Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 15, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | SOUND CAVE TECHNOLOGY INC. | |
Entity Central Index Key | 0001912540 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 10,000,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-263405 | |
Entity Incorporation State Country Code | WY | |
Entity Tax Identification Number | 37-2028652 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 1 | 43 Cathy Jean Crescent | |
Entity Address City Or Town | Toronto | |
Entity Address Postal Zip Code | M9V 4T2 | |
City Area Code | 417 | |
Local Phone Number | 322-6228 | |
Entity Address State Or Province | ON |
Balance Sheet
Balance Sheet - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,230 | $ 768 |
Total current assets | 3,230 | 768 |
Total assets | 3,230 | 768 |
Current liabilities: | ||
Accounts payable | 1,839 | 1,000 |
Accrued expenses | 2,330 | 2,500 |
Due to related party | 13,986 | 2,000 |
Total current liabilities | 18,155 | 5,500 |
Total liabilities | 18,155 | 5,500 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock: $0.0001 par value, 100,000,000 shares authorized, none issued and outstanding as on June 30, 2022 and December 31, 2021, respectively. | 0 | 0 |
Common stock: $0.0001 par value, 250,000,000 shares authorized, 10,000,000 shares issued and outstanding as on June 30, 2022 and December 31, 2021, respectively. | 1,000 | 1,000 |
Additional paid-in capital | 9,000 | 9,000 |
Accumulated deficit | (24,925) | (14,732) |
Total stockholders' deficit | (14,925) | (4,732) |
Total liabilities and stockholders' deficit | $ 3,230 | $ 768 |
Balance Sheet (Parenthetical)
Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Balance Sheet | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 10,000,000 | 10,000,000 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2022 | |
Statement of Operations (Unaudited) | |||
REVENUE | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES: | |||
Electronic components and fabric | 0 | 0 | 137 |
General and administration expenses | 139 | 65 | 663 |
Professional fees | 0 | 4,689 | 9,393 |
Stock based compensation | 10,000 | 0 | 0 |
Total operating expenses | 10,139 | 4,754 | 10,193 |
Net loss before taxes | (10,139) | (4,754) | (10,193) |
Income tax | 0 | 0 | 0 |
Net loss | $ (10,139) | $ (4,754) | $ (10,193) |
Net loss per common share - basic and diluted | $ 0 | $ 0 | $ 0 |
Weighted average number of shares of common stock outstanding - basic and diluted | 10,000,000 | 10,000,000 | 10,000,000 |
Statement of Stockholders Defic
Statement of Stockholders Deficit (Unaudited) - USD ($) | Total | Common Stock | Share Subscriptions Received | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at May. 19, 2021 | 0 | ||||
Balance, amount at May. 19, 2021 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Stock issued for services, shares | 10,000,000 | ||||
Stock issued for services, amount | 10,000 | $ 1,000 | 0 | 9,000 | 0 |
Net loss for the period | (10,139) | $ 0 | 0 | 0 | (10,139) |
Balance, shares at Jun. 30, 2021 | 10,000,000 | ||||
Balance, amount at Jun. 30, 2021 | (139) | $ 1,000 | 0 | 9,000 | (10,139) |
Balance, shares at Dec. 31, 2021 | 10,000,000 | ||||
Balance, amount at Dec. 31, 2021 | (4,732) | $ 1,000 | 0 | 9,000 | (14,732) |
Net loss for the period | (5,439) | 0 | 0 | 0 | (5,439) |
Share subscriptions received | 0 | $ 0 | 0 | 0 | 0 |
Balance, shares at Mar. 31, 2022 | 10,000,000 | ||||
Balance, amount at Mar. 31, 2022 | (10,171) | $ 1,000 | 0 | 9,000 | (20,171) |
Balance, shares at Dec. 31, 2021 | 10,000,000 | ||||
Balance, amount at Dec. 31, 2021 | (4,732) | $ 1,000 | 0 | 9,000 | (14,732) |
Net loss for the period | (10,193) | ||||
Balance, shares at Jun. 30, 2022 | 10,000,000 | ||||
Balance, amount at Jun. 30, 2022 | (14,925) | $ 1,000 | 0 | 9,000 | (24,925) |
Balance, shares at Mar. 31, 2022 | 10,000,000 | ||||
Balance, amount at Mar. 31, 2022 | (10,171) | $ 1,000 | 0 | 9,000 | (20,171) |
Net loss for the period | (4,754) | 0 | 0 | 0 | (4,754) |
Share subscriptions received | 0 | $ 0 | 0 | 0 | 0 |
Balance, shares at Jun. 30, 2022 | 10,000,000 | ||||
Balance, amount at Jun. 30, 2022 | $ (14,925) | $ 1,000 | $ 0 | $ 9,000 | $ (24,925) |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 1 Months Ended | 6 Months Ended |
Jun. 30, 2021 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (10,139) | $ (10,193) |
Changes in operating assets and liabilities: | ||
(Decrease) in accrued expenses | 127 | (170) |
(Decrease) in accounts payable | 0 | 839 |
Net cash used in operating activities | (10,012) | (9,524) |
Cash Flows from Financing Activities: | ||
Proceeds from related party debt | 2,000 | 11,986 |
Net cash provided by financing activities | 2,000 | 11,986 |
Cash Flows from Investing Activities: | ||
Increase in additional paid in capital | 10,000 | 0 |
Net cash provided by Investing activities | 10,000 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 1,988 | 2,462 |
Cash, cash equivalents and restricted cash at beginning of the period | 0 | 768 |
Cash, cash equivalents and restricted cash at end of the period | 1,988 | 3,230 |
Supplemental Cash Flow Information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2022 | |
ORGANIZATION AND NATURE OF BUSINESS | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Sound Cave Technology Inc. (“the Company”) was incorporated on May 19, 2021, in the State of Wyoming. The Company is in the wearable tech business designing and manufacturing a hoodie with embedded sound. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jun. 30, 2022 | |
GOING CONCERN | |
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. As a development-stage company, the Company had no revenues and incurred losses as of June 30, 2022. The Company currently has limited working capital and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. 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 SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT 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, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the six months ended June 30, 2022. 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 $3,230 and $768 of cash as of June 30, 2022 and December 31, 2021, respectively. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. Revenue Recognition We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers 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. 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 approximates its fair value due to its short-term maturity. 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. 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. Comprehensive Income ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at March 31, 2022, the Company had no items that affected comprehensive loss. Foreign Currency Translation The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the statement of operations. Recent Accounting P ronouncements 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. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the three months ended March 31, 2022, director of the company contributed $9,320 towards operating expenses. During the three months ended June 30, 2022, director of the company contributed $2,666 towards operating expenses. As at June 30, 2022 and December 31, 2021, the Company owed $13,986 and $2,000 respectively to Christopher Campbell, founder and director of the Company, which is unsecured, non-interest bearing, and due on demand. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY Capital Stock As of June 30, 2022 and December 31, 2021, the Company’s authorized stock consists of 250,000,000 shares of common stock at a par value of $0.0001 per share and 100,000,000 shares of preferred stock at a par value of $0.0001 per share, respectively. Preferred Stock As of June 30, 2022 and December 31, 2021, the Company has no shares of preferred stock issued and outstanding, respectively. Common Stock On May 19, 2021, the company issued a total of 10,000,000 common shares to its founder and director, Christopher Campbell for services provided to the Company, valued at a price of $0.001 per share. As of June 30, 2022 and December 31, 2021, the Company has 10,000,000 shares of common stock issued and outstanding, respectively. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 2022 through the date of filing this report. Our Registration Statement on Form S-1 was declared effective on May 13, 2022. The Company does not have any additional subsequent event requiring recording or disclosure in the financial statements for the three months ended June 30, 2022 . |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
SUMMARY OF SIGNIFICANT 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, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the six months ended June 30, 2022. |
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 $3,230 and $768 of cash as of June 30, 2022 and December 31, 2021, respectively. |
Income Taxes | The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. |
Revenue Recognition | We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers |
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. |
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 approximates its fair value due to its short-term maturity. |
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. |
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. |
Comprehensive Income | ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at March 31, 2022, the Company had no items that affected comprehensive loss. |
Foreign Currency Translation | The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “Foreign Currency Translation Matters”. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the statement of operations. |
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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Cash and Cash Equivalents | $ 3,230 | $ 768 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |||
Contributed operating expenses | $ 2,666 | $ 9,320 | |
Debt from related parties | $ 13,986 | $ 2,000 |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 | May 19, 2021 |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, authorized | 250,000,000 | 250,000,000 | |
Common stock, issued | 10,000,000 | 10,000,000 | |
Common stock, outstanding | 10,000,000 | 10,000,000 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, authorized | 100,000,000 | 100,000,000 | |
Preferred stock, issued | 0 | 0 | |
Preferred stock, outstanding | 0 | 0 | |
Christopher Cambell [Member] | |||
Common stock, par value | $ 0.001 | ||
Common stock, issued | 10,000,000 |