Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2017 | |
Document And Entity Information | |
Entity Registrant Name | Diverse Development Group Inc. |
Entity Central Index Key | 1,672,897 |
Document Type | S1 |
Document Period End Date | Mar. 31, 2017 |
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 |
Document Fiscal Year Focus | 2,017 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash & cash equivalents | $ 398 | $ 415 |
Total Current Assets | 398 | 415 |
Total assets | 398 | 415 |
Current liabilities | ||
Accrued liabilities | 15,000 | 5,000 |
Current liabilities | 15,000 | 5,000 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 20,000,000 shares authorized; none outstanding as of March 31, 2017 and December 31, 2016, respectively | ||
Common stock; $0.0001 par value, 100,000,000 shares authorized; 7,115,000 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively | 712 | 712 |
Discount on Common Stock | (670) | (670) |
Additional paid - in capital | 2,142 | 2,142 |
Accumulated deficit | (16,786) | (6,769) |
Total stockholders' deficit | (14,602) | (4,585) |
Total liabilities and stockholders' deficit | $ 398 | $ 415 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Stockholders' deficit | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized shares | 20,000,000 | 20,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, issued shares | 7,115,000 | 7,115,000 |
Common stock, outstanding shares | 7,115,000 | 7,115,000 |
UNAUDITED CONDENSED STATEMENT O
UNAUDITED CONDENSED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Unaudited Condensed Statement Of Operations | ||
Revenue | ||
Cost of revenue | ||
Gross profit | ||
Operating expenses | 10,017 | 6,769 |
Operating loss | (6,769) | |
Operating loss before income taxes | (10,017) | (6,769) |
Income tax expense | ||
Net loss | $ (10,017) | $ (6,769) |
Loss per share - basic and diluted | $ 0 | |
Weighted average shares - basic and diluted | 7,115,000 | 19,363,389 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Discount on Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Apr. 03, 2016 | |||||
Beginning balance, amount at Apr. 03, 2016 | |||||
Issuance of common stock to founders for no consideration, shares | 20,000,000 | ||||
Issuance of common stock to founders for no consideration, amount | $ 2,000 | (2,000) | |||
Redemption of common stock, shares | (19,400,000) | ||||
Redemption of common stock, amount | $ (1,940) | 1,940 | |||
Issuance of common stock for change in control, shares | 6,100,000 | ||||
Issuance of common stock for change in control, amount | $ 610 | (610) | |||
Issuance of common stock for cash, shares | 415,000 | ||||
Issuance of common stock for cash, amount | $ 42 | 373 | 415 | ||
Additional paid-in capital | 1,769 | 1,769 | |||
Net loss | (6,769) | (6,769) | |||
Ending balance, shares at Dec. 31, 2016 | 7,115,000 | ||||
Ending balance, amount at Dec. 31, 2016 | $ 712 | $ (670) | $ 2,142 | $ (6,769) | (4,585) |
Net loss | (10,017) | ||||
Ending balance, amount at Mar. 31, 2017 | $ (14,602) |
UNAUDITED CONDENSED STATEMENT 6
UNAUDITED CONDENSED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss | $ (10,017) | $ (6,769) |
Non-cash adjustments to reconcile net loss to net cash: | ||
Expenses paid for by stockholder and contributed as capital | 1,769 | |
Accrued liabilities | 10,000 | |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 415 | |
Net cash used in operating activities | (17) | 5,000 |
Net cash provided by financing activities | 415 | |
Net decrease in cash & cash equivalents | (17) | 415 |
Cash & cash equivalents, beginning of period | 415 | |
Cash & cash equivalents, end of period | 398 | 415 |
Supplemental cash flow information: | ||
Income tax paid | ||
Interest paid | ||
NON-CASH TRANSACTION: | ||
Common stock issued to founders for no consideration | 60 | |
Common stock issued to officer for no consideration | $ 610 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
Note 1- NATURE OF OPERATIONS | NATURE OF OPERATIONS Diverse Development Group, Inc. ("Diverse" or "the Company") was incorporated on April 4, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception. Subsequent to a change in control effected December 17, 2016, the Company's primary objective is to buy, sell and develop real estate assets located within the United States. However unlike traditional real estate investment groups, the Company intends to operate using cash and little debt. Should the Company at any time require debt financing to fulfill its business plan, the Company intends to use short-term loans only. The Company may develop its business plan through operations or through a business combination with one or more operating entities. Any such combination would take the form of a merger, stock-for-stock exchange or stock-for-assets exchange and be structured to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any operating company. Basis of Presentation The accompanying condensed balance sheet as of December 31, 2016, which has been derived from the Company's audited financial statements as of that date, and the unaudited interim condensed financial information of the Company as of and for the three months ended March 31, 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. In the opinion of management, such financial information includes all adjustments considered necessary for a fair presentation of the Company's financial position at such date and the operating results and cash flows for such periods. Operating results for the interim period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosure normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the United States Securities and Exchange Commission ("SEC"). These unaudited condensed interim financial statements should be read in conjunction with our audited financial statements and accompanying notes included in the Amended Company's Annual Report on Form 10-K/A for the year ended December 31, 2016, filed with the SEC on May 22, 2017. | NATURE OF OPERATIONS Diverse Development Group, Inc. ("Diverse" or "the Company") was incorporated on April 4, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception. The Company may develop its business plan through operations or through a business combination with one or more operating entities. Any such combination would take the form of a merger, stock-for-stock exchange or stock-for-assets exchange and be structured to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any operating company. BASIS OF PRESENTATION The summary of significant accounting policies presented below is designed to assist in understanding the Company's financial statements. Such financial statements and accompanying notes are the representations of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company has not earned any revenue from operations since inception. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in ASC 915, "Development Stage Entities." Among the disclosures required by ASC 915, are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. The Company chose December 31 as its fiscal year end. USE OF ESTIMATES The preparation of 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 financial statements,and the reported amounts of revenues and expenses during the reportin periods. 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 as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had cash of $415 as of December 31, 2016. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of December 31, 2016. INCOME TAXES Under ASC 740, "Income Taxes," deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2016 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic 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 loss of the entity. As of December 31, 2016, there are no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
RESTATEMENT OF PREVIOUSLY ISSUE
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 2 - RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | The Company has restated its financial statements as of December 31, 2016 and for the period from April 4, 2016 (inception) to December 31, 2016 to correct errors identified in the Balance Sheet, Statement of Operations, Statement of Stockholders' Deficit, and Statement of Cash Flows. The restatement corrects the following items: (1) To correct the balances of cash, common stock, additional paid-in capital, and the number of common shares issued and outstanding stated on the Balance Sheet; (2) To correct the weighted average number of shares stated on the Statement of Operations; (3) To correct the number of common shares and balances for the issuance of common stock stated on the Statement of Stockholders' Deficit; and (4) To correct the amount of proceeds from issuance of common stock stated under Financing Activities on the Statement of Cash Flows. The effects of the adjustments on the Company's previously issued financial statements for the year ended December 31, 2016 are summarized as follows: Selected Balance Sheet information as of December 31, 2016: Previously Effect of As Reported Restatement Restated Current assets Cash $ - $ 415 $ 415 Total assets - 415 415 Stockholders' deficit Common stock 670 42 712 Additional paid-in capital 1,769 373 2,142 Total stockholders' deficit (5,000 ) 415 (4,585 ) Total liabilities and stockholders' deficit - 415 415 Selected Statement of Operations information for the period from April 4, 2016 (inception) to December 31, 2016: Previously Effect of As Reported Restatement Restated Weighted average shares-basic and diluted 19,363,389 72,983 19,290,406 Selected Statement of Stockholders' Deficit information for the period from April 4, 2016 (inception) to December 31, 2016: Previously Reported Effect of Restatement As Restated Issuance of common stock to founders for no consideration - number of shares 26,100,000 (6,100,000 ) 20,000,000 Issuance of common stock to founders for no consideration - Amount of Common Stock $ 2,610 $ (610 ) $ 2,000 Issuance of common stock to founders for no consideration - Discount on Common Stock (2,610 ) 610 (2,000 ) Issuance of common stock for change in control - Number of Shares - 6,100,000 6,100,000 Issuance of common stock for change in control - Amount of Common Stock $ - $ 610 $ 610 Issuance of common stock for change in control - Discount on Common Stock - (610 ) (610 ) Issuance of common stock for cash - Number of of Shares - 415,000 415,000 Issuance of common stock for cash - Amount of Common Stock $ - $ 42 $ 42 Issuance of common stock for cash - Additional Paid-in Capital - 373 373 Issuance of common stock for cash - Total Stockholders' Deficit - 415 415 Balance, December 31, 2016 - Number of Shares 6,700,000 415,000 7,115,000 Balance, December 31, 2016 - Amount of Common Stock $ 670 $ 42 $ 712 Balance, December 31, 2016 - Additional Paid-in Capital 1,769 373 2,142 Balance, December 31, 2016 - Total Stockholders' Deficit (5,000 ) 415 (4,585 ) Selected Statement of Cash Flows information for the period from April 4, 2016 (inception) to December 31, 2016: Previously Effect of As Reported Restatement Restated FINANCING ACTIVITIES Proceeds from issuance of common stock $ - $ 415 $ 415 Net cash provided by financing activities - 415 415 Net increase in cash - 415 415 Cash, end of period - 415 415 NON-CASH TRANSACTION: Common stock issued to founders for no consideration 670 (610 ) 60 Common stock issued to officer for no consideration - 610 610 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | USE OF ESTIMATES The preparation of 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. 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 as well as all highly liquid short-term investments with original maturities of 90 days or less. The cash and cash equivalents were $398 and $415 as of March 31, 2017 and December 31, 2016, respectively. CONCENTRATION OF RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2017 and December 31, 2016. INCOME TAXES Under ASC 740, "Income Taxes," deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2017 and December 31, 2016, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. LOSS PER COMMON SHARE Basic 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 loss of the entity. As of March 31, 2017 and December 31, 2016, there were no outstanding dilutive securities. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. RECENT ACCOUNTING PRONOUNCEMENTS In November 2016, the FASB issued Accounting Standards Update No. 2016-18," Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting ASU 2016-18, which will only impact the Company if it has restricted cash in the future. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows.ASU 2016-15 is effective for fiscal years beginning after December 15, 2017.The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case it would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently in the process of evaluating the impact of ASU 2016-15 on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This standard is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. Under U.S. GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, U.S. GAAP lacks guidance about managements responsibility to evaluate whether there is substantial doubt about the organizations ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organizations management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15,2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. Management believes that the impact of this ASU to the Companys financial statements would be insignificant. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 4 - RECENT ACCOUNTING PRONOUNCEMENTS | In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting ASU 2016-18, which will only impact the Company if it has restricted cash in the future. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016- 15"). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case it would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently in the process of evaluating the impact of ASU 2016-15 on its condensed financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This standard is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. Under U.S. GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, U.S. GAAP lacks guidance about management's responsibility to evaluate whether there is substantial doubt about the organization's ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15, 2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. Management believes that the impact of this ASU to the Company's financial statements would be insignificant. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
Note 3 - GOING CONCERN | The Company has not yet generated any revenue since inception to date and has sustained net losses of $10,017 for the three months ended March 31, 2017. The Company had working capital deficits of $14,602 and $4,585 as of March 31, 2017 and December 31, 2016, respectively. The Company had an accumulated deficit of $16,786 and $6,769 as of March 31, 2017 and December 31, 2016, respectively. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing from its members or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company's ability to do so. The 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. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. | The Company has not yet generated any revenue since inception to date and has sustained operating losses of $6,769 during the period ended December 31, 2016. The Company had a working capital deficit of $4,585 and an accumulated deficit of $6,769 as of December 31, 2016. The Company's continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company's ability to do so. The 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. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
ACCRUED LIABILITIES
ACCRUED LIABILITIES | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
Note 4 - ACCRUED LIABILITIES | The Company had accrued professional fees of $15,000 and $5,000 as of March 31, 2017 and December 31, 2016, respectively. | As of December 31, 2016, the Company had accrued professional fees of $5,000. |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
Note 5 - STOCKHOLDERS' DEFICIT | On April 4, 2016, the Company issued 20,000,000 founders common stock to two directors and officers pro rata as founder shares for services rendered to the Company, valued at $0.0001 par value per share, for a total of $2,000 of which an aggregate of 19,400,000 were contributed back to the Company on December 17, 2016 for a total valuation of$1,940. On December 18, 2016, the Company issued 6,100,000 shares of common stock at par value and at a discount of $610 to its then new sole officer and director. On December 30, 2016, the Company issued an aggregate of 415,000 shares of common stock for an aggregate consideration of $415, or at $0.001 per share to 36 shareholders pursuant to Section 4(2) of the Securities Act of 1933 as a private offering of its securities. The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of March 31, 2017, 7,115,000 shares of common stock and no preferred stock were issued and outstanding. | On April 4, 2016, the Company issued 20,000,000 founders common stock to two directors and officers pro rata as founder shares for services rendered to the Company, valued at $0.0001 par value per share, for a total of $2,000 of which an aggregate of 19,400,000 were contributed back to the Company on December 17, 2016 for a total valuation of $1,940. On December 18, 2016, the Company issued 6,100,000 shares of its common stock at par value and at a discount of $610 to its then new sole officer and director. On December 30, 2016, the Company issued an aggregate of 415,000 shares of common stock for an aggregate consideration of $415, or at $0.001 per share to 36 shareholders pursuant to Section 4(2) of the Securities Act of 1933 as a private offering of its securities. The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of December 31, 2016, 7,115,000 shares of common stock and no preferred stock were issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
Note 6 - SUBSEQUENT EVENTS | On February 21, 2017, the Company filed a registration statement on Form S-1 pursuant to the Securities Act of 1933 to register 1,015,000 shares of common stock held by the shareholders for sale by such shareholders. As of the date of this report, that registration statement is not effective and no shares have been registered for sale by such shareholders. The Company has evaluated subsequent events from the balance sheet date through May 22, 2017, the date at which the financial statements were available to be issued, and has determined that there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, Subsequent Events. | On February 21, 2017, the Company filed a registration statement on Form S-1 pursuant to the Securities Act of 1933 to register 1,015,000 shares of common stock held by the shareholders for sale by such shareholders. As of the date of this report, that registration statement is not effective and no shares have been registered for sale by such shareholders. Management has evaluated subsequent events through May 19, 2017, the date which the financial statements were available to be issued. Except for the events disclosed above, all subsequent events requiring recognition have been incorporated into these financial statements in accordance with FASB ASC Topic 855, "Subsequent Events". |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | ||
NATURE OF OPERATIONS | Diverse Development Group, Inc. ("Diverse" or "the Company") was incorporated on April 4, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception. The Company may develop its business plan through operations or through a business combination with one or more operating entities. Any such combination would take the form of a merger, stock-for-stock exchange or stock-for-assets exchange and be structured to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that the Company will be successful in locating or negotiating with any operating company. | |
BASIS OF PRESENTATION | The summary of significant accounting policies presented below is designed to assist in understanding the Company's financial statements. Such financial statements and accompanying notes are the representations of the Company's management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America ("GAAP") in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company has not earned any revenue from operations since inception. Accordingly, the Company's activities have been accounted for as those of a "Development Stage Enterprise" as set forth in ASC 915, "Development Stage Entities." Among the disclosures required by ASC 915, are that the Company's financial statements be identified as those of a development stage company, and that the statements of operations, stockholders' equity and cash flows disclose activity since the date of the Company's inception. The Company chose December 31 as its fiscal year end. | |
USE OF ESTIMATES | The preparation of 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | The preparation of 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 financial statements,and the reported amounts of revenues and expenses during the reportin periods. 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 as well as all highly liquid short-term investments with original maturities of 90 days or less. The cash and cash equivalents were $398 and $415 as of March 31, 2017 and December 31, 2016, respectively. | Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of 90 days or less. The Company had cash of $415 as of December 31, 2016. |
CONCENTRATION OF RISK | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2017 and December 31, 2016. | Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of December 31, 2016. |
INCOME TAXES | Under ASC 740, "Income Taxes," deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2017 and December 31, 2016, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. | Under ASC 740, "Income Taxes," deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2016 there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. |
LOSS PER COMMON SHARE | Basic 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 loss of the entity. As of March 31, 2017 and December 31, 2016, there were no outstanding dilutive securities. | Basic 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 loss of the entity. As of December 31, 2016, there are no outstanding dilutive securities. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. | The Company follows guidance for accounting for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a recurring basis. Additionally, the Company adopted guidance for fair value measurement related to nonfinancial items that are recognized and disclosed at fair value in the financial statements on a nonrecurring basis. The guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability. The carrying amounts of financial assets such as cash approximate their fair values because of the short maturity of these instruments. |
RECENT ACCOUNTING PRONOUNCEMENTS | In November 2016, the FASB issued Accounting Standards Update No. 2016-18," Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"). The new guidance is intended to reduce diversity in practice by adding or clarifying guidance on classification and presentation of changes in restricted cash on the statement of cash flows. ASU 2016-18 is effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted. The amendments in this update should be applied retrospectively to all periods presented. The Company is currently evaluating the impact of adopting ASU 2016-18, which will only impact the Company if it has restricted cash in the future. In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"). ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows.ASU 2016-15 is effective for fiscal years beginning after December 15, 2017.The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case it would be required to apply the amendments prospectively as of the earliest date practicable. The Company is currently in the process of evaluating the impact of ASU 2016-15 on its financial statements. In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern". This standard is intended to define management's responsibility to evaluate whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. Under U.S. GAAP, financial statements are prepared under the presumption that the reporting organization will continue to operate as a going concern, except in limited circumstances. Financial reporting under this presumption is commonly referred to as the going concern basis of accounting. The going concern basis of accounting is critical to financial reporting because it establishes the fundamental basis for measuring and classifying assets and liabilities. Currently, U.S. GAAP lacks guidance about managements responsibility to evaluate whether there is substantial doubt about the organizations ability to continue as a going concern or to provide related footnote disclosures. This ASU provides guidance to an organizations management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations today in the financial statement footnotes. The amendments are effective for annual periods ending after December 15, 2016, and interim periods within annual periods beginning after December 15,2016. Early application is permitted for annual or interim reporting periods for which the financial statements have not previously been issued. Management believes that the impact of this ASU to the Companys financial statements would be insignificant. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
RESTATEMENT OF PREVIOUSLY ISS16
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Restatement Of Previously Issued Financial Statements Tables | |
Selected Balance Sheet information | Previously Effect of As Reported Restatement Restated Current assets Cash $ - $ 415 $ 415 Total assets - 415 415 Stockholders' deficit Common stock 670 42 712 Additional paid-in capital 1,769 373 2,142 Total stockholders' deficit (5,000 ) 415 (4,585 ) Total liabilities and stockholders' deficit - 415 415 |
Selected Statement of Operations information | Previously Effect of As Reported Restatement Restated Weighted average shares-basic and diluted 19,290,406 72,983 19,363,389 |
Selected Statement of Stockholders' Deficit information | Previously Reported Effect of Restatement As Restated Issuance of common stock to founders for no consideration - number of shares 26,100,000 (6,100,000 ) 20,000,000 Issuance of common stock to founders for no consideration - Amount of Common Stock $ 2,610 $ (610 ) $ 2,000 Issuance of common stock to founders for no consideration - Discount on Common Stock (2,610 ) 610 (2,000 ) Issuance of common stock for change in control - Number of Shares - 6,100,000 6,100,000 Issuance of common stock for change in control - Amount of Common Stock $ - $ 610 $ 610 Issuance of common stock for change in control - Discount on Common Stock - (610 ) (610 ) Issuance of common stock for cash - Number of of Shares - 415,000 415,000 Issuance of common stock for cash - Amount of Common Stock $ - $ 42 $ 42 Issuance of common stock for cash - Additional Paid-in Capital - 373 373 Issuance of common stock for cash - Total Stockholders' Deficit - 415 415 Balance, December 31, 2016 - Number of Shares 6,700,000 415,000 7,115,000 Balance, December 31, 2016 - Amount of Common Stock $ 670 $ 42 $ 712 Balance, December 31, 2016 - Additional Paid-in Capital 1,769 373 2,142 Balance, December 31, 2016 - Total Stockholders' Deficit (5,000 ) 415 (4,585 ) |
Selected Statement of Cash Flows information | Previously Effect of As Reported Restatement Restated FINANCING ACTIVITIES Proceeds from issuance of common stock $ - $ 415 $ 415 Net cash provided by financing activities - 415 415 Net increase in cash - 415 415 Cash, end of period - 415 415 NON-CASH TRANSACTION: Common stock issued to founders for no consideration 670 (610 ) 60 Common stock issued to officer for no consideration - 610 610 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Nature Of Operations Details Narrative | ||
State of incorporation | Delaware | Delaware |
Date of incorporation | Apr. 4, 2016 | Apr. 4, 2016 |
Cash & cash equivalents | $ 398 | $ 415 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies Details Narrative | ||
Cash & cash equivalents | $ 398 | $ 415 |
RESTATEMENT OF PREVIOUSLY ISS19
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 03, 2016 |
Current assets | |||
Cash | $ 398 | $ 415 | |
Total assets | 398 | 415 | |
Stockholders' deficit | |||
Common stock | 712 | 712 | |
Additional paid - in capital | 2,142 | 2,142 | |
Total stockholders' deficit | (14,602) | (4,585) | |
Total liabilities and stockholders' deficit | $ 398 | 415 | |
Previously Reported [Member] | |||
Current assets | |||
Cash | |||
Total assets | |||
Stockholders' deficit | |||
Common stock | 670 | ||
Additional paid - in capital | 1,769 | ||
Total stockholders' deficit | (5,000) | ||
Total liabilities and stockholders' deficit | |||
Restatement Adjustment [Member] | |||
Current assets | |||
Cash | 415 | ||
Total assets | 415 | ||
Stockholders' deficit | |||
Common stock | 42 | ||
Additional paid - in capital | 373 | ||
Total stockholders' deficit | 415 | ||
Total liabilities and stockholders' deficit | 415 | ||
Restatement [Member] | |||
Current assets | |||
Cash | 415 | ||
Total assets | 415 | ||
Stockholders' deficit | |||
Common stock | 712 | ||
Additional paid - in capital | 2,142 | ||
Total stockholders' deficit | (4,585) | ||
Total liabilities and stockholders' deficit | $ 415 |
RESTATEMENT OF PREVIOUSLY ISS20
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 1) - shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Weighted average shares - basic and diluted | 7,115,000 | 19,363,389 |
Previously Reported [Member] | ||
Weighted average shares - basic and diluted | 19,363,389 | |
Restatement Adjustment [Member] | ||
Weighted average shares - basic and diluted | 72,983 | |
Restatement [Member] | ||
Weighted average shares - basic and diluted | 19,290,406 |
RESTATEMENT OF PREVIOUSLY ISS21
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 2) | 9 Months Ended |
Dec. 31, 2016USD ($)shares | |
Previously Reported [Member] | |
Issuance of common stock to founders for no consideration - number of shares | shares | 26,100,000 |
Issuance of common stock to founders for no consideration - Amount of Common Stock | $ 2,610 |
Issuance of common stock to founders for no consideration - Discount on Common Stock | $ (2,610) |
Issuance of common stock for change in control - Number of Shares | shares | |
Issuance of common stock for change in control - Amount of Common Stock | |
Issuance of common stock for change in control - Discount on Common Stock | |
Issuance of common stock for cash - Number of of Shares | shares | |
Issuance of common stock for cash - Amount of Common Stock | |
Issuance of common stock for cash - Additional Paid-in Capital | |
Issuance of common stock for cash - Total Stockholders' Deficit | |
Balance, December 31, 2016 - Number of Shares | shares | 6,700,000 |
Balance, December 31, 2016 - Amount of Common Stock | $ 670 |
Balance, December 31, 2016 - Additional Paid-in Capital | 1,769 |
Balance, December 31, 2016 - Total Stockholders' Deficit | $ (5,000) |
Restatement Adjustment [Member] | |
Issuance of common stock to founders for no consideration - number of shares | shares | (6,100,000) |
Issuance of common stock to founders for no consideration - Amount of Common Stock | $ (610) |
Issuance of common stock to founders for no consideration - Discount on Common Stock | $ 610 |
Issuance of common stock for change in control - Number of Shares | shares | 6,100,000 |
Issuance of common stock for change in control - Amount of Common Stock | $ 610 |
Issuance of common stock for change in control - Discount on Common Stock | $ (610) |
Issuance of common stock for cash - Number of of Shares | shares | 415,000 |
Issuance of common stock for cash - Amount of Common Stock | $ 42 |
Issuance of common stock for cash - Additional Paid-in Capital | 373 |
Issuance of common stock for cash - Total Stockholders' Deficit | $ 415 |
Balance, December 31, 2016 - Number of Shares | shares | 415,000 |
Balance, December 31, 2016 - Amount of Common Stock | $ 42 |
Balance, December 31, 2016 - Additional Paid-in Capital | 373 |
Balance, December 31, 2016 - Total Stockholders' Deficit | $ 415 |
Restatement [Member] | |
Issuance of common stock to founders for no consideration - number of shares | shares | 20,000,000 |
Issuance of common stock to founders for no consideration - Amount of Common Stock | $ 2,000 |
Issuance of common stock to founders for no consideration - Discount on Common Stock | $ (2,000) |
Issuance of common stock for change in control - Number of Shares | shares | 6,100,000 |
Issuance of common stock for change in control - Amount of Common Stock | $ 610 |
Issuance of common stock for change in control - Discount on Common Stock | $ (610) |
Issuance of common stock for cash - Number of of Shares | shares | 415,000 |
Issuance of common stock for cash - Amount of Common Stock | $ 42 |
Issuance of common stock for cash - Additional Paid-in Capital | 373 |
Issuance of common stock for cash - Total Stockholders' Deficit | $ 415 |
Balance, December 31, 2016 - Number of Shares | shares | 7,115,000 |
Balance, December 31, 2016 - Amount of Common Stock | $ 712 |
Balance, December 31, 2016 - Additional Paid-in Capital | 2,142 |
Balance, December 31, 2016 - Total Stockholders' Deficit | $ (4,585) |
RESTATEMENT OF PREVIOUSLY ISS22
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details 3) - USD ($) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | $ 415 | |
Net increase in cash | $ (17) | 415 |
Cash & cash equivalents, end of period | $ 398 | 415 |
NON-CASH TRANSACTION: | ||
Common stock issued to founders for no consideration | 60 | |
Common stock issued to officer for no consideration | 610 | |
Previously Reported [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | ||
Net cash provided by financing activities | ||
Net increase in cash | ||
Cash & cash equivalents, end of period | ||
NON-CASH TRANSACTION: | ||
Common stock issued to founders for no consideration | 670 | |
Common stock issued to officer for no consideration | ||
Restatement Adjustment [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 415 | |
Net cash provided by financing activities | 415 | |
Net increase in cash | 415 | |
Cash & cash equivalents, end of period | 415 | |
NON-CASH TRANSACTION: | ||
Common stock issued to founders for no consideration | (610) | |
Common stock issued to officer for no consideration | 610 | |
Restatement [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 415 | |
Net cash provided by financing activities | 415 | |
Net increase in cash | 415 | |
Cash & cash equivalents, end of period | 415 | |
NON-CASH TRANSACTION: | ||
Common stock issued to founders for no consideration | 60 | |
Common stock issued to officer for no consideration | $ 610 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | Apr. 03, 2016 | |
Going Concern Details Narrative | |||
Net loss | $ (10,017) | $ (6,769) | |
Accumulated deficit | (16,786) | (6,769) | |
working capital deficits | $ (14,602) | $ (4,585) |
ACCRUED LIABILITIES (Details Na
ACCRUED LIABILITIES (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities Details Narrative | ||
Accrued professional fees | $ 15,000 | $ 5,000 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details Narrative) | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 30, 2016USD ($)Number$ / sharesshares | Dec. 18, 2016USD ($)shares | Dec. 17, 2016USD ($)shares |
Common stock, authorized shares | 100,000,000 | 100,000,000 | |||
Common stock, issued shares | 7,115,000 | 7,115,000 | |||
Common stock, outstanding shares | 7,115,000 | 7,115,000 | |||
Preferred stock, authorized shares | 20,000,000 | 20,000,000 | |||
Preferred stock, issued shares | 0 | 0 | |||
Preferred stock, outstanding shares | 0 | 0 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||
Common stock Value | $ | $ 712 | $ 712 | |||
Treasury stock, share | 19,400,000 | ||||
Treasury stock, value | $ | $ 1,940 | ||||
Discount Per value | $ | $ 670 | $ 670 | |||
Directors and Officers [Member] | On April 4, 2016 [Member] | |||||
Common stock, issued shares | 20,000,000 | ||||
Common stock, par value | $ / shares | $ 0.0001 | ||||
Common stock Value | $ | $ 2,000 | ||||
Number of dirctors and officers | Number | 2 | ||||
Shareholders [Member] | |||||
Common stock, issued shares | 415,000 | ||||
Common stock, par value | $ / shares | $ 0.001 | ||||
Common stock Value | $ | $ 415 | ||||
Number of shareholders | Number | 36 | ||||
New sole officer and director [Member] | |||||
Common stock, issued shares | 6,100,000 | ||||
Discount Per value | $ | $ 610 |