Document and Entity Information
Document and Entity Information | 6 Months Ended |
Mar. 31, 2018shares | |
Document and Entity Information: | |
Entity Registrant Name | GRCR Partners Inc |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2018 |
Trading Symbol | grcr |
Amendment Flag | false |
Entity Central Index Key | 1,661,600 |
Current Fiscal Year End Date | --09-30 |
Entity Common Stock, Shares Outstanding | 2,926,500 |
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 | 2,018 |
Document Fiscal Period Focus | Q2 |
GRCR PARTNERS INC. - Condensed
GRCR PARTNERS INC. - Condensed Balance Sheets - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 | |
Current Assets: | |||
Cash or cash equivalents | $ 8,000 | $ 2,611 | |
Accounts receivable, net | 5,000 | 16,250 | |
Total Currents Assets | 13,000 | 18,861 | |
Total Assets | 13,000 | 18,861 | |
Current Liabilities: | |||
Accounts payable and accrued expenses | 24,878 | 25,466 | |
Accrued taxes | 320 | 320 | |
Accrued interest | 3,124 | 1,627 | |
Note payable | 25,000 | 25,000 | |
Total Current Liabilities | 53,322 | 52,413 | |
Total Liabilities | 53,322 | 52,413 | |
Commitments and Contingencies | |||
Stockholders' Deficit | |||
Preferred stock | [1] | ||
Common stock | [2] | 293 | 293 |
Additional paid-in capital | 55,083 | 55,083 | |
Retained (deficit) | (95,698) | (88,928) | |
Total Stockholders' Deficit | (40,322) | (33,552) | |
Total Liabilities and Stockholders' Deficit | $ 13,000 | $ 18,861 | |
[1] | Preferred stock, $.0001 par value, 15,000,000 shares authorized, none issued and outstanding | ||
[2] | Common stock, $.0001 par value, 500,000,000 shares authorized, 2,926,500 issued and outstanding |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Mar. 31, 2018 | Sep. 30, 2017 |
Statement of Financial Position | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares Issued | 2,926,500 | 2,926,500 |
Common Stock, Shares Outstanding | 2,926,500 | 2,926,500 |
GRCR PARTNERS INC. - Condensed4
GRCR PARTNERS INC. - Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||||
Professional service revenues | $ 27,260 | $ 9,000 | $ 43,170 | $ 9,000 |
Expense reimbursement | 2,717 | 2,717 | ||
Total Revenues | 29,977 | 9,000 | 46,427 | 9,000 |
Cost of revenues | 13,250 | 4,500 | 21,550 | 4,500 |
Gross Profit | 16,727 | 4,500 | 24,877 | 4,500 |
Operating Expenses: | ||||
Marketing and sales | 1,535 | 2,141 | ||
Depreciation | 419 | 838 | ||
General and administrative | 13,551 | 8,119 | 27,660 | 28,364 |
General and administrative costs from a related party | 100 | 0 | 350 | 250 |
Total operating expenses | 15,187 | 8,538 | 30,151 | 29,452 |
Income (Loss) from operations | 1,541 | (4,038) | (5,274) | (24,952) |
Other expenses | ||||
Interest expense | 740 | 123 | 1,496 | 123 |
Total other expenses | 740 | 123 | 1,496 | 123 |
Income (Loss) before taxes | 801 | (4,161) | (6,770) | (25,075) |
Net loss applicable to common shareholders | $ 801 | $ (4,161) | $ (6,770) | $ (25,075) |
Net loss per share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted number of shares outstanding - basic and diluted | 2,926,500 | 2,926,500 | 2,926,500 | 5,579,819 |
GRCR PARTNERS INC. - Condensed5
GRCR PARTNERS INC. - Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,770) | $ (25,075) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Depreciation | 838 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, increase decrease | 11,250 | (9,000) |
Accrued interest, increase decrease | 1,497 | 123 |
Accounts payable and accrued expenses, increase decrease | (588) | 10,062 |
Net cash used in operating activities | 5,389 | (23,052) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock | 500 | |
Proceeds from issuance of note | 25,000 | |
Net cash provided by financing activities | 25,500 | |
NET INCREASE (DECREASE) IN CASH | 5,389 | 2,448 |
Cash and cash equivalents at beginning of period | 2,611 | 13,973 |
Cash and cash equivalents at end of period | $ 8,000 | $ 16,421 |
Note 1. The Company History and
Note 1. The Company History and Nature of The Business | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 1. The Company History and Nature of The Business | Note 1. The Company History and Nature of the Business GRCR Partners Inc. (the Company, Our or We), formed on January 16, 2015 is a provider of risk management and asset protection (RAP) services for businesses, individuals and families. Prior to 2017, the Company provided its services primarily to just businesses on a project-based fee arrangement. During 2017, the Company shifted its business model to more recurring fee based engagements and expanded target markets to included individuals and families. The Company delivers services following a proprietary progressive bSecure methodology. The Company believes that by combining expert consulting, proven processes and software, clients can cost effectively build and maintain RAP programs that reduce day-to-day and long-term risks in their work environment, personal and family lives. The financial statements have been prepared using accounting principles generally accepted in the United States of America applicable for a going concern, which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of business. Since inception, the Company has a retained deficit of $95,698 and has a working capital deficit of $40,322 at March 31, 2018. Although we are generating revenue, our growth is dependent upon achieving sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to fund future obligations and pay liabilities arising from normal business operations when they come due, and upon profitable operations. Management has concluded that due to the conditions described above, there is substantial doubt about the entitys ability to continue as a going concern through May 2019. We have evaluated the significance of these conditions in relation to our ability to meet our obligations and believe that we may need to either borrow funds from our majority shareholder or raise additional capital through equity or debt financings. We expect our current majority shareholder will be willing and able to provide such additional capital. However, we cannot be certain that such capital (from our shareholders or third parties) will be available to us or whether such capital will be available on terms that are acceptable to us. Any such financing likely would be dilutive to existing stockholders and could result in significant financial operating covenants that would negatively impact our business. If we are unable to raise sufficient additional capital on acceptable terms, we will have insufficient funds to operate our business or pursue our planned growth. |
Note 2. Summary of Significant
Note 2. Summary of Significant Accounting Policies | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 2. Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation and Organization The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. The balance sheet at September 30, 2017 was derived from audited financial statements but does not include all disclosures required by accounting principals generally accepted in the United States of America. The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for the fair presentation of the results for the periods covered. These financial statements should be read in conjunction with the financial statements and additional information as contained in our Form 10K for the year ended September 30, 2017. Cash and Cash Equivalents For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. The Companys cash and cash equivalents are located in a United States bank. The Company does not have any cash equivalents as of March 31, 2018 or September 30, 2017. Accounts Receivable The Companys accounts receivables are derived from direct customers. Collateral is not required for accounts receivable. The Company maintains an allowance for potential credit losses as considered necessary. The Company performs ongoing reviews of all customers that have breached their payment terms or for whom information has become available indicating a risk of non-recoverability. The Company records an allowance for bad debts for specific customers identified as well as an allowance based on its historical collection experience. The Companys evaluation of the allowance for potential credit losses requires the use of estimates and the actual results may differ from these estimates. At March 31, 2018 and September 30 2017, the allowance for potential credit losses was $0. Fixed Assets Office equipment is stated at cost and depreciated over three years using the straight-line method of accounting. For the three and six months ended March 31, 2018, and 2017, the Company recorded depreciation expense of $0 and $419, and $0 and $838, respectively. Revenue Recognition The Company derives its revenue from the sale of compliance, legal, risk management and management and public reporting consulting services. The Company utilizes written contracts as the means to establish the terms and condition services are sold to customers. Consulting Services Because the Company provides its applications as services, it follows the provisions of Accounting Standards Codification No.605, Revenue Recognition. there is persuasive evidence of an arrangement; the service has been provided to the customer; the collection of the fees is reasonably assured; and the amount of fees to be paid by the customer is fixed or determinable. The Company recognizes revenue as services are performed or monthly based upon contract terms. Contracts may either be for a specific project, or, a monthly recurring fee. Reimbursements The Company incurs certain out-of-pocket expenses that are reimbursed by its clients, which are accounted for as revenue in its Statement of Operations. Net Income (Loss) per Common Share Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted income per share is computed similar to basic income 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. There were no dilutive financial instruments issued or outstanding for the periods ended March 31, 2018 or 2017. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Companys financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. The Tax Cuts and Jobs Act (the Act) was signed into law on December 22, 2017. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. corporate rates from 35% to 21%. Additionally, the Act limits the use of net operating loss carry backs, however any future net operating losses will instead be carried forward indefinitely. Only 80% of current income will be able to be offset with a net operating loss carryforward, with the remainder of the net operating loss continuing to carry forward. Based on an initial assessment of the Act, the Company believes that the most significant impact on the Companys consolidated financial statements will be reduction of deferred tax assets related to net operating losses. Such reduction is expected to be largely offset by changes to the Companys valuation allowance. Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2018 the carrying value of accounts receivable, accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments. Customer Concentration Disclosure. For the three months ended March 31, 2018 and 2017, 4 and 3 customers made up 97% and 100% of our revenue, respectively. Those customers represented 30%, 30%, 27% and 10%, and 44%, 44% and 12%, respectively for three months ended March 31, 2018 and 2017. For the six months ended March 31, 2018 and 2017, 3 and 3 customers made up 74% and 100% of our revenue, respectively. Those customers represented 36%, 19%, 19% and 44%, 44% and 12%, respectively for six months ended March 31, 2018 and 2017. Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States. 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 expenses. Actual results could differ from those estimates made by management. Recent accounting pronouncements In March 2016, the Financial Accounting Standards Board issued Accounting Standards Codification Update No. 2016-09 Compensation Stock Compensation (Topic 718). The amendments in this update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. There was no impact to the Company on the adoption of this. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers which modifies how all entities recognize revenue and various other revenue accounting standards for specialized transactions and industries. This update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has begun limited evaluation of the possible impact of ASU 2014-15 including obtaining training on ASU-2014-09 and the contract review and does not anticipate that it will have a material impact on the Company's consolidated financial statements. We have a small number of contracts which require an assessment and believe we have sufficient time for the implementation of ASU-2014-19. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 3. Note Payable
Note 3. Note Payable | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 3. Note Payable | Note 3. Note Payable On March 16, 2017, the Company executed a promissory note (the Note) with an unaffiliated lender in the amount of $25,000. The Note matures one year from issuance and has a 12% interest rate. Through an addendum to the Note dated February 15, 2018, the Notes due date was extended until September 16, 2018. For the three and six months ended March 31, 2018 and 2017, the Company recorded $740 and $123, and $1,496 and $123 in interest expense, respectively. |
Note 4. Related Party Transacti
Note 4. Related Party Transactions | 6 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 4. Related Party Transactions | Note 4. Related Party Transactions The Company has paid the majority shareholder, officer and director $100 and $0 and $350 and $250 for the three and six month periods ended March 31, 2018 and 2017, respectively. Such amounts are presented in the statements of operations, in the general and administrative line as related party costs. The Company has no formal contract in place with its sole officer and director. |
Note 2. Summary of Significan10
Note 2. Summary of Significant Accounting Policies: Basis of Presentation and Organization (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Basis of Presentation and Organization | Basis of Presentation and Organization The accompanying financial statements of the Company were prepared from the accounts of the Company under the accrual basis of accounting. The balance sheet at September 30, 2017 was derived from audited financial statements but does not include all disclosures required by accounting principals generally accepted in the United States of America. The other information in these condensed financial statements is unaudited but, in the opinion of management, reflects all adjustments necessary for the fair presentation of the results for the periods covered. These financial statements should be read in conjunction with the financial statements and additional information as contained in our Form 10K for the year ended September 30, 2017. |
Note 2. Summary of Significan11
Note 2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. The Companys cash and cash equivalents are located in a United States bank. The Company does not have any cash equivalents as of March 31, 2018 or September 30, 2017. |
Note 2. Summary of Significan12
Note 2. Summary of Significant Accounting Policies: Accounts Receivable (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Accounts Receivable | Accounts Receivable The Companys accounts receivables are derived from direct customers. Collateral is not required for accounts receivable. The Company maintains an allowance for potential credit losses as considered necessary. The Company performs ongoing reviews of all customers that have breached their payment terms or for whom information has become available indicating a risk of non-recoverability. The Company records an allowance for bad debts for specific customers identified as well as an allowance based on its historical collection experience. The Companys evaluation of the allowance for potential credit losses requires the use of estimates and the actual results may differ from these estimates. At March 31, 2018 and September 30 2017, the allowance for potential credit losses was $0. |
Note 2. Summary of Significan13
Note 2. Summary of Significant Accounting Policies: Fixed Assets (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Fixed Assets | Fixed Assets Office equipment is stated at cost and depreciated over three years using the straight-line method of accounting. For the three and six months ended March 31, 2018, and 2017, the Company recorded depreciation expense of $0 and $419, and $0 and $838, respectively. |
Note 2. Summary of Significan14
Note 2. Summary of Significant Accounting Policies: Revenue Recognition (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Revenue Recognition | Revenue Recognition The Company derives its revenue from the sale of compliance, legal, risk management and management and public reporting consulting services. The Company utilizes written contracts as the means to establish the terms and condition services are sold to customers. |
Note 2. Summary of Significan15
Note 2. Summary of Significant Accounting Policies: Consulting Services (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Consulting Services | Consulting Services Because the Company provides its applications as services, it follows the provisions of Accounting Standards Codification No.605, Revenue Recognition. there is persuasive evidence of an arrangement; the service has been provided to the customer; the collection of the fees is reasonably assured; and the amount of fees to be paid by the customer is fixed or determinable. The Company recognizes revenue as services are performed or monthly based upon contract terms. Contracts may either be for a specific project, or, a monthly recurring fee. |
Note 2. Summary of Significan16
Note 2. Summary of Significant Accounting Policies: Reimbursements (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Reimbursements | Reimbursements The Company incurs certain out-of-pocket expenses that are reimbursed by its clients, which are accounted for as revenue in its Statement of Operations. |
Note 2. Summary of Significan17
Note 2. Summary of Significant Accounting Policies: Net Income (loss) Per Common Share (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Net Income (loss) Per Common Share | Net Income (Loss) per Common Share Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted income per share is computed similar to basic income 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. There were no dilutive financial instruments issued or outstanding for the periods ended March 31, 2018 or 2017. |
Note 2. Summary of Significan18
Note 2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Income Taxes | Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Companys financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates. The Tax Cuts and Jobs Act (the Act) was signed into law on December 22, 2017. Among its numerous changes to the Internal Revenue Code, the Act reduces U.S. corporate rates from 35% to 21%. Additionally, the Act limits the use of net operating loss carry backs, however any future net operating losses will instead be carried forward indefinitely. Only 80% of current income will be able to be offset with a net operating loss carryforward, with the remainder of the net operating loss continuing to carry forward. Based on an initial assessment of the Act, the Company believes that the most significant impact on the Companys consolidated financial statements will be reduction of deferred tax assets related to net operating losses. Such reduction is expected to be largely offset by changes to the Companys valuation allowance. |
Note 2. Summary of Significan19
Note 2. Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2018 the carrying value of accounts receivable, accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments. |
Note 2. Summary of Significan20
Note 2. Summary of Significant Accounting Policies: Customer Concentration Disclosure (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Customer Concentration Disclosure | Customer Concentration Disclosure. For the three months ended March 31, 2018 and 2017, 4 and 3 customers made up 97% and 100% of our revenue, respectively. Those customers represented 30%, 30%, 27% and 10%, and 44%, 44% and 12%, respectively for three months ended March 31, 2018 and 2017. For the six months ended March 31, 2018 and 2017, 3 and 3 customers made up 74% and 100% of our revenue, respectively. Those customers represented 36%, 19%, 19% and 44%, 44% and 12%, respectively for six months ended March 31, 2018 and 2017. |
Note 2. Summary of Significan21
Note 2. Summary of Significant Accounting Policies: Estimates (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Estimates | Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States. 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 expenses. Actual results could differ from those estimates made by management. |
Note 2. Summary of Significan22
Note 2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Mar. 31, 2018 | |
Policies | |
Recent Accounting Pronouncements | Recent accounting pronouncements In March 2016, the Financial Accounting Standards Board issued Accounting Standards Codification Update No. 2016-09 Compensation Stock Compensation (Topic 718). The amendments in this update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. There was no impact to the Company on the adoption of this. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers which modifies how all entities recognize revenue and various other revenue accounting standards for specialized transactions and industries. This update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has begun limited evaluation of the possible impact of ASU 2014-15 including obtaining training on ASU-2014-09 and the contract review and does not anticipate that it will have a material impact on the Company's consolidated financial statements. We have a small number of contracts which require an assessment and believe we have sufficient time for the implementation of ASU-2014-19. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 1. The Company History a23
Note 1. The Company History and Nature of The Business (Details) - USD ($) | Mar. 31, 2018 | Sep. 30, 2017 |
Details | ||
Retained deficit | $ 95,698 | $ 88,928 |
Total Stockholders' Deficit | $ 40,322 | $ 33,552 |
Note 3. Note Payable (Details)
Note 3. Note Payable (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Mar. 16, 2017 | |
Note payable | $ 25,000 | $ 25,000 | $ 25,000 | |||
Interest expense | $ 740 | $ 123 | $ 1,496 | $ 123 | ||
Unaffiliated Lender | ||||||
Note payable | $ 25,000 | |||||
Note Payable Interest Rate | 12.00% |
Note 4. Related Party Transac25
Note 4. Related Party Transactions (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
General and administrative costs from a related party | $ 100 | $ 0 | $ 350 | $ 250 |
Majority Shareholder, Officer, and Director | ||||
General and administrative costs from a related party | $ 100 | $ 0 | $ 350 | $ 250 |