Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | Jul. 02, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | BITMIS CORP. | |
Entity Central Index Key | 0001678848 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 6,250,750 | |
Entity Incorporation, State Country Code | NV | |
Entity File Number | 333-214469 | |
Entity Shell Company | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 747 | |
Prepaid expense | 1,350 | |
Total Current Assets | (26) | 2,097 |
Fixed Assets | ||
Equipment, net | 80 | 463 |
Total Fixed Assets | 80 | 463 |
Total Assets | 80 | 2,560 |
Current Liabilities | ||
Accounts payable | 1,914 | 1,166 |
Bank overdraft | 26 | |
Related party loans | 4,370 | |
Total Current Liabilities | 1,940 | 5,537 |
Stockholder's (Deficit) | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 6,250,750 shares issued and outstanding as of March 31, 2020 and June 30, 2019 | 6,251 | 6,251 |
Additional paid in capital | 31,331 | 23,765 |
(Deficit) | (39,442) | (32,993) |
Total Stockholder's (Deficit) | (1,860) | (2,977) |
Total Liabilities and Stockholder's Equity | $ 80 | $ 2,560 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Jun. 30, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized Shares | 75,000,000 | 75,000,000 |
Common stock, issued shares | 6,250,750 | 6,250,750 |
Common stock, outstanding Shares | 6,250,750 | 6,250,750 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
REVENUES | ||||
Gross Profit | ||||
OPERATING EXPENSES | ||||
General and Administrative Expenses | 4,768 | 6,449 | 18,673 | |
TOTAL OPERATING EXPENSES | (4,768) | (6,449) | (18,673) | |
NET INCOME (LOSS) FROM OPERATIONS | (4,768) | (6,449) | (18,673) | |
PROVISION FOR INCOME TAXES | ||||
NET (LOSS) | $ (4,768) | $ (6,449) | $ (18,673) | |
(LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 6,250,750 | 6,250,750 | 6,250,750 | 6,250,750 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | (Deficit) | Total |
Balance at Jun. 30, 2018 | $ 6,251 | $ 23,765 | $ (11,211) | $ 18,805 |
Balance (in shares) at Jun. 30, 2018 | 6,250,750 | |||
Net (loss) | (18,673) | (18,673) | ||
Balance at Mar. 31, 2019 | $ 6,251 | 23,765 | (29,884) | 132 |
Balance (in shares) at Mar. 31, 2019 | 6,250,750 | |||
Balance at Dec. 31, 2019 | $ 6,251 | 23,765 | (32,993) | (2,997) |
Balance (in shares) at Dec. 31, 2019 | 6,250,750 | |||
Additional capital contribution | 6,566 | |||
Net (loss) | (6,449) | (6,449) | ||
Balance at Mar. 31, 2020 | $ 6,251 | $ 31,331 | $ (39,442) | $ (1,860) |
Balance (in shares) at Mar. 31, 2020 | 6,250,750 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net (loss) for the period | $ (6,449) | $ (18,673) |
Adjustments to reconcile net loss to net cash (used in) operating activities | ||
Depreciation | 381 | 2,273 |
Change in operating assets and liabilities | ||
Accounts payable | 747 | 570 |
Prepaid expenses | 1,351 | (2,700) |
CASH FLOWS (USED IN) OPERATING ACTIVITIES | (3,970) | (18,530) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Bank overdraft | 26 | |
Capital contribution | 3,197 | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 3,223 | |
NET INCREASE IN CASH | (747) | (18,530) |
Cash, beginning of period | 747 | 19,328 |
Cash, end of period | 798 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Organization and Business
Organization and Business | 9 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | Note 1 – ORGANIZATION AND BUSINESS Bitmis Corp. ("the Company", "we", "us" or "our") was founded in the State of Nevada on June 6, 2016. The Company originally intended to commence operations in the business of consulting in Thailand but it was not successful. On February 24, 2020, Anna Varlamova, the president, treasurer, secretary and director of Bitmis Corp. sold 5,000,000 shares of the Company's common stock, representing 80% of the total issued and outstanding shares of common stock of the Company, in a private transaction (the "Transaction") to Li Wen Chen, Bi Feng Zhao, Heng Jian Yang, Kin Chiu Leung, Jin Jia Mai and Zhong Xiong Chen for an aggregate purchase price of $395,000 (the "Purchase Price"). Li Wen Chen, Bi Feng Zhao, Heng Jian Yang, Kin Chiu Leung, Jin Jia Mai and Zhong Xiong Chen (collectively, the "Purchasers") purchased, respectively, 1,250,000 shares, 1,000,000 shares, 1,000,000 shares, 750,000 shares, 500,000 shares and 500,000 shares of the common stock of the Company from Anna Varlamova. The share ownership of Li Wen Chen, Bi Feng Zhao, Heng Jian Yang, Kin Chiu Leung, Jin Jia Mai and Zhong Xiong Chen represents, respectively, 20%, 16%, 16%, 12%, 8% and 8% of the total issued and outstanding shares of common stock of the Company. Currently, the Company is exploring opportunities of integrating the traditional and new industries in China. The Company will target them in regional market and national market in China to introduce new technologies, new products, and advanced management concepts to hospitality, biotechnology pharmaceutical and mining industries through mergers and acquisitions. The results for the three months ended March 31, 2020 and 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 financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2019, filed with the Securities and Exchange Commission. The accompanying condensed 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 March 31, 2020 and for the related periods presented. In December 2019, a novel strain of coronavirus, causing a disease referred to as COVID-19, was reported to have surfaced in Wuhan, China. Since then, COVID-19 has spread all over China and many other countries in the world. In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The Company's business and results of operations have been adversely affected and could continue to be adversely affected by the COVID-19 pandemic. Quarantines, travel restrictions, shelter-in-place and other restrictions related to COVID-19 have impacted the Company's abilities to visit and meet clients in China for potential merger and acquisition projects. The global economy has also been materially negatively affected by COVID-19 and there is continued severe uncertainty about the duration and intensity of its impacts. The Chinese and global growth forecast is extremely uncertain, which could seriously affect people's investment desires in China and internationally. While the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, a widespread pandemic could result in significant disruption of global financial markets, reducing the Company's ability to access capital, which could negatively affect the Company's liquidity. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2020 | |
Going Concern [Abstract] | |
GOING CONCERN | Note 2 – GOING CONCERN Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. |
Summary of Signifcant Accountin
Summary of Signifcant Accounting Policies | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | Note 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP") and interim financial information pursuant to the rules of the Securities and Exchange Commission (the "SEC") and have been consistently applied. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended June 30, 2019, which was filed on August 23, 2019. Use of Estimates The preparation of financial statements in conformity with GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of equipment is 4 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Fair Value of Financial Instruments Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC') topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, "Income Taxes." The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Revenue Recognition The Company recognizes revenue in accordance with ASC-605, "Revenue Recognition", ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. As of March 31, 2020 the Company has not generated any revenue. Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 "Earnings per Share". Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income 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. As of March 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding. Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of March 31, 2020 and 2019, there were no differences between our comprehensive loss and net loss. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Common Stock
Common Stock | 9 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
COMMON STOCK | Note 4 – COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On June 28, 2017 the Company issued 5,000,000 shares of common stock to a director for cash proceeds of $5,000 at $0.001 per share. There were 6,250,750 shares of common stock issued and outstanding as of March 31, 2020 and June 30, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 5 – COMMITMENTS AND CONTINGENCIES Our CFO and director, Liwen Chen, agreed to provide her own premise for our office needs. She did not charge any fee for the premise, it is for free use from February, 2020 to the end of March, 2020 only. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 6 – SUBSEQUENT EVENTS After the close of the quarter to which these financial statements relate, the Company experienced (and continues to experience) significant adverse impacts of novel coronavirus (COVID-19) and the related public health orders. Quarantines, travel restrictions, shelter-in-place and other restrictions related to COVID-19 have impacted the Company's abilities to visit and meet clients in China for potential merger and acquisition projects. The global economy has also been materially negatively affected by COVID-19 and there is continued severe uncertainty about the duration and intensity of its impacts. The Chinese and global growth forecast is extremely uncertain, which could seriously affect people's investment desires in China and internationally. While the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, a widespread pandemic could result in significant disruption of global financial markets, reducing the Company's ability to access capital, which could negatively affect the Company's liquidity. |
Summary of Signifcant Account_2
Summary of Signifcant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America ("GAAP") and interim financial information pursuant to the rules of the Securities and Exchange Commission (the "SEC") and have been consistently applied. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Interim results are not necessarily indicative of results for the full year. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10-K for the fiscal year ended June 30, 2019, which was filed on August 23, 2019. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. |
Depreciation, Amortization, and Capitalization | Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using the straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of equipment is 4 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC') topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets for identical assets and liabilities; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC-605, "Revenue Recognition", ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. As of March 31, 2020 the Company has not generated any revenue. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The Company computes income (loss) per share in accordance with ASC 260 "Earnings per Share". Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income 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. As of March 31, 2020 and 2019, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of March 31, 2020 and 2019, there were no differences between our comprehensive loss and net loss. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
Organization and Business (Deta
Organization and Business (Details) | Feb. 24, 2020USD ($)shares |
Sale of shares common stock | 5,000,000 |
Aggregate purchase price | $ | $ 395,000 |
Li Wen Chen [Member] | |
Sale of shares common stock | 1,250,000 |
Percentage of common stock | 20.00% |
Bi Feng Zhao [Member] | |
Sale of shares common stock | 1,000,000 |
Percentage of common stock | 16.00% |
Heng Jian Yang [Member] | |
Sale of shares common stock | 1,000,000 |
Percentage of common stock | 16.00% |
Kin Chiu Leung [Member] | |
Sale of shares common stock | 750,000 |
Percentage of common stock | 12.00% |
Jin Jia Mai [Member] | |
Sale of shares common stock | 500,000 |
Percentage of common stock | 8.00% |
Zhong Xiong Chen [Member] | |
Sale of shares common stock | 500,000 |
Percentage of common stock | 8.00% |
Summary of Signifcant Account_3
Summary of Signifcant Accounting Policies (Details) | 9 Months Ended |
Mar. 31, 2020 | |
Summary of Signifcant Accounting Policies (Textual) | |
Estimated useful life | 4 years |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | ||
Jun. 28, 2017 | Mar. 31, 2020 | Jun. 30, 2019 | |
Common Stock (Textual) | |||
Common stock par value | $ 0.001 | $ 0.001 | |
Common stock shares authorized | 75,000,000 | 75,000,000 | |
Common stock shares outstanding | 6,250,750 | 6,250,750 | |
Common stock shares issued | 6,250,750 | 6,250,750 | |
Director [Member] | |||
Common Stock (Textual) | |||
Common stock par value | $ 0.001 | ||
Common stock shares issued | 5,000,000 | ||
Cash proceeds | $ 5,000 |