Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2017 | Jun. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | Deseo Swimwear Inc. | ||
Entity Central Index Key | 1,670,196 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 62,242,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 2,483 | $ 17,708 |
TOTAL ASSETS | 2,483 | 17,708 |
CURRENT LIABILITIES | ||
Accounts payable | 1,500 | 11,850 |
Due to related party | 17,284 | 881 |
TOTAL LIABILITIES | 18,784 | 12,731 |
STOCKHOLDER'S (DEFICIT) EQUITY | ||
Common stock Authorized 75,000,000 shares of common stock, $0.001 par value, Issued and outstanding 64,242,500 shares of common stock | 64,242 | 64,242 |
Additional paid in capital | (45,887) | (45,887) |
Accumulated deficit | (34,656) | (13,378) |
TOTAL STOCKHOLDER'S (DEFICIT) EQUITY | (16,301) | 4,977 |
TOTAL LIABILITIES AND STOCKHOLDER'S (DEFICIT) EQUITY | $ 2,483 | $ 17,708 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
STOCKHOLDER'S (DEFICIT) EQUITY | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 64,242,500 | 64,242,500 |
Common Stock, shares outstanding | 64,242,500 | 64,242,500 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
OPERATING EXPENSES | ||
General and administrative | $ 13,378 | $ 21,278 |
TOTAL OPERATING EXPENSES | (13,378) | (21,278) |
NET LOSS | $ (13,378) | $ (21,278) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBERS OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 38,266,074 | 64,242,500 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Shares at Apr. 20, 2015 | ||||
Beginning Balance, Amount at Apr. 20, 2015 | ||||
Common stock issued for cash, Shares | 64,242,500 | |||
Common stock issued for cash, Amount | $ 64,242 | (45,887) | 18,355 | |
Net Loss | (13,378) | (13,378) | ||
Ending Balance, Shares at Dec. 31, 2015 | 64,242,500 | |||
Ending Balance, Amount at Dec. 31, 2015 | $ 64,242 | (45,887) | (13,378) | 4,977 |
Net Loss | (21,278) | (21,278) | ||
Ending Balance, Shares at Dec. 31, 2016 | 64,242,500 | |||
Ending Balance, Amount at Dec. 31, 2016 | $ 64,242 | $ (45,887) | $ (34,656) | $ (16,301) |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (13,378) | $ (21,278) |
Changes in operating assets and liabilities: | ||
Accounts payable | 11,850 | (10,350) |
NET CASH USED IN OPERATING ACTIVITIES | (1,528) | (31,628) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sales of common stock | 18,355 | |
Advances from related party | 881 | 16,403 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 19,236 | 16,403 |
NET INCREASE IN CASH | 17,708 | (15,225) |
CASH, BEGINNING OF PERIOD | 17,708 | |
CASH, END OF PERIOD | 17,708 | 2,483 |
SUPPLEMENTAL CASH FLOWs INFORMATION | ||
Income Tax Paid | ||
Interest Paid |
NATURE OF OPERATIONS AND SUMMAR
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The Company Deseo Swimwear Inc. (the Company) was incorporated in the State of Nevada on April 20, 2015 and established a fiscal year end of December 31. The Company is organized to design, manufacture and sell Dominican Republic inspired swimwear. Basis of Presentation These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. 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. Earnings (Loss) per Common Share The basic earnings (loss) per common share is calculated by dividing the Companys net income (loss) available to common shareholders by the weighted average number of common shares during the period. 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. As of December 31, 2016, there were no common stock equivalents outstanding. 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 estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were available to be issued. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 2 - GOING CONCERN | To date the Company has generated no revenues from its business operations and has incurred operating losses of $34,656 since inception. As at December, 2016, the Company has a working capital deficit of $16,301. 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 331, 2016, the Company has issued 38,500,000 founders shares at $0.000285 per share for net proceeds of $11,000; and 25,742,500 private placement shares at $0.000285 for net proceeds of $7,355. 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 3 - RELATED PARTY TRANSACTIONS | During the year ended December 31, 2016 and the period from Inception (April 20, 2015) to December 31, 2015, the Companys CEO paid $16,403 and $881, respectively, of expenses on behalf of the Company. The total amount owing to the Companys CEO is $17,284 as of December 31, 2016. The balance due is unsecured and non-interest-bearing with no set terms of repayment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 4 - INCOME TAXES | The significant component of deferred income tax assets at December 31, 2016 and December 31, 2015 is as follows: December 31, 2016 December 31, 2015 Net operating loss carry-forward $ 11,784 4,549 Less: valuation allowance (11,784 ) (4,549 ) Net deferred income tax asset $ - The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change and which cause a change in management's judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of December 31, 2016 and 2015, the Company has no unrecognized income tax benefits. The Companys policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended December 31, 2016, and the period from April 20, 2015 (Inception) to December 31, 2015 no interest or penalties have been accrued as of December 31, 2016 and 2015. As of December 31, 2016 and 2015, the Company did not have any amounts recorded pertaining to uncertain tax positions. A reconciliation of the provision for income taxes at the United States federal statutory rate for the years ended December 31, 2016 and December 31, 2015 is as follows: December 31, 2016 December 31, 2015 Net loss before income taxes per financial statements $ (21,278 ) (13,378 ) Income tax rate 34 % 34 % Income tax benefit (7,235 ) (4,549 ) Change in valuation allowance 7,235 4,549 Provision for income taxes $ - |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Note 5 - EQUITY | The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. No preferred shares have been authorized or issued. Between May 5, 2015 and June 1, 2015, the Company sold 25,742,500 (pre-split 7,355,000) of common stock to 30 shareholders at $0.000285 per share for cash proceeds of $7,355. On June 4, 2015, the Company sold 17,500,000 (pre-split 5,000,000) of common shares at $0.000285 per share to the sole director and President of the Company for cash proceeds of $5,000. On December 28, 2015, the Company sold 21,000,000 (pre-split 6,000,000) common shares at $0.000285 per share to the sole director and President of the Company for cash proceeds of $6,000. On September 30, 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 3.5 new common shares for 1 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 3.5:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. |
NATURE OF OPERATIONS AND SUMM12
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Nature Of Operations And Summary Of Significant Accounting Policies Policies | |
The Company | Deseo Swimwear Inc. (the Company) was incorporated in the State of Nevada on April 20, 2015 and established a fiscal year end of December 31. The Company is organized to design, manufacture and sell Dominican Republic inspired swimwear. |
Basis of Presentation | These financial statements are presented in United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
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. |
Earnings (Loss) per Common Share | The basic earnings (loss) per common share is calculated by dividing the Companys net income (loss) available to common shareholders by the weighted average number of common shares during the period. 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. As of December 31, 2016, there were no common stock equivalents outstanding. |
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 estimates the fair value of each stock-based compensation award at the grant date by using Black-Scholes Option Pricing Model. The fair value determined represents the cost of the award and is recognized over the vesting period during which an employee is required to provide service in exchange for the award. As stock-based compensation expense is recognized based on awards ultimately expected to vest. Excess tax benefits, if any, are recognized as additional paid in capital. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
Subsequent Events | The Company has evaluated subsequent events through the date the financial statements were available to be issued. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes Tables | |
Schedule of Deferred Tax Asset | The significant component of deferred income tax assets at December 31, 2016 and December 31, 2015 is as follows: December 31, 2016 December 31, 2015 Net operating loss carry-forward $ 11,784 4,549 Less: valuation allowance (11,784 ) (4,549 ) Net deferred income tax asset $ - |
Reconciliation Of The Provision For Income Taxes | A reconciliation of the provision for income taxes at the United States federal statutory rate for the years ended December 31, 2016 and December 31, 2015 is as follows: December 31, 2016 December 31, 2015 Net loss before income taxes per financial statements $ (21,278 ) (13,378 ) Income tax rate 34 % 34 % Income tax benefit (7,235 ) (4,549 ) Change in valuation allowance 7,235 4,549 Provision for income taxes $ - |
NATURE OF OPERATIONS AND SUMM14
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Nature Of Operations And Summary Of Significant Accounting Policies Details Narrative | |
Country or state of incorporation | Nevada |
Date of incorporation | Apr. 20, 2015 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | 12 Months Ended | 20 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | |
Going Concern Details Narrative | ||
Operating losses | $ 34,656 | |
Working capital deficit | $ 16,301 | $ 16,301 |
Founders shares Issued | shares | 38,500,000 | |
Founders per share | $ / shares | $ 0.000285 | |
Net proceeds from founders shares | $ 11,000 | |
Private placement shares | shares | 25,742,500 | |
Private placement per share | $ / shares | $ 0.000285 | |
Net proceeds from private placement shares | $ 7,355 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Related Party Transactions Details Narrative | ||
Advances from related party | $ 881 | $ 16,403 |
Due to related party | $ 881 | $ 17,284 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes Details | ||
Net operating loss carry-forward | $ 11,784 | $ 4,549 |
Less: valuation allowance | (11,784) | (4,549) |
Net deferred income tax asset |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 8 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Dec. 31, 2016 | |
Income Taxes Details 1 | ||
Net loss before income taxes per financial statements | $ (13,378) | $ (21,278) |
Income tax rate | 34.00% | 34.00% |
Income tax benefit | $ (4,549) | $ (7,235) |
Change in valuation allowance | $ 4,559 | $ 7,235 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Jun. 04, 2015 | Sep. 30, 2016 | Dec. 28, 2015 | Jun. 01, 2015 | Dec. 31, 2016 | Dec. 31, 2015 |
Common Stock, par value | $ 0.001 | $ 0.001 | ||||
Common Stock, shares authorized | 75,000,000 | 75,000,000 | ||||
Forward split of the common stock description | On September 30, 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 3.5 new common shares for 1 old common share. All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 3.5:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted. | |||||
Shareholders [Member] | ||||||
Sale of common stock | 25,742,500 | |||||
Proceeds from sale of common stock | $ 7,355 | |||||
Common stock per share | $ 0.000285 | |||||
Director and President [Member] | ||||||
Sale of common stock | 17,500,000 | 21,000,000 | ||||
Proceeds from sale of common stock | $ 5,000 | $ 6,000 | ||||
Common stock per share | $ 0.000285 | $ 0.000285 |