Nanovation Microtech (NANN) 10-Q 26 Jun 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 28, 2019	Jun. 17, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	KALMIN CORP.
Entity Central Index Key	0001685570
Document Type	10-Q
Document Period End Date	Feb. 28, 2019
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false
Is Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		4,836,500
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Shell Company	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Feb. 28, 2019	Aug. 31, 2018
Current Assets
Cash and cash equivalents	$ 53
Accounts receivable	498
Total Current Assets	551
TOTAL ASSETS	551
Current Liabilities
Accounts payable and accrued liabilities	12,063	12,821
Advances from director	27,463	2,582
TOTAL LIABILITIES	39,526	15,403
STOCKHOLDERS' DEFICIT
Common stock, par value $0.001 per share, 75,000,000 shares authorized, 4,836,500 shares issued and outstanding	4,836	4,836
Additional paid-in capital	26,101	30,404
Retained earnings from discontinued operations	29,190	29,190
Accumulated deficit	(99,102)	(79,833)
Total stockholders' deficit	(38,975)	(15,403)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 551

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Feb. 28, 2019	Aug. 31, 2018
STOCKHOLDERS' DEFICIT
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	4,836,500	4,836,500
Common stock, shares outstanding	4,836,500	4,836,500

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Consolidated Statements Of Operations
REVENUES, NET OF FEES	$ 500		$ 500
OPERATING EXPENSES
General and administrative	11,213	13,069	19,769	34,605
Total Operating Expenses	11,213	13,069	19,769	34,605
Loss Before Income Taxes	(10,713)	(13,069)	(19,269)	(34,605)
Provision for Income Taxes
NET LOSS FROM CONTINUED OPERATIONS	(10,713)	(13,069)	(19,269)	(34,605)
NET INCOME FROM DISCOUTINUED OPERATIONS		4,778		11,197
NET LOSS	$ (10,713)	$ (8,291)	$ (19,269)	$ (23,408)
Loss from Continued Operations per share: Basic and Diluted	$ 0	$ 0	$ 0	$ (0.01)
Income from Discontinued Operations per share: Basic and Diluted	0	0	0	0
Net loss per share: Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Common Shares Outstanding - Basic and Diluted	4,836,500	4,836,500	4,836,500	4,835,948

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings From Discontinued Operations	Accumulated Deficit	Total
Beginning Balance, Shares at Aug. 31, 2017	4,811,500
Beginning Balance, Amount at Aug. 31, 2017	$ 4,811	$ 14,969	$ 19,016	$ (23,346)	$ 15,450
Common stock issued for cash, Shares	25,000
Common stock issued for cash, Amount	$ 25	475			500
Net income from discontinued operations			6,419		6,419
Net loss				(21,536)	(21,536)
Ending Balance, Shares at Nov. 30, 2017	4,836,500
Ending Balance, Amount at Nov. 30, 2017	$ 4,836	15,444	25,435	(44,882)	833
Beginning Balance, Shares at Aug. 31, 2017	4,811,500
Beginning Balance, Amount at Aug. 31, 2017	$ 4,811	14,969	19,016	(23,346)	15,450
Net loss					(34,605)
Ending Balance, Shares at Feb. 28, 2018	4,836,500
Ending Balance, Amount at Feb. 28, 2018	$ 4,836	15,444	30,213	(57,951)	(7,458)
Beginning Balance, Shares at Nov. 30, 2017	4,836,500
Beginning Balance, Amount at Nov. 30, 2017	$ 4,836	15,444	25,435	(44,882)	833
Net income from discontinued operations			4,778		4,778
Net loss				(13,069)	(13,069)
Ending Balance, Shares at Feb. 28, 2018	4,836,500
Ending Balance, Amount at Feb. 28, 2018	$ 4,836	15,444	30,213	(57,951)	(7,458)
Beginning Balance, Shares at Aug. 31, 2018	4,836,500
Beginning Balance, Amount at Aug. 31, 2018	$ 4,836	30,404	29,190	(79,833)	(15,403)
Net loss				(8,556)	(8,556)
Ending Balance, Shares at Nov. 30, 2018	4,836,500
Ending Balance, Amount at Nov. 30, 2018	$ 4,836	30,404	29,190	(88,389)	(23,959)
Beginning Balance, Shares at Aug. 31, 2018	4,836,500
Beginning Balance, Amount at Aug. 31, 2018	$ 4,836	30,404	29,190	(79,833)	(15,403)
Net loss					(19,269)
Ending Balance, Shares at Feb. 28, 2019	4,836,500
Ending Balance, Amount at Feb. 28, 2019	$ 4,836	26,101	29,190	(99,102)	(38,975)
Beginning Balance, Shares at Nov. 30, 2018	4,836,500
Beginning Balance, Amount at Nov. 30, 2018	$ 4,836	30,404	29,190	(88,389)	(23,959)
Acquisition of net assets		(4,303)			(4,303)
Net loss				(10,713)	(10,713)
Ending Balance, Shares at Feb. 28, 2019	4,836,500
Ending Balance, Amount at Feb. 28, 2019	$ 4,836	$ 26,101	$ 29,190	$ (99,102)	$ (38,975)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss from continued operations	$ (19,269)	$ (23,408)
Net income from discontinued operations		11,197
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		1,058
Changes in operating assets and liabilities:
Accounts receivable	(498)
Prepaid expenses		4,170
Inventory		12,878
Accounts payable and accrued liabilities	(5,114)	360
Customer deposits		1,700
Net cash used in operating activities	(24,881)	(3,242)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of net cash from No Tie LLC	53
Net cash provided by investing activities	53
CASH FLOWS FROM FINANCING ACTIVITIES
Net advances from director	24,881
Proceeds from sale of common stock		500
Net cash provided by financing activities	24,881	500
Net increase (decrease) in cash and cash equivalents	53	(2,742)
Cash and cash equivalents - beginning of period		4,021
Cash and cash equivalents - end of period	53	1,279
Supplemental Cash Flow Disclosures
Cash paid for interest
Cash paid for income taxes

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS	Kalmin Corp. (“the Company”) was incorporated on July 20, 2016 in the State of Nevada. On May 4, 2018, as a result of a private transaction, the control block of voting stock of the Company, represented by 4,000,000 shares of common stock, was transferred from Jose Maria Galarza Gaona to Greenfields International Limited, and a change of control of Kalmin Corp. has occurred. Upon the change of control of the Company, the existing directors and officers resigned immediately. Accordingly, Jose Maria Galarza Gaona, serving as director and President and Karel Astride Oulai, serving as Treasurer and Secretary, ceased to be the Company’s officers and directors. At the effective date of the transfer, Xie Qi Kang, age 36, assumed the role of director and Chief Executive Officer, President, Secretary and Treasurer of the Company. Previous Business From inception until May 4, 2018, the Company manufactured and sold the necessary equipment for drinking mate – kalabas and bombilla. With the change of control on May 4, 2018, management determined it was in the best interest of the Company to seek new business opportunities. Acquisition On December 1, 2018, the Company entered into a Share Sale and Purchase Agreement (the “Agreement”) with No Tie LLC (“No Tie”). Under the terms of the Agreement, the Company have agreed to purchase all of the issued and outstanding shares of No Tie and its mobile application assets for a purchase price of $37,500 (the “Acquisition”). In connection with the Agreement, the Company assumed certain ongoing responsibilities of No Tie, including maintaining Apple developer licenses and domain name registration and hosting. The Acquisition closed on January 25, 2019. At closing, No Tie became a subsidiary of our company. Current Business Upon closing of the Acquisition, the Company is now an App business with 120+ Apps primarily for iPhone, iPad and Apple.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 2 - GOING CONCERN	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. The Company incurred an operating loss of $19,269 during the six months ended February 28, 2019 and has accumulated deficit of $99,102 from continued operations and retained earnings of $29,190 from discontinued operations as of February 28, 2019. The Company has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, 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. 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 to become financially viable and continue as a going concern. These financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

SUMMARY OF SIGNIFCANT ACCOUNTIN

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended February 28, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. These interim financial statements are condensed and should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended August 31, 2018 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on November 29, 2018. Principles of Consolidation The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiary, No Tie, LLC. All significant intercompany accounts and transactions have been eliminated. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net (loss). Cash and Cash Equivalents The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of February 28, 2019, the cash and cash equivalents is $53. Use of Estimates The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition The Company recognizes revenue from the sale of products and services in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. A performance obligation is satisfied over time if one of the following criteria are met: a. the customer simultaneously receives and consumes the benefits as the entity performs; b. the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or c. the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. The Company’s sales are completed through an online platforms by third parties. The Company receives collection on payments either at the time of sale, or 30 or 60 days subsequent to the sale. For products and services where collection is immediate, the Company recognizes revenue at the time of sale. Accounts Receivable The Company records accounts receivable in accordance with ASC 310, “Receivables.” Receivables consist of mobile application sales that have been made, but cash has not yet been received. The terms of receivables are typically 60 days after sale. As of February 28, 2019, amounts of $498 was recorded as accounts receivable, 100% of which was due from one customer. Earnings (Loss) 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 February 28, 2019 and August 31, 2018, there were no potentially dilutive debt or equity instruments issued or outstanding. Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

ADVANCE FROM DIRECTOR

ADVANCE FROM DIRECTOR	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 4 - ADVANCE FROM DIRECTOR	As of February 28, 2019 and August 31, 2018, the amount due to the Company’s President was $27,463 and $2,582, respectively. These advances were unsecured, non-interest bearing and due on demand.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 5 - DISCONTINUED OPERATIONS	During the six months ended February 28, 2019, in connection with the acquisition of No Tie LLC, the Company changed their business operations from manufacturing and sale of equipment for drinking mate to developing on-line mobile applications. The Company has excluded results of the operations from its Consolidated Statements of Operations to present the revenue, cost of revenue and related operating expense from the drinking mate equipment business in discontinued operations. The following table shows the results of operations of the drinking mate equipment business for the six months ended February 28, 2019 and 2018 which are included in the net income from discontinued operations: Six Months Ended February 28 2019 2018 Revenues $ - $ 25,766 Cost of Goods Sold - 13,511 Gross Profit - 12,255 Operating Expenses General and administrative - 1,058 Total Operating Expenses - 1,058 Income from Operations - 11,197 Provision for income taxes - - Net Income from Discontinued Operations $ - $ 11,197

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Feb. 28, 2019
Notes to Financial Statements
NOTE 6 - SUBSEQUENT EVENTS	Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Feb. 28, 2019
Summary Of Significant Accounting Policies
Basis of presentation	The accompanying unaudited interim consolidated financial statements have been prepared in accordance with GAAP for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the six months ended February 28, 2019 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2018 have been omitted. These interim financial statements are condensed and should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended August 31, 2018 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on November 29, 2018.
Principles of Consolidation	The accompanying consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiary, No Tie, LLC. All significant intercompany accounts and transactions have been eliminated.
Reclassifications	Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net (loss).
Cash and Cash Equivalents	The Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of February 28, 2019, the cash and cash equivalents is $53.
Use of Estimates	The preparation of financial statements in conformity with GAAP 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	The Company recognizes revenue from the sale of products and services in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. A performance obligation is satisfied over time if one of the following criteria are met: a. the customer simultaneously receives and consumes the benefits as the entity performs; b. the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or c. the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. The Company’s sales are completed through an online platforms by third parties. The Company receives collection on payments either at the time of sale, or 30 or 60 days subsequent to the sale. For products and services where collection is immediate, the Company recognizes revenue at the time of sale.
Accounts Receivable	The Company records accounts receivable in accordance with ASC 310, “Receivables.” Receivables consist of mobile application sales that have been made, but cash has not yet been received. The terms of receivables are typically 60 days after sale. As of February 28, 2019, amounts of $498 was recorded as accounts receivable, 100% of which was due from one customer.
Earnings (Loss) 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 February 28, 2019 and August 31, 2018, there were no potentially dilutive debt or equity instruments issued or outstanding.
Recent Accounting Pronouncements	Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Feb. 28, 2019
Discontinued Operations
Net income from discontinued operations	Six Months Ended February 28 2019 2018 Revenues $ - $ 25,766 Cost of Goods Sold - 13,511 Gross Profit - 12,255 Operating Expenses General and administrative - 1,058 Total Operating Expenses - 1,058 Income from Operations - 11,197 Provision for income taxes - - Net Income from Discontinued Operations $ - $ 11,197

ORGANIZATION AND NATURE OF BU_2

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)	6 Months Ended
	Feb. 28, 2019	May 04, 2018
State of incorporation	Nevada
Date of Incorporation	Jul. 20, 2016
Share Sale and Purchase Agreement [Member] | No Tie LLC [Member] | December 1, 2018 [Member]
Business acquisition, purchase price	$ 37,500
Jose Maria Galarza Gaona [Member]
Number of shares transferred		4,000,000

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018	Aug. 31, 2018
Going Concern
Loss from operations	$ (10,713)	$ (13,069)	$ (19,269)	$ (34,605)
Accumulated deficit	(99,102)		(99,102)		$ (79,833)
Retained earnings	$ 29,190		$ 29,190		$ 29,190

SUMMARY OF SIGNIFCANT ACCOUNT_2

SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	6 Months Ended
	Feb. 28, 2019	Aug. 31, 2018	Feb. 28, 2018	Aug. 31, 2017
Cash and cash equivalents	$ 53		$ 1,279	$ 4,021
Accounts receivable	$ 498
Accounts Receivable [Member]
Average collection period, description	The terms of receivables are typically 60 days after sale
Accounts Receivable [Member] | One customer [Member]
Concentration risk percentage	100.00%

ADVANCE FROM DIRECTOR (Details

ADVANCE FROM DIRECTOR (Details Narrative) - USD ($)	Feb. 28, 2019	Aug. 31, 2018
Due to related parties	$ 27,463	$ 2,582
President [Member]
Due to related parties	$ 27,463	$ 2,582

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Feb. 28, 2019	Feb. 28, 2018
Discontinued Operations Details Narrative Abstract
Revenues				$ 25,766
Cost of Goods Sold				13,511
Gross Profit				12,255
OPERATING EXPENSES
General and administrative				1,058
Total Operating Expenses				1,058
Income from Operations				11,197
Provision for income taxes
Net Income from Discontinued Operations		$ 4,778		$ 11,197