Document and Entity Information
Document and Entity Information | 3 Months Ended |
Feb. 28, 2019shares | |
Document and Entity Information: | |
Entity Registrant Name | VADO CORP. |
Document Type | 10-Q |
Document Period End Date | Feb. 28, 2019 |
Trading Symbol | vado |
Amendment Flag | false |
Entity Central Index Key | 0001700849 |
Current Fiscal Year End Date | --11-30 |
Entity Common Stock, Shares Outstanding | 3,355,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Feb. 28, 2019 | Nov. 30, 2018 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 14,912 | $ 27,842 |
Inventory, Net | 148 | 148 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 13,145 | 13,999 |
Assets | 28,205 | 41,989 |
Liabilities, Noncurrent | ||
Accounts Payable and Accrued Liabilities, Noncurrent | 3,000 | 5,000 |
Due to Related Parties, Noncurrent | 13,724 | 13,724 |
Liabilities | 16,724 | 18,724 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 3,355 | 3,355 |
Additional Paid in Capital, Common Stock | 25,755 | 25,755 |
Retained Earnings (Accumulated Deficit) | (17,629) | (5,845) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 11,481 | $ 23,265 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 3,355,500 | 3,355,500 |
Common Stock, Shares Outstanding | 3,355,500 | 3,355,500 |
Liabilities and Equity | $ 28,205 | $ 41,989 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Revenues | ||
Revenues | $ 0 | $ 0 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 0 |
Amortization of Deferred Charges | ||
Administrative Expense | 11,784 | 2,821 |
Total Operating Expenses | 11,784 | 2,821 |
Net loss from operations | (11,784) | (2,821) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (11,784) | $ (2,821) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 3,355,000 | 2,000,000 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (11,784) | $ (2,821) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Depreciation, Depletion and Amortization | 854 | 104 |
Increase (Decrease) in Operating Liabilities | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (2,000) | (2,500) |
Net Cash Provided by (Used in) Operating Activities | (12,930) | (5,217) |
Net Cash Provided by (Used in) Investing Activities | ||
Payments to Acquire Property, Plant, and Equipment | 1,250 | |
Net Cash Provided by (Used in) Investing Activities | 0 | (1,250) |
Net Cash Provided by (Used in) Financing Activities | ||
Net Cash Provided by (Used in) Financing Activities | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (12,930) | (6,467) |
Cash and Cash Equivalents, at Carrying Value | 27,842 | 8,908 |
Cash and Cash Equivalents, at Carrying Value | $ 14,912 | $ 2,441 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BUSINESS VADO CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on February 10, 2017. The Company commences operations in the embroidery business in the European Union. The Company has adopted November 30 fiscal year end. The preparation of unaudited condensed consolidated interim financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The unaudited interim condensed financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These unaudited condensed interim financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended November 30, 2018. The results of the three months ended February 28, 2019 are not necessarily indicative of the results to be expected for the full year ending November 30, 2019. NOTE 2 GOING CONCERN The Companys financial statements as of February 28, 2019 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (February 10, 2017) to February 28, 2019 of $17,629. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Fair values of financial instruments The Company adopted ASC 820 Fair Value Measurements, which defines fair value, establishes a three-level valuation hierarchy for disclosures of fair value measurement and enhances disclosures requirements for fair value measures. Current assets and current liabilities qualified as financial instruments and management believes their carrying amounts are a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization and if applicable, their current interest rate is equivalent to interest rates currently available. The three levels are defined as follow: · Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the assets or liability, either directly or indirectly, for substantially the full term of the financial instruments. · Level 3 inputs to the valuation methodology are unobservable and significant to the fair value. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted 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. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2019 the Company's bank deposits did not exceed the insured amounts. Use of Estimates Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions. Stock-Based Compensation As of February 28, 2019, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. New Accounting Pronouncements Revenue Recognition We adopted Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers, and all related interpretations for recognition of our revenue from tours and consulting services. Previously we recorded revenue based on ASC Topic 605. Adoption of new accounting standard did not have any material impact on our reported revenue. Revenue is recognized when the following criteria are met: - Identification of the contract, or contracts, with customer; - Identification of the performance obligations in the contract; - Determination of the transaction price; - Allocation of the transaction price to the performance obligations in the contract; and - Recognition of revenue when, or as, we satisfy performance obligation. The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Companys financial statements. Property and Equipment Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years. The company purchased a computer for $1,250 on December 4, 2017. As of February 28, 2019, depreciation amount was $520, and net of accumulated depreciation was $730. On April 21, 2018, the Company purchased Embroidery Machine for $15,000. This equipment is stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 5 years. As of February 28, 2019, depreciation amount was $2,575 and net of accumulated depreciation was $12,415. NOTE 4 CAPTIAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On July 27, 2017, the Company issued 2,000,000 shares of its common stock at $0.001 per share for total proceeds of $2,000. For the year ended November 30, 2018 the Company issued 1,355,500 shares of its common stock at $0.02 per share for total proceeds of $27,110. As of February 28, 2019, the Company had 3,355,000 shares issued and outstanding. |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Feb. 28, 2019 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since February 10, 2017 (I nception ) through February 28, 2019, the Companys sole officer and director loaned the Company $ 13,724 to pay for incorporation costs and operating expenses . As of February 28, 2019 , the amount outstanding was $ 13,724 . The loan is non-interest bearing, due upon demand and unsecured. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Feb. 28, 2019 | |
Subsequent Events: | |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated subsequent events from February 28, 2019 to the date the financial statements were issued and has determined that there are no items to disclose. |