Cover
Cover - shares | 3 Months Ended | |
May 31, 2023 | Jun. 28, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | May 31, 2023 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
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 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | May 31, 2023 | Feb. 28, 2023 |
Current Assets | ||
Cash | $ 2,660 | $ 1,810 |
Total Current Assets | 2,660 | 1,810 |
Non-Current Assets | ||
Website Development | 9,000 | 9,000 |
Less: Accumulated Amortization | (6,002) | (5,335) |
Total Non-Current Assets | 2,998 | 3,665 |
Total Assets | 5,658 | 5,475 |
Current Liabilities | ||
Accounts payable | 23,000 | 21,500 |
Director Loan | 17,540 | 8,981 |
Total Current Liabilities | 40,540 | 30,481 |
Stockholders’ Equity (Deficit) | ||
Common stock, par value $0.0001; 75,000,000 shares authorized, 3,235,000 shares issued and outstanding; | 324 | 324 |
Additional paid-in capital | 24,577 | 24,577 |
Accumulated profits / (deficit) | (59,783) | (49,906) |
Total Stockholders’ Equity (Deficit) | (34,883) | (25,006) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 5,658 | $ 5,475 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | May 31, 2023 | Feb. 28, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Outstanding | 3,235,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2023 | May 31, 2022 | |
Income Statement [Abstract] | ||
REVENUES (CONSULTING INCOME) | $ 1,350 | $ 0 |
OPERATING EXPENSES | ||
General and Administrative Expenses | 11,227 | 10,419 |
TOTAL OPERATING EXPENSES | (11,227) | (10,419) |
INCOME (LOSS) FROM OPERATIONS | (9,877) | (10,419) |
INCOME (LOSS) BEFORE TAXES | (9,877) | (10,419) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET INCOME (LOSS) FOR THE PERIOD | $ (9,877) | $ (10,419) |
NET LOSS PER SHARE: BASIC | $ 0 | $ 0 |
NET LOSS PER SHARE: DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC | 3,235,000 | 3,235,000 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: DILUTED | 3,235,000 | 3,235,000 |
Statement of Stockholders' Equi
Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Feb. 28, 2022 | $ 324 | $ 24,577 | $ (24,459) | $ 441 |
Shares, Outstanding, Beginning Balance at Feb. 28, 2022 | 3,235,000 | |||
Net loss | (10,419) | (10,419) | ||
Ending balance, value at May. 31, 2022 | $ 324 | 24,577 | (34,878) | (9,978) |
Shares, Outstanding, Ending Balance at May. 31, 2022 | 3,235,000 | |||
Beginning balance, value at Feb. 28, 2023 | $ 324 | 24,577 | (49,906) | (25,006) |
Shares, Outstanding, Beginning Balance at Feb. 28, 2023 | 3,235,000 | |||
Net loss | (9,877) | (9,877) | ||
Ending balance, value at May. 31, 2023 | $ 324 | $ 24,577 | $ (59,783) | $ (34,883) |
Shares, Outstanding, Ending Balance at May. 31, 2023 | 3,235,000 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2023 | May 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) for the period | $ (9,877) | $ (10,419) |
Adjustments to reconcile net loss to net cash (used in) operating activities | ||
Amortization of intangible assets | 667 | 667 |
Accounts Payable | 1,500 | 1,500 |
CASH FLOWS GENERATED FROM OPERATING ACTIVITIES | (7,710) | (8,252) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Related Party Loans | 8,560 | 0 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 8,560 | 0 |
NET INCREASE/ DECREASE IN CASH | 850 | (8,252) |
Cash, beginning of period | 1,810 | 15,848 |
Cash, end of period | 2,660 | 7,596 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
May 31, 2023 | |
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 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 | 3 Months Ended |
May 31, 2023 | |
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 $ 59,783 49,906 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 | 3 Months Ended |
May 31, 2023 | |
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 $ 2,660 1,810 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 approximate their 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 services. 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. During the period ended May 31, 2023, we generated total revenue of $ 1,350 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 May 31, 2023 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 May 31, 2023 there was 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 | 3 Months Ended |
May 31, 2023 | |
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 3 For the period three months ended May 31, 2022 and 2023 the company had recorded $ 667 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
May 31, 2023 | |
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 May 31, 2023 & February 28, 2023, our sole director has loaned to the Company $ 17,540 8,981 Further, to the above transaction, there is a consideration payable for the quarter ended May 31, 2023 within Accounts Payable of $ 1,500 |
COMMON STOCK
COMMON STOCK | 3 Months Ended |
May 31, 2023 | |
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 | 3 Months Ended |
May 31, 2023 | |
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 premises free of cost under office needs. As of May 31, 2023 & February 28, 2023, our sole director has loaned to the Company $ 17,540 8,981 As of May 31, 2023 & February 28, 2023, the amount payable to our sole officer and director Mr. Gagi Gogolashvili in compensation was $ 23,000 21,500 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
May 31, 2023 | |
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 $ 2,660 1,810 |
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 approximate their 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 services. 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. During the period ended May 31, 2023, we generated total revenue of $ 1,350 |
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 May 31, 2023 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 May 31, 2023 there was 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 ($) | May 31, 2023 | Feb. 28, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Retained Earnings (Accumulated Deficit) | $ 59,783 | $ 49,906 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | ||
May 31, 2023 | May 31, 2022 | Feb. 28, 2023 | |
Accounting Policies [Abstract] | |||
Cash | $ 2,660 | $ 1,810 | |
Revenues | $ 1,350 | $ 0 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Feb. 27, 2021 | May 31, 2023 | May 31, 2022 | Feb. 28, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Payments to Acquire Intangible Assets | $ 9,000 | |||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Amortization of Intangible Assets | $ 667 | $ 667 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2023 | Feb. 28, 2023 |
Sole Director [Member] | ||
Related Party Transaction [Line Items] | ||
Other Notes Payable | $ 17,540 | $ 8,981 |
Gagi Gogolashvili [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable, Other, Current | $ 1,500 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 7 Months Ended | |||
Jan. 06, 2021 | Feb. 28, 2022 | May 31, 2023 | Feb. 28, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares, Outstanding | 3,235,000 | |||
Chief Executive Officer [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 2,000,000 | |||
Stock Issued During Period, Value, New Issues | $ 200 | |||
32 Shareholders [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 1,235,000 | |||
Proceeds from Issuance of Common Stock | $ 24,700 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | May 31, 2023 | Feb. 28, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accounts Payable, Current | $ 23,000 | $ 21,500 |
Sole Director [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Other Notes Payable | $ 17,540 | $ 8,981 |