Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
May 31, 2017 | Jul. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | MIKROCOZE INC. | |
Entity Central Index Key | 1,697,587 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,000,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May 31, 2017 | Nov. 30, 2016 |
CURRENT ASSETS | ||
Cash | $ 279 | $ 9,020 |
TOTAL CURRENT ASSETS | 279 | 9,020 |
LIABILITIES | ||
Due to related party | 4,800 | 1,961 |
Accounts payable | 145 | |
TOTAL LIABILITIES | 4,945 | 1,961 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ (DEFICIT) EQUITY | ||
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value Issued and outstanding 9,000,000 shares of common stock | 9,000 | 9,000 |
Accumulated deficit | (13,666) | (1,941) |
TOTAL STOCKHOLDERS’ (DEFICIT) EQUITY | (4,666) | 7,059 |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | $ 279 | $ 9,020 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2017 | Nov. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common stock, Shares par value | $ 0.001 | $ 0.001 |
Common stock, Shares Issued | 9,000,000 | 9,000,000 |
Common stock, Shares outstanding | 9,000,000 | 9,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended |
May 31, 2017 | May 31, 2017 | |
Income Statement [Abstract] | ||
REVENUE | ||
OPERATING EXPENSES | ||
General and administrative | 2,720 | 11,725 |
TOTAL OPERATING EXPENSES | (2,720) | (11,725) |
NET LOSS | $ (2,720) | $ (11,725) |
NET LOSS PER COMMON SHARE – BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING – BASIC AND DILUTED | 9,000,000 | 9,000,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) | 6 Months Ended |
May 31, 2017USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss for the period | $ (11,725) |
Adjustments to reconcile net loss to net cash used in operating activities | |
Expenses paid by related party | 2,839 |
Changes in operating assets and liabilities | |
Accounts payable | 145 |
NET CASH USED IN OPERATING ACTIVITIES | (8,741) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
NET CHANGE IN CASH | (8,741) |
CASH, BEGINNING OF PERIOD | 9,020 |
CASH, END OF PERIOD | 279 |
SUPPLEMENTAL CASH FLOW INFORMATION AND NONCASH INVESTING AND FINANCING ACTIVITIES: | |
Cash paid during the period for: Interest | |
Cash paid during the period for: Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 6 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | Mikrocoze Inc. was incorporated in the State of Nevada as a for-profit Company on August 17, 2016 and established a fiscal year end of November 30. The Company is organized to sell micro-furniture that is designed to maximize any small space and to sell its products via the internet. Going concern To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $13,666. As at May 31, 2017, the Company has a working capital deficit of $4,666. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Companys ability to continue as a going concern. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of May 31, 2017, the Company has issued 9,000,000 founders shares at $0.001 per share for net proceeds of $9,000 to the Company. 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 might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation Unaudited Financial Statements The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form S-1. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended November 30, 2016 included in the Companys year-end financial statements on Form S-1 filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form S-1. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended May 31, 2017 are not necessarily indicative of the results that may be expected for the year ending November 30, 2017. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. Commitments and Contingencies On August 26, 2016 the Company signed a lease for office space in Chesapeake, Virginia. The term of the lease is for one year at $69 per month. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Fair Value of Financial Instruments The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short term maturities. Loss per Common Share The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of May 31, 2017, there were no common stock equivalents outstanding. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at May 31, 2017 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
NOTE 3 - COMMON STOCK | The Companys capitalization is 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On November 16, 2016, the Company issued 9,000,000 common shares at $0.001 per share to the sole director and President of the Company for cash proceeds of $9,000. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
NOTE 4 - RELATED PARTY TRANSACTIONS | During the period ended May 31, 2017, the CEO paid expenses of $2,839 on behalf of the Company. The total amount owed to the CEO as of May 31, 2017 is $4,800. The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment. |
AGREEMENTS
AGREEMENTS | 6 Months Ended |
May 31, 2017 | |
Notes to Financial Statements | |
NOTE 5 - AGREEMENTS | On January 4, 2017 the Company entered into a Master Manufacturing Agreement to manufacture its line of micro-furniture with New Bharat Furniture House, an India corporation having its principal place of business in Amritsar, Punjab, India. The term of the agreement is five years. |
SUMMARY OF SIGNIFICANT ACCOUN11
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
May 31, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form S-1. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended November 30, 2016 included in the Companys year-end financial statements on Form S-1 filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form S-1. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended May 31, 2017 are not necessarily indicative of the results that may be expected for the year ending November 30, 2017. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. |
Commitments and Contingencies | On August 26, 2016 the Company signed a lease for office space in Chesapeake, Virginia. The term of the lease is for one year at $69 per month. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | The carrying amount of the Companys financial assets and liabilities approximates their fair values due to their short term maturities. |
Loss per Common Share | The basic loss per share is calculated by dividing the Companys net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Companys net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. As of May 31, 2017, there were no common stock equivalents outstanding. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at May 31, 2017 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
NATURE OF OPERATIONS AND BASI12
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | 3 Months Ended | 6 Months Ended | 9 Months Ended |
May 31, 2017USD ($)$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | May 31, 2017USD ($)$ / sharesshares | |
State or country of incorporation | Nevada | ||
Incorporation date | Aug. 17, 2016 | ||
Operating losses | $ (2,720) | $ (11,725) | $ 13,666 |
Working capital deficit | $ 4,666 | $ 4,666 | $ 4,666 |
Founders shares [Member] | |||
Price per share, founders shares | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock issued, founders shares | shares | 9,000,000 | 9,000,000 | 9,000,000 |
Net proceed from common stock | $ 9,000 |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 1 Months Ended |
Aug. 26, 2016USD ($) | |
Summary Of Significant Accounting Policies Details Narrative | |
Term of lease | 1 year |
Rent expenses | $ 69 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | ||
Nov. 16, 2016 | May 31, 2017 | Nov. 30, 2016 | |
Common stock, Shares authorized | 200,000,000 | 200,000,000 | |
Common stock, Shares par value | $ 0.001 | $ 0.001 | |
Common stock, Shares issued | 9,000,000 | 9,000,000 | |
DirectorAndPresident [Member] | |||
Common stock, Shares issued | 9,000,000 | ||
Price per share | $ 0.001 | ||
Net cash proceeds from common stock | $ 9,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | |
May 31, 2017 | Nov. 30, 2016 | |
Expenses paid by related party | $ 2,839 | |
Due to related party | 4,800 | $ 1,961 |
CEO [Member] | ||
Expenses paid by related party | 2,839 | |
Due to related party | $ 4,800 |
AGREEMENTS (Details Narrative)
AGREEMENTS (Details Narrative) | Jan. 04, 2017 |
Master manufacturing agreement [Member] | New bharat furniture house [Member] | |
Term of the agreement | 5 years |