Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Feb. 14, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Caro Holdings Inc. | |
Entity Central Index Key | 1,678,105 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,705,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,019 | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 1,879 | $ 1,671 |
Total Current Assets | 1,879 | 1,671 |
TOTAL ASSETS | 1,879 | 1,671 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 14,398 | 13,600 |
Due to related party | 20,390 | 500 |
Deferred revenue | 400 | |
Total Current Liabilities | 35,188 | 14,100 |
TOTAL LIABILITIES | 35,188 | 14,100 |
Stockholders' Deficit | ||
Preferred stock: 75,000,000 authorized; $0.00001 par value. No shares issued and outstanding | ||
Common stock: 75,000,000 authorized; $0.00001 par value. 7,705,000 shares issued and outstanding | 77 | 77 |
Additional paid in capital | 49,973 | 49,973 |
Accumulated deficit | (83,359) | (62,479) |
Total Stockholders' Deficit | (33,309) | (12,429) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 1,879 | $ 1,671 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 |
Stockholders' Deficit | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 75,000,000 | 75,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 7,705,000 | 7,705,000 |
Common stock, shares outstanding | 7,705,000 | 7,705,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statements Of Operations | ||||
Revenue | $ 100 | $ 200 | ||
Cost of Goods Sold | 15 | 51 | ||
Gross Profit | 85 | 149 | ||
Operating Expenses | ||||
General and administration | 5,490 | 4,634 | 21,029 | 20,655 |
Total operating expenses | 5,490 | 4,634 | 21,029 | 20,655 |
Net loss | $ (5,405) | $ (4,634) | $ (20,880) | $ (20,655) |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 7,705,000 | 7,705,000 | 7,705,000 | 7,705,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (20,880) | $ (20,655) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 20,724 | (2,250) |
Deferred revenue | 400 | |
Net Cash Provided by (Used in) Operating Activities | 244 | (22,905) |
Cash Flows from Financing Activities: | ||
Repayment to related party | (36) | |
Net Cash Used in Financing Activities | (36) | |
Net Increase (Decrease) in Cash and Cash Equivalents | 208 | (22,905) |
Cash and Cash Equivalents, beginning of period | 1,671 | 24,171 |
Cash and Cash Equivalents, end of period | 1,879 | 1,266 |
Supplemental Disclosure Information: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-Cash Investing and Financing Activities: | ||
Operating expenses paid by related party | 19,875 | |
Inventory costs paid by related party | $ 51 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | Caro Holdings Inc. (the “Company”) was incorporated in the State of Nevada on March 29, 2016 and is engaged in the subscription box business with its initial focus on offering sock subscriptions to its customers. Our subscription box will be a package of socks that will be sent directly to a customer on a recurring basis. Our subscription sock boxes are a marketing strategy and a method of product distribution, allowing us to target a wide range of customers and cater to their variety of specific needs and interests. |
SIGNIFICANT AND CRITICAL ACCOUN
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 2 - SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2018 included in the Company’s Annual Report on Form 10-K as filed with the SEC on August 14, 2018. Revenue Recognition During the nine months ended December 31, 2018, the Company generated its first time revenue since its establishment. The Company recognizes revenue from the sale of products in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company’s sales are derived from sock subscriptions to our customers. The Company recognizes revenue at a point in time when it satisfies its obligation by transferring control of the good to the customer. The cost of sales includes the cost of socks, delivery charges and label printing cost. Deferred revenue is recorded when consideration is received from a customer prior to transferring products to the customer under the terms of a sales contract. During the nine months ended December 31, 2018, the Company received $600 deposit from the customer subscriptions of socks and recognized revenue of $200 for the socks that have been delivered to the customers. The Company incurred cost of sales of $51, generating gross profit of $149. The remaining customer deposit of $400 was recorded as deferred revenue. |
GOING CONCERN UNCERTAINTY
GOING CONCERN UNCERTAINTY | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN UNCERTAINTY | As reflected in the accompanying financial statements, the Company has an accumulated deficit of $83,359 as of December 31, 2018, and a net loss of $20,880 for the nine months ended December 31, 2018. The Company first generated revenues during three months ended September 30, 2018 and is still in the early stages of establishing a market for the products it sells. These factors raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that the current actions to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | During the nine months ended December 31, 2018 and December 31, 2017, the sole director and Chief Executive Officer (CEO) of the Company, Rozh Caroro, paid $19,875 and $0, respectively, on behalf of the Company for business operation purpose. During the nine months ended December 31, 2018, CEO paid inventory costs on behalf of the Company in the amount of $51, of which $36 had been repaid by the Company to the CEO during the same period. As of December 31, 2018 and March 31, 2018, there was $20,390 and $500 due to this related party, respectively. |
SIGNIFICANT AND CRITICAL ACCO_2
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Significant And Critical Accounting Policies And Practices | |
Basis of Presentation | The accompanying unaudited interim financial statements of the Company have been prepared in accordance with generally accepted accounting principles used in the United States of America (“US GAAP”) and the rules of the Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2018 included in the Company’s Annual Report on Form 10-K as filed with the SEC on August 14, 2018. |
Revenue Recognition | During the nine months ended December 31, 2018, the Company generated its first time revenue since its establishment. The Company recognizes revenue from the sale of products in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company’s sales are derived from sock subscriptions to our customers. The Company recognizes revenue at a point in time when it satisfies its obligation by transferring control of the good to the customer. The cost of sales includes the cost of socks, delivery charges and label printing cost. Deferred revenue is recorded when consideration is received from a customer prior to transferring products to the customer under the terms of a sales contract. During the nine months ended December 31, 2018, the Company received $600 deposit from the customer subscriptions of socks and recognized revenue of $200 for the socks that have been delivered to the customers. The Company incurred cost of sales of $51, generating gross profit of $149. The remaining customer deposit of $400 was recorded as deferred revenue. |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | 9 Months Ended |
Dec. 31, 2018 | |
Organization And Description Of Business Details Narrative | |
State Country Name | Nevada |
Date of incorporation | Mar. 29, 2016 |
SIGNIFICANT AND CRITICAL ACCO_3
SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant And Critical Accounting Policies And Practices Details Narrative Abstract | ||||
Stocks subscriptions recived | $ 600 | $ 600 | ||
Revenue | 100 | 200 | ||
Cost of Goods Sold | 15 | 51 | ||
Gross Profit | 85 | 149 | ||
Deferred revenue | $ 400 | $ 400 |
GOING CONCERN UNCERTAINTY (Deta
GOING CONCERN UNCERTAINTY (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Going Concern Uncertainty Details Narrative | |||||
Accumulated deficit | $ (83,359) | $ (83,359) | $ (62,479) | ||
Net loss | $ (5,405) | $ (4,634) | $ (20,880) | $ (20,655) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2018 | |
Repayment to related Party | $ (36) | ||
Due to related party | 20,390 | $ 500 | |
Inventory costs paid by related party | 51 | ||
Rozh Caroro [member] | |||
Repayment to related Party | (36) | ||
Inventory costs paid by related party | 51 | ||
Expenses paid by related party on behalf of company | $ 19,875 |