Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jan. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2019 |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | CLANCY CORP. |
Entity Central Index Key | 1,681,769 |
Current Fiscal Year End Date | --07-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 3,105,250 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Jan. 31, 2019 | Jul. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 223 | $ 876 |
Prepaid expenses | 0 | 1,153 |
The Company had $3,382 in inventory as of January 31, 2019. | 3,382 | 3,819 |
Total Current Assets | 3,605 | 5,848 |
Fixed Assets | 493 | 774 |
Equipment, net | ||
Other fixed assets, net | 5,759 | 7,162 |
Total Fixed Assets | 6,252 | 7,936 |
Total Assets | 9,857 | 13,784 |
Current Liabilities | ||
Accounts Payable | 99 | 6,000 |
Loans | 19,759 | 11,059 |
Total Current Liabilities | 19,858 | 17,059 |
Total Liabilities | $ 19,858 | $ 17,059 |
Stockholder's Equity | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 3,105,250 and 3,105,250 shares issued and outstanding | 46,197 | 46,197 |
Income (deficit) accumulated during the development stage | $ (56,198) | $ (49,472) |
Total Stockholder's Equity (Deficit) | (10,001) | (3,275) |
Total Liabilities and Stockholder's Equity | $ 9,857 | $ 13,784 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - USD ($) | Jan. 31, 2019 | Jul. 31, 2018 |
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 250 shares issued and outstanding | 3,105,250 | 3,105,250 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
Income Statement [Abstract] | ||||
REVENUE0S | $ 11,050 | $ 1,500 | $ 11,050 | $ 1,500 |
Cost of Goods Sold | 441 | 71 | 441 | 71 |
Gross Profit | 10,609 | 1,429 | 10,609 | 1,429 |
OPERATING EXPENSES | ||||
General and Administrative Expenses | 5,556 | 24,277 | 17,339 | 36,005 |
TOTAL OPERATING EXPENSES | (5,556) | (24,277) | (17,339) | (36,005) |
NET INCOME (LOSS) FROM OPERATIONS | 5,053 | (22,848) | (6,730) | (34,576) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ 5,053 | $ (22,848) | $ (6,730) | $ (34,576) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 3,105,250 | 3,105,250 | 3,105,250 | 2,297,773 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Jan. 31, 2019 | Jan. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | $ 5,053 | $ (22,848) | $ (6,730) | $ (34,576) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||||
Prepaid expenses | 253 | 2,520 | 1,153 | (1,440) |
Inventory | 441 | 71 | 441 | (1,499) |
Accounts Payable | (7,521) | 0 | (5,901) | 0 |
Depreciation | 842 | 842 | 1,684 | 1,684 |
CASH FLOWS USED IN OPERATING ACTIVITIES | (932) | (19,415) | (9,353) | (35,831) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Loans | 900 | 0 | 8,700 | 0 |
Capital Stock | 0 | 3,000 | 0 | 33,197 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 900 | 3,000 | 8,700 | 33,197 |
NET INCREASE/DECREASE IN CASH | (32) | (16,415) | (653) | (2,634) |
Cash, beginning of period | 255 | 17,272 | 876 | 3,491 |
Cash, end of period | 223 | 857 | 223 | 857 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||
Interest paid | 0 | 0 | 0 | 0 |
Income taxes paid | $ 0 | $ 0 | $ 0 | $ 0 |
- ORGANIZATION AND NATURE OF BU
- ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jan. 31, 2019 | |
- ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
- ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Clancy Corp. (“the Company”, “we”, “us” or “our”) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA for the purpose of production handcrafted soap. The soap is 100% organic and environment friendly. The Company also has a database of different kind ingredients for soap production, which gives the company an opportunity to expand variety offered products. |
- GOING CONCERN
- GOING CONCERN | 6 Months Ended |
Jan. 31, 2019 | |
- GOING CONCERN [Abstract] | |
- GOING CONCERN | NOTE 2 - 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 $11,050 revenues for the three months ended January 31, 2019. The Company currently has loses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. 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. In light of management's efforts, 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. |
- SUMMARY OF SIGNIFCANT ACCOUNT
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2019 | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's yearend is July 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 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 E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h t h e ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $223 of cash as of January 31, 2019. Prepaid Expenses Prepaid Expenses are recorded at fair market value. The Company had no prepaid expenses as of January 31, 2019. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. The Company establishes capitalization policy of its assets based on dollar amount that are more than $1,000 in value or if it's estimated useful life exceeds one year. We estimate that the useful life of our equipment is 3 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. Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the first-in, first out ( FIFO ) method. The Company had $3,382 in inventory as of January 31, 2019. CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (CONTUNUED) Fair Value of Financial Instruments 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; 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 are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB 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 (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. As of January 31, 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 January 31, 2019 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. CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 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. |
- COMMITMENTS AND CONTINGENCIES
- COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jan. 31, 2019 | |
- COMMITMENTS AND CONTINGENCIES [Abstract] | |
- COMMITMENTS AND CONTINGENCIES | NOTE 4 - COMMITMENTS AND CONTINGENCIES As of January 31, 2019, we know any material, existing or pending legal proceedings against our company, we are not involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers, or affiliates, or many registered or beneficial shareholders, is an adverse patty or has a material interest adverse to our interest. The Company has entered into a one year rental agreement for a $300 monthly fee, starting on September 1, 2016. Leased Premise with the area of 40 square meters is located at str. Vizantiou 28, Strovolos, Lefkosia, Cyprus, 2006. This premise is used as a manufacturing area. The Company extended the lease agreement until September 1, 2019. The Company paid $1,800 for rent for the six months ended January 31, 2019. On October 19, 2017 the Company has entered into a five year rental agreement for a $540 monthly fee, starting on November 1, 2017. Leased Premise with the area of 74 square meters is located at 8 Stasinou Ave, Lefkosia 1060, Nicosia, Cyprus. This premise will be used as a store for our clients. The Company paid $3,240 for rent for the six months ended January 31, 2019. |
- LOAN FROM DIRECTOR
- LOAN FROM DIRECTOR | 6 Months Ended |
Jan. 31, 2019 | |
- LOAN FROM DIRECTOR [Abstract] | |
- LOAN FROM DIRECTOR | NOTE 5 - LOAN FROM DIRECTOR As of January 31, 2019, our sole director has loaned to the Company $19,759. This loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $19,759 as of January 31, 2019. |
- COMMON STOCK
- COMMON STOCK | 6 Months Ended |
Jan. 31, 2019 | |
- COMMON STOCK [Abstract] | |
- COMMON STOCK | NOTE 6 - COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On July 25, 2016, the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share. In May 2017, the Company issued 137,500 shares of common stock for cash proceeds of $5,500 at $0.04 per share. In June 2017, the Company issued 137,500 shares of common stock for cash proceeds of $5,500 at $0.04 per share. In August 2017, the Company issued 96,500 shares of common stock for cash proceeds of $3,860 at $0.04 per share. In September 2017, the Company issued 233,750 shares of common stock for cash proceeds of $9,350 at $0.04 per share. In October 2017, the Company issued 425,000 shares of common stock for cash proceeds of $17,000 at $0.04 per share. In November 2017, the Company issued 75,000 shares of common stock for cash proceeds of $3,000 at $0.04 per share. There were 3,105,250 shares of common stock issued and outstanding as of January 31, 2019. CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 |
- INCOME TAXES
- INCOME TAXES | 6 Months Ended |
Jan. 31, 2019 | |
- INCOME TAXES [Abstract] | |
- INCOME TAXES | NOTE 7 - INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position at January 31, 2019 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does not recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at January 31, 2019. The Company's utilization of any net operating loss carry forward may be unlikely as a result of its intended activities. The valuation allowance at January 31, 2019 was approximately $11,240. The net change in valuation allowance during the six months ended January 31, 2019 was $1,346. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of January 31, 2019. All tax years since inception remains open for examination by taxing authorities. The Company has a net operating loss carryforward for tax purposes totaling approximately $56,198 at January 31, 2019, expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows: As of January 31, 2019 As of July31, 2018 Non-current deferred tax assets: Net operating loss carryforward $ (56,198) (49,472) Stock based compensation $ - - Inventory obsolescence $ - - Accrued officer compensation $ - - Total deferred tax assets $ (11,240) (49,472) Valuation allowance $ 11,240 49,472 Net deferred tax assets $ - - The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the six months ended January 31, 2019 as follows: Six months ended January 31, 2019 Six months ended January 31, 2018 Computed "expected" tax expense (benefit) $ (1,346) (7,261) Penalties and fines and meals and entertainment $ - - Accrued officer compensation $ - - Change in valuation allowance $ 1,346 7,261 Actual tax expense (benefit) $ - - CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 |
- SUBSEQUENT EVENTS
- SUBSEQUENT EVENTS | 6 Months Ended |
Jan. 31, 2019 | |
- SUBSEQUENT EVENTS [Abstract] | |
- SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to January 31, 2019 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2019 | |
Significant Accounting Policies (Policies) [Abstract] | |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's yearend is July 31. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 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 E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h t h e ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $223 of cash as of January 31, 2019. Prepaid Expenses Prepaid Expenses are recorded at fair market value. The Company had no prepaid expenses as of January 31, 2019. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. The Company establishes capitalization policy of its assets based on dollar amount that are more than $1,000 in value or if it's estimated useful life exceeds one year. We estimate that the useful life of our equipment is 3 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. Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the first-in, first out ( FIFO ) method. The Company had $3,382 in inventory as of January 31, 2019. CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 Fair Value of Financial Instruments 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; 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 are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB 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 (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. As of January 31, 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 January 31, 2019 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. CLANCY CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS JANUARY 31, 2019 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. |
- SUMMARY OF SIGNIFCANT ACCOU_2
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jan. 31, 2019 | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Tables) [Abstract] | |
These tiers include: | These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; 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. |
- INCOME TAXES (Tables)
- INCOME TAXES (Tables) | 6 Months Ended |
Jan. 31, 2019 | |
- INCOME TAXES (Tables) [Abstract] | |
The Company has a net operating loss carryforward | The Company has a net operating loss carryforward for tax purposes totaling approximately $56,198 at January 31, 2019, expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows: As of January 31, 2019 As of July31, 2018 Non-current deferred tax assets: Net operating loss carryforward $ (56,198) (49,472) Stock based compensation $ - - Inventory obsolescence $ - - Accrued officer compensation $ - - Total deferred tax assets $ (11,240) (49,472) Valuation allowance $ 11,240 49,472 Net deferred tax assets $ - - |
The actual tax benefit at | The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the six months ended January 31, 2019 as follows: Six months ended January 31, 2019 Six months ended January 31, 2018 Computed "expected" tax expense (benefit) $ (1,346) (7,261) Penalties and fines and meals and entertainment $ - - Accrued officer compensation $ - - Change in valuation allowance $ 1,346 7,261 Actual tax expense (benefit) $ - - |
- ORGANIZATION AND NATURE OF _2
- ORGANIZATION AND NATURE OF BUSINESS (Details Text) | Jan. 31, 2019USD ($) |
Business Combination, Description [Abstract] | |
The soap is 100% organic and environment friendly | $ 100 |
- GOING CONCERN (Details Text)
- GOING CONCERN (Details Text) | Jan. 31, 2019USD ($) |
Going Concern Details_ [Abstract] | |
The Company had $11,050 revenues for the three months ended January 31, 2019 | $ 11,050 |
- SUMMARY OF SIGNIFCANT ACCOU_3
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text) - USD ($) | Jan. 31, 2019 | Jul. 31, 2018 |
Summary Of Signifcant Accounting Policies_ Details [Abstract] | ||
The Company had $223 of cash as of January 31, 2019. | $ 223 | |
The Company had $3,382 in inventory as of January 31, 2019. | $ 3,382 | $ 3,819 |
- COMMITMENTS AND CONTINGENCI_2
- COMMITMENTS AND CONTINGENCIES (Details Text) - USD ($) | 6 Months Ended | ||
Jan. 31, 2019 | Oct. 19, 2017 | Sep. 01, 2016 | |
- COMMITMENTS AND CONTINGENCIES [Abstract] | |||
The Company has entered into a one year rental agreement for a $300 monthly fee, starting on September 1, 2016 | $ 300 | ||
The Company paid $1,800 for rent for the six months ended January 31, 2019. | $ 1,800 | ||
On October 19, 2017 the Company has entered into a five year rental agreement for a $540 monthly fee, starting on November 1, 2017 | $ 540 | ||
The Company paid $3,240 for rent for the six months ended January 31, 2019. | $ 3,240 |
- LOAN FROM DIRECTOR (Details T
- LOAN FROM DIRECTOR (Details Text) | Jan. 31, 2019USD ($) |
- LOAN FROM DIRECTOR [Abstract] | |
As of January 31, 2019, our sole director has loaned to the Company $19,759 | $ 19,759 |
The balance due to the director was $19,759 as of January 31, 2019. | $ 19,759 |
- COMMON STOCK (Details Text)
- COMMON STOCK (Details Text) - USD ($) | Jan. 31, 2019 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Jul. 25, 2016 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||||||||
On July 25, 2016, the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share. | $ 2,000 | |||||||
In May 2017, the Company issued 137,500 shares of common stock for cash proceeds of $5,500 at $0.04 per share. | $ 5,500 | |||||||
In June 2017, the Company issued 137,500 shares of common stock for cash proceeds of $5,500 at $0.04 per share. | $ 5,500 | |||||||
In August 2017, the Company issued 96,500 shares of common stock for cash proceeds of $3,860 at $0.04 per share. | 3,860 | |||||||
In September 2017, the Company issued 233,750 shares of common stock for cash proceeds of $9,350 at $0.04 per share. | 9,350 | |||||||
In November 2017, the Company issued 75,000 shares of common stock for cash proceeds of $3,000 at $0.04 per share. | $ 3,000 | $ 17,000 | ||||||
There were 3,105,250 shares of common stock issued and outstanding as of January 31, 2019. | $ 3,105,250 |
- INCOME TAXES (Details 1)
- INCOME TAXES (Details 1) - USD ($) | Jan. 31, 2019 | Jan. 31, 2018 |
Income Taxes__ [Abstract] | ||
Net operating loss carryforward | $ (56,198) | $ (49,472) |
Total deferred tax assets | (11,240) | (49,472) |
Valuation allowance | $ 11,240 | $ 49,472 |
- INCOME TAXES (Details 2)
- INCOME TAXES (Details 2) - USD ($) | 6 Months Ended | |
Jan. 31, 2019 | Jan. 31, 2018 | |
Income Taxes__ Abstract_ [Abstract] | ||
Computed "expected" tax expense (benefit) | $ (1,346) | $ (7,261) |
Change in valuation allowance | $ 1,346 | $ 7,261 |
- INCOME TAXES (Details Text)
- INCOME TAXES (Details Text) | 6 Months Ended |
Jan. 31, 2019USD ($) | |
Income__ Taxes Abstract__ [Abstract] | |
The valuation allowance at January 31, 2019 was approximately $11,240 | $ 11,240 |
The net change in valuation allowance during the six months ended January 31, 2019 was $1,346 | 1,346 |
The Company has a net operating loss carryforward for tax purposes totaling approximately $56,198 at January 31, 2019, expiring through 2035 | 56,198 |
There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership) | 50 |
The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the six months ended January 31, 2019 as follows: | $ 21 |