Boomer (BOMH) 10-Q 5 Dec 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Oct. 31, 2019	Dec. 05, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Registrant Name	REMARO GROUP CORP.
Entity Central Index Key	0001678746
Current Fiscal Year End Date	--07-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		10,511,000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Current Assets
Cash	$ 183	$ 433
Total current assets	183	433
Fixed Assets
Equipment, net of depreciation	1,950	2,699
Total fixed assets	1,950	2,699
Total Assets	2,133	3,132
Current Liabilities
Accounts Payable	0	0
Loan from related parties	8,115	5,664
Total current liabilities	8,115	5,664
Total Liabilities	8,115	5,664
Commitment and contingencies	$ 0	$ 0
Stockholders' Equity
Common stock, $0.001 par value, 75,000,000 shares authorized; 10,511,000 shares issued and outstanding	10,511	10,511
Additional paid-in capital	$ 22,599	$ 22,599
Accumulated Earnings/(Deficit)	(39,092)	(35,642)
Total Stockholders' Equity/ (Deficit)	(5,982)	(2,532)
Total Liabilities and Stockholders' Equity	$ 2,133	$ 3,132

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued and outstanding	10,511,000	10,511,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Revenue	$ 0	$ 0
Cost of Revenue	0	0
Gross Profit	0	0
Operating expenses
General and administrative expenses	3,450	4,499
Net income (loss) from operations	(3,450)	(4,499)
Net income (loss)	$ (3,450)	$ (4,499)
Income (loss) per common share: Basic and Diluted	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	10,511,000	10,511,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018
Statement of Cash Flows [Abstract]
Net income (loss)for the period	$ (3,450)	$ (4,499)
Adjustment for non-cash items; Depreciation	749	749
Account Payable	0	(2,000)
Net cash provided by/(used in) operating activities	(2,701)	(5,750)
Cash flows from Financing Activities
Proceeds of loan from shareholder	2,451	0
Net cash provided by/(used in)financing activities	2,451	0
Net increase/(decrease) in cash and equivalents	(250)	(5,750)
Cash and equivalents at beginning of the period	433	14,654
Cash and equivalents at end of the period	183	8,904
Non-cash Investing and Financing activities
Interest	0	0
Taxes	$ 0	$ 0

- ORGANIZATION AND BUSINESS

- ORGANIZATION AND BUSINESS	3 Months Ended
	Oct. 31, 2019
- ORGANIZATION AND BUSINESS [Abstract]
- ORGANIZATION AND BUSINESS	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 Company's tours are operated exclusively in Ecuador and the Company's functional currency is the US dollar. The Company has adopted a July 31 fiscal year end.

- SUMMARY OF SIGNIFICANT ACCOUN

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Oct. 31, 2019
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 October 31, 2019 and for the related periods presented. The results for the three months ended October 31, 2019 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 Company's Annual Report for the year ended July 31, 2019, 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 October 31, 2019 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 management's 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. For the period ended October 31, 2019 and 2018 there were no potentially dilutive common shares outstanding. Stock-Based Compensation As of October 31, 2019, 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 adopted ASC 606, “Revenue From Contracts With Customers“ (“Topic 606”) effective August 1, 2018. Adoption on this standard did not have a material impact on the Company's financial statements, business process, controls and systems. This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP. In accordance with Accounting Standards Codification Topic 606, revenue is recognized when the following criteria are met: - Identification of the contract, or contracts, with a customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy performance obligation. REMARO GROUP CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2019 AND OCTOBER 31, 2018 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 October 31, 2019, we had total net property and equipment of $1,950 and the total accumulated depreciation was $7,050. As of July 31, 2019, we had total net property and equipment of $2,699 and the total accumulated depreciation was $6,301. Property and equipment as of October 31, 2019 and July 31, 2019 consisted of the following: October 31, 2019 July 31, 2019 Equipment and Computer $ 9,000 $ 9,000 Accumulated depreciation (7,050) (6,301) Total property and equipment $ 1,950 $ 2,699 Depreciation expense was $749 for the three months ended October 31, 2019 and 2018.

- GOING CONCERN

- GOING CONCERN	3 Months Ended
	Oct. 31, 2019
- GOING CONCERN [Abstract]
- GOING CONCERN	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 $39,092 as of October 31, 2019. Accordingly, there is substantial doubt about the Company's 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 related to the recovery or classification of assets or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as going concern.

- CAPTIAL STOCK

- CAPTIAL STOCK	3 Months Ended
	Oct. 31, 2019
- CAPTIAL STOCK [Abstract]
- CAPTIAL STOCK	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, t he Company issued 370,000 shares of its common stock at $0.01 per share for total proceeds of $3,700. For the year ended July 31, 2018, the Company issued 2,141,000 of its common stock at $0.01 for total proceeds of $21,410. There were no issuances during the three month Period Ended October 31, 2019. As of October 31, 2019 , the Company had 10,511,000 shares issued and outstanding.

- RELATED PARTY TRANSACTIONS

- RELATED PARTY TRANSACTIONS	3 Months Ended
	Oct. 31, 2019
- RELATED PARTY TRANSACTIONS [Abstract]
- RELATED PARTY TRANSACTIONS	NOTE 5 - RELATED PARTY TRANSACTIONS In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since March 31, 2016 (I nception ) through October 31, 2019, the Company's sole officer and director loaned the Company $ 8,115 to pay for incorporation costs and operating expenses . As of October 31, 2019 , the amount outstanding was $ 8,115 . The loan is non-interest bearing, due upon demand and unsecured.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Oct. 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 6. SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from October 31, 2019 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. FORWARD LOOKING STATEMENTS Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Oct. 31, 2019
Significant Accounting Policies (Policies) [Abstract]
Basis of Presentation	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 October 31, 2019 and for the related periods presented. The results for the three months ended October 31, 2019 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 Company's Annual Report for the year ended July 31, 2019, 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 October 31, 2019 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 management's 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. For the period ended October 31, 2019 and 2018 there were no potentially dilutive common shares outstanding. Stock-Based Compensation As of October 31, 2019, 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 adopted ASC 606, “Revenue From Contracts With Customers“ (“Topic 606”) effective August 1, 2018. Adoption on this standard did not have a material impact on the Company's financial statements, business process, controls and systems. This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP. In accordance with Accounting Standards Codification Topic 606, revenue is recognized when the following criteria are met: - Identification of the contract, or contracts, with a customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy performance obligation. REMARO GROUP CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2019 AND OCTOBER 31, 2018 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 October 31, 2019, we had total net property and equipment of $1,950 and the total accumulated depreciation was $7,050. As of July 31, 2019, we had total net property and equipment of $2,699 and the total accumulated depreciation was $6,301. Property and equipment as of October 31, 2019 and July 31, 2019 consisted of the following: October 31, 2019 July 31, 2019 Equipment and Computer $ 9,000 $ 9,000 Accumulated depreciation (7,050) (6,301) Total property and equipment $ 1,950 $ 2,699 Depreciation expense was $749 for the three months ended October 31, 2019 and 2018.

- SUMMARY OF SIGNIFICANT ACCO_2

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Oct. 31, 2019
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Abstract]
As of October 31, 2019, we had total net property and equipment of $1,950 and the total accumulated depreciation was $7,050.	As of October 31, 2019, we had total net property and equipment of $1,950 and the total accumulated depreciation was $7,050. As of July 31, 2019, we had total net property and equipment of $2,699 and the total accumulated depreciation was $6,301. Property and equipment as of October 31, 2019 and July 31, 2019 consisted of the following: October 31, 2019 July 31, 2019 Equipment and Computer $ 9,000 $ 9,000 Accumulated depreciation (7,050) (6,301) Total property and equipment $ 1,950 $ 2,699

- SUMMARY OF SIGNIFICANT ACCO_3

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Oct. 31, 2019	Jul. 31, 2019
Payments to Acquire Property, Plant, and Equipment [Abstract]
Equipment and Computer	$ 9,000	$ 9,000
Accumulated depreciation	(7,050)	(6,301)
Total property and equipment	$ 1,950	$ 2,699

- SUMMARY OF SIGNIFICANT ACCO_4

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) - USD ($)	3 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Jul. 31, 2019
Summary Of Significant Accounting Policies Details [Abstract]
The funds are insured up to $250,000	$ 250,000
As of October 31, 2019, we had total net property and equipment of $1,950 and the total accumulated depreciation was $7,050. As of July 31, 2019, we had total net property and equipment of $2,699 and the total accumulated depreciation was $6,301.	1,950		$ 2,699
Depreciation expense was $749 for the three months ended October 31, 2019 and 2018.	$ 749	$ 749

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text)	Oct. 31, 2019USD ($)
Going Concern Details [Abstract]
The Company had accumulated losses of $39,092 as of October 31, 2019	$ 39,092

- CAPTIAL STOCK (Details Text)

- CAPTIAL STOCK (Details Text) - $ / shares	Oct. 31, 2019	Jul. 31, 2019	Jul. 31, 2018	Jul. 31, 2017
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Upon formation, the Company issued 8,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $8,000				8,000,000
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	10,511	10,511		370,000
For the year ended July 31, 2018, the Company issued 2,141,000 of its common stock at $0.01 for total proceeds of $21,410			$ 21,410
As of October 31, 2019, the Company had 10,511,000 shares issued and outstanding.	10,511,000	10,511,000

- RELATED PARTY TRANSACTIONS (D

- RELATED PARTY TRANSACTIONS (Details Text)	43 Months Ended
	Oct. 31, 2019USD ($)
Related Party Tax Expense [Abstract]
Since March 31, 2016 (Inception) through October 31, 2019, the Company's sole officer and director loaned the Company $8,115 to pay for incorporation costs and operating expenses	$ 8,115