Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Oct. 13, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Incordex Corp. | ||
Entity Central Index Key | 0001818550 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Jun. 30, 2021 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Entity Ex Transition Period | true | ||
Entity Common Stock Shares Outstanding | 6,450,000 | ||
Entity Public Float | $ 0 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current Assets | ||
Cash | $ 16,244 | $ 3,500 |
Prepaid Expenses | 0 | 1,500 |
Total Assets | 16,244 | 5,000 |
Current Liabilities | ||
Director Loan | 7,314 | 760 |
Accounts payable | 2,250 | 0 |
Total Current Liabilities | 9,564 | 760 |
Commitments and Contingencies | 0 | 0 |
Stockholders' Equity | ||
Common stock, $0.0001 par value, 75,000,000 shares authorized; 5,500,000 and 5,000,000 shares issued and outstanding respectively; | 5,500 | 5,000 |
Additional paid-in-capital | 9,500 | 0 |
Accumulated deficit | (8,320) | (760) |
Total Stockholders' Equity | 6,680 | 4,240 |
Total Liabilities and Stockholders' Equity | $ 16,244 | $ 5,000 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
STOCKHOLDER'S EQUITY | ||
Common Stock, Par value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares issued | 5,500,000 | 5,000,000 |
Common Stock, Shares outstanding | 5,500,000 | 5,000,000 |
STATEMENTS OF OPERATIONS (AUDIT
STATEMENTS OF OPERATIONS (AUDITED) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
STATEMENTS OF OPERATIONS (AUDITED) | ||
REVENUE | $ 0 | $ 4,970 |
OPERATING EXPENSES | ||
General and Administrative Expenses | 760 | 12,530 |
TOTAL OPERATING EXPENSES | (760) | (12,530) |
NET INCOME (LOSS) FROM OPERATIONS | (760) | (7,560) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET INCOME (LOSS) | $ (760) | $ (7,560) |
NET LOSS PER SHARE; BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING; BASIC AND DILUTED | 5,000,000 | 5,017,124 |
STATEMENT OF STOCKHOLDERS EQUIT
STATEMENT OF STOCKHOLDERS EQUITY (AUDITED) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance, shares at Jun. 12, 2020 | ||||
Balance, amount at Jun. 12, 2020 | $ 0 | $ 0 | $ 0 | $ 0 |
Shares issued for services at $0.0001 per share, shares | 5,000,000 | |||
Shares issued for services at $0.0001 per share, amount | 5,000 | $ 5,000 | 0 | 0 |
Net loss | (760) | $ 0 | 0 | (760) |
Balance, shares at Jun. 30, 2020 | 5,000,000 | |||
Balance, amount at Jun. 30, 2020 | 4,240 | $ 5,000 | 0 | (760) |
Net loss | (7,560) | $ 0 | 0 | (7,560) |
Shares issued for cash at $0.02 per share in June 2021, shares | 500,000 | |||
Shares issued for cash at $0.02 per share in June 2021, amount | 10,000 | $ 500 | 9,500 | 0 |
Balance, shares at Jun. 30, 2021 | 5,500,000 | |||
Balance, amount at Jun. 30, 2021 | $ 6,680 | $ 5,500 | $ 9,500 | $ (8,320) |
STATEMENTS OF CASH FLOWS (AUDIT
STATEMENTS OF CASH FLOWS (AUDITED) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the year | $ (760) | $ (7,560) |
Adjustments to reconcile net loss to net cash (used in) operating activities | ||
Prepaid Expenses | 1,500 | 1,500 |
Accounts Payable | 0 | 2,250 |
CASH FLOWS USED IN OPERATING ACTIVITIES | 740 | (3,810) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 5,000 | 10,000 |
Director Loan | 760 | 6,554 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 5,760 | 16,554 |
NET INCREASE IN CASH | 3,500 | 12,744 |
Cash and equivalents at beginning of the year | 0 | 3,500 |
Cash and equivalents at end of the year | 3,500 | 16,244 |
Supplemental cash flow information: | ||
Cash paid for: Interest | 0 | 0 |
Cash paid for: Taxes | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Jun. 30, 2021 | |
ORGANIZATION AND NATURE OF BUSINESS | |
Note 1 - ORGANIZATION AND NATURE OF BUSINESS | Incordex Corp. (“the Company”, “we”, “us” or “our”) we were incorporated on June 12, 2020 and intend to offer handwritten letter service via our web platform. Incordex Corp. will be an online handwritten letter service that sends handwritten letters and cards. Our customers will be business and private persons. Customers will use our services to send real handwritten letters to prospects and new customers. We expect our main customers will be direct mail marketing companies. Private persons will use our services for their private needs. The letter writers will be freelancers around the world. Our freelancers will be working on independent contract basis. Our current address is 6 Rosemary Way, Nuneaton, CV107ST United Kingdom. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2021 | |
GOING CONCERN | |
Note 2 - GOING CONCERN | The accompanying financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“GAAP”), which contemplate continuation of the Company as a going concern. The Company has an accumulated deficit of $8,320 as of June 30, 2021. The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SUMMARY OF SIGNIFCANT ACCOUNTIN
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | |
Note 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is June 30. 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. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Fair Value of Financial Instruments FASB ASC Topic 820, "Fair Value Measurement," 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 cash, director loans and issuance of common stock approximated fair value at June 30, 2021. 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 June 30, 2021, 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 Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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. As of June 30, 2021 there were no potentially dilutive debt or equity instruments issued or outstanding. Comprehensive Income Comprehensive income is defined as all changes in stockholders’ equity, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of June 30, 2021 were no differences between our comprehensive loss and net loss. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. As of June 30, 2021, the Company has generated $4,970 in revenue. 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. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jun. 30, 2021 | |
COMMON STOCK | |
Note 4 - COMMON STOCK | The Company has 75,000,000, $0.0001 par value shares of common stock authorized. There were 5,000,000 shares of common stock issued and outstanding as of June 30, 2020. In June the Company issued 500,000 shares of common stock at $0.02 for total of $10,000. As of June 30,2021, the company issued and outstanding common stock was 5,500,000. Voting Common Stock All shares of common stock have voting rights and are identical. All holders of shares of voting common stock shall at every meeting of the stockholders be entitled to one vote for each share of the capital stock held by such stockholder. Non-voting Common Stock All of the other terms of the Non-Voting Common Stock shall be identical to the Voting Common Stock, except for the right of first refusal that attaches to the Non-Voting Common Stock, as explained in the Company’s Bylaws. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Note 5 - COMMITMENTS AND CONTINGENCIES | In the normal course of business, the Company may become a party to litigation matters involving claims against it. At June 30, 2021, there are no current matters that would have a material effect on the Company’s financial position or results of operations. The extent of the impact of the coronavirus (“COVID‐19”) outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID‐19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially and adversely affected. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2021 | |
SUBSEQUENT EVENTS | |
Note 6 - SUBSEQUENT EVENTS | In accordance with FASB ASC Topic 855 “Subsequent Events”, the Company has analyzed its operations through June 30, 2021, the date the financial statements were available to be issued, and there were no events to report. The Company issued 1,050,000 common shares to 21 shareholders throughout August 2021 at $0.02 per share for a total price $21,000. The total shares issued and outstanding as of today 6,450,000. |
SUMMARY OF SIGNIFCANT ACCOUNT_2
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | |
Basis of presentation | The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is June 30. |
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. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Fair Value of Financial Instruments | FASB ASC Topic 820, "Fair Value Measurement," 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 cash, director loans and issuance of common stock approximated fair value at June 30, 2021. |
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 June 30, 2021, 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 Income (Loss) Per Share | The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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. As of June 30, 2021 there were no potentially dilutive debt or equity instruments issued or outstanding. |
Comprehensive Income | Comprehensive income is defined as all changes in stockholders’ equity, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of June 30, 2021 were no differences between our comprehensive loss and net loss. |
Revenue Recognition | The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. As of June 30, 2021, the Company has generated $4,970 in revenue. |
Recent Accounting Pronouncements | We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
GOING CONCERN | ||
Accumulated deficit | $ (8,320) | $ (760) |
SUMMARY OF SIGNIFCANT ACCOUNT_3
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | ||
Revenue | $ 0 | $ 4,970 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
COMMON STOCK | ||
Common Stock, Par value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares issued | 5,500,000 | 5,000,000 |
Common Stock, Shares outstanding | 5,500,000 | 5,000,000 |
Description of common stock voting rights | All holders of shares of voting common stock shall at every meeting of the stockholders be entitled to one vote for each share of the capital stock held by such stockholder. | |
Common stock issued during period, new issue | 500,000 | |
Common stock value issued during period, new issue | $ 10,000 | |
Common stock price per share | $ 0.02 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2021USD ($)integer$ / sharesshares | Jun. 30, 2021USD ($)shares | Oct. 14, 2021shares | |
Common stock value issued during period, new issue | $ | $ 10,000 | ||
Common stock issued during period, new issue | 500,000 | ||
Subsequent Event [Member] | Shareholders [Member] | |||
Common stock value issued during period, new issue | $ | $ 21,000 | ||
Number of shareholders | integer | 21 | ||
Common stock issued during period, new issue | 1,050,000 | ||
Common stock shares issued, share price | $ / shares | $ 0.02 | ||
Total shares issued and outstanding | 6,450,000 |