Cover
Cover - shares | 6 Months Ended | |
Feb. 28, 2021 | Apr. 07, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | AZAR INTERNATIONAL CORP. | |
Entity Central Index Key | 0001787123 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Feb. 28, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 3,895,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
Current Assets | ||
Cash & cash equivalents | $ 12,180 | $ 27,634 |
Total current assets | 12,180 | 27,634 |
Non-Current assets | ||
Equipment (net) | 180 | 236 |
Intangible assets (net) | 2,667 | 3,467 |
Total non-Current assets | 2,847 | 3,703 |
TOTAL ASSETS | 15,027 | 31,337 |
Current Liabilities | ||
Loans from related parties | 9,797 | 7,797 |
Accounts Payable | 10,000 | 0 |
Total current liabilities | 19,797 | 7,797 |
Total Liabilities | 19,797 | 7,797 |
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,859,000 shares issued and outstanding | 3,895 | 3,895 |
Additional Paid-In-Capital | 25,955 | 25,955 |
Accumulated Deficit | (34,620) | (6,310) |
Total Stockholders' equity (deficit) | (4,770) | 23,540 |
Total Liabilities and Stockholders' Equity (Deficit) | $ 15,027 | $ 31,337 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Feb. 28, 2021 | Aug. 31, 2020 |
Text Block Abstract | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 3,859,000 | 3,859,000 |
Common stock, shares outstanding | 3,859,000 | 3,859,000 |
STATEMENTS OF OPERATIONS (UNAUD
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2021 | Feb. 29, 2020 | |
STATEMENTS OF OPERATIONS (UNAUDITED) | ||||
Revenue | $ 0 | $ 4,000 | $ 0 | $ 4,000 |
OPERATING EXPENSES | ||||
Cost of sales | 0 | 1,400 | 0 | 1,400 |
General and administrative expenses | 23,769 | 2,027 | 28,310 | 4,503 |
Total Operation expenses | (23,769) | 3,427 | (28,310) | 5,903 |
Income (Loss) before provision for income taxes | (23,769) | 573 | (28,310) | (1,903) |
Provision for income taxes | ||||
Net income (loss) | $ (23,769) | $ 573 | $ (28,310) | $ (1,903) |
Income (loss) per common share: Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 3,895,000 | 3,000,000 | 3,895,000 | 3,000,000 |
STATEMENT OF STOCKHOLDERS EQUIT
STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT) (UNAUDITED) - USD ($) | Total | Common Stock [Member] | Additional Paid-In Capital | Deficit Accumulated [Member] |
Balance, shares at Aug. 31, 2019 | 3,000,000 | |||
Balance, amount at Aug. 31, 2019 | $ 2,022 | $ 3,000 | $ 0 | $ (978) |
Net loss | (1,903) | $ 0 | 0 | (1,903) |
Balance, shares at Feb. 29, 2020 | 3,000,000 | |||
Balance, amount at Feb. 29, 2020 | 119 | $ 3,000 | 0 | (2,881) |
Balance, shares at Aug. 31, 2020 | 3,895,000 | |||
Balance, amount at Aug. 31, 2020 | 23,540 | $ 3,895 | 25,955 | (6,310) |
Net loss | (28,310) | $ 0 | 0 | (28,310) |
Balance, shares at Feb. 28, 2021 | 3,895,000 | |||
Balance, amount at Feb. 28, 2021 | $ (4,770) | $ 3,895 | $ 25,955 | $ (34,620) |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 6 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (28,310) | $ (1,903) |
Adjustments as of non-cash items | ||
Depreciation | 56 | 47 |
Amortization | 800 | 533 |
Accounts Payable | 10,000 | 0 |
Net cash provided by (used in) Operating activities | (17,454) | (1,323) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of non-current assets | 0 | (5,139) |
Net cash provided by (used in) Investing activities | 0 | (5,139) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 0 | 0 |
Proceeds of loan from shareholder | 2,000 | 4,819 |
Net cash provided by Financing activities | 2,000 | 4,819 |
Increase (decrease) in cash and equivalents | (15,454) | (1,643) |
Cash and equivalents at beginning of the period | 27,634 | 5,000 |
Cash and equivalents at end of the period | 12,180 | 3,357 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 6 Months Ended |
Feb. 28, 2021 | |
ORGANIZATION AND BUSINESS | |
NOTE 1 - ORGANIZATION AND BUSINESS | AZAR INTERNATIONAL CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on September 20, 2018. Azar International Corp. is in the tourism business. The Company has adopted August 31 fiscal year end. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Feb. 28, 2021 | |
GOING CONCERN | |
NOTE 2 - GOING CONCERN | The Company’s financial statements as of February 28, 2021 have 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 (September 20, 2018) to February 28, 2021 of $34,620. 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. During the quarter ended February 28, 2021, the Company was negatively impacted by the effects of the worldwide COVID-19 pandemic. The Company’s business is tourism in the Dominican Republic. Border closer, travel bans and quarantine place doubt on the Company’s revenue, which could result in continued losses. 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 ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Feb. 28, 2021 | |
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. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2021, the Company's bank deposits did not exceed the insured amounts. Stock-Based Compensation As of February 28, 2021, 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. Use of Estimates and Assumptions The preparation of financial statements in conformity with 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 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. Fair Value of Financial Instruments ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 28, 2021. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. 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 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. Fixed Assets Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost. Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. The Company utilizes straight-line depreciation over the estimated useful life of the asset. Office Equipment – 3 years Earnings per Share ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. Risks and Uncertainties In December 2019, a novel strain of coronavirus surfaced in China, which has and is continuing to spread throughout the world, including the United States and Dominican Republic. On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic”. The governors of New York, California and several other states, as well as mayors on many cities, have ordered their residents |
EQUIPMENT (NET)
EQUIPMENT (NET) | 6 Months Ended |
Feb. 28, 2021 | |
EQUIPMENT (NET) | |
NOTE 4 - EQUIPMENT (NET) | Company purchased equipment as on September 30, 2019 for $339. The Company depreciates its property using straight-line depreciation over the estimated useful life of 3 years. For the six-month period ended February 28, 2021 the company recorded $56 in depreciation expense. From inception (September 20, 2018) through February 28, 2021 the company has recorded a total of $159 in depreciation expense. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Feb. 28, 2021 | |
INTANGIBLE ASSETS | |
NOTE 5 - INTANGIBLE ASSETS | Intangibles comprise of Company’ website. The website was purchased on October 31, 2019 for $4,800. The Company amortize its intangible using straight-line depreciation over the estimated useful life of 3 years. For the six-month period ended February 28, 2021 the company recorded $800 in amortization expense. From inception (September 20, 2018) through February 28, 2021 the company has recorded a total of $1,333 in amortization expense. |
CAPTIAL STOCK
CAPTIAL STOCK | 6 Months Ended |
Feb. 28, 2021 | |
CAPTIAL STOCK | |
NOTE 6 - CAPTIAL STOCK | The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. In November 2018, the Company issued 3,000,000 shares of its common stock at $0.001 per share for total proceeds of $3,000. In July and August 2020, the Company issued 895,000 shares of its common stock at $0.03 per share for total proceeds of $26,850. As of February 28, 2021, the Company had 3,895,000 shares issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Feb. 28, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 7 - 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 September 20, 2018 (Inception) through February 28, 2021, the Company’s sole officer and director loaned the Company $9,797 to pay for incorporation costs and operating expenses.As of February 28, 2021, the amount outstanding was $9,797. The loan is non-interest bearing, due upon demand and unsecured. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Feb. 28, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 8 - SUBSEQUENT EVENTS | The Company has evaluated subsequent events from February 28, 2021 to the date the financial statements were issued and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Feb. 28, 2021 | |
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. |
New Accounting Pronouncements | There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2021, the Company's bank deposits did not exceed the insured amounts. |
Stock-Based Compensation | As of February 28, 2021, 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. |
Use of Estimates and Assumptions | The preparation of financial statements in conformity with 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 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. |
Fair Value of Financial Instruments | ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of February 28, 2021. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accounts payable and related party loan payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
Income Taxes | Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
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 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. |
Fixed Assets | Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs, if capitalization criteria are met and directly attributable cost of bringing the asset to its working condition for the intended use. Any subsidy/reimbursement/contribution received for installation and acquisition of any fixed assets is shown as deduction in the year of receipt. Capital work- in progress is stated at cost. Subsequent expenditure related to an item of fixed assets is added to its book value only if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. All other expenses on existing fixed assets, including day-to-day repairs and maintenance expenditure and cost of replacing parts, are charged to the Statement of Profit and Loss for the period during which such expenses are incurred. Gains or losses arising from de-recognition of fixed assets are measured as the difference between the net disposal proceeds and the carrying amount of the assets derecognized. The Company utilizes straight-line depreciation over the estimated useful life of the asset. Office Equipment – 3 years. |
Earnings per Share | ASC No. 260, “Earnings Per Share”, specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. The Company has adopted the provisions of ASC No. 260. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. |
Risks and Uncertainties | In December 2019, a novel strain of coronavirus surfaced in China, which has and is continuing to spread throughout the world, including the United States and Dominican Republic. On January 30, 2020, the World Health Organization declared the outbreak of the coronavirus disease (COVID-19) a “Public Health Emergency of International Concern,” and on March 11, 2020, the World Health Organization characterized the outbreak as a “pandemic”. The governors of New York, California and several other states, as well as mayors on many cities, have ordered their residents |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
GOING CONCERN | ||
Accumulated Deficit | $ (34,620) | $ (6,310) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended |
Feb. 28, 2021USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Office equipment, useful life | 3 years |
FDIC insured amount | $ 250,000 |
EQUIPMENT (NET) (Details Narrat
EQUIPMENT (NET) (Details Narrative) - USD ($) | 6 Months Ended | 29 Months Ended | ||
Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2021 | Sep. 30, 2019 | |
EQUIPMENT (NET) | ||||
Equipment puchased | $ 339 | |||
Depreciation | $ 56 | $ 47 | $ 159 | |
Property, Plant and Equipment, Useful Life | 3 years |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 29 Months Ended |
Oct. 31, 2019 | Feb. 28, 2021 | Feb. 28, 2021 | |
Estimated useful life | 3 years | ||
Amortization expenses | $ 800 | $ 1,333 | |
Website [Member] | |||
Intangible asset | $ 4,800 |
CAPTIAL STOCK (Details Narrativ
CAPTIAL STOCK (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | |
Nov. 30, 2018 | Aug. 31, 2020 | Feb. 28, 2021 | |
CAPTIAL STOCK | |||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | |
Common Stock, Shares, issued | 3,859,000 | 3,859,000 | |
Common Stock, Shares, Outstanding | 3,859,000 | 3,859,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Stock Issued During Period, Shares, New Issues | 3,000,000 | 895,000 | |
Sale of Stock, Price Per Share | $ 0.001 | $ 0.03 | |
Proceeds from issuance of shares, amount | $ 3,000 | $ 26,850 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Feb. 28, 2021 | Aug. 31, 2020 |
Loans from related parties | $ 9,797 | $ 7,797 |
Officer And Director [Member] | ||
Loans from related parties | $ 9,797 |