Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2019 | Dec. 16, 2019 | May 31, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | YUMBA RECORDS STORAGE, INC. | ||
Entity Central Index Key | 0001750398 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --08-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Aug. 31, 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 11,000,000 | ||
Entity Public Float | $ 50,000 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Aug. 31, 2019 | Aug. 31, 2018 |
Consolidated Balance Sheets | ||
Cash | $ 408 | $ 10,290 |
Total current assets | 408 | 10,290 |
Total assets | 408 | 10,290 |
Accounts payable and accrued liabilities | 728 | 1,057 |
Due to related party | 2,871 | |
Total current liabilities | 3,599 | 1,057 |
Related party notes payable, net of discount | 13,503 | 15,170 |
Total liabilities | 17,102 | 16,227 |
Common stock: $0.001 par value, 200,000,000 authorized, 6,000,000 issued and outstanding as of August 31, 2019 and August 31, 2018 | 6,000 | 6,000 |
Additional paid-in capital | 1,945 | |
Accumulated deficit | (24,639) | (11,937) |
Total stockholder's deficit | (16,694) | (5,937) |
Total liabilities and stockholder's deficit | $ 408 | $ 10,290 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 19, 2019 | Aug. 31, 2019 | Aug. 31, 2018 |
STOCKHOLDER'S DEFICIT | |||
Common stock, shares par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, shares issued | 6,000,000 | 6,000,000 | |
Common stock, shares outstanding | 6,000,000 | 6,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Consolidated Statements of Operations | ||
Revenue | ||
Expenses | ||
General and administrative | 4,424 | $ 1,157 |
Professional fees | 8,000 | 9,500 |
Loss from operations | (12,424) | (10,657) |
Other Expenses | ||
Interest expense | (278) | |
Loss before provision for income tax | (12,702) | (10,657) |
Provision for income tax | ||
Net Loss | $ (12,702) | $ (10,657) |
Net loss per share - basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding - basic and diluted | 6,000,000 | 6,000,000 |
Statement Of Stockholder's Equi
Statement Of Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Balance, shares at Aug. 31, 2017 | 6,000,000 | |||
Balance, amount at Aug. 31, 2017 | $ 4,720 | $ 6,000 | $ (1,280) | |
Net Income (Loss) | $ (10,657) | $ (10,657) | ||
Balance, shares at Aug. 31, 2018 | 6,000,000 | |||
Balance, amount at Aug. 31, 2018 | $ (5,937) | $ 6,000 | $ (11,937) | |
Net Income (Loss) | (12,702) | $ (12,702) | ||
Debt discount | $ 1,945 | $ 1,945 | ||
Balance, shares at Aug. 31, 2019 | 6,000,000 | |||
Balance, amount at Aug. 31, 2019 | $ (16,694) | $ 6,000 | $ 1,945 | $ (24,639) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (12,702) | $ (10,657) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 278 | |
Change in operating assets and liabilities: | ||
Accounts payables and accrued liabilities | (329) | 427 |
Due to related parties | 2,871 | |
Net cash used in operating activities | (9,882) | (10,230) |
Cash flows from financing activities | ||
Advances from related party | 14,520 | |
Net cash provided by financing activities | 14,520 | |
Change in cash | (9,882) | 4,290 |
Cash - beginning of period | 10,290 | 6,000 |
Cash - end of period | 408 | 10,290 |
Supplemental cash flow disclosures | ||
Cash paid for: Interest | ||
Cash paid for: Income tax |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Aug. 31, 2019 | |
NATURE AND CONTINUANCE OF OPERATIONS | |
Note 1 - NATURE AND CONTINUANCE OF OPERATIONS | Yumba Records Storage, Inc. (the "Company") was incorporated in the state of Nevada on July 21, 2017 ("Inception"). The Company plans to be a physical record storage and retrieval company .The Company's corporate headquarters are located in Margao, India and its fiscal year-end is August 31. The Company presently is not providing any services. All activities of the Company relate to its organization, initial funding, and share issuances. The Company believes there are no significant risks or uncertainties related to these activities. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Aug. 31, 2019 | |
GOING CONCERN | |
Note 2 - GOING CONCERN | These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the year ending August 31, 2019, the Company recognized no sales revenue and incurred a net loss of $12,702. As of August 31, 2019, the Company had an accumulated deficit of $24,639. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern within one year after the date that the financial statements are issued. 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. There is substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. 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. These audited financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has elected August 31 year-end. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period presented have been reflected herein. Audited consolidated financial statements The audited consolidated financial statements include the accounts of Yumba Records Storage, Inc. and its wholly owned Canadian subsidiary, Yumba Records Storage Inc. and wholly owned Indian subsidiary, Yumba Records Storage Private Limited. All significant intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates and Assumptions The preparation of consolidated financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the FDIC. As of August 31, 2019, the Company had $408 in cash. Foreign Currency Translation The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. The assets and liabilities of foreign operations are translated to US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at exchange rates at the dates of the transactions. Foreign currency adjustments are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Income Taxes Income (Loss) Per Share Fair Value of Financial Instruments The Company follows ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: Defined as observable inputs such as quoted prices in active markets; Level 2: Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has adopted ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Aug. 31, 2019 | |
COMMON STOCK | |
Note 4 - COMMON STOCK | The total number of common shares authorized that may be issued by the Company is 200,000,000 shares with a par value of $0.001 per share. During the period ended August 31, 2017, the Company issued 6,000,000 shares of common stock for total cash proceeds of $6,000 to the Company's director. The Company became a reporting company on June 3, 2019 and offered a total of 5,000,000 shares of Company’s common stock on a "self-underwritten" basis at a fixed price of $0.01 per share. On September 19, 2019, the Company completed its offering of a total of 5,000,000 shares of Company’s common stock on a "self-underwritten" basis at a fixed price of $0.01 per share, for total proceeds of $50,000. As at August 31, 2019, there were no issued and outstanding stock options or warrants. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2019 | |
RELATED PARTY TRANSACTIONS | |
Note 5 - RELATED PARTY TRANSACTIONS | The Company neither owns nor leases any real or personal property. Ms. Chasma Mulla, officer and director of the Company, is currently providing the Company with use of office space and services at no charge. The Company received $15,170 from related party (Note 6). |
RELATED PARTY NOTES PAYABLE, NE
RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT | 12 Months Ended |
Aug. 31, 2019 | |
RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT | |
Note 6 - RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT | As of August 31, 2019, the Company received advances of $15,170 from a related party. These advances are unsecured with no interest. The Company entered into a formal promissory note for the advanced amount as of April 1, 2019, with a maturity date of December 31, 2021 with no stated interest rate. The computed discounted present value of the note payable at issuance, based on a 5% imputed interest rate, was $13,225 with $1,945 recognized as a debt discount, to be amortized over the life of the note using effective interest method. The amortization of the discount for the year ended August 31, 2019 was $278, which is reported as interest expense. August 31, 2019 August 31, 2018 Principal amount of notes payable $ 15,170 $ 15,170 Less: unamortized discount (1,667 ) - Notes payable less unamortized discount $ 13,503 $ 15,170 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2019 | |
INCOME TAXES | |
Note 7 - INCOME TAXES | As of August 31, 2019, the Company had net operating loss carry forwards of approximately $24,639 that may be available to reduce future years’ taxable income in varying amounts through 2039. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carryforwards. The valuation allowance at August 31, 2019 was $5,174. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The valuation allowance increased $2,667 in the year ended August 31, 2019. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of August 31, 2019. The cumulative tax effect at the expected rate of 21% for 2019 and 2018 of significant items comprising the net deferred tax amount is: August 31, 2019 August 31, 2018 Deferred tax asset attributed to: Net operating loss carryforward $ 24,639 $ 11,937 Statutory tax rate 21 % 21 % Net deferred tax asset 5,174 2,507 Less: valuation allowance (5,174 ) (2,507 ) Net deferred tax assets $ - $ - In accordance with Section 382 of the U.S. Internal Revenue Code, the usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2017 through 2019 are subject to review by the tax authorities. The sources and tax effects of the differences are as follows U.S. federal statutory rate $ 21 % Valuation allowance (21 %) Effective rate 0 % |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2019 | |
SUBSEQUENT EVENTS | |
Note 8 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through to the date these audited consolidated financial statements were available to be issued. Based on their evaluation. Other than subsequent event disclosed in Note 4, no other material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Basis of Presentation | The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has elected August 31 year-end. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the period presented have been reflected herein. |
Audited consolidated financial statements | The audited consolidated financial statements include the accounts of Yumba Records Storage, Inc. and its wholly owned Canadian subsidiary, Yumba Records Storage Inc. and wholly owned Indian subsidiary, Yumba Records Storage Private Limited. All significant intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates and Assumptions | The preparation of consolidated financial statements in conformity with US generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The Company maintains cash balances at one financial institution that is insured by the FDIC. As of August 31, 2019, the Company had $408 in cash. |
Foreign Currency Translation | The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Revenue and expenses are translated at average rates of exchange during the year. The assets and liabilities of foreign operations are translated to US dollars at exchange rates at the reporting date. The income and expenses of foreign operations are translated into US dollars at exchange rates at the dates of the transactions. Foreign currency adjustments are recognized in other comprehensive income in the accumulated other comprehensive income (loss). Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss). The Company has not, to the date of these consolidated financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Income Taxes | The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company will measure and record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Income (Loss) Per Share | Basic earnings per share is computed by dividing net income (or loss) by the weighted- average number of shares outstanding during the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company, assuming the issuance of an equivalent number of common shares pursuant to options, warrants, or convertible debt arrangements. Diluted earnings per share is not shown for periods in which the Company incurs a loss because it would be anti-dilutive. Similarly, potential common stock equivalents are not included in the calculation if the effect would be anti-dilutive. No potentially dilutive debt or equity securities were issued or outstanding during the years ended August 31, 2019 and 2018. |
Fair Value of Financial Instruments | The Company follows ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. AS topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: Defined as observable inputs such as quoted prices in active markets; Level 2: Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: Defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Company has adopted ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. |
Recent Accounting Pronouncements | From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. |
NOTES PAYABLE, NET OF DISCOUNT
NOTES PAYABLE, NET OF DISCOUNT (Table) | 12 Months Ended |
Aug. 31, 2019 | |
NOTES PAYABLE, NET OF DISCOUNT (Table) | |
Schedule of notes payable, Unamortized discount as interest expense | August 31, 2019 August 31, 2018 Principal amount of notes payable $ 15,170 $ 15,170 Less: unamortized discount (1,667 ) - Notes payable less unamortized discount $ 13,503 $ 15,170 |
INCOME TAXES (Table)
INCOME TAXES (Table) | 12 Months Ended |
Aug. 31, 2019 | |
INCOME TAXES | |
Schedule of tax effect | U.S. federal statutory rate $ 21 % Valuation allowance (21 %) Effective rate 0 % |
Schedule of net deferred tax amount | August 31, 2019 August 31, 2018 Deferred tax asset attributed to: Net operating loss carryforward $ 24,639 $ 11,937 Statutory tax rate 21 % 21 % Net deferred tax asset 5,174 2,507 Less: valuation allowance (5,174 ) (2,507 ) Net deferred tax assets $ - $ - |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) | 12 Months Ended |
Aug. 31, 2019 | |
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) | |
State of incorporation | Nevada |
Date of Incorporation | Jul. 21, 2017 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
GOING CONCERN (Details Narrative) | ||
Net loss | $ (12,702) | $ (10,657) |
Accumulated deficit | $ (24,639) | $ (11,937) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details narrative) - USD ($) | Aug. 31, 2019 | Aug. 31, 2018 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details narrative) | ||
Cash | $ 408 | $ 10,290 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 19, 2019 | Aug. 31, 2017 | Aug. 31, 2019 | Aug. 31, 2018 | |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 | ||
Common stock, shares issued | 6,000,000 | 6,000,000 | ||
Common stock, shares outstanding | 6,000,000 | 6,000,000 | ||
Director [Member] | ||||
Common stock issued shares during period, Shares | 6,000,000 | |||
Common stock issued shares during period, Amount | $ 6,000 | |||
Subsequent Event [Member] | Self Underwritten [Member] | ||||
Common stock, par value | $ 0.01 | |||
Common stock, shares issued | 5,000,000 | |||
Proceeds from issuance of common stock | $ 50,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 31, 2019 | Aug. 31, 2018 |
RELATED PARTY TRANSACTIONS (Details Narrative) | ||
Principal amount of notes payable | $ 15,170 | $ 15,170 |
RELATED PARTY NOTES PAYABLE, _2
RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT (Details) - USD ($) | Aug. 31, 2019 | Aug. 31, 2018 |
RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT (Details) | ||
Principal amount of notes payable | $ 15,170 | $ 15,170 |
Less: unamortized discount | (1,667) | |
Notes payable less unamortized discount | $ 13,503 | $ 15,170 |
RELATED PARTY NOTES PAYABLE, _3
RELATED PARTY NOTES PAYABLE, NET OF DISCOUNT (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Notes payable, net of discount | $ 13,503 | $ 15,170 |
Debt discount | 278 | |
Interest expense | $ (278) | |
President [Member] | ||
Maturity date | Dec. 31, 2021 | |
Advances from related party | $ 15,170 | |
Notes payable, discount | 5.00% | |
Notes payable, net of discount | $ 13,225 | |
Debt discount | 1,945 | |
Interest expense | $ 278 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Deferred tax asset attributed to: | ||
Net operating loss carryforward | $ 24,639 | $ 11,937 |
Statutory tax rate | 21.00% | 21.00% |
Net deferred tax asset | $ 5,174 | $ 2,507 |
Less: valuation allowance | (5,174) | $ (2,507) |
Net deferred tax assets |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) | 12 Months Ended |
Aug. 31, 2019 | |
INCOME TAXES (Details 1) | |
U.S. federal statutory rate | 21.00% |
Valuation allowance | (21.00%) |
Effective rate | 0.00% |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Aug. 31, 2019USD ($) | |
INCOME TAXES (Details Narrative) | |
Net operating loss carry forwards | $ 24,639 |
Valuation Allowance | 5,174 |
Valuation allowance increased | $ 2,667 |
Net operating loss carry forwards, expiration year | 2039 |