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Bare Metal Standard (BRMT) 10-Q17 Mar 172017 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jan. 31, 2017	Mar. 07, 2017
Document And Entity Information
Entity Registrant Name	BARE METAL STANDARD INC.
Entity Central Index Key	1,658,880
Document Type	10-Q
Document Period End Date	Jan. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--10-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		31,515,000
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,017

Balance Sheets (unaudited)

Balance Sheets (unaudited) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Current assets
Cash	$ 59,607	$ 87,488
Accounts receivable	2,662
Accounts receivable - related parties	6,077
Inventory	5,250
Total current assets	73,596	87,488
Total assets	73,596	87,488
Current liabilities
Accounts payable	7,365	16,249
Total current liabilities	7,365	16,249
Stockholders' equity
Preferred stock, $0.001 par value; 20,000,000 shares authorized; none issued and outstanding as of January 31, 2017 and October 31, 2016
Common stock, $0.001 par value; 80,000,000 shares authorized; 31,515,000 and 31,475,000 shares issued and outstanding as of January 31, 2017 and October 31, 2016	31,515	31,475
Additional paid-in capital	257,035	237,075
Accumulated deficit	(222,319)	(197,311)
Total stockholders' equity	66,231	71,239
Total liabilities and stockholders' equity	$ 73,596	$ 87,488

Balance Sheets (unaudited) (Par

Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jan. 31, 2017	Oct. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized	20,000,000	20,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	80,000,000	80,000,000
Common stock, issued	31,515,000	31,475,000
Common stock, outstanding	31,515,000	31,475,000

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended
Statements of Operations (unaudited) - USD ($)	Jan. 31, 2017	Jan. 31, 2016
Revenue
Product sales	$ 2,661
Product sales - related parties	6,078
Total revenue	8,739
Cost of revenue	(7,225)
Gross income	1,514
Operating expenses
General and administrative expenses	26,522	31,014
Total operating expenses	26,522	31,014
Loss from operations	(25,008)	(31,014)
Net loss	$ (25,008)	$ (31,014)
Basic and diluted net loss per common share (in dollars per share)	$ 0	$ (0.01)
Weighted average common shares outstanding Basic and diluted (in shares)	31,497,174	3,875,000

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
Statements of Cash Flows (unaudited) - USD ($)	Jan. 31, 2017	Jan. 31, 2016
Cash flows from operating activities
Net loss	$ (25,008)	$ (31,014)
Adjustments to reconcile net loss to net cash used in operating activities
Stock based compensation		31,000
Changes in operating assets and liabilities:
Increase in accounts receivable	(2,662)
Increase in accounts receivable - related parties	(6,077)
Increase in inventory	(5,250)
Decrease in accounts payable	(8,884)
Net cash used in operating activities	(47,881)	(14)
Cash flows from financing activities
Loan from related party		50
Cash received from sale of common stock	20,000
Net cash provided by financing activities	20,000	50
Increase in cash and cash equivalents	(27,881)	36
Cash, beginning balance	87,488
Cash, ending balance	$ 59,607	$ 36

ORGANIZATION AND OPERATIONS

ORGANIZATION AND OPERATIONS	3 Months Ended
ORGANIZATION AND OPERATIONS	Jan. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND OPERATIONS	NOTE 1 - ORGANIZATION AND OPERATIONS The Company was incorporated, as Bare Metal Standard, Inc., on November 12, 2015 under the laws of the State of Idaho. The Company plans to engage in the business of kitchen exhaust cleaning.

BASIS OF PRESENTATION AND SIGNI

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	Jan. 31, 2017
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Use of Estimates Recently Adopted Accounting Pronouncements Accounts Receivable Inventory As of January 31, 2017 the company had $5,250 worth of inventory, valued on an average cost basis. The inventory is reviewed at least quarterly and adjusted for obsolescence and discrepancies. Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned, and therefore only recognizes revenue when a franchise agreement has been entered into and the franchise fee received. The Company recognizes revenue from the sale of products and services when the product has been shipped or the services have been provided in accordance with the contract entered into with the customer. The Company must meet all of the following four criteria in order to recognize revenue: Persuasive evidence of an arrangement exists Delivery has occurred The sales price is fixed or determinable Collection is reasonably assured Payments received in advance of satisfaction of the relevant criteria for revenue recognition are recorded as advances from customers.

GOING CONCERN

GOING CONCERN	3 Months Ended
GOING CONCERN	Jan. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 - GOING CONCERN The accompanying unaudited interim financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the financial statements, during the three months ended January 31, 2017, the Company incurred a net loss of $25,008, and an accumulated deficit of $222,319, as of the same date. If the Company is unable to generate profits and is unable to continue to obtain financing for its working capital requirements, it may have to curtail its business sharply or cease business altogether. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment relating to the recoverability and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company is taking certain steps to provide the necessary capital to continue its operations. These steps included, but are not limited to: 1) focus on sales to minimize the need for capital at this stage; 2) raising equity financing; 3) continuous focus on reductions in cost where possible.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Jan. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4 – RELATED PARTY TRANSACTIONS During November 2015, the Company CEO loaned the Company $50 as an unsecured open line of credit which was unpaid at January 31, 2016 and was forgiven by the CEO during the period ended July 31, 2016, and considered a capital contribution. During the three months ended January 31, 2017 the Company sold $6,077 worth of product and freight to one related company. We have entered into a verbal agreement with Taylor Brothers to use two of their offices until we raise 66% of our offering. At that time we will begin paying $5,000 per month to Taylor Brothers.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Jan. 31, 2017
Stockholders' Equity Note [Abstract]
STOCKHOLDERS' EQUITY	NOTE 5 - STOCKHOLDERS' EQUITY Common Stock As of January 31, 2017, there were 80,000,000 shares of common stock authorized having a par value of $0.001 and there were 31,515,000 issued and outstanding. During the three months ended January 31, 2017 the Company sold, for cash, 40,000 restricted common shares units to three investors at a cost of $0.50 per share unit for total proceeds of $20,000. Each unit consists of one share of our common stock, and one warrant to purchase one share of common stock within 24 months of issuance, for $2.00 Preferred Stock As of October 31, 2016, there were 20,000,000 preferred shares authorized having a par value of $0.001, and none issued.

MAJOR CUSTOMERS AND ACCOUNTS RE

MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE	3 Months Ended
MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE	Jan. 31, 2017
Risks and Uncertainties [Abstract]
MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE	NOTE 6 – MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE The Company has certain customers whose revenue, during the three months ended January 31, 2017 represented in excess of 10% of the total revenue and accounts receivable. Concentration of Revenue- Concentration of Accounts Receivable-

BASIS OF PRESENTATION AND SIG12

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Jan. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
Use of Estimates	Use of Estimates
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements
Accounts Receivable	Accounts Receivable As of January 31, 2017 the company had $5,250 worth of inventory, valued on an average cost basis. The inventory is reviewed at least quarterly and adjusted for obsolescence and discrepancies.
Inventory	Inventory
Revenue Recognition	Revenue Recognition The Company recognizes revenue when it is realized or realizable and earned, and therefore only recognizes revenue when a franchise agreement has been entered into and the franchise fee received. The Company recognizes revenue from the sale of products and services when the product has been shipped or the services have been provided in accordance with the contract entered into with the customer. The Company must meet all of the following four criteria in order to recognize revenue: Persuasive evidence of an arrangement exists Delivery has occurred The sales price is fixed or determinable Collection is reasonably assured Payments received in advance of satisfaction of the relevant criteria for revenue recognition are recorded as advances from customers.

BASIS OF PRESENTATION AND SIG13

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Jan. 31, 2017	Oct. 31, 2016
Accounting Policies [Abstract]
Inventory	$ 5,250

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended
GOING CONCERN (Details Narrative) - USD ($)	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (25,008)	$ (31,014)
Accumulated deficit	$ (222,319)		$ (197,311)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Nov. 30, 2015	Jan. 31, 2017	Jan. 31, 2016
Loan from related party			$ 50
Increase in accounts receivable - related parties		$ 6,077
Mr. James Bedal [Member] \| Unsecured Open Line of Credit [Member]
Loan from related party	$ 50
Taylor Brothers Inc [Member] \| Verbal Agreement [Member]
Minimum percentage of offering to be raised		66.00%
Rent paid		$ 5,000

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	3 Months Ended
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Jan. 31, 2017	Jan. 31, 2016	Oct. 31, 2016
Common stock, authorized	80,000,000		80,000,000
Common stock, par value (in dollars per share)	$ 0.001		$ 0.001
Common stock, issued	31,515,000		31,475,000
Common stock, outstanding	31,515,000		31,475,000
Preferred stock, authorized	20,000,000		20,000,000
Preferred stock, par value (in dollars per share)	$ 0.001		$ 0.001
Preferred stock, issued	0		0
Preferred stock, outstanding	0		0
Cash received from sale of common stock	$ 20,000
Restricted Common Shares Units [Member] \| Three investors [Member]
Number of shares sold	40,000
Share price (in dollars per share)	$ 0.50
Cash received from sale of common stock	$ 20,000
Description of common stock	Each unit consists of one share of our common stock, and one warrant to purchase one share of common stock within 24 months of issuance, for $2.00.

MAJOR CUSTOMERS AND ACCOUNTS 17

MAJOR CUSTOMERS AND ACCOUNTS RECEIVABLE (Details Narrative) - USD ($)	3 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
Concentartion credit risk	$ 2,661
Product sales - related parties	6,078
Sales Revenue, Net [Member] \| One Related Company [Member]
Concentartion credit risk	$ 6,078
Concentration risk, percentage	70.00%
Accounts Receivable [Member] \| One Related Company [Member]
Product sales - related parties	$ 6,078

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