Cover
Cover | 6 Months Ended |
Aug. 31, 2022 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Aug. 31, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --02-28 |
Entity File Number | 333-255055 |
Entity Registrant Name | Intorio, Corp. |
Entity Central Index Key | 0001852536 |
Entity Tax Identification Number | 98-1578603 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 24 Alexander Kazbegi Ave |
Entity Address, City or Town | Tblisi |
Entity Address, Country | GE |
Entity Address, Postal Zip Code | 0177 |
City Area Code | 702 |
Local Phone Number | 605-4636 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | true |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 3,235,000 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Current Assets | ||
Cash | $ 3,959 | $ 15,848 |
Total Current Assets | 3,959 | 15,848 |
Non-Current Assets | ||
Website Development | 9,000 | 9,000 |
Less: Accumulated Amortization | (4,001) | (2,667) |
Total Non-Current Assets | 4,999 | 6,333 |
Total Assets | 8,958 | 22,181 |
Current Liabilities | ||
Accounts payable | 18,500 | 15,500 |
Director Loan | 6,379 | 6,240 |
Total Current Liabilities | 24,879 | 21,740 |
Stockholders’ Deficit | ||
Common stock, par value $0.0001; 75,000,000 shares authorized, 3,235,000 shares issued and outstanding; | 323 | 323 |
Additional paid-in capital | 24,577 | 24,577 |
Accumulated profits / (deficit) | (40,821) | (24,459) |
Total Stockholders’ Equity | (15,921) | 441 |
Total Liabilities and Stockholders’ Equity | $ 8,958 | $ 22,181 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Aug. 31, 2022 | Feb. 28, 2022 |
Statement of Financial Position [Abstract] | ||
Common Stock Par Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock Shares Issued | 3,235,000 | 3,235,000 |
Common Stock Shares Outstanding | 3,235,000 | 3,235,000 |
Condensed Statement of Operatio
Condensed Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | |
Income Statement [Abstract] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
General and Administrative Expenses | 5,943 | 4,406 | 16,362 | 11,005 |
TOTAL OPERATING EXPENSES | (5,943) | (4,406) | (16,362) | (11,005) |
NET INCOME (LOSS) FROM OPERATIONS | (5,943) | (4,406) | (16,362) | (11,005) |
INCOME (LOSS) BEFORE TAXES | (5,943) | (4,406) | (16,362) | (11,005) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) FOR THE PERIOD | $ (5,943) | $ (4,406) | $ (16,362) | $ (11,005) |
NET LOSS PER SHARE: BASIC | $ 0 | $ 0 | $ 0 | $ 0 |
NET LOSS PER SHARE: DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC | 3,235,000 | 2,946,033 | 3,235,000 | 2,354,313 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED | 3,235,000 | 2,946,033 | 3,235,000 | 2,354,313 |
Statement of Stockholder's Equi
Statement of Stockholder's Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jan. 03, 2021 | $ 0 | $ 0 | $ 0 | $ 0 |
Shares, Outstanding, Beginning Balance at Jan. 03, 2021 | 0 | |||
Shares issued for cash at $0.02 per share during quarter ended August 31, 2021 | $ 200 | 0 | 0 | 200 |
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||
Net loss | $ 0 | 0 | (1,753) | (1,753) |
Ending balance, value at Feb. 28, 2021 | $ 200 | 0 | (1,753) | (1,553) |
Shares, Outstanding, Ending Balance at Feb. 28, 2021 | 2,000,000 | |||
Net loss | $ 0 | 0 | (6,599) | (6,599) |
Ending balance, value at May. 31, 2021 | $ 200 | 0 | (8,352) | (8,152) |
Shares, Outstanding, Ending Balance at May. 31, 2021 | 2,000,000 | |||
Beginning balance, value at Feb. 28, 2021 | $ 200 | 0 | (1,753) | (1,553) |
Shares, Outstanding, Beginning Balance at Feb. 28, 2021 | 2,000,000 | |||
Net loss | (11,005) | |||
Ending balance, value at Aug. 31, 2021 | $ 323 | 24,577 | (12,758) | 12,142 |
Shares, Outstanding, Ending Balance at Aug. 31, 2021 | 3,235,000 | |||
Beginning balance, value at May. 31, 2021 | $ 200 | 0 | (8,352) | (8,152) |
Shares, Outstanding, Beginning Balance at May. 31, 2021 | 2,000,000 | |||
Shares issued for cash at $0.02 per share during quarter ended August 31, 2021 | $ 123 | 24,577 | 0 | 24,700 |
Stock Issued During Period, Shares, New Issues | 1,235,000 | |||
Net loss | $ 0 | 0 | (4,406) | (4,406) |
Ending balance, value at Aug. 31, 2021 | $ 323 | 24,577 | (12,758) | 12,142 |
Shares, Outstanding, Ending Balance at Aug. 31, 2021 | 3,235,000 | |||
Net loss | $ 0 | 0 | (22,706) | (22,706) |
Ending balance, value at Feb. 28, 2022 | $ 323 | 24,577 | (24,459) | 441 |
Shares, Outstanding, Ending Balance at Feb. 28, 2022 | 3,235,000 | |||
Net loss | $ 0 | 0 | (10,419) | (10,419) |
Ending balance, value at May. 31, 2022 | $ 323 | 24,577 | (34,879) | (9,978) |
Shares, Outstanding, Ending Balance at May. 31, 2022 | 3,235,000 | |||
Beginning balance, value at Feb. 28, 2022 | $ 323 | 24,577 | (24,459) | 441 |
Shares, Outstanding, Beginning Balance at Feb. 28, 2022 | 3,235,000 | |||
Net loss | (16,362) | |||
Ending balance, value at Aug. 31, 2022 | $ 323 | 24,577 | (40,821) | (15,921) |
Shares, Outstanding, Ending Balance at Aug. 31, 2022 | 3,235,000 | |||
Beginning balance, value at May. 31, 2022 | $ 323 | 24,577 | (34,879) | (9,978) |
Shares, Outstanding, Beginning Balance at May. 31, 2022 | 3,235,000 | |||
Net loss | $ 0 | 0 | (5,943) | (5,943) |
Ending balance, value at Aug. 31, 2022 | $ 323 | $ 24,577 | $ (40,821) | $ (15,921) |
Shares, Outstanding, Ending Balance at Aug. 31, 2022 | 3,235,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 2 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2021 | Aug. 31, 2022 | May 31, 2022 | Aug. 31, 2021 | May 31, 2021 | Aug. 31, 2022 | Feb. 28, 2022 | Aug. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net income (loss) for the period | $ (1,753) | $ (5,943) | $ (10,419) | $ (4,406) | $ (6,599) | $ (16,362) | $ (22,706) | $ (11,005) |
Adjustments to reconcile net loss to net cash (used in) operating activities | ||||||||
Amortization of intangible assets | 1,334 | 1,500 | ||||||
Accounts Payable | 3,000 | 3,000 | ||||||
CASH FLOWS GENERATED FROM OPERATING ACTIVITIES | (12,028) | (6,505) | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from sale of common stock | 0 | 24,700 | ||||||
Related Party Loans | 139 | 4,349 | ||||||
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 139 | 29,049 | ||||||
NET INCREASE/ DECREASE IN CASH | (11,889) | 22,544 | ||||||
Cash, beginning of period | $ 15,848 | $ 0 | 15,848 | 22,544 | 0 | |||
Cash, end of period | $ 0 | $ 3,959 | $ 22,544 | 3,959 | $ 15,848 | 22,544 | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||||||||
Interest paid | 0 | 0 | ||||||
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Aug. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | Note 1 – ORGANIZATION AND NATURE OF BUSINESS Intorio, Corp. was incorporated in the State of Nevada and established on January 04, 2021. We have no revenue and have incurred losses since inception. The Company possesses assets in a form of an operative website. Also, the company is registering its own trademark, upon which will propose its services. We are a development-stage company formed to commence operations concerned with the online studying. We have developed a full business plan. Our business office is located at 24 Alexander Kazbegi Ave, Tbilisi 0177, Georgia. Our telephone number is (702) 605-4636. We plan to provide a new unique type of service, teaching of a school program, from the comfort of purchasers’ home. We will provide an online service of learning through our website. Additionally, our clients can apply for tutoring in a specific subject or on some point of the teaching program. Once we are operational, we intend to offer our services to clients in Georgia. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Aug. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | Note 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had accumulated deficit of $ 40,821 24,459 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 adversely affected. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited interim financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. Use of Estimates 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations during the reporting period, the Company made no material assumptions or estimates other than the assumption that the Company is a going concern and estimate with reference to amortization of intangible assets. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $ 3,959 15,848 Fair Value of Financial Instruments 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; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company’s loan from shareholder and accounts payable approximates its fair value due to their short-term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that based on available evidence are not expected to be realized. 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 as company did not generate any revenue since inception. 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. 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 August 31, 2022 there were no Comprehensive Income Comprehensive income is defined as all changes in stockholders’ equity (deficit), 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 August 31, 2022 were no differences between our comprehensive loss and net loss. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. 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. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 6 Months Ended |
Aug. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | Note 4 – INTANGIBLE ASSETS Intangibles comprise of Company’ website. The website was purchased on February 27, 2021 for $ 9,000 For the period three months ended August 31, 2022 the company had recorded $1,334 in amortization expense. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Aug. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 5 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from its sole executive 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 officer, director, 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. As of August 31, 2022 & February 28, 2022, our sole director has loaned to the Company $ 6,379 6,240 Further, to the above transaction, there is a consideration payable for the quarter ended August 31, 2022 within Accounts Payable of $ 1,500 |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Aug. 31, 2022 | |
Equity [Abstract] | |
COMMON STOCK | Note 6 – COMMON STOCK The Company has 75,000,000 0.0001 On January 5, 2021 the Company issued 2,000,000 200 As of February 28, 2022 the Company issued 1,235,000 24,700 There were 3,235,000 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Aug. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 7 – COMMITMENTS AND CONTINGENCIES Our sole officer and director, Gagi Gogolashvili, has agreed to provide his own premise free of cost under office needs. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Aug. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 8 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to August 31, 2022 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. FORWARD LOOKING STATEMENTS Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "May," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what May occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. Employees and Employment Agreements At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we May adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees. Results of Operation Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long-term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities. Three Months Ended August 31, 2022 and 202: During the three and six months ended August 31, 2022, we have not generated any revenues. Our net loss for the three and six months ended August 31, 2022 was $5,943 and $16,362. Operating expenses consist of mainly professional fees, consulting expenses and depreciation expenses. During three and six months ended August 31, 2021, we have not generated any revenues. Our net loss for the three and six months ended August 31, 2021 was $4,406 and $11,005. Operating expenses consist of mainly professional fees, consulting expenses and depreciation expenses. Liquidity and Capital Resources As of August 31, 2022, our total assets were $8,958 consisting of company website $4,999 and cash 3,959 held at Escrow account. As of August 31, 2022, our current liabilities were $24,879 consisting of related party loans of $6,379 and accounts payable $18,500. Cash Flows from Operating Activities We have not generated positive cash flows from operating activities. For six months ended August 31, 2022, net cash flows used in operating activities was $12,028. For six months ended August 31, 2021, net cash flows used in operating activities was $6,505. Cash Flows from Investing Activities We did not generate any cash flows from investing activities for the six-month period ended August 31, 2022 and 2021. Cash Flows from Financing Activities We have generated cash flows from financing activities for six months ending August 31, 2022 in the amount of $139 from director loan. We have generated positive cash flows from financing activities for six months ended August 31, 2021, of $29,049 representing cash proceeds from related party loans. Plan of Operation and Funding We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business. Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing May not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we May not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing. Off-Balance Sheet Arrangements As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. Going Concern The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business. No report required. 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 August 31, 2022. 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 since Inception on January 4, 2021 ended August 31, 2022 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties. No report required. No report required. Not applicable. No report required. Exhibit Exhibit 31.1 Certification of Chief Executive Officer, pursuant to Securities Exchange Act rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. 31.2 Certification of Chief Financial Officer, pursuant to Securities Exchange Act rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002. 32.1 Certification of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). 101.INS Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) 101.SCH Inline XBRL Taxonomy Extension Schema Document 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File (formatted in iXBRL, and included in exhibit 101). Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in 24 Alexander Kazbegi Ave, Tbilisi 0177, Georgia INTORIO, CORP. By: /s/ Gagi Gogolashvili President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer) In accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the capacities and on the dates stated. Signature Title Date /s/ Gagi Gogolashvili Gagi Gogolashvili President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) October 03, 2022 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Aug. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying unaudited interim financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. |
Use of Estimates | Use of Estimates 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Due to the limited level of operations during the reporting period, the Company made no material assumptions or estimates other than the assumption that the Company is a going concern and estimate with reference to amortization of intangible assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $ 3,959 15,848 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments 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; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company’s loan from shareholder and accounts payable approximates its fair value due to their short-term maturity. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that based on available evidence are not expected to be realized. |
Revenue Recognition | 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 as company did not generate any revenue since inception. 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. |
Basic Income (Loss) Per Share | 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 August 31, 2022 there were no |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as all changes in stockholders’ equity (deficit), 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 August 31, 2022 were no differences between our comprehensive loss and net loss. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Recent Accounting Pronouncements | 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 ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 40,821 | $ 24,459 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Aug. 31, 2022 | Feb. 28, 2022 | |
Accounting Policies [Abstract] | ||
Cash | $ 3,959 | $ 15,848 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 | Feb. 27, 2021 |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 9,000 | $ 9,000 | |
Website [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | $ 9,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Aug. 31, 2022 | Feb. 28, 2022 |
Related Party Transactions [Abstract] | ||
Due to Related Parties | $ 6,379 | $ 6,240 |
Accounts Payable, Related Parties | $ 1,500 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jan. 06, 2022 | Jan. 06, 2021 | Aug. 31, 2021 | Aug. 31, 2022 | Aug. 31, 2021 | Feb. 28, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Proceeds from Issuance of Common Stock | $ 200 | $ 0 | $ 24,700 | |||
Common Stock, Shares, Issued | 3,235,000 | 3,235,000 | ||||
Common Stock, Shares, Outstanding | 3,235,000 | 3,235,000 | ||||
Director [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||||
Shareholders 32 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Proceeds from Issuance of Common Stock | $ 24,700 | |||||
Common Stock, Shares, Issued | 1,235,000 |