Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 15, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MON SPACE NET INC. | |
Entity Central Index Key | 1,670,538 | |
Amendment Flag | false | |
Trading Symbol | MSNI | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 213,330,000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 46,249 | $ 65,700 |
Receivables - related party | 6,599 | 1,599 |
Other current assets | 271 | |
Total current assets | 53,119 | 67,299 |
Total assets | 53,119 | 67,299 |
Current liabilities | ||
Accounts payable and accrued liabilities | 2,625 | |
Note payable - related party | 11,476 | 11,476 |
Total current liabilities | 11,476 | 14,101 |
Total liabilities | 11,476 | 14,101 |
Stockholders' equity | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized, 213,330,000 shares issued and outstanding | 213,330 | 213,330 |
Additional paid-in capital | 21,216 | 18,592 |
Accumulated deficit | (192,900) | (178,724) |
Accumulated other comprehensive loss | (3) | |
Total stockholders' equity | 41,643 | 53,198 |
Total liabilities and stockholders' equity | $ 53,119 | $ 67,299 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) | Mar. 31, 2017$ / sharesshares |
Statement of Financial Position [Abstract] | |
Common stock, par value | $ / shares | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 |
Common stock, shares issued | 213,330,000 |
Common stock, shares outstanding | 213,330,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses | ||
General and administrative | $ 14,157 | $ 12,517 |
Total operating expenses | 14,157 | 12,517 |
Loss from operations | 14,157 | 12,517 |
Other expense | (19) | |
Net loss | (14,176) | (12,517) |
Other comprehensive loss | ||
Foreign currency translation adjustments | (3) | |
Comprehensive loss | $ (14,179) | $ (12,517) |
Basic and diluted net loss per common share | $ 0 | $ 0 |
Weighted average number of common shares outstanding | 213,330,000 | 213,330,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (14,176) | $ (12,517) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Receivables - related party | (5,000) | |
Other current assets | (272) | |
Accounts payable | (2,625) | |
Cash used in operating activities | (22,073) | (12,517) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital contributions | 2,625 | 12,517 |
Proceeds from sale of common stock | 8,330 | |
Cash provided by financing activities | 2,625 | 20,847 |
Effect of exchange rate changes on cash and cash equivalents | (3) | |
Net change in cash and cash equivalents | (19,451) | 8,330 |
Cash and cash equivalents, beginning of period | 65,700 | |
Cash and cash equivalents, end of period | 46,249 | 8,330 |
SUPPLEMENTAL CASH FLOWS DISCLOSURE | ||
Cash paid for interest | ||
Cash paid for income tax |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company Mon Space Net, Inc (the “Company”) was incorporated in the State of Nevada on December 31, 2015. The Company plans to offer an online marketplace to sell products and services using a business to business to consumer model. The Company’s operations to date have been limited to offering shares of Common Stock to investors. On March 28, 2017, the Company incorporated MSNI (M) Sdn. Bhd., a company formed under the laws of Malaysia, as a wholly owned subsidiary. Basis of Presentation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in all material respects. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MSNI (M) Sdn. Bhd. Intercompany transactions and balances have been eliminated. Use of Estimates and Assumptions The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions. Balances held by the Company are not typically in excess of FDIC insured limits. At March 31, 2017, all of the Company’s cash was deposited in one bank. Loss Per Common Share Loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income of the entity. As of March 31, 2017, there are no outstanding dilutive securities. Foreign Currency The Company has determined that the functional currency of the Company is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). Subsequent Events The Company has evaluated all transactions through the financial statement issuance date for subsequent event disclosure consideration. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company has not yet generated any revenue since its inception and has operating losses of $14,176 for the three months ended March 31, 2017. The Company's continuation as a going concern is dependent on its ability to execute its operation plan to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to our company. We estimate that based on current plans and assumptions, our available cash will not be sufficient to satisfy our cash requirements under our present operating expectations, without further financing, for up to 12 months. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern; however, the above conditions raise substantial doubt about the Company's ability to do so. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. We are attempting to generate sufficient revenue; however, our cash position may not be sufficient to support our daily operations. While we believe in the viability of our strategy to generate sufficient revenues in the future and in our ability to raise additional funds, there can be no assurances to that effect. The ability of our company to continue as a going concern is dependent upon our ability to further implement our business plan, generate sufficient revenue to cover operating expenses and in our ability to raise additional funds. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
EQUITY | NOTE 3 – EQUITY The Company is authorized to issue 1,000,000,000 shares of common stock. During the March 2017, the Company recorded $2,625 in additional paid in capital for filing expenses paid on behalf of the Company from one of its directors, Low Koon Poh. |
Related Party Transaction
Related Party Transaction | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transaction [Abstract] | |
RELATED PARTY TRANSACTION | NOTE 4 – RELATED PARTY TRANSACTION During January 2017, the Company paid certain general and administrative expenses on behalf of Mon Space Plantation Inc, a company whose directors include Lai Chai Suang, Low Koon Poh and Chan Foo Weng, who are also directors of Mon Space Net Inc. in the amount of $5,000. The amounts are recorded as a receivable on the accompanying balance sheet. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5 – SUBSEQUENT EVENTS On April 7, 2017, the wholly-owned subsidiary, MSNI (M) Sdn Bhd entered into a collaboration agreement with Monspacemall Sdn Bhd., a company formed under the laws of Malaysia to conduct its business jointly under the name of “monspacemall.com”. Monspacemall Sdn Bhd is partially owned by the CEO of the Company. The Company will be entitled to 50% of the profits of the venture. On April 7, 2017, the Company entered into an acquisition agreement with the shareholders of Monspacemall Sdn Bhd pursuant to which the Company agreed to purchase a 100% equity interest, or 100,000 ordinary shares of Monspacemall Sdn Bhd for an aggregate purchase of $50,000. The consummation of the acquisition is subject to the completion of an audit of Monspacemall Sdn Bhd. |
Nature of Operations and Summ11
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Nature of Operations and Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) in all material respects. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, MSNI (M) Sdn. Bhd. Intercompany transactions and balances have been eliminated. |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of consolidated 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions. Balances held by the Company are not typically in excess of FDIC insured limits. At March 31, 2017, all of the Company’s cash was deposited in one bank. |
Loss Per Common Share | Loss Per Common Share Loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the net income of the entity. As of March 31, 2017, there are no outstanding dilutive securities. |
Foreign Currency | Foreign Currency The Company has determined that the functional currency of the Company is U.S. Dollars. Foreign currency transaction gains and losses are included in the statement of operations as other income (expense). |
Subsequent Events | Subsequent Events The Company has evaluated all transactions through the financial statement issuance date for subsequent event disclosure consideration. |
Going Concern (Details)
Going Concern (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Going Concern (Textual) | ||
Operating losses | $ (14,157) | $ (12,517) |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Equity (Textual) | ||
Common stock, shares authorized | 1,000,000,000 | |
Capital contributions from Low Koon Poh | $ 2,625 | $ 12,517 |
Related Party Transaction (Deta
Related Party Transaction (Details) | 1 Months Ended |
Jan. 31, 2017USD ($) | |
Directors [Member] | |
Related Party Transaction (Textual) | |
Company paid certain general and administrative expenses | $ 5,000 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events [Member] - Monspacemall Sdn Bhd [Member] | Apr. 07, 2017USD ($)shares |
Subsequent Events (Textual) | |
Purchase equity interest | 100.00% |
Collaboration agreement, description | The Company will be entitled to 50% of the profits of the venture. |
Purchase of equity ordinary shares | shares | 100,000 |
Purchase of equity ordinary shares value | $ | $ 50,000 |