| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | REMARO GROUP CORP. NOTES TO THE FINANCIAL STATEMENTS FOR THE NINE MONTH PERIODS ENDED APRIL 30, 2018 AND APRIL 30, 2017 NOTE 1 ORGANIZATION AND BUSINESS REMARO GROUP CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on March 31, 2016. The Company offers the services of a freelance local guide, known also as a pointman (hereinafter referred as guide or local guide). The Companys tours are operated exclusively in Ecuador and the Companys functional currency is the US dollar. The Company has adopted July 31 fiscal year end. NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at April 30, 2018 and for the related periods presented. The results for the nine months ended April 30, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Companys Annual Report for the year ended July 31, 2017, filed with the Securities and Exchange Commission. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At April 30, 2018 the Company's bank deposits did not exceed the insured amounts. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions. Basic Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Stock-Based Compensation As of April 30, 2018, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Property and Equipment and Depreciation Policy Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. As of April 30, 2018, we had total net of property and equipment for $6,444 and the total accumulated depreciation was $2,556. As of July 31, 2017, we had total net of property and equipment for $5,994 and the total accumulated depreciation was $506. Amortization schedule Property and equipment as of April 30, 2018 and July 31, 2017 consisted of the following: April 30, 2018 July 31, 2017 Computer equipment $ 6,500 $ 4,000 Furniture and fixtures 2,500 2,500 Accumulated depreciation (2,556) (506) Total property and equipment $ 6,444 $ 5,994 Depreciation expense was $2,050 and $0 for the nine months ended April 30, 2018 and 2017, respectively. Depreciation expense was $749 and $0 for the three months ended April 30, 2018 and 2017, respectively. NOTE 3 GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had accumulated losses of $1,076 as of April 30, 2018. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments. NOTE 4 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. Upon formation, t he Company issued 8,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $8,000. The $8,000 was treated as a subscription receivable until paid during the year ended July 31, 2017. For the year ended July 31, 2017, the Company issued 370,000 shares of its common stock at $0.01 per share for total proceeds of $3,700. For the nine month period ended April 30, 2018, the Company issued 2,141,000 of its common stock at $0.01 for total proceeds of $21,410. As of April 30, 2018, the Company had 10,511,000 shares issued and outstanding. |
