| Summary of Significant Accounting Policies | Note 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in
accordance with United States Generally Accepted Accounting Principles (“US GAAP”). The Company’s year-end is
August 31. Use of Estimates The preparation of financial statements in conformity with US
GAAP 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 the financial statements and the reported amount of revenues and expenses during
the reporting period. Actual results could differ from those estimates. Deferred Offering Costs Financial Accounting Standard Board Accounting (“FASB”)
Standards Codification (“ASC”) number 340-10-S99-1, “ Other Assets and Deferred Costs,” During the six months ended February 29, 2020, the Company recorded
$6,115 in deferred offering costs, of which $2,700 were offset against proceeds received from a stock issuance pursuant to the
offering in January 2020 (Note 3). The Company had $5,315 and $1,900 in deferred offering costs at February 29, 2020 and August
31, 2019, respectively. Subsequent to February 29, 2020, additional deferred offering costs totaling $5,315 were offset against
proceeds from stock issuances in March and April 2020 (Note 7). Fair Value of Financial Instruments FASB ASC Topic 820, "Fair Value Measurement," For The three levels are defined as follows:
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; and
Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Due to its short-term nature, the carrying value of accounts
payable approximated fair value at February 29, 2020. Income Taxes The Company is a C Corporation under the Internal Revenue Code
and a similar section of the state code. All income tax amounts reflect the use of the liability method
under accounting for income taxes. Income taxes are provided for the tax effects of transactions reported in the financial statements
and consist of taxes currently due plus deferred taxes arising primarily from differences between financial and tax reporting purposes.
Current year expense represents the amount of income taxes paid, payable or refundable for the period. Deferred income taxes, net of appropriate valuation allowances,
are determined using the tax rates expected to be in effect when the taxes are actually paid. Valuation allowances are recorded
against deferred tax assets when it is more likely than not that such assets will not be realized. When an uncertain tax position
meets the more likely than not recognition threshold, the position is measured to determine the amount of benefit or expense to
recognize in the financial statements. The Company’s income tax returns are subject to review
and examination by federal, state and local governmental authorities. As of February 29, 2019, there is no year open to examination
with federal, state and local governmental authorities. To the extent penalties and interest are incurred through an examination,
they would be included in the income tax section of the statement of operations and comprehensive loss. Basic Loss Per Share The Company computes income (loss) per share in accordance with
FASB ASC 260 “Earnings per Share.” Recent Accounting Pronouncements We have reviewed all the recently-issued, but not yet effective,
accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
