Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Jan. 08, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Nov. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | VADO CORP. | |
Entity Central Index Key | 0001700849 | |
Current Fiscal Year End Date | --11-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 3,355,500 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 |
Current Assets | ||
Cash | $ 234 | $ 27,842 |
Inventory | 148 | 148 |
Total current assets | 382 | 27,990 |
Non-current Assets | ||
Equipment, net | 10,165 | 13,165 |
Computer, net | 418 | 834 |
Total Non-current Assets | 10,583 | 13,999 |
Total Assets | 10,965 | 41,989 |
Current Liabilities | ||
Loan from related parties | 23,524 | 13,724 |
Accounts payable | 0 | 5,000 |
Total current liabilities | 23,524 | 18,724 |
Total Liabilities | 23,524 | 18,724 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,355,500 shares issued and outstanding | 3,355 | 3,355 |
Additional Paid-In-Capital | $ 25,755 | $ 25,755 |
Accumulated Deficit | (41,669) | (5,845) |
Total Stockholders' equity (deficit) | (12,559) | 23,265 |
Total Liabilities and Stockholders' equity (deficit) | $ 10,965 | $ 41,989 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - USD ($) | Nov. 30, 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 | 3,355,500 | 3,355,500 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 15,284 |
Operating expenses | ||
Cost of goods sold | 0 | 1,102 |
General and administrative expenses | 35,824 | 14,711 |
Total Operating Expenses | (35,824) | (15,813) |
Income (Loss) before provision for income taxes | (35,824) | (529) |
Provision for income taxes | 0 | 0 |
Net income (loss) | $ (35,824) | $ (529) |
Income (loss) per common share: Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 3,355,500 | 2,202,041 |
STATEMENT OF STOCKHOLDER'S EQUI
STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) - USD ($) | Total | Number of Common Shares | Additional Paid-In-Capital | Deficit accumulated |
Balances at Nov. 30, 2017 | $ (3,316) | $ 2,000 | $ (5,316) | |
Balances (in shares) at Nov. 30, 2017 | 2,000,000 | |||
Shares issued at $0.02 | 27,110 | 1,355 | ||
Shares issued at $0.02 (in shares) | 1,355,500 | 25,755 | ||
Net income (loss) for the year | $ (529) | (529) | ||
Balances at Nov. 30, 2018 | 23,265 | $ 3,355 | (5,845) | |
Balances (in shares) at Nov. 30, 2018 | 3,355,500 | 25,755 | ||
Net income (loss) for the year | (35,824) | (35,824) | ||
Balances at Nov. 30, 2019 | $ (12,559) | $ 3,355 | $ (41,669) | |
Balances (in shares) at Nov. 30, 2019 | 3,355,500 | 3,355,500 | 25,755 |
STATEMENT OF STOCKHOLDER'S EQ_2
STATEMENT OF STOCKHOLDER'S EQUITY (DEFICIT) (Parenthetical) | Nov. 30, 2018$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Shares issued at $0.02 | $ 0.02 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Cash flows from Operating Activities | ||
Net loss | $ (35,824) | $ (529) |
Depreciation expenses | 3,416 | 2,251 |
Increase in inventory | 0 | (148) |
Change in accounts payable | (5,000) | 2,500 |
Net cash provided (used) by operating activities | (37,408) | 4,074 |
Cash flows from Investing Activities | ||
Purchase of fixed assets | 0 | 16,250 |
Net cash used in investing activities | 0 | (16,250) |
Cash flows from Financing Activities | ||
Proceeds from sale of common stock | 0 | 27,110 |
Proceeds of loan from shareholder | 9,800 | 4,000 |
Net cash provided by financing activities | 9,800 | 31,110 |
Net increase (decrease) in cash and equivalents | (27,608) | 18,934 |
Cash and equivalents at beginning of the period | 27,842 | 8,908 |
Cash and equivalents at end of the period | 234 | 27,842 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
- ORGANIZATION AND BUSINESS
- ORGANIZATION AND BUSINESS | 12 Months Ended |
Nov. 30, 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. |
- GOING CONCERN
- GOING CONCERN | 12 Months Ended |
Nov. 30, 2019 | |
- GOING CONCERN [Abstract] | |
- GOING CONCERN | NOTE 2 - GOING CONCERN The Company's financial statements as of November 30, 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 adequate 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 November 30, 2019 of $41,669. 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 | 12 Months Ended |
Nov. 30, 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. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including loans payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. F-6 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 NOVEMBER 30, 2019 the Company's bank deposits did not exceed the insured amounts. Inventory Inventory consists mostly of raw materials and are stated at the lower of cost or fair value on a first-in first-out basis 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 November 30, 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 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business, which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. This ASU is effective January 1, 2018 on a prospective basis with early adoption permitted. The Company will apply this guidance to applicable transactions after the adoption date. F-7 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This ASU is effective prospectively to impairment tests beginning January 1, 2020, with early adoption permitted. The Company will apply this guidance to applicable impairment tests after the adoption date. 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 November 30, 2019, depreciation amount was $832 and net of accumulated depreciation was $418. 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 November 30, 2019, depreciation amount was $4,835 and net of accumulated depreciation was $10,165. Revenue The Company has generated $15,284 in revenue to date. The company's revenue source is from its embroidery business. The Company offer s embroidery products that include the embroidery not only on cut, but also on finished products such as work wear, pennants, t-shirts, jerseys, sweatshirts, baseball caps, windbreakers, coveralls, uniforms, towels, hats, jackets, linen, blankets, and others. |
- CAPTIAL STOCK
- CAPTIAL STOCK | 12 Months Ended |
Nov. 30, 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 November 30, 2019, the Company had 3,355,500 shares issued and outstanding. |
- RELATED PARTY TRANSACTIONS
- RELATED PARTY TRANSACTIONS | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 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 November 30, 2019, depreciation amount was $832 and net of accumulated depreciation was $418. 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 November 30, 2019, depreciation amount was $4,835 and net of accumulated depreciation was $10,165. Revenue The Company has generated $15,284 in revenue to date. The company's revenue source is from its embroidery business. The Company offer s embroidery products that include the embroidery not only on cut, but also on finished products such as work wear, pennants, t-shirts, jerseys, sweatshirts, baseball caps, windbreakers, coveralls, uniforms, towels, hats, jackets, linen, blankets, and others. | 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 ) t hrough November 30, 2019, the Company's sole officer and director loaned the Company $ 23,524 to pay for incorporation costs and operating expenses . As of November 30, 2019 , the amount outstanding was $ 23,524 . The loan is non-interest bearing, due upon demand and unsecured. |
- LEASE
- LEASE | 12 Months Ended |
Nov. 30, 2019 | |
- LEASE [Abstract] | |
- LEASE | NOTE 6 - LEASE On May 14, 2018, the Company signed a Lease Agreement for approximately 25 rentable square meters to place its embroidery machine. The Base Rent amount is $375 per month. |
- SUBSEQUENT EVENTS
- SUBSEQUENT EVENTS | 12 Months Ended |
Nov. 30, 2019 | |
- SUBSEQUENT EVENTS [Abstract] | |
- SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS The Company has evaluated subsequent events from November 30, 2019 to the date the financial statements were issued and has determined that there are no items to disclose. F-8 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A. CONTROLS AND PROCEDURES Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2019 . Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the year November 30, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. ITEM 9B. OTHER INFORMATION None. PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY Name and Address Age Position(s) Dusan Konc 36 President, Secretary Dlhá 816/9 Chief Financial O f fice r , Nitra, Slovakia 94901 Chief Executive O f fice r , Sole Director Our Director Dusan Konc: Held his o f fices/positions since the inception of our Company and is expected to hold said o f fices/positions until the next annual meeting of our stockholders. The o f ficers listed are our only o f ficers and control persons. BACKGROUND INFORM A TION ABOUT OUR SOLE OFFICER AND DIREC T OR Dusan Konc has acted as our President, Treasurer, Secretary and Director since our incorporation on February 10, 2017. In 2002 Mr. Konc graduated from Police College in Pezinok, Slovakia. In 2002-2005 he studied in Constantine the Philosopher University in Nitra , Slovakia. For the last 7 years, he has been working as a sole proprietor in construction and renovation business. Mr. Konc has never been default with the bank or government and does not have any pending litigations or claims. Mr. Konc owns 100 % of the outstanding shares of our common stock. As such, it was unilaterally decided that Mr. Konc was going to be our President, Chief Executive Officer, Treasurer, Secretary, Chief Financial Officer, Chief Accounting Officer and sole member of our board of directors. This decision did not in any manner relate to Mr. Konc 's previous employments. Mr. Konc 's and previous experience, qualifications, attributes or skills were not considered when he w as appointed as our President, Chief Executive Officer, Treasurer, Chief Financial Officer, Chief Accounting Officer, Secretary and member of our board of directors. AUDIT COMMITTEE We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted. SIGNIFICANT EMPLOYEES Other than our director, we do not expect any other individuals to make a significant contribution to our business. ITEM 11. EXECUTIVE COMPENSATION The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer for the years ended November 30, 2019 and November 30, 2018 : Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation ($) All Other Compensation ($) Total ($) Dusan Konc, President, Secretary and Treasurer December 1, 2017 to November 30, 2018 -0- -0- -0- -0- -0- -0- -0- -0- December 1, 2018 to November 30, 2019 -0- -0- -0- -0- -0- -0- -0- -0- There are no current employment agreements between the company and its officer. There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any. CHANGE OF CONTROL As Of NOVEMBER 30, 2019, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The following table sets forth information as of NOVEMBER 30, 2019 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned. Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage Common Stock Dusan Konc 2,000,000 shares of common stock (direct) 59.60 % The percent of class is based on 3,355,500 shares of common stock issued and outstanding as of the date of this annual report. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS On July 27, 2017 the Company issued a total of 2 ,000,000 shares of common stock to Mr. Dusan Konc for cash at $0.001 per share for a total of $ 2 ,000. Mr. Konc has loaned us funds for operations. T he loan was not made pursuant to any loan agreements or promissory note. The loan is unsecured, non-interest bearing and due on demand. The balance due to the Mr. Konc was $ 23,524 as of November 30, 2019 . ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES During fiscal year ended November 30, 2019, we incurred approximately $11,273 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements for the fiscal year ended November 30, 2018 and for the reviews of our financial statements for the quarters ended February 28, 2019, May 31, 2019 and August 31, 2019. ITEM 15. EXHIBITS The following exhibits are filed as part of this Annual Report. Exhibits: 31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a) 32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 101.INS XBRL Instance Document 101.SCH XBRL Taxonomy Extension Schema Document 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF XBRL Taxonomy Extension Definition Document 101.LAB XBRL Taxonomy Extension Label Linkbase Document 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document SIGNATURES In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. VADO CORP. Dated: January 13, 2020 By: /s/ Dusan Konc Dusan Konc, President and Chief Executive Officer and Chief Financial Officer |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2019 | |
Significant Accounting Policies (Policies) [Abstract] | ||
Basis of Presentation | 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. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including loans payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. F-6 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 NOVEMBER 30, 2019 the Company's bank deposits did not exceed the insured amounts. Inventory Inventory consists mostly of raw materials and are stated at the lower of cost or fair value on a first-in first-out basis 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 November 30, 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 In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business, which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. This ASU is effective January 1, 2018 on a prospective basis with early adoption permitted. The Company will apply this guidance to applicable transactions after the adoption date. F-7 In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. Under the new standard, goodwill impairment would be measured as the amount by which a reporting unit's carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This ASU is effective prospectively to impairment tests beginning January 1, 2020, with early adoption permitted. The Company will apply this guidance to applicable impairment tests after the adoption date. 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 November 30, 2019, depreciation amount was $832 and net of accumulated depreciation was $418. 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 November 30, 2019, depreciation amount was $4,835 and net of accumulated depreciation was $10,165. Revenue The Company has generated $15,284 in revenue to date. The company's revenue source is from its embroidery business. The Company offer s embroidery products that include the embroidery not only on cut, but also on finished products such as work wear, pennants, t-shirts, jerseys, sweatshirts, baseball caps, windbreakers, coveralls, uniforms, towels, hats, jackets, linen, blankets, and others. | 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 ) t hrough November 30, 2019, the Company's sole officer and director loaned the Company $ 23,524 to pay for incorporation costs and operating expenses . As of November 30, 2019 , the amount outstanding was $ 23,524 . The loan is non-interest bearing, due upon demand and unsecured. |
- SUMMARY OF SIGNIFICANT ACCO_2
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Nov. 30, 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. For certain financial instruments, the carrying amounts reported in the balance sheets for cash and current liabilities, including loans payable, each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. |
- SUBSEQUENT EVENTS (Tables)
- SUBSEQUENT EVENTS (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
- SUBSEQUENT EVENTS (Tables) [Abstract] | |
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, | ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY Name and Address Age Position(s) Dusan Konc 36 President, Secretary Dlhá 816/9 Chief Financial O f fice r , Nitra, Slovakia 94901 Chief Executive O f fice r , Sole Director |
Summary Compensation Table | Summary Compensation Table Name and Principal Position Year Salary ($) Bonus ($) Stock Awards ($) Option Awards ($) Non-Equity Incentive Plan Compensation ($) All Other Compensation ($) All Other Compensation ($) Total ($) Dusan Konc, President, Secretary and Treasurer December 1, 2017 to November 30, 2018 -0- -0- -0- -0- -0- -0- -0- -0- December 1, 2018 to November 30, 2019 -0- -0- -0- -0- -0- -0- -0- -0- |
The following table sets forth information as of NOVEMBER 30, 2019 regarding the ownership of our common stock by each shareholder | The following table sets forth information as of NOVEMBER 30, 2019 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned. Title of Class Name and Address of Beneficial Owner Amount and Nature of Beneficial Ownership Percentage Common Stock Dusan Konc 2,000,000 shares of common stock (direct) 59.60 % |
- GOING CONCERN (Details Text)
- GOING CONCERN (Details Text) | Nov. 30, 2019USD ($) |
Going Concern Details [Abstract] | |
The Company has accumulated loss from inception (February 10, 2017) to November 30, 2019 of $41,669 | $ 41,669 |
- SUMMARY OF SIGNIFICANT ACCO_3
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text) - USD ($) | 12 Months Ended | ||
Nov. 30, 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 | ||
On April 21, 2018, the Company purchased Embroidery Machine for $15,000 | $ 15,000 | ||
The Company has generated $15,284 in revenue to date | $ 15,284 |
- CAPTIAL STOCK (Details Text)
- CAPTIAL STOCK (Details Text) - USD ($) | Nov. 30, 2019 | Nov. 30, 2018 | Jul. 27, 2017 |
- CAPTIAL STOCK [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 November 30, 2019, the Company had 3,355,500 shares issued and outstanding. | 3,355,500 |
- RELATED PARTY TRANSACTIONS (D
- RELATED PARTY TRANSACTIONS (Details Text) | 34 Months Ended |
Nov. 30, 2019USD ($) | |
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | |
Since February 10, 2017 (Inception) through November 30, 2019, the Company's sole officer and director loaned the Company $23,524 to pay for incorporation costs and operating expenses | $ 23,524 |
- LEASE (Details Text)
- LEASE (Details Text) | Nov. 30, 2019USD ($) |
Lessor, Operating Lease, Description [Abstract] | |
The Base Rent amount is $375 per month. | $ 375 |
- SUBSEQUENT EVENTS (Details 1)
- SUBSEQUENT EVENTS (Details 1) | Nov. 30, 2019USD ($) |
Subsequent Events Details 1 [Abstract] | |
Amount and Nature of Beneficial Ownership:Dusan Konc | $ 2,000,000 |
Percentage: Common Stock | $ 59.60 |
- SUBSEQUENT EVENTS (Details Te
- SUBSEQUENT EVENTS (Details Text) - USD ($) | Nov. 30, 2019 | Jul. 27, 2017 |
Subsequent Events Detaails 2 [Abstract] | ||
Dusan Konc for cash at $0.001 per share for a total of $2,000. | $ 2,000 | |
The balance due to the Mr. Konc was $23,524 as of November 30, 2019. | $ 23,524 | |
During fiscal year ended November 30, 2019, we incurred approximately $11,273 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements for the fiscal year ended November 30, 2018 and for the reviews of our financial statements for the quarters ended February 28, 2019, May 31, 2019 and August 31, 2019. | $ 11,273 |