Forza Innovations (FORZ) 10-Q 5 May 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2017	Apr. 22, 2017
Document And Entity Information
Entity Registrant Name	Genesys Industries, Inc.
Entity Central Index Key	1,683,131
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	No
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		17,545,000
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash	$ 36,292	$ 100
Total current assets	36,292	100
Website development, net	668	1,131
Total assets	36,960	1,231
Current Liabilities:
Accounts payable and accrued liabilities	305	7,250
Due to related party	5,985	3,500
Total current liabilities	6,290	10,750
Total liabilities	6,290	10,750
Stockholders' equity (deficit)
Class B Preferred stock, $0.001 par value, 25,000,000 shares authorized; 10,000,000 and 10,000,000 issued and outstanding, respectively	10,000	10,000
Common stock, $0.001 par value, 100,000,000 shares authorized; 17,545,000 and 17,000,000 shares issued and outstanding, respectively	17,545	17,000
Additional paid-in capital	43,955	(10,000)
Stock subscription receivable	(10,000)	(16,900)
Accumulated deficit	(30,830)	(9,619)
Total stockholders' equity (deficit)	30,670	(9,519)
Total liabilities and stockholders' equity (deficit)	$ 36,960	$ 1,231

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
Common Stock Shares Authorized	100,000,000	100,000,000
Common Stock Shares Issued	17,545,000	17,000,000
Common Stock Shares Outstanding	17,545,000	17,000,000
Common Stock Par Value	$ .001	$ .001
Preferred Stock Shares Authorized	25,000,000	25,000,000
Preferred Stock Par Value	$ 0.001	$ 0.001
Class B Preferred Stock
Preferred Stock Shares Authorized	25,000,000	25,000,000
Preferred Stock Shares Issued	10,000,000	10,000,000
Preferred Stock Shares Outstanding	10,000,000	10,000,000
Preferred Stock Par Value	$ 0.001	$ 0.001

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue			$ 1,357
Cost of revenue			(698)
Gross Margin			659
Operating Expenses:
General & administrative expenses	11,186	154	21,870	463
Total operating expenses	11,186	154	21,870	463
Loss from operations	(11,186)	(154)	(21,211)	(463)
Loss before income taxes	(11,186)	(154)	(21,211)	(463)
Provision for income taxes
Net Loss	$ (11,186)	$ (154)	$ (21,211)	$ (463)
Net Loss Per Common Share, basic & diluted	$ 0	$ (0.02)	$ 0	$ (0.06)
Weighted Common Shares Outstanding, basic & diluted	17,164,722	10,000	17,054,106	10,000

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net Loss	$ (21,211)	$ (463)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization	463	463
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	(6,945)
Net cash used in operating activities	(27,693)
Cash flows from financing activities:
Advances from a related party	2,485
Proceeds from the sale of common stock	61,400
Net cash provided by financing activities	63,885
Net change in cash	36,192
Cash, beginning of period	100
Cash, end of period	36,292
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for taxes

Nature of Operations

Nature of Operations	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	NOTE 1 - NATURE OF OPERATIONS Genesys Industries, Inc. (the “Company”), was incorporated on December 9, 2014 under the laws of the State of Florida. Genesys Industries is a diversified multi-industry manufacturer of complex metal components and products. We serve all general industrial markets such as Aerospace, Automotive, Construction, Commercial, Food Processing, Industrial, Maritime, Medical, Railroad, Oil and Gas, Packaging, Telecom, Textiles, Pulp Paper, Transportation and many more. We are a leading vertically integrated precision cnc manufacturing and fabrication company with core emphasis on product design, engineering and precision manufacturing of complex components and products. On January 10, 2017 the Company established a newly formed wholly owned subsidiary in Michigan for the purpose of commencing operations in advanced manufacturing and advanced fabrication. The subsidiary has not yet commenced any operations. We have received minimal revenue from our operations to date. Initial operations have included organization, target market identification, marketing plans, and capital formation. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the marketplace. The Company has adopted its fiscal year end to be June 30.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2017. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s financial statements for the year ended June 30, 2016. 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Revenue Recognition The Company follows paragraph 605-15-25 of the FASB Accounting Standards Codification for revenue recognition when the right of return exists. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) The seller's price to the buyer is substantially fixed or determinable at the date of sale, (ii) The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product. If the buyer does not pay at time of sale and the buyer's obligation to pay is contractually or implicitly excused until the buyer resells the product, then this condition is not met., (iii) The buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product, (iv) The buyer acquiring the product for resale has economic substance apart from that provided by the seller. This condition relates primarily to buyers that exist on paper, that is, buyers that have little or no physical facilities or employees. It prevents entities from recognizing sales revenue on transactions with parties that the sellers have established primarily for the purpose of recognizing such sales revenue, (v) The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and (vi) The amount of future returns can be reasonably estimated if necessary. Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Going Concern

Going Concern	9 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 3 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company has had minimal revenue, has an accumulated deficit of $30,830 and net cash used in operations of $27,693. These conditions raise substantial doubt about its ability to continue as a going concern. While the Company is attempting to execute its development strategy, the Company’s cash position may not be sufficient to support the Company’s daily operations without significant financing. While the Company believes in the viability of its strategy to produce sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern.

Property & Equipment

Property & Equipment	9 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Property & Equipment	NOTE 4 - PROPERTY & EQUIPMENT Long lived assets, including property and equipment and certain intangible assets to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets and certain identifiable intangibles to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Property and Equipment and intangible assets are first recorded at cost. Depreciation and/or amortization is computed using the straight-line method over the estimated useful lives of the various classes of assets as follows between three and five years. Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income. Assets stated at cost, less accumulated amortization consisted of the following: March 31, 2017 June 30, 2016 Website development $ 1,850 $ 1,850 Less: accumulated amortization (1,182 ) (719 ) Fixed assets, net $ 668 $ 1,131 Amortization expense Amortization expense for the nine months ended March 31, 2017 and 2016 was $463 and $463, respectively.

Line of Credit

Line of Credit	9 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Lines of Credit	NOTE 5 – LINES OF CREDIT The Company has established a line of credit with a commercial bank in the amount of $50,000. This is a revolving business line of credit (BLOC) and bears a fixed interest rate of 6.50%. The company has also established a corporate business credit card for use in travel related purposes. That line of credit is established at $20,000. Total consolidated revolving credit available under both credit arrangements is approximately $70,000.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Stockholders' Equity	NOTE 6 - STOCKHOLDERS’ EQUITY Common stock Common stock includes 100,000,000 shares authorized at a par value of $0.001. In conjunction with the inception of the Company 10,000 shares of common stock were issued to the founder at par value, $0.001. On May 12, 2016, the founder exchanged his 10,000 shares of common stock for 10,000,000 shares of preferred stock. On May 12, 2016, the Company sold 17,000,000 shares of common stock to the founder at $0.001 per share for total proceeds of $17,000. Between January 24, 2017 and March 31, 2017, the Company sold 545,000 shares of common stock at $0.10 a share under the terms of its most recent offering. As of March 31, 2017, $10,000 had not yet been collected therefore has been debited to stock subscription receivable. The funds were collected on April 3, 2017. Preferred stock Preferred stock includes 25,000,000 shares of authorized at a par value of $0.001. Preferred stock includes 25,000,000 shares of Class B authorized at a par value of $0.001. The Preferred Stock constitutes a convertible stock in which (1) one Preferred Share is convertible into (5) five Common Shares. The Preferred Stock holders are entitled to vote on any matters on which the common stock holders are entitled to vote. On May 12, 2016, the Company issued 10,000,000 shares of preferred stock to the founder in exchange for 10,000 shares of common stock.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 7 - RELATED PARTY TRANSACTIONS As of March 31, 2017, and June 30, 2016, the Company owed $5,985 and $3,500, respectively in loans payable to its President & CEO. The loans were received to pay for certain operating expenses. They are unsecured, non-interest bearing and due on demand.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued on April 22, 2017 and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2017. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s financial statements for the year ended June 30, 2016.
Use of estimates	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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company follows paragraph 605-15-25 of the FASB Accounting Standards Codification for revenue recognition when the right of return exists. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) The seller's price to the buyer is substantially fixed or determinable at the date of sale, (ii) The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product. If the buyer does not pay at time of sale and the buyer's obligation to pay is contractually or implicitly excused until the buyer resells the product, then this condition is not met., (iii) The buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product, (iv) The buyer acquiring the product for resale has economic substance apart from that provided by the seller. This condition relates primarily to buyers that exist on paper, that is, buyers that have little or no physical facilities or employees. It prevents entities from recognizing sales revenue on transactions with parties that the sellers have established primarily for the purpose of recognizing such sales revenue, (v) The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer, and (vi) The amount of future returns can be reasonably estimated if necessary.
Recently issued accounting pronouncements	Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Property & Equipment (Tables)

Property & Equipment (Tables)	9 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Less accumulated depreciation	Assets stated at cost, less accumulated amortization consisted of the following: March 31, 2017 June 30, 2016 Website development $ 1,850 $ 1,850 Less: accumulated amortization (1,182 ) (719 ) Fixed assets, net $ 668 $ 1,131

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated Deficit	$ (30,830)		$ (9,619)
Net cash used in operations	$ (27,693)

Property & Equipment - Less acc

Property & Equipment - Less accumulated depreciation (Details) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Website development	$ 1,850	$ 1,850
Less: accumulated depreciation	(1,182)	(719)
Fixed assets, net	$ 668	$ 1,131

Property & Equipment (Details N

Property & Equipment (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 463	$ 463

Line of Credit (Details Narrati

Line of Credit (Details Narrative)	Mar. 31, 2017USD ($)
Consolidated revolving credit	$ 70,000
Commercial Bank
Consolidated revolving credit	$ 50,000
Interest rate	6.50%
Credit Card
Consolidated revolving credit	$ 20,000

Stockholders' Equity (Details N

Stockholders' Equity (Details Narrative) - USD ($)	2 Months Ended	4 Months Ended	9 Months Ended
	Mar. 31, 2017	May 12, 2016	Mar. 31, 2017	Jun. 30, 2016	Dec. 09, 2014
Common stock shares authorized	100,000,000		100,000,000	100,000,000
Common stock par value	$ .001		$ .001	$ .001
Common stock issued	17,545,000		17,545,000	17,000,000
Preferred stock shares authorized	25,000,000		25,000,000	25,000,000
Preferred stock par value	$ 0.001		$ 0.001	$ 0.001
Preferred stock conversion			The Preferred Stock constitutes a convertible stock in which (1) one Preferred Share is convertible into (5) five Common Shares. The Preferred Stock holders are entitled to vote on any matters on which the common stock holders are entitled to vote.
Common stock sold	545,000
Common stock sold, price per share	$ .10		$ .10
Stock subscription receivable	$ 10,000		$ 10,000	$ 16,900
Class B Preferred Stock
Preferred stock shares authorized	25,000,000		25,000,000	25,000,000
Preferred stock par value	$ 0.001		$ 0.001	$ 0.001
Preferred stock issued	10,000,000		10,000,000	10,000,000
Founder
Common stock par value					$ .001
Common stock issued		10,000			10,000
Preferred stock issued		10,000,000
Preferred stock, from exchange of common shares		10,000,000
Proceeds from sale of common stock		$ 17,000

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
President & CEO
Loans payable	$ 5,985	$ 3,500