| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
accompanying financial statements of the Company are prepared pursuant to the rules and regulations of the U.S. Securities
and Exchanges Commission (“ SEC US
GAAP Use
of Estimates Management
uses estimates and assumptions in preparing these financial statements in accordance with US GAAP. Those estimates and assumptions affect
the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities in the balance sheets, and the reported
revenue and expenses during the periods reported. Actual results may differ from these estimates. Cash
and Cash Equivalents Cash
and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions
and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Plant
and Equipment Plant
and equipment are stated at cost less accumulated depreciation and impairment. Depreciation of plant, equipment and software are calculated
on the straight-line method over their estimated useful lives or lease terms generally as follows: SCHEDULE
OF ESTIMATED USEFUL LIFE
Classification Useful
Life
Computer
and software 3 Revenue
Recognition Revenue
is generated through provision of Personal Financial Literacy Seminar (PFL Seminar) services to customer. Revenue is recognized when
a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration that the Company
expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing,
and uncertainty of revenue and cash flows arising from contracts with customers. The amount of revenue that is recorded reflects the
consideration that the Company expects to receive in exchange for those goods and services. The Company applies the following five-step
model in order to determine this amount: (i)
identification of the promised goods and services in the contract; (ii)
determination of whether the promised goods and services are performance obligations, including whether they are distinct in the context
of the contract; (iii)
measurement of the transaction price, including the constraint on variable consideration; (iv)
allocation of the transaction price to the performance obligations; and (v)
recognition of revenue when (or as) the Company satisfies each performance obligation. The
Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606). Under Topic 606, the Company records revenue when persuasive
evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable and collectability is probable. The Company
records revenue from the provision of services upon delivery of the finalized Personal Financial Report to the customer. Earnings
Per Share The
Company reports earnings per share in accordance with ASC Topic 260 “Earnings Per Share”, which requires presentation of
basic and diluted earnings per share in conjunction with the disclosure of the methodology used in computing such earnings per share.
Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average
common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if
securities or other contracts to issue common stock were exercised and converted into common stock. Further, if the number of common
shares outstanding increases as a result of a stock dividend or stock split or decreases as a result of a reverse stock split, the computations
of a basic and diluted earnings per share shall be adjusted retroactively for all periods presented to reflect that change in capital
structure. The
Company’s basic earnings per share is computed by dividing the net income available to holders by the weighted average number of
the Company’s ordinary shares outstanding. Diluted earnings per share reflects the amount of net income available to each ordinary
share outstanding during the period plus the number of additional shares that would have been outstanding if potentially dilutive securities
had been issued . Accounts
Receivable Accounts
receivable are recorded in accordance with ASC 310, “Receivables,” at the invoiced amount and do not bear interest. The allowance
for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in its existing accounts receivable.
The Company does not currently have any amount recorded as an allowance for doubtful accounts. Based on management’s estimate and
based on all accounts being current, the Company has not deemed it necessary to reserve for doubtful accounts at this time. As
of July 31, 2024 and 2023, the Company had accounts receivable of $ 0 10,000 Credit
losses The
Company estimates and records a provision for its expected credit losses related to its financial instruments, including its trade receivables.
Management considers historical collection rates, the current financial status of the Company’s customers, macroeconomic factors,
and other industry-specific factors when evaluating current expected credit losses. Forward-looking information is also considered in
the evaluation of current expected credit losses. However, because of the short time to the expected receipt of accounts receivable,
management believes that the carrying value, net of expected losses, approximates fair value and therefore, relies more on historical
and current analysis of such financial instruments, including its trade receivables. Credit
loss rate is determined by historical collection based on aging schedule, adjusted for current conditions using reasonable and supportable
forecasts. Based on the aging categorization and the adjusted loss rate per category, an allowance for credit losses is calculated by
multiplying the adjusted loss rate with the amortized cost in the respective age category. Income
Taxes The
Company accounts for income taxes using the asset and liability method prescribed by ASC Topic 740 “Income Taxes”. Under
this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases
of assets and liabilities using enacted tax rates that will be in effect in the years in which the differences are expected to reverse.
The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not
that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is
recognized as income or loss in the period that includes the enactment date. New
U.S. federal tax legislation, commonly referred to as the Tax Cuts and Jobs Act (the “U.S. Tax Reform”), was signed into
law on December 22, 2017. The U.S. Tax Reform modified the U.S. Internal Revenue Code by, among other things, reducing the statutory
U.S. federal corporate income tax rate from 35% to 21% for taxable years beginning after December 31, 2017; limiting and/or eliminating
many business deductions; migrating the U.S. to a territorial tax system with a one-time transaction tax on a mandatory deemed repatriation
of previously deferred foreign earnings of certain foreign subsidiaries; subject to certain limitations, generally eliminating U.S. corporate
income tax on dividends from foreign subsidiaries; and providing for new taxes on certain foreign earnings. Taxpayers may elect to pay
the one-time transition tax over eight years, or in a single lump-sum payment. Related
Parties Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence. Fair
Value Measurement Accounting
Standards Codification (“ASC”) Topic 820 “Fair Value Measurements and Disclosures” (ASC Topic 820), which defines
fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The statement clarifies
that the exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability
in the market in which the reporting entity would transact for the asset or liability, that is, the principal or most advantageous market
for the asset or liability. It also emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and
that market participant assumptions include assumptions about risk and effect of a restriction on the sale or use of an asset. ASC
Topic 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and
the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level
1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level
2: Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the
full term of the asset or liability; and Level
3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported
by little or no market activity). As
of July 31, 2024 and 2023, the Company did not have any non-financial assets and liabilities that are recognized or disclosed at fair
value in the financial statements, at least annually, on a recurring basis, nor did the Company have any assets or liabilities measured
at fair value on a non-recurring basis. Recently
Issued and Adopted Accounting Standards The
Company reviews new accounting standards as issued. Management has not identified any other new standards that it believes will have
a significant impact on the Company’s present or future financial statements. |
