2015 loan payable, related party was nil and $1,111 related to various payments made to vendors for services, by an officer of the Company. This amount is non-interest bearing and due on demand. |
Share Capital
Share Capital | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 4. Share Capital | Authorized Stock The company has authorized 75,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. Common Share Issuances During the nine months ended September 30, 2016 the Company issued a total of 3,000,000 common shares for $3,000 cash. During the nine months ended September 30, 2016 a stockholder of the company contributed $40,562 to the Company as a capital contribution. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 5. Income Taxes | The Company provides for income taxes under ASC 740, "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company provided a full valuation allowance for the deferred tax asset. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: Nine months ended September 30, 2016 Federal income tax benefit attributable to: Current operations $ 11,958 Less: valuation allowance (11,958 ) Net provision for Federal income taxes $ - Net deferred tax assets consist of the following components as of: Nine months ended September 30, 2016 Deferred tax asset attributable to: Net operating loss carry over $ 13,538 Less: valuation allowance (13,538 ) Net deferred tax asset $ - |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Note 6. Subsequent Events | Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation no additional events have occurred that require disclosure. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies Policies | |
Development Stage Company | The company is considered to be in the development stage as defined in ASC 915 Development Stage Entities. |
Use of estimates | The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Start-Up Costs | In accordance with ASC 720, Start-up Costs, |
Fair Value of Financial Instruments | Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are generally unobservable and typically reflect managements estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The company has no assets or liabilities valued at fair value on a recurring basis. |
Concentrations of Credit Risks | The companys financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The companys management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. |
Income Taxes | The company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of September 30, 2016 the company did not have any amounts recorded pertaining to uncertain tax positions. |
Loss per Share Calculations | Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares available. Diluted earnings per share is computed similar to basic earnings per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The Companys diluted loss per share is the same as the basic loss per share for the period ended September 30, 2016, as there are no potential shares outstanding that would have a dilutive effect. |
Recently Issued Accounting Pronouncements | Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Companys management believes that these recent pronouncements will not have a material effect on the Companys financial statements. |
Income Tax (Tables)
Income Tax (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Tables | |
Schedule of Provision for Federal Income Tax | The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: Nine months ended September 30, 2016 Federal income tax benefit attributable to: Current operations $ 11,958 Less: valuation allowance (11,958 ) Net provision for Federal income taxes $ - |
Schedule of Deferred Tax Assets and Liabilities | Net deferred tax assets consist of the following components as of: Nine months ended September 30, 2016 Deferred tax asset attributable to: Net operating loss carry over $ 13,538 Less: valuation allowance (13,538 ) Net deferred tax asset $ - |
Organization, Operations And 14
Organization, Operations And Basis Of Accounting (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Organization Operations And Basis Of Accounting Details Narrative | ||
Net loss | $ (8,745) | $ (35,171) |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Note Payable Details Narrative | ||
Loan payable, related party | $ 1,111 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Share Capital Details Narrative | ||
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 | 3,000,000 | |
Proceeds from issuance of common stock | $ 3,000 | |
Contribution from shareholder | $ 40,562 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 11,958 | |
Less: valuation allowance | (11,958) | |
Net provision for Federal income taxes |
Income Taxes (Details 1)
Income Taxes (Details 1) | Sep. 30, 2016USD ($) |
Deferred tax asset attributable to: | |
Net operating loss carry over | $ 13,538 |
Less: valuation allowance | (13,538) |
Net deferred tax asset |