Vado (VADP) 10-Q 17 Jun 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	May 31, 2019	Jun. 17, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	VADO CORP.
Entity Central Index Key	0001700849
Current Fiscal Year End Date	--11-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,355,000
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	May 31, 2019	Nov. 30, 2018
Current Assets
Cash	$ 8,200	$ 27,842
Inventory	148	148
Total current assets	8,348	27,990
Equipment, net	11,665	13,165
Computer	626	834
Total Non-current Assets	12,291	13,999
Total Assets	20,639	41,989
Current Liabilities
Loan from related parties	13,724	13,724
Accounts payable	0	5,000
Total current liabilities	13,724	18,724
Total Liabilities	13,724	18,724
Commitments and Contingencies
Stockholders' Equity (Deficit)
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,355,000 shares issued and outstanding	3,355	3,355
Additional Paid-In-Capital	$ 25,755	$ 25,755
Accumulated Deficit	(22,195)	(5,845)
Total Stockholders' equity (deficit)	6,915	23,265
Total Liabilities and Stockholders' equity (deficit)	$ 20,639	$ 41,989

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	May 31, 2019	Nov. 30, 2018
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 and outstanding	3,355,000	3,355,000

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Income Statement [Abstract]
Revenue	$ 0	$ 6,000	$ 0	$ 6,000
Operating expenses
Cost of goods sold	0	650	0	650
General and administrative expenses	4,566	2,639	16,350	5,460
Net Income (loss) from operations	(4,566)	2,711	(16,350)	(110)
Income (Loss) before provision for income taxes	(4,566)	2,711	(16,350)	(110)
Provision for income taxes	0	0	0	0
Net income (loss)	$ (4,566)	$ 2,711	$ (16,350)	$ (110)
Income (loss) per common share: Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Number of Common Shares Outstanding: Basic and Diluted	3,355,000	2,000,000	3,355,000	2,000,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	May 31, 2019	May 31, 2018	May 31, 2019	May 31, 2018
Cash flows from Operating Activities
Net loss	$ (4,566)	$ 2,711	$ (16,350)	$ (110)
Depreciation expenses			1,708	208
Change in accounts payable			(5,000)	8,500
Net cash provided (used) by operating activities			(19,642)	8,598
Cash flows from Investing Activities
Purchase of fixed assets			0	16,250
Net cash used in investing activities			0	(16,250)
Net increase (decrease) in cash and equivalents			(19,642)	(7,652)
Cash and equivalents at beginning of the period			27,842	8,908
Cash and equivalents at end of the period	$ 8,200	$ 1,256	8,200	1,256
Cash paid for:
Interest			0	0
Taxes			$ 0	$ 0

- ORGANIZATION AND BUSINESS

- ORGANIZATION AND BUSINESS	6 Months Ended
	May 31, 2019
- ORGANIZATION AND BUSINESS [Abstract]
- ORGANIZATION AND BUSINESS	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 commenced 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 six months ended May 31, 2019 are not necessarily indicative of the results to be expected for the full year ending November 30, 2019.

- GOING CONCERN

- GOING CONCERN	6 Months Ended
	May 31, 2019
- GOING CONCERN [Abstract]
- GOING CONCERN	NOTE 2 - GOING CONCERN The Company's financial statements as of May 31, 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 May 31, 2019 of $22,195. 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. Management's 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.

- SUMMARY OF SIGNIFICANT ACCOUN

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	May 31, 2019
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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 May 31, 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 management's estimates and assumptions. Stock-Based Compensation As of May 31, 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 Company's 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 May 31, 2019, depreciation amount was $624 and net of accumulated depreciation was $626. 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 May 31, 2019, depreciation amount was $3,325 and net of accumulated depreciation was $11,665.

- CAPTIAL STOCK

- CAPTIAL STOCK	6 Months Ended
	May 31, 2019
- CAPTIAL STOCK [Abstract]
- CAPTIAL STOCK	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 May 31, 2019, the Company had 3,355,000 shares issued and outstanding.

- RELATED PARTY TRANSACTIONS

- RELATED PARTY TRANSACTIONS	6 Months Ended
	May 31, 2019	May 31, 2019
- RELATED PARTY TRANSACTIONS [Abstract]
- Determination of the transaction price;	- 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 Company's 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 May 31, 2019, depreciation amount was $624 and net of accumulated depreciation was $626. 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 May 31, 2019, depreciation amount was $3,325 and net of accumulated depreciation was $11,665.	NOTE 5 - RELATED PARTY TRANSACTIONS In support of the Company's 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 May 31, 2019, the Company's sole officer and director loaned the Company $ 13,724 to pay for incorporation costs and operating expenses . As of May 31, 2019 , the amount outstanding was $ 13,724 . The loan is non-interest bearing, due upon demand and unsecured.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	May 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 6. SUBSEQUENT EVENTS The Company has evaluated subsequent events from May 31, 2019 to the date the financial statements were issued and has determined that there are no items to disclose.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	May 31, 2019	May 31, 2019
Significant Accounting Policies (Policies) [Abstract]
Fair values of financial instruments	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 May 31, 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 management's estimates and assumptions. Stock-Based Compensation As of May 31, 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 contract, or contracts, with customer; - Identification of the performance obligations in the contract;
- Determination of the transaction price;	- 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 Company's 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 May 31, 2019, depreciation amount was $624 and net of accumulated depreciation was $626. 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 May 31, 2019, depreciation amount was $3,325 and net of accumulated depreciation was $11,665.	NOTE 5 - RELATED PARTY TRANSACTIONS In support of the Company's 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 May 31, 2019, the Company's sole officer and director loaned the Company $ 13,724 to pay for incorporation costs and operating expenses . As of May 31, 2019 , the amount outstanding was $ 13,724 . The loan is non-interest bearing, due upon demand and unsecured.

- SUMMARY OF SIGNIFICANT ACCO_2

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	May 31, 2019
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) [Abstract]
Level 1	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	· 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	· Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value.

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text)	28 Months Ended
	May 31, 2019USD ($)
Going Concern_ Details_ [Abstract]
The Company has accumulated loss from inception (February 10, 2017) to May 31, 2019 of $22,195	$ 22,195

- SUMMARY OF SIGNIFICANT ACCO_3

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) - USD ($)	May 31, 2019	Apr. 21, 2018	Dec. 04, 2017
Summary Of Significant Accounting Policies_ Details_ [Abstract]
The funds are insured up to $250,000	$ 250,000
The company purchased a computer for $1,250 on December 4, 2017			$ 1,250
As of May 31, 2019, depreciation amount was $624 and net of accumulated depreciation was $626.	624
On April 21, 2018, the Company purchased Embroidery Machine for $15,000		$ 15,000
As of May 31, 2019, depreciation amount was $3,325 and net of accumulated depreciation was $11,665.	$ 3,325

- CAPTIAL STOCK (Details Text)

- CAPTIAL STOCK (Details Text) - USD ($)	May 31, 2019	Nov. 30, 2018	Jul. 27, 2017
Class of Stock Disclosures [Abstract]
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			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.		$ 27,110
As of May 31, 2019, the Company had 3,355,000 shares issued and outstanding.	$ 3,355,000

- RELATED PARTY TRANSACTIONS (D

- RELATED PARTY TRANSACTIONS (Details Text)	May 31, 2019USD ($)
Related Party Transaction, Due from (to) Related Party [Abstract]
Since February 10, 2017 (Inception) through May 31, 2019, the Company's sole officer and director loaned the Company $13,724 to pay for incorporation costs and operating expenses	$ 13,724
As of May 31, 2019, the amount outstanding was $13,724	$ 13,724