Document and Entity Information
Document and Entity Information - USD ($) | Jul. 28, 2017 | Apr. 30, 2017 | Oct. 31, 2016 |
Details | |||
Registrant Name | FREIGHT SOLUTION INC | ||
Registrant CIK | 1,691,430 | ||
SEC Form | 10-K | ||
Period End date | Apr. 30, 2017 | ||
Fiscal Year End | --04-30 | ||
Trading Symbol | fsi | ||
Tax Identification Number (TIN) | 812,749,032 | ||
Number of common stock shares outstanding | 15,000,000 | ||
Public Float | $ 0 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Address, Address Line One | 8506 Strong Avenue, | ||
Entity Address, City or Town | Orangevale | ||
Entity Address, State or Province | California | ||
Entity Address, Postal Zip Code | 95,662 | ||
City Area Code | (916) | ||
Local Phone Number | 600-5773 | ||
Entity Listing, Par Value Per Share | $ 0.001 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 2,016 | $ 0 |
Prepaid expense | 3,827 | 0 |
Total Current Assets | 5,843 | 0 |
Intangible assets, net | 0 | 4,000 |
Deferred offering costs | 26,173 | 0 |
TOTAL ASSETS | 32,016 | 4,000 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expense | 125,900 | 7,200 |
Nonrelated party loans | 43,371 | 1,062 |
TOTAL LIABILITIES | 169,271 | 8,262 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 15,000 | 15,000 |
Additional paid in capital | 0 | 0 |
Accumulated deficit | (152,255) | (19,262) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (137,255) | (4,262) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 32,016 | $ 4,000 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Apr. 30, 2017 | Apr. 30, 2016 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 15,000,000 | 15,000,000 |
Common Stock, Shares, Outstanding | 15,000,000 | 15,000,000 |
Statements of Operations
Statements of Operations - USD ($) | Apr. 30, 2016 | Apr. 30, 2017 |
Details | ||
Revenue | $ 0 | $ 0 |
Cost of revenue | 0 | 0 |
Gross margin | 0 | 0 |
Expenses: | ||
Development costs - internal use software | 4,400 | 74,000 |
Administrative and other costs | 2,837 | 49,993 |
Amortization expense | 0 | 4,000 |
Officer compensation | 11,000 | 0 |
Organizational expense | 1,025 | 0 |
Legal and professional fees | 0 | 5,000 |
Loss before income tax | 19,262 | 132,993 |
Provision for income tax | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ (19,262) | $ (132,993) |
Earnings Per Share, Basic and Diluted | $ 0 | $ (0.01) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 13,666,667 | 15,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 27, 2016 | $ 11,000 | $ 11,000 | $ 0 | $ 0 |
Shares, Outstanding, Beginning Balance at Apr. 27, 2016 | 11,000,000 | |||
Common shares issued, Value | 4,000 | $ 4,000 | 0 | 0 |
Shares issued for intangible assets | 4,000,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (19,262) | $ 0 | 0 | (19,262) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Apr. 30, 2016 | (4,262) | $ 15,000 | 0 | (19,262) |
Shares, Outstanding, Ending Balance at Apr. 30, 2016 | 15,000,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (132,993) | $ 0 | 0 | (132,993) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Apr. 30, 2017 | $ (137,255) | $ 15,000 | $ 0 | $ (152,255) |
Shares, Outstanding, Ending Balance at Apr. 30, 2017 | 15,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | Apr. 30, 2016 | Apr. 30, 2017 |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (19,262) | $ (132,993) |
Amortization expense | 0 | 4,000 |
Officer compensation | 11,000 | 0 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Change in prepaid expense | 0 | (3,827) |
Change in deferred offering costs | 0 | (26,173) |
Change in accounts payable | 7,200 | 118,700 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (1,062) | (40,293) |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Loans from nonrelated parties | 1,062 | 42,309 |
Net Cash Provided by (Used in) Financing Activities | 1,062 | 42,309 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 2,016 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 0 | 0 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 0 | 2,016 |
Supplemental Cash Flow Information | ||
Interest Paid | 0 | 0 |
Income Taxes Paid, Net | $ 0 | $ 0 |
Non-cash investing and finance activities: | ||
Stock issued for acquisition of intangible assets | 4,000 | - |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS History We were incorporated on April 28, 2016 (date of inception) under the laws of the State of Nevada, as Freight Solution, Inc. The Company acquired the business of its founder Mr. Shane Ludington (Freight Solution, Inc. and hereinafter be collectively referred to as FSI, the Company, we or us). Our Business The Company is developing an internet and smartphone app based software product that will match shipments with available drivers. The software as a service will focus on less-than-truckload (LTL) services that allows shippers to connect with truck drivers in the same way that city dwellers can find a ride home. This software as a service will allow shippers, based on a pre-negotiated price, to deliver products at an affordable cost and on time to its ultimate destination. Year end The Companys year-end is April 30. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. There were no cash equivalents as of April 30, 2017 and April 30, 2016, respectively. Revenue recognition We recognize revenue when all of the conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the consumer; (3) the amount of fees to be paid by the consumer is fixed or determinable; and (4) the collection of fees or product revenue is probable. The Company will record revenue when realizable and earned and when product has been shipped to the consumer or our services have been rendered to the consumer. Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs for the twelve months ended April 30, 2017 or for the period April 28, 2016 (inception) through April 30, 2016, respectively. Fair value of financial instruments We adopted the Financial Accounting Standards Board's (the FASB) Accounting Codification Standard No. 820 (ASC 820), Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 applies under other accounting pronouncements that require or permit fair value measurements and accordingly, does not require any new fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. Earnings per share The Company follows ASC Topic 260 to account for earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expense or benefit is based on the changes in the asset or liability for each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax asset will not be realized, a valuation allowance is required to reduce the deferred tax asset to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income tax in the period of change. Deferred income tax may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by taxing authorities. As of April 30, 2016 and April 30, 2017, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. For the twelve month period ended April 30, 2017 and for the period April 28, 2016 (inception) through April 30, 2016, respectively, no income tax expense was recorded. Recent pronouncements The Company evaluated recent accounting pronouncements through April 30, 2017 and believes that none have a material effect on the Companys financial statements except for the following. In June of 2014 the FASB issued Accounting Standards Update (ASU) ASU 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (ASU 2014-10). Amendments in ASU 2014-10 remove the definition of a development stage entity from the master glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company adopted the provisions of ASU 2014-10. In August, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entities Ability to continue as a Going Concern. The standard is intended to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The standard requires management to decide whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. The standard provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the footnotes. The standard becomes effective for the annual period ending after December 15, 2016, with early application permitted. The adoption of this pronouncement is not expected to have a material impact on our financial statements. Management's evaluations regarding the events and conditions that raise substantial doubt regarding the Company's ability to continue as a going concern have been disclosed in Note 3 below. In January 2015, the FASB issued ASU 2015-01 Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This update eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement-Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This accounting standard requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as noncurrent on the balance sheet. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2016, and related interim periods. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. In February 2016, the FASB issued ASU 2016-02, Leases. This accounting standard requires lessees to recognize assets and liabilities related to lease arrangements longer than 12 months on the balance sheet. This standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Note 3 - Going Concern
Note 3 - Going Concern | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 3 - 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 the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is development stage and, accordingly, has not yet generated revenues from operations. Since inception, the Company has been engaged in financing activities and executing its business plan of operations and incurring costs and expenses related to its planned direct public offering. As a result, the Company incurred accumulated net losses for the periods ended April 30, 2017 of $152,255. Negative working capital for the Company as of April 30, 2017 was $163,428. The Companys activities and the payment of such activities has been primarily through debt financing and through the deferral accounts payable and other expenses. The Company intends to raise additional capital (beyond its planned self-directed public offering) through the sale of equity securities, through an offering of debt securities, or through borrowings from financial institutions or related and nonrelated parties. Management believes that its actions after its planned self-directed public offering to secure additional funding will likely provide the opportunity for the Company to continue as a going concern. There is no guarantee the Company will be successful in achieving any of these objectives. The ability of the Company to continue as a going concern is dependent upon managements ability to raise capital from the sale of its equity and, ultimately, the achievement of operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that may result from this uncertainty. |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 4 - Intangible Assets | NOTE 4 INTANGIBLE ASSETS Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. On April 29, 2016 the Company acquired certain intangible assets from its founder which consisted of a business plan, along with costs related to development of internal-use software to be used in its operations. The total value attributable to the intangible assets purchased by the Company was $4,000. This amount is less than the actual costs paid for by our founder. Our founder incurred more than $10,000 in expense over a period of two years to further develop and refine the Companys business plan and operations. Intangible assets includes the following: April 30, 2017 April 30, 2016 Intangible assets consisting of certain development costs and purchased software $ 4,000 $ 4,000 Less: Accumulated amortization (4,000) ( -) Net property and equipment $ - $ 4,000 For the twelve months ended April 30, 2017 we recognized $4,000 in amortization expense. Intangible assets were placed in service by us on April 29 th |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 5 - Related Party Transactions | NOTE 5 RELATED PARTY TRANSACTIONS The Company recorded compensation expense of $11,000 recognized through the issuance of shares of common stock to its founder for organizational services. We recorded compensation expense in our initial reporting period, April 28, 2016 (inception) through April 30, 2016. Additionally the Company recorded $4,000 in intangible assets purchased from its founder on April 29, 2016 (see Note 4 - Intangible Assets). No related party transactions occurred during the twelve months ended April 30, 2017. |
NOTE 6 - NONRELATED PARTY NOTES
NOTE 6 - NONRELATED PARTY NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
NOTE 6 - NONRELATED PARTY NOTES PAYABLE | NOTE 6 NONRELATED PARTY NOTES PAYABLE As of April 30, 2017, the Company executed several promissory notes with two nonrelated parties in the aggregate of $43,371. The unsecured promissory notes bear interest at 0% per annum and are due and payable upon demand. The holders of the promissory notes have not demanded repayment and continue to lend monies to the Company. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 7 - Income Taxes | NOTE 7 INCOME TAXES At April 30, 2017, the Company had a net operating loss carryforward of $152,255, which begins to expire in 2035. Components of net deferred tax asset, including a valuation allowance. These amounts are as follows for April 30, 2017 and April 30, 2016, respectively: April 30, 2017 April 30, 2016 Deferred tax asset: Net operating loss carryforward $ 53,289 $ 6,742 Total deferred tax asset 53,289 6,742 Less: Valuation allowance (53,289) (6,742) Net deferred tax asset $ - $ - Valuation allowance for deferred tax assets as of April 30, 2017 and April 30, 2016 was $53,289 and $6,742, respectively. In assessing the recovery of the deferred tax asset, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not deferred tax assets will not be realized as of April 30, 2017 and April 30, 2016 and recognized a full valuation allowance for each period. Reconciliation between statutory rate and the effective tax rate for both periods then ended and as of April 30, 2017 and April 30, 2016: Federal statutory rate (35.0)% State taxes, net of federal benefit (0.00)% Change in valuation allowance 35.0% Effective tax rate 0.0% |
NOTE 8 - SHARE CAPITAL
NOTE 8 - SHARE CAPITAL | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
NOTE 8 - SHARE CAPITAL | NOTE 8 SHARE CAPITAL The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 25,000,000 shares of its $0.001 par value preferred stock. Common stock On April 28, 2016, the Company issued to its founder, an officer and director of the Company, 11,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services provided upon organization. The services were valued at $11,000. On April 29, 2016, the Company issued to its founder 4,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for certain intangible assets (see Note 4 - Intangible Assets). Mr. Shane Ludington, our sole officer and director, incurred more than $10,000 in developing or acquiring the intangible assets for which we recorded their value at $4,000. As of April 30, 2017 and April 30, 2016, there were 15,000,000 shares of common stock issued and outstanding. No shares of preferred stock have been issued for either of the periods. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Apr. 30, 2017 | |
Notes | |
Note 9 - Subsequent Events | NOTE 9 SUBSEQUENT EVENTS The Company evaluated all events that occurred after the balance sheet date of April 30, 2017 through the date the financial statements were issued. The following occurred: During the months of May, June and July, the Company received an additional $16,500 in non-related party loans. In June 2017 the Company received approval from the Securities and Exchange Commission that its registration statement on Form S-1 was effective. The Company is currently soliciting investors to invest in its self-direct public offering. |
Note 2 - Basis of Presentatio16
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Note 2 - Basis of Presentatio17
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Cash and Cash Equivalents | Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. There were no cash equivalents as of April 30, 2017 and April 30, 2016, respectively. |
Note 2 - Basis of Presentatio18
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Revenue recognition (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Revenue recognition | Revenue recognition We recognize revenue when all of the conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the consumer; (3) the amount of fees to be paid by the consumer is fixed or determinable; and (4) the collection of fees or product revenue is probable. The Company will record revenue when realizable and earned and when product has been shipped to the consumer or our services have been rendered to the consumer. |
Note 2 - Basis of Presentatio19
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Advertising Costs | Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs for the twelve months ended April 30, 2017 or for the period April 28, 2016 (inception) through April 30, 2016, respectively. |
Note 2 - Basis of Presentatio20
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Fair Value of Financial Instruments | Fair value of financial instruments We adopted the Financial Accounting Standards Board's (the FASB) Accounting Codification Standard No. 820 (ASC 820), Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 applies under other accounting pronouncements that require or permit fair value measurements and accordingly, does not require any new fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Note 2 - Basis of Presentatio21
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Stock-based compensation (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Stock-based compensation | Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. |
Note 2 - Basis of Presentatio22
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Earnings Per Share | Earnings per share The Company follows ASC Topic 260 to account for earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Note 2 - Basis of Presentatio23
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Income taxes (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Income taxes | Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expense or benefit is based on the changes in the asset or liability for each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax asset will not be realized, a valuation allowance is required to reduce the deferred tax asset to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income tax in the period of change. Deferred income tax may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by taxing authorities. As of April 30, 2016 and April 30, 2017, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. For the twelve month period ended April 30, 2017 and for the period April 28, 2016 (inception) through April 30, 2016, respectively, no income tax expense was recorded. |
Note 2 - Basis of Presentatio24
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 12 Months Ended |
Apr. 30, 2017 | |
Policies | |
Recent Pronouncements | Recent pronouncements The Company evaluated recent accounting pronouncements through April 30, 2017 and believes that none have a material effect on the Companys financial statements except for the following. In June of 2014 the FASB issued Accounting Standards Update (ASU) ASU 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation (ASU 2014-10). Amendments in ASU 2014-10 remove the definition of a development stage entity from the master glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company adopted the provisions of ASU 2014-10. In August, 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entities Ability to continue as a Going Concern. The standard is intended to define management's responsibility to decide whether there is substantial doubt about an organization's ability to continue as a going concern and to provide related footnote disclosures. The standard requires management to decide whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. The standard provides guidance to an organization's management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the footnotes. The standard becomes effective for the annual period ending after December 15, 2016, with early application permitted. The adoption of this pronouncement is not expected to have a material impact on our financial statements. Management's evaluations regarding the events and conditions that raise substantial doubt regarding the Company's ability to continue as a going concern have been disclosed in Note 3 below. In January 2015, the FASB issued ASU 2015-01 Income Statement - Extraordinary and Unusual Items (Subtopic 225-20) Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This update eliminates from GAAP the concept of extraordinary items. Subtopic 225-20, Income Statement-Extraordinary and Unusual Items, required that an entity separately classify, present, and disclose extraordinary events and transactions. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes. This accounting standard requires deferred tax assets and liabilities, along with related valuation allowances, to be classified as noncurrent on the balance sheet. As a result, each tax jurisdiction will now only have one net noncurrent deferred tax asset or liability. The new guidance does not change the existing requirement that prohibits offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. The standard is effective for annual reporting periods beginning after December 15, 2016, and related interim periods. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. In February 2016, the FASB issued ASU 2016-02, Leases. This accounting standard requires lessees to recognize assets and liabilities related to lease arrangements longer than 12 months on the balance sheet. This standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. The updated guidance is effective for interim and annual periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact of the provisions of this standard. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying consolidated financial statements. |
Note 4 - Intangible Assets_ Sch
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | April 30, 2017 April 30, 2016 Intangible assets consisting of certain development costs and purchased software $ 4,000 $ 4,000 Less: Accumulated amortization (4,000) ( -) Net property and equipment $ - $ 4,000 |
Note 7 - Income Taxes_ Schedule
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | April 30, 2017 April 30, 2016 Deferred tax asset: Net operating loss carryforward $ 53,289 $ 6,742 Total deferred tax asset 53,289 6,742 Less: Valuation allowance (53,289) (6,742) Net deferred tax asset $ - $ - |
Note 7 - Income Taxes_ Schedu27
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Apr. 30, 2017 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | Federal statutory rate (35.0)% State taxes, net of federal benefit (0.00)% Change in valuation allowance 35.0% Effective tax rate 0.0% |
Note 1 - Organization and Nat28
Note 1 - Organization and Nature of Business (Details) | 12 Months Ended |
Apr. 30, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Apr. 28, 2016 |
Entity Incorporation, State Country Name | Nevada |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details) - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Details | ||
Accumulated deficit | $ (152,255) | $ (19,262) |
Working Capital | $ (163,428) |
Note 4 - Intangible Assets_ S30
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Details | ||
Intangible assets consisting of certain development costs and purchased software | $ 4,000 | $ 4,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets | (4,000) | 0 |
Net property and equipment | $ 0 | $ 4,000 |
Note 5 - Related Party Transa31
Note 5 - Related Party Transactions (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2017 |
Details | ||
Officer compensation | $ 11,000 | $ 0 |
Intangible assets consisting of certain development costs and purchased software | $ 4,000 | 4,000 |
Related Party Transaction, Amounts of Transaction | $ 0 |
NOTE 6 - NONRELATED PARTY NOT32
NOTE 6 - NONRELATED PARTY NOTES PAYABLE (Details) | 12 Months Ended |
Apr. 30, 2017USD ($) | |
Details | |
Debt Instrument, Description | several promissory notes with two nonrelated parties |
Long-term Debt, Gross | $ 43,371 |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Debt Instrument, Payment Terms | due and payable upon demand |
Note 7 - Income Taxes_ Schedu33
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Apr. 30, 2017 | Apr. 30, 2016 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 53,289 | $ 6,742 |
Total deferred tax asset | 53,289 | 6,742 |
Less: Valuation allowance | (53,289) | (6,742) |
Net deferred tax asset | $ 0 | $ 0 |
Note 7 - Income Taxes_ Schedu34
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
Details | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | (35.00%) | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | (0.00%) | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent | 35.00% | |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | 0.00% |
NOTE 8 - SHARE CAPITAL (Details
NOTE 8 - SHARE CAPITAL (Details) - $ / shares | Apr. 30, 2017 | Apr. 30, 2016 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 15,000,000 | 15,000,000 |
Common Stock, Shares, Outstanding | 15,000,000 | 15,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
On April 28, 2016 | ||
Shares, Issued | 11,000,000 | |
Shares Issued, Price Per Share | $ 0.001 | |
On April 29, 2016 | ||
Shares, Issued | 4,000,000 | |
Shares Issued, Price Per Share | $ 0.001 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details) | 12 Months Ended |
Apr. 30, 2017 | |
During the months of May, June and July | |
Subsequent Event, Description | the Company received an additional $16,500 in non-related party loans |
In June 2017 | |
Subsequent Event, Description | the Company received approval from the Securities and Exchange Commission that its registration statement on Form S-1 was effective |