Document and Entity Information
Document and Entity Information | 9 Months Ended |
Oct. 31, 2016shares | |
Document and Entity Information: | |
Entity Registrant Name | RIZZEN INC. |
Document Type | 10-Q |
Document Period End Date | Oct. 31, 2016 |
Trading Symbol | rizzen |
Amendment Flag | false |
Entity Central Index Key | 1,659,559 |
Current Fiscal Year End Date | --01-31 |
Entity Common Stock, Shares Outstanding | 7,285,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Oct. 31, 2016 | Jan. 31, 2016 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 16,973 | $ 6,060 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 2,084 | |
Assets | 19,057 | 6,060 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 1,042 | 1,042 |
Liabilities | 1,042 | 1,042 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 7,285 | 6,000 |
Additional Paid in Capital, Common Stock | 24,415 | |
Retained Earnings (Accumulated Deficit) | (13,685) | (982) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 18,015 | $ 5,018 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 7,285,000 | 6,000,000 |
Common Stock, Shares Outstanding | 7,285,000 | 6,000,000 |
Liabilities and Equity | $ 19,057 | $ 6,060 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | Oct. 31, 2015 | Oct. 31, 2016 | Oct. 31, 2016 |
Revenues | |||
Sales Revenue, Services, Net | $ 5,100 | ||
Cost of Revenue | |||
Cost of Goods Sold | (3,570) | ||
Gross Profit | $ 0 | $ 0 | 1,530 |
Amortization of Deferred Charges | |||
Administrative Expense | 124 | 7,738 | 14,233 |
Total Operating Expenses | 124 | 7,738 | 14,233 |
Net loss from operations | (124) | (7,738) | (12,703) |
Interest and Debt Expense | |||
Net Income (Loss) | $ (124) | $ (7,738) | $ (12,703) |
Earnings Per Share | |||
Weighted Average Number of Shares Outstanding, Basic | 7,285,000 | 6,554,708 | |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | Oct. 31, 2015 | Oct. 31, 2016 |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (124) | $ (12,703) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation | 416 | |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (124) | (12,287) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | (2,500) | |
Net Cash Provided by (Used in) Investing Activities | 0 | (2,500) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from Issuance of Common Stock | 25,700 | |
Proceeds from director loans | 124 | |
Net Cash Provided by (Used in) Financing Activities | 124 | 25,700 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 10,913 |
Cash and Cash Equivalents, at Carrying Value | 0 | 6,060 |
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 16,973 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 9 Months Ended |
Oct. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION Organization and Description of Business RIZZEN INC.(the Company) was incorporated under the laws of the State of Nevada, U.S. on October 21, 2015. The Companys business is distribution of childrens toys from China. Since inception through October 31, 2016 the Company has generated $5,100 revenue and has accumulated losses of $13,685. Basis of Presentation The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial positions, results of operations, and cash flows on October 31, 2016, and for all periods presented herein, have been made. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Companys January 31, 2016 audited financial statements. The results of operations for the nine months ended October 31, 2016 are not necessarily indicative of the operating results for the full year. The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted a January 31 fiscal year end. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with a maturity of nine months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At October 31, 2016 the Company's bank deposits did not exceed the insured amounts. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Advertising Costs The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during as at October 31, 2016 . Impairment of Long-Lived Assets The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Stock-Based Compensation As of October 31, 2016 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. Property and Equipment and Depreciation Policy Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. Recent Accounting Pronouncements The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the company. NOTE 3 - GOING CONCERN The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since Inception (October 21, 2015) resulting in an accumulated deficit of $ 13,685 as of October 31, 2016 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. NOTE 4 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On January 13, 2016 the Company issued 5,000,000 shares of its common stock at $ 0.001 per share for total proceeds of $5,000. On January 26, 2016 the Company issued 1,000,000 shares of its common stock at $ 0.001 per share for total proceeds of $1,000. In June and July 2016, the Company issued 1,285,000 shares of its common stock at $ 0.02 per share for total proceeds of $25,700. As of October 31, 2016 the Company had 7,285,000 shares issued and outstanding. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 31, 2016 | |
Income Taxes: | |
Income Tax Disclosure | NOTE 6 INCOME TAX As of October 31, 2016 the Company had net operating loss carry forwards of $13,685 that may be available to reduce future years taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. |
Related Party Disclosures
Related Party Disclosures | 9 Months Ended |
Oct. 31, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 5 RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since October 21, 2015 ( inception ) through October 31, 2016, the Companys sole officer and director loaned the Company $ 1,042 to pay for incorporation costs and operating expenses . As of October 31, 2016 , the amount outstanding was $ 1,042 . The loan is non-interest bearing, due upon demand and unsecured. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 31, 2016 | |
Subsequent Events: | |
Subsequent Events | NOTE 7 SUBSEQUENT EVENTS In accordance with ASC 855, the Company has analyzed its operations subsequent to October 31, 2016 through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |