Cover
Cover - shares | 9 Months Ended | |
May 31, 2024 | Jul. 09, 2024 | |
Cover [Abstract] | ||
Entity Registrant Name | OYOCAR GROUP INC. | |
Entity Central Index Key | 0001994582 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | May 31, 2024 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 11,985,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-275980 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 98-1742455 | |
Entity Address Address Line 1 | Colinas Marinas | |
Entity Address Country | DO | |
Entity Address Postal Zip Code | 57000 | |
City Area Code | 829 | |
Local Phone Number | 859-0389 | |
Entity Interactive Data Current | Yes | |
Entity Address Address Line 2 | Marbellas, Villa 10 | |
Entity Address City Or Town | Sosua |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 2,678 | $ 4,000 |
Total current assets | 2,678 | 4,000 |
Computer and Software | 3,535 | 0 |
Total non-current assets | 3,535 | 0 |
TOTAL ASSETS | 6,213 | 4,000 |
Current Liabilities | ||
Advances from related party | 15,803 | 988 |
Total current liabilities | 15,803 | 988 |
Total Liabilities | 15,803 | 988 |
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 11,985,000 shares issued and outstanding | 11,985 | 11,985 |
Common stock subscribed, 7,985,000 shares | 0 | 7,985 |
Additional paid-in-capital | 0 | 0 |
Accumulated deficit | (21,575) | (988) |
Total Stockholders' Equity (Deficit) | (9,590) | 3,012 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/ (DEFICIT) | $ 6,213 | $ 4,000 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | May 31, 2024 | Aug. 31, 2023 |
BALANCE SHEETS | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 11,985,000 | 11,985,000 |
Common stock, shares outstanding | 11,985,000 | 11,985,000 |
Stock subscription | 0 | 7,985,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended |
May 31, 2024 | May 31, 2024 | |
STATEMENTS OF OPERATIONS (Unaudited) | ||
Revenue | $ 22,200 | $ 39,700 |
Cost of goods sold | 17,680 | 33,680 |
Gross profit | 4,520 | 6,020 |
OPERATING EXPENSES | ||
General and administrative expenses | 11,487 | 26,607 |
Total operating expenses | (11,487) | (26,607) |
Loss before provision for income taxes | (6,967) | (20,587) |
Provision for income taxes | 0 | 0 |
Net loss | $ (6,967) | $ (20,587) |
Earning paer share | ||
Basic and Diluted | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding: | ||
Basic and Diluted | 11,985,000 | 11,985,000 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($) | Total | Common Stock | Common Stock Subscribed | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, amount at Jul. 10, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Shares issued, shares | 11,985,000 | ||||
Shares issued, amount | 4,000 | $ 11,985 | (7,985) | 0 | 0 |
Net Income (Loss) | (988) | $ 0 | 0 | 0 | (988) |
Balance, shares at Aug. 31, 2023 | 11,985,000 | ||||
Balance, amount at Aug. 31, 2023 | 3,012 | $ 11,985 | (7,985) | 0 | (988) |
Shares issued, amount | 7,985 | 0 | 7,985 | 0 | 0 |
Net Income (Loss) | (8,066) | $ 0 | 0 | 0 | (8,066) |
Balance, shares at Nov. 30, 2023 | 11,985,000 | ||||
Balance, amount at Nov. 30, 2023 | 2,931 | $ 11,985 | 0 | 0 | (9,054) |
Balance, shares at Aug. 31, 2023 | 11,985,000 | ||||
Balance, amount at Aug. 31, 2023 | 3,012 | $ 11,985 | (7,985) | 0 | (988) |
Net Income (Loss) | (20,587) | ||||
Balance, shares at May. 31, 2024 | 11,985,000 | ||||
Balance, amount at May. 31, 2024 | (9,590) | $ 11,985 | 0 | 0 | (21,575) |
Balance, shares at Nov. 30, 2023 | 11,985,000 | ||||
Balance, amount at Nov. 30, 2023 | 2,931 | $ 11,985 | 0 | 0 | (9,054) |
Net Income (Loss) | (5,554) | $ 0 | 0 | 0 | (5,554) |
Balance, shares at Feb. 29, 2024 | 11,985,000 | ||||
Balance, amount at Feb. 29, 2024 | (2,623) | $ 11,985 | 0 | 0 | (14,608) |
Net Income (Loss) | (6,967) | $ 0 | 0 | 0 | (6,967) |
Balance, shares at May. 31, 2024 | 11,985,000 | ||||
Balance, amount at May. 31, 2024 | $ (9,590) | $ 11,985 | $ 0 | $ 0 | $ (21,575) |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) | 9 Months Ended |
May 31, 2024 USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | $ (20,587) |
Amortization | 405 |
Net cash used in operating activities | (20,182) |
CASH FLOWS FROM INVESTING ACTIVITIES | |
Computer | (440) |
Website | (3,500) |
Net cash used in investing activities | (3,940) |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Advances from related party | 14,815 |
Proceeds from shares subscribed | 7,985 |
Net cash provided by financing activities | 22,800 |
Change in cash and equivalents | (1,322) |
Cash and equivalents at beginning of the period | 4,000 |
Cash and equivalents at end of the period | 2,678 |
Cash paid for: | |
Interest | 0 |
Taxes | 0 |
NON-CASH ACTIVITIES: | $ 0 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
May 31, 2024 | |
ORGANIZATION AND BUSINESS | |
ORGANIZATION AND BUSINESS | NOTE 1 – ORGANIZATION AND BUSINESS OYOCAR GROUP INC. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on July 10, 2023. The Company is in the business of selling used automobiles in the USA and Dominican Republic. The Company has adopted a August 31 fiscal year end. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
May 31, 2024 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s financial statements as of May 31, 2024 have been prepared using generally accepted accounting principles in the United States of America (“GAAP”) applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated losses from inception (July 10, 2023) to May 31, 2024 of $21,575. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
May 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of May 31, 2024, the company has $2,678 in the bank account. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2024. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include accounts payable and advances from related party. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. Use of Estimates and Assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Income Taxes Income taxes are provided in accordance with ASC 740, “Accounting for Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Revenue Recognition The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”, and all related interpretations for recognition of our revenue from tours and services. 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. Earnings per Share The company adheres to the provision of ASC 260, “Earnings Per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
May 31, 2024 | |
CAPITAL STOCK | |
CAPITAL STOCK | NOTE 4 – CAPITAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. As of May 31, 2024, the Company had 11,985,000 shares issued and outstanding. |
FIXED ASSETS, NET
FIXED ASSETS, NET | 9 Months Ended |
May 31, 2024 | |
FIXED ASSETS, NET | |
FIXED ASSETS, NET | NOTE 5 – FIXED ASSETS, NET Fixed assets at May 31, 2024, are summarized as follows: Estimated Useful Life (In years) May 31, 2024 Website 5 3,500 Computer 5 440 3,940 Less: Accumulated depreciation (405 ) $ 3,535 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
May 31, 2024 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties 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 officers, directors, 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. Since July 10, 2023 (Inception) through May 31, 2024, the Company’s sole officer and director loaned the Company $15,803. As of May 31, 2024, the amount outstanding was $15,803. The loan is non-interest bearing, due upon demand and unsecured. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May 31, 2024 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS The Company has evaluated subsequent events from May 31, 2024 to July 9, 2024 and has determined that there are no items to disclose. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
May 31, 2024 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of May 31, 2024, the company has $2,678 in the bank account. |
New Accounting Pronouncements | There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
Fair Value of Financial Instruments | Accounting Standards Codification (“ASC”) 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2024. The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include accounts payable and advances from related party. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value. |
Use of Estimates and Assumptions | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Income Taxes | Income taxes are provided in accordance with ASC 740, “Accounting for Income Taxes”. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Revenue Recognition | The Company recognizes revenue in accordance with ASC Topic 606, “Revenue from Contracts with Customers”, and all related interpretations for recognition of our revenue from tours and services. 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. |
Earnings per Share | The company adheres to the provision of ASC 260, “Earnings Per Share”, which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. |
FIXED ASSETS, NET (Tables)
FIXED ASSETS, NET (Tables) | 9 Months Ended |
May 31, 2024 | |
FIXED ASSETS, NET | |
Schedule of fixed assets | Estimated Useful Life (In years) May 31, 2024 Website 5 3,500 Computer 5 440 3,940 Less: Accumulated depreciation (405 ) $ 3,535 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
GOING CONCERN | ||
Accumulated deficit | $ (21,575) | $ (988) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Cash and cash equivalents | $ 2,678 | $ 4,000 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | May 31, 2024 | Aug. 31, 2023 |
CAPITAL STOCK | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 11,985,000 | 11,985,000 |
Common stock, shares outstanding | 11,985,000 | 11,985,000 |
FIXED ASSETS, NET (Details)
FIXED ASSETS, NET (Details) | 9 Months Ended |
May 31, 2024 USD ($) | |
Total fixed assets | $ 3,940 |
Less: Accumulated depreciation | (405) |
Total non-current assets | $ 3,535 |
Website | |
Estimated Useful Life | 5 years |
Total fixed assets | $ 3,500 |
Computer | |
Estimated Useful Life | 5 years |
Total fixed assets | $ 440 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2024 | Aug. 31, 2023 |
Advances from related party | $ 15,803 | $ 988 |
Sole Officer And Director [Member] | ||
Advances from related party | $ 15,803 |