Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Aug. 31, 2017 | Sep. 25, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | KALMIN CORP. | |
Entity Central Index Key | 1,685,570 | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 4,836,500 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2017 | Aug. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 4,021 | $ 581 |
Prepaid expenses | 10,343 | 2,040 |
Inventory | 12,908 | 0 |
Total Current Assets | 27,272 | 2,621 |
Property and equipment, net of accumulated depreciation | 9,631 | 0 |
Total Assets | 36,903 | 2,621 |
Advances from director | 21,453 | 853 |
Total Liabilities | 21,453 | 853 |
Common stock, par value $0.001; 75,000,000 shares authorized, 4,811,500 and 4,000,000 shares issued and outstanding | 4,811 | 4,000 |
Additional paid-in capital | 14,969 | 0 |
Accumulated deficit | (4,330) | (2,232) |
Stockholders' Equity | 15,450 | 1,768 |
Total Liabilities and Stockholders' Equity | $ 36,903 | $ 2,621 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Aug. 31, 2017 | Aug. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock shares issued | 4,811,500 | 0 |
Common stock shares outstanding | 0 | 4,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2017 | Jul. 20, 2016 | |
Income Statement [Abstract] | ||
Revenues | $ 26,000 | $ 0 |
Cost of Goods Sold | 6,030 | 0 |
Gross Profit | 19,970 | 0 |
General and Administrative Expenses | 22,068 | 2,232 |
Total Operating Expenses | 22,068 | 2,232 |
Loss from Operations | (2,098) | (2,232) |
Net Loss | $ (2,098) | $ (2,232) |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 4,174,597 | 837,209 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance, August 31, 2016 | $ 1,768 | $ 4,000 | $ (2,232) | |
Balance, August 31, 2016 (in shares) | 4,000,000 | |||
Net loss | (2,098) | |||
Net loss | (2,098) | |||
Shares issued for cash for the year ended August 31, 2017 | 15,780 | 811 | $ 14,969 | |
Balance, August 31, 2017 | $ 15,450 | 811 | $ 14,969 | $ (2,098) |
Balance, August 31, 2017 (in shares) | $ 4,811,500 |
Statement of Changes in Stockh6
Statement of Changes in Stockholders' Equity (Parenthetical) | 3 Months Ended |
Aug. 31, 2016USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Shares issued for cash, dividends per share | $ 0.001 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2016 | Aug. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (2,232) | $ (2,098) |
Depreciation | 0 | 954 |
Prepaid expenses | (2,040) | (8,303) |
Inventory | 0 | (12,908) |
Cash Flows Used In Operating Activities | (4,272) | (22,355) |
Purchase of equipment | 0 | (6,700) |
Purchase of furniture | (3,885) | |
Cash Flows Used In Investing Activities | 0 | (10,585) |
Advances from director | 853 | 20,600 |
Proceeds from sale of common stock | 4,000 | 15,780 |
Cash Flows Provided By Financing Activities | 4,853 | 36,380 |
Net Increase In Cash | 581 | 3,440 |
Cash, beginning of period | 0 | 581 |
Cash, end of period | 581 | 4,021 |
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
- ORGANIZATION AND NATURE OF BU
- ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Aug. 31, 2017 | |
- ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
- ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS Kalmin Corp. (“the Company”, “we”, “us” or “our”) was incorporated on July 20, 2016 in the State of Nevada. We manufacture and sell the necessary equipment for drinking mate - kalabas and bombilla. Many options are available for the production of kalabas (calabash), a traditional vessel for drinking yerba mate, and we choose to use wood and aluminum for reliability and durability. We start with kalabases of a single type and will expand to a range of cup sizes in the future. |
- GOING CONCERN
- GOING CONCERN | 12 Months Ended |
Aug. 31, 2017 | |
- 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. However, the Company had $26,000 revenues for the year ended August 31, 2017; but incurred a net loss. 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 or 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 ACCOUNT
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 14 Months Ended |
Aug. 31, 2017 | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principles require 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. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. Cash and Cash E q ui v a lents All of the cash is maintained with the Bank of America, one of the major financial institutions in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. 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 at the date of acquisition to be cash equivalents . There were no cash equivalents as of August 31, 2017 and 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. KALMIN CORP. Notes to the Financial Statements August 31, 2017 Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the first-in, first out (“ FIFO ”) method. 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. 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 The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. Advertising Advertising expenses consisted of marketing expenses and promotional activity expenses, and are recognized when incurred. Total advertising expense was $3,745 and $0 for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016, respectively. 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 recognizes revenue when the four basic criteria are met: (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. 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 August 31, 2017 and 2016, there were no potentially dilutive debt or equity instruments issued or outstanding. Currencies The Company's reporting and functional currencies are both the U.S. dollar. Foreign currency transaction gains and losses are included in other income (expense). KALMIN CORP. Notes to the Financial Statements August 31, 2017 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. |
- PROPERTY AND EQUIPMENT
- PROPERTY AND EQUIPMENT | 13 Months Ended |
Aug. 31, 2017 | |
- PROPERTY AND EQUIPMENT [Abstract] | |
- PROPERTY AND EQUIPMENT | NOTE 4 - PROPERTY AND EQUIPMENT As of August 31, 2017, property and equipment consisted of the following: Useful Lives August 31, 2017 Machinery and equipment 5 $ 6,700 Less accumulated depreciation (760) Furniture 3,885 Less accumulated depreciation (194) Net property and equipment $ 9,631 Depreciation expense for the Year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 30, 2016 was $954 and $0 respectively. |
- ADVANCE FROM DIRECTOR
- ADVANCE FROM DIRECTOR | 12 Months Ended |
Aug. 31, 2017 | |
- ADVANCE FROM DIRECTOR [Abstract] | |
- ADVANCE FROM DIRECTOR | NOTE 5 - ADVANCE FROM DIRECTOR In July 2016, the Company executed an agreement with the President to loan the Company an amount not more than $25,000. As of August 31, 2017, the Company's President has advanced $21,453 to the Company. This advance is unsecured, non-interest bearing and due on demand. |
- COMMON STOCK
- COMMON STOCK | 12 Months Ended |
Aug. 31, 2017 | |
- COMMON STOCK [Abstract] | |
- COMMON STOCK | NOTE 6 - COMMON STOCK In April 2017, the Company issued 175,000 shares of common stock at $0.02 per share for cash proceeds of $3,371, net of issuance costs of $129. In May 2017, the Company issued 206,500 shares of common stock at $0.02 per share for cash proceeds of $3,971, net of issuance costs of $159. In June 2017, the Company issued 110,000 shares of common stock at $0.02 per share for cash proceeds of $2,078, net of issuance costs of $122. In July 2017, the Company issued 180,000 shares of common stock at $0.02 per share for cash proceeds of $3,580, net of issuance costs of $20. In August 2017, the Company issued 140,000 shares of common stock at $0.02 per share for cash proceeds of $2,780, net of issuance costs of $20. On August 23, 2016 the Company issued 4,000,000 shares of common stock to a director for cash proceeds of $4,000 at $0.001 per share. |
- COMMITMENTS AND CONTINGENCIES
- COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Aug. 31, 2017 | |
- COMMITMENTS AND CONTINGENCIES [Abstract] | |
- COMMITMENTS AND CONTINGENCIES | NOTE 7 - COMMITMENTS AND CONTINGENCIES The Company has entered into a one-year rental agreement for office space for a $180 monthly fee, starting on September 1, 2016. On May 15, 2017, the Company signed an amendment to the rental agreement, extending the lease term for one year until September 1, 2018, with an option of further extension. Lease expenses for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016 were $2,160 and $0 respectively. KALMIN CORP. Notes to the Financial Statements August 31, 2017 |
- INCOME TAXES
- INCOME TAXES | 12 Months Ended |
Aug. 31, 2017 | |
- INCOME TAXES [Abstract] | |
- INCOME TAXES | NOTE 8 - INCOME TAXES As of August 31, 2017, the Company had net operating loss carry forwards of approximately $4,330 that may be available to reduce future years' taxable income in varying amounts through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The valuation allowance at August 31, 2017 was $1,472. The net change in valuation allowance during the year ended August 31, 2017 was $713. 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 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 August 31, 2017. The provision for federal income tax consists of the following: As of August 31, 2017 As of August 31, 2016 Non-current deferred tax assets attributable to: Net operating loss carry forward $ 1,472 $ 759 Valuation allowance (1,472) (759 ) Net deferred tax assets $ - $ - The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016 as follows: Year ended August 31, 2017 Period From July 20, 2016 (inception) to August 31, 2016 Computed “expected” tax expense (benefit) at 34% $ (713) $ (759) Change in valuation allowance 713 759 Actual tax expense (benefit) $ - - |
- SUBSEQUENT EVENTS
- SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2017 | |
- SUBSEQUENT EVENTS [Abstract] | |
- SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS The Company has analyzed its transactions subsequent to August 31, 2017 to the date these financial statements were issued for consideration of any material subsequent events to disclose in these financial statements, other than shares issuance of common stock. In connection with the appointment of Karel Astride Oulai, on September 20, 2017, Ms. Oulai will be issued with 1,000,000 shares of the Company's common stock for her services through the end of Company's fiscal year on August 31, 2018. The exercise price of the stock options is $0.001 per share. Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure None Item 9A (T) Controls and Procedures Disclosure Controls and Procedures. The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company's Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Company's management, as appropriate, to allow timely decisions regarding required disclosure. The Company's management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective. Management's Report on Internal Controls over Financial Disclosure Controls and Procedures Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of August 31, 2017 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of August 31, 2017, the Company determined that there were control deficiencies that constituted material weaknesses, as described below. 1. We do not have an Audit Committee - While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities. 2. We did not maintain appropriate cash controls - As of August 31, 2017, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company's bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts. 3. We did not implement appropriate information technology controls - As at August 31, 2017, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors. Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company's internal controls. As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of August 31, 2017 based on criteria established in Internal Control- Integrated Framework issued by COSO. System of Internal Control over Financial Reporting Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of August 31, 2017. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Changes in Internal Control over Financial Reporting There was no change in the Company's internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting. Item 9B. Other Information. None. PART III Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company The name, age and titles of our executive officer and director are as follows: Name and Address of Executive Officer and/or Director Age Position Jose Galarza Alberdi 1045 Caacupe, Paraguay 22 President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) Jose Galarza has acted as our President, treasurer, secretary and director since our incorporation on July 20, 2016. There was no any arrangement or understanding between Mr. Galarza and any other person(s) pursuant to which he was selected as a director of the company. Last job of Mr. Galarza was working as a freelancer in creating and modeling of 3D objects such as prototypes of toys, furniture, vases and dishes. Mr. Galarza is currently engaged only in operation of Kalmin Corp. and he does not have any other job or business activities except our company. Mr. Galarza owns 83% of the outstanding shares of our common stock. As such, it was unilaterally decided that Mr. Galarza was going to be our sole President, Chief Executive Officer, Treasurer, and Chief Financial Officer, Chief Accounting Officer, Secretary and sole member of our board of directors. Mr. Galarza intends to spend 75% of his time to planning and organizing activities of Kalmin Corp., which means he will devote approximately 20 hours per week to the company's business. During the past ten years, Mr. Galarza has not been the subject to any of the following events: 1. Any bankruptcy petition filed by or against any business of which Mr. Galarza was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time. 2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding. 3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Mr. Galarza's involvement in any type of business, securities or banking activities. 4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to violate a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated. 5. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity; 6. Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated; 7. Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of: i. Any Federal or State securities or commodities law or regulation; or ii. Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or iii. Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or 8. Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member. TERM OF OFFICE Our director is appointed to hold office until the next annual meeting of our stockholders or until his respective successor is elected and qualified, or until he resigns or is removed in accordance with the provisions of the Nevada Revised Statues. DIRECTOR INDEPENDENCE Our board of directors is currently composed of one member, Jose Galarza, who does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to each director that no existing relationships which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director's business and personal activities and relationships as they may relate to our management and us. Item 11. Executive Compensation MANAGEMENT COMPENSATION The following tables set forth certain information about compensation paid , earned or accrued for services by our Executive Officer as of August 31, 2017: Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation ($) All Other Compensation ($) Total ($) Jose Galarza President and Treasurer August 31, 2017 -0- -0- -0- -0- -0- -0- -0- -0- Mr. Galarza currently devotes approximately 75% of his time to manage the affairs of the company. He has agreed to work with no remuneration until such time as the company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be. There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any. Director Compensation The following tables set forth director compensation as of August 31, 2017: Name Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($) Total ($) Jose Galarza -0- -0- -0- -0- -0- -0- -0- Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of August 31, 2017: (i) each person (including any group) knew to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown. Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage Common Stock Jose Galarza, Alberdi 1045 Caacupe, Paraguay 4,000,000 shares of common stock (direct) 83% 83% (1) A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As of August 31, 2017, there were 4,811,500 shares of our common stock issued and outstanding. Future sales by existing stockholders A total of 4,000,000 shares of common stock were issued to our sole officer and director, all of which are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictions on the manner of sale. Such shares can only be sold after six months provided that the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act. As we are a “shell company” as that term is defined by the applicable federal securities laws, because of the nature and amount of our assets and our very limited operations, applicable provisions of Rule 144 specify that during that time that we are a “shell company” and for a period of one year thereafter, holders of our restricted securities cannot sell those securities in reliance on Rule 144. As result, one year after we cease being a “shell company”, assuming we are current in our reporting requirements with the Securities and Exchange Commission, holders of our restricted securities may then sell those securities in reliance on Rule 144 (provided, however, those holders satisfy all of the applicable requirements of that rule). For us, to cease being a “shell company”, we must have more than nominal operations history and more assets and revenues. Shares purchased in this offering, which will be immediately resalable, and sales of all of our other shares after applicable restrictions expire, could have a depressive effect on the market price, if any, of our common stock and the shares we are offering. There is no public trading market for our common stock. There are no outstanding options or warrants to purchase, or securities convertible into, our common stock. There is one holder of record for our common stock. The record holder is our sole officer and director who own 4,000,000 restricted shares of our common stock. Item 13. Certain Relationships and Related Transactions Jose Galarza is our officer, director, control person and promoter and he shall receive no compensation for the placement of the offering. There is no any promoter(s) of the company other than Mr. Galarza. On August 23, 2016 we issued a total of 4,000,000 shares of restricted common stock to Jose Galarza in consideration of $4,000. Further, Mr. Galarza has advanced funds to us. Mr. Galarza will not be repaid from the proceeds of this offering. There is no due date for the repayment of the funds advanced by Mr. Galarza. Jose Galarza will be repaid from revenues of operations if and when we generate significant revenues to pay the obligation. There is no assurance that we will ever generate significant revenues from our operations. The obligation to Mr. Galarza does not bear interest. There is no written agreement evidencing the advancement of funds by Mr. Galarza or the repayment of the funds to Mr. Galarza. We have a verbal agreement with Mr. Galarza that, if necessary, he will loan the company funds to complete the registration process. As of August 31, 2017 our company Kalmin Corp. has generated revenues of $26,000 from selling our kalabases and bombillas to our customers. Item 14. Principal Accountant Fees and Services Our independent auditor, Accell Audit & Compliance, PA, billed an aggregate of $9,500 the year ended August 31, 2017 and for professional services rendered for the audit of the Company's annual financial statements. Our previous independent auditor, GBH CPAs, PC, billed during the fiscal year ended August 31, 2017, approximately $10,100 for professional services rendered in connection with the audit of our August 31, 2016 financial statements and for the reviews of our financial statements for the quarters ended November 30, 2016, February 28, 2017, and May 31, 2017. We do not have an audit committee and as a result our board of directors performs the duties of an audit committee. Our board of directors evaluates the scope and cost of the engagement of an auditor before the auditor renders the audit and non-audit services. PART IV Item 15. Exhibits The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. SIGNATURES Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the Caacupe, Paraguay on December _, 2017. By: /s/ Jose Galarza Name: Jose Galarza Title: President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 15 Months Ended |
Aug. 31, 2017 | |
Significant Accounting Policies (Policies) [Abstract] | |
The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America | Basis of presentation The Company prepares its financial statements in conformity with generally accepted accounting principles in the United States of America. These principles require 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. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. Cash and Cash E q ui v a lents All of the cash is maintained with the Bank of America, one of the major financial institutions in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. 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 at the date of acquisition to be cash equivalents . There were no cash equivalents as of August 31, 2017 and 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. KALMIN CORP. Notes to the Financial Statements August 31, 2017 Inventories Inventories are stated at the lower of cost or market. Cost is principally determined using the first-in, first out (“ FIFO ”) method. 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. 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 The carrying value of cash and the Company's loan from shareholder approximates its fair value due to their short-term maturity. Advertising Advertising expenses consisted of marketing expenses and promotional activity expenses, and are recognized when incurred. Total advertising expense was $3,745 and $0 for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016, respectively. 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 recognizes revenue when the four basic criteria are met: (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. 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 August 31, 2017 and 2016, there were no potentially dilutive debt or equity instruments issued or outstanding. Currencies The Company's reporting and functional currencies are both the U.S. dollar. Foreign currency transaction gains and losses are included in other income (expense). KALMIN CORP. Notes to the Financial Statements August 31, 2017 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. |
- PROPERTY AND EQUIPMENT (Table
- PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Aug. 31, 2017 | |
- PROPERTY AND EQUIPMENT (Tables) [Abstract] | |
As of August 31, 2017, property and equipment consisted | As of August 31, 2017, property and equipment consisted of the following: Useful Lives August 31, 2017 Machinery and equipment 5 $ 6,700 Less accumulated depreciation (760) Furniture 3,885 Less accumulated depreciation (194) Net property and equipment $ 9,631 |
- INCOME TAXES (Tables)
- INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2017 | |
- INCOME TAXES (Tables) [Abstract] | |
The provision for federal income | The provision for federal income tax consists of the following: As of August 31, 2017 As of August 31, 2016 Non-current deferred tax assets attributable to: Net operating loss carry forward $ 1,472 $ 759 Valuation allowance (1,472) (759 ) Net deferred tax assets $ - $ - |
The actual tax benefit at | The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016 as follows: Year ended August 31, 2017 Period From July 20, 2016 (inception) to August 31, 2016 Computed “expected” tax expense (benefit) at 34% $ (713) $ (759) Change in valuation allowance 713 759 Actual tax expense (benefit) $ - - |
- SUBSEQUENT EVENTS (Tables)
- SUBSEQUENT EVENTS (Tables) | 14 Months Ended |
Aug. 31, 2017 | |
- SUBSEQUENT EVENTS (Tables) [Abstract] | |
The name, age and titles of our executive officer and director are as follows | The name, age and titles of our executive officer and director are as follows: Name and Address of Executive Officer and/or Director Age Position Jose Galarza Alberdi 1045 Caacupe, Paraguay 22 President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) |
Summary Compensation Table | Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation ($) All Other Compensation ($) Total ($) Jose Galarza President and Treasurer August 31, 2017 -0- -0- -0- -0- -0- -0- -0- -0- |
The following tables set forth director compensation as of August 31, 2017 | The following tables set forth director compensation as of August 31, 2017: Name Fees Earned or Paid in Cash ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) Nonqualified Deferred Compensation Earnings ($) All Other Compensation ($) Total ($) Jose Galarza -0- -0- -0- -0- -0- -0- -0- |
The following table sets forth | The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of August 31, 2017: (i) each person (including any group) knew to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown. Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage Common Stock Jose Galarza, Alberdi 1045 Caacupe, Paraguay 4,000,000 shares of common stock (direct) 83% 83% (1) A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As of August 31, 2017, there were 4,811,500 shares of our common stock issued and outstanding. |
The following exhibits are included | The following exhibits are included as part of this report by reference: 31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a). 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. |
Pursuant to the requirements of | Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the Caacupe, Paraguay on December _, 2017. By: /s/ Jose Galarza Name: Jose Galarza Title: President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) |
- GOING CONCERN (Details Text)
- GOING CONCERN (Details Text) | Aug. 31, 2017USD ($) |
Going Concern_ [Abstract] | |
However, the Company had $26,000 revenues for the year ended August 31, 2017; but incurred a net loss | $ 26,000 |
- SUMMARY OF SIGNIFCANT ACCOU22
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text) | 12 Months Ended |
Aug. 31, 2017USD ($) | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] | |
Total advertising expense was $3,745 and $0 for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016, respectively. | $ 3,745 |
- PROPERTY AND EQUIPMENT (Detai
- PROPERTY AND EQUIPMENT (Details 1) - USD ($) | Aug. 31, 2017 | Aug. 31, 2016 |
Property And Equipment__ [Abstract] | ||
Machinery and equipment | $ 6,700 | |
Less accumulated depreciation | (760) | |
Furniture | 3,885 | |
Less accumulated depreciation | (194) | |
Net property and equipment | $ 9,631 | $ 0 |
- PROPERTY AND EQUIPMENT (Det24
- PROPERTY AND EQUIPMENT (Details Text) | 12 Months Ended |
Aug. 31, 2017USD ($) | |
Property_ And Equipment_ [Abstract] | |
Depreciation expense for the Year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 30, 2016 was $954 and $0 respectively. | $ 954 |
- ADVANCE FROM DIRECTOR (Detail
- ADVANCE FROM DIRECTOR (Details Text) - USD ($) | Aug. 31, 2017 | Jul. 31, 2016 |
Advance From Director__ [Abstract] | ||
In July 2016, the Company executed an agreement with the President to loan the Company an amount not more than $25,000 | $ 25,000 | |
As of August 31, 2017, the Company's President has advanced $21,453 to the Company | $ 21,453 |
- COMMON STOCK (Details Text)
- COMMON STOCK (Details Text) - USD ($) | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Aug. 23, 2016 |
- COMMON STOCK [Abstract] | ||||||
In April 2017, the Company issued 175,000 shares of common stock at $0.02 per share for cash proceeds of $3,371 | $ 3,371 | |||||
In April 2017 net of issuance costs of $129. | $ 129 | |||||
In May 2017, the Company issued 206,500 shares of common stock at $0.02 per share for cash proceeds of $3,971, net of issuance costs of $159. | $ 3,971 | |||||
In May 2017net of issuance costs of $159. | $ 159 | |||||
In June 2017, the Company issued 110,000 shares of common stock at $0.02 per share for cash proceeds of $2,078, net of issuance costs of $122. | $ 2,078 | |||||
In June 2017 net of issuance costs of $122. | $ 122 | |||||
In July 2017, the Company issued 180,000 shares of common stock at $0.02 per share for cash proceeds of $3,580, net of issuance costs of $20. | $ 3,580 | |||||
In July 2017 net of issuance costs of $20. | $ 20 | |||||
In August 2017, the Company issued 140,000 shares of common stock at $0.02 per share for cash proceeds of $2,780, net of issuance costs of $20. | $ 2,780 | |||||
In August 2017 net of issuance costs of $20. | $ 20 | |||||
On August 23, 2016 the Company issued 4,000,000 shares of common stock to a director for cash proceeds of $4,000 at $0.001 per share. | $ 4,000 |
- COMMITMENTS AND CONTINGENCI27
- COMMITMENTS AND CONTINGENCIES (Details Text) - USD ($) | Aug. 31, 2017 | May 15, 2017 | Sep. 11, 2016 |
Commitments_ And Contingencies__ [Abstract] | |||
The Company has entered into a one-year rental agreement for office space for a $180 monthly fee, starting on September 1, 2016 | $ 180 | ||
On May 15, 2017, the Company signed an amendment to the rental agreement, extending the lease term for one year until September 1, 2018, with an option of further extension | $ 1 | ||
Lease expenses for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016 were $2,160 and $0 respectively. | $ 2,160 |
- INCOME TAXES (Details 1)
- INCOME TAXES (Details 1) - USD ($) | Aug. 31, 2017 | Aug. 31, 2016 |
- INCOME TAXES [Abstract] | ||
Net operating loss carry forward | $ 1,472 | $ 759 |
Valuation allowance | (1,472) | (759) |
Net deferred tax assets | $ 0 | $ 0 |
- INCOME TAXES (Details 2)
- INCOME TAXES (Details 2) - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2016 | Aug. 31, 2017 | |
- INCOME TAXES [Abstract] | ||
Computed "expected" tax expense (benefit) at 34% | $ (759) | $ (713) |
Change in valuation allowance | $ 759 | 713 |
Actual tax expense (benefit) | $ 0 |
- INCOME TAXES (Details Text)
- INCOME TAXES (Details Text) | Aug. 31, 2017USD ($) |
- INCOME TAXES [Abstract] | |
As of August 31, 2017, the Company had net operating loss carry forwards of approximately $4,330 that may be available to reduce future years' taxable income in varying amounts through 2036 | $ 4,330 |
The valuation allowance at August 31, 2017 was $1,472 | 1,472 |
The net change in valuation allowance during the year ended August 31, 2017 was $713 | 713 |
The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the year ended August 31, 2017 and the period from July 20, 2016 (inception) to August 31, 2016 as follows: | $ 34 |
- SUBSEQUENT EVENTS (Details 1)
- SUBSEQUENT EVENTS (Details 1) | 11 Months Ended |
Aug. 31, 2018USD ($) | |
- SUBSEQUENT EVENTS [Abstract] | |
In connection with the appointment of Karel Astride Oulai, on September 20, 2017, Ms. Oulai will be issued with 1,000,000 shares of the Company's common stock for her services through the end of Company's fiscal year on August 31, 2018. The exercise price of the stock options is $0.001 per share. | $ 1,000,000 |
- SUBSEQUENT EVENTS (Details Te
- SUBSEQUENT EVENTS (Details Text) - USD ($) | Aug. 31, 2018 | Aug. 31, 2017 | Aug. 23, 2016 |
Subsequent Events__ [Abstract] | |||
Oulai will be issued with 1,000,000 shares of the Company's common stock for her services through the end of Company's fiscal year on August 31, 2018 | $ 1,000,000 | ||
The exercise price of the stock options is $0.001 per share. | $ 0.001 | ||
Galarza owns 83% of the outstanding shares of our common stock | $ 83 | ||
Galarza intends to spend 75% of his time to planning and organizing activities of Kalmin Corp., which means he will devote approximately 20 hours per week to the company's business. | 75 | ||
Galarza was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time. | 2 | ||
The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us | 3 | ||
Galarza currently devotes approximately 75% of his time to manage the affairs of the company | 75 | ||
The following table sets forth certain information concerning the number of shares of our common stock owned beneficially as of August 31, 2017: (i) each person (including any group) knew to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer | 5 | ||
As of August 31, 2017, there were 4,811,500 shares of our common stock issued and outstanding. | 4,811,500 | ||
A total of 4,000,000 shares of common stock were issued to our sole officer and director, all of which are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act | $ 4,000,000 | ||
As we are a "shell company" as that term is defined by the applicable federal securities laws, because of the nature and amount of our assets and our very limited operations, applicable provisions of Rule 144 specify that during that time that we are a "shell company" and for a period of one year thereafter, holders of our restricted securities cannot sell those securities in reliance on Rule 144 | 1 | ||
As result, one year after we cease being a "shell company", assuming we are current in our reporting requirements with the Securities and Exchange Commission, holders of our restricted securities may then sell those securities in reliance on Rule 144 (provided, however, those holders satisfy all of the applicable requirements of that rule) | 1 | ||
On August 23, 2016 we issued a total of 4,000,000 shares of restricted common stock to Jose Galarza in consideration of $4,000 | $ 4,000 | ||
has generated revenues of $26,000 from selling our kalabases and bombillas to our customers. | 26,000 | ||
Our independent auditor, Accell Audit & Compliance, PA, billed an aggregate of $9,500 the year ended August 31, 2017 and for professional services rendered for the audit of the Company's annual financial statements | 9,500 | ||
Our previous independent auditor, GBH CPAs, PC, billed during the fiscal year ended August 31, 2017, approximately $10,100 for professional services rendered in connection with the audit of our August 31, 2016 financial statements and for the reviews of our financial statements for the quarters ended November 30, 2016, February 28, 2017, and May 31, 2017. | $ 10,100 |
Uncategorized Items - none-2017
Label | Element | Value |
Shares Issued For Cash At Per Share For The Period Ended | none_SharesIssuedForCashAtPerShareForThePeriodEnded | $ 4,000 |
Common Stock [Member] | ||
Shares_ Issued For Cash At Per Share For The Period Ended_ In Shares | none_Shares_IssuedForCashAtPerShareForThePeriodEnded_InShares | 4,000,000 |
Shares Issued For Cash__ For The Year Ended August 2017 _ In Shares | none_SharesIssuedForCash__ForTheYearEndedAugust2017_InShares | 811,500 |
Shares Issued For Cash At Per Share For The Period Ended | none_SharesIssuedForCashAtPerShareForThePeriodEnded | 4,000 |
Retained Earnings [Member] | ||
Net Income (Loss) Attributable to Parent | us-gaap_NetIncomeLoss | (2,232) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | us-gaap_ProfitLoss | $ (2,098) |