Cover
Cover - shares | 6 Months Ended | |
Apr. 30, 2024 | Jun. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Apr. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --10-31 | |
Entity File Number | 333-275887 | |
Entity Registrant Name | GMTECH INC. | |
Entity Central Index Key | 0002000762 | |
Entity Tax Identification Number | 93-3955846 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 45 Rockefeller Plaza | |
Entity Address, Address Line Two | 21F | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10111 | |
City Area Code | 646 | |
Local Phone Number | 508-0022 | |
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 | 12,000,000 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Apr. 30, 2024 | Oct. 31, 2023 |
Current Assets | ||
Cash | $ 124,378 | $ 22,099 |
Accounts receivable | 4,000 | 0 |
Rent deposits | 2,168 | 2,168 |
Total Current Assets | 130,546 | 24,267 |
Total Assets | 130,546 | 24,267 |
Current Liabilities | ||
Accounts payable | 8,802 | 4,594 |
Related party payable | 2,000 | 0 |
Accrued liabilities | 0 | 3,000 |
Deferred revenue | 0 | 14,800 |
Total Current Liabilities | 10,802 | 22,394 |
Total Liabilities | 10,802 | 22,394 |
Stockholders' Equity | ||
Common stock, $0.0001 par value; 500,000,000 shares authorized; 12,000,000 shares and 5,000,000 shares issued and outstanding as of April 30, 2024 and October 31, 2023, respectively | 1,200 | 500 |
Additional paid-in capital | 139,300 | 0 |
Accumulated deficit | (20,756) | 1,373 |
Total Stockholders’ Equity | 119,744 | 1,873 |
Total Liabilities and Stockholders’ Equity | $ 130,546 | $ 24,267 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Apr. 30, 2024 | Oct. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Outstanding | 12,000,000 | 5,000,000 |
Common Stock, Shares, Issued | 12,000,000 | 5,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 12,000 | $ 50,000 | $ 34,800 | $ 50,000 |
Cost of revenue | 5,000 | 20,000 | 9,500 | 20,000 |
Gross profit | 7,000 | 30,000 | 25,300 | 30,000 |
Operating Expenses | ||||
Advertising and marketing | 0 | 18,000 | 0 | 18,000 |
General and administrative expenses | 30,112 | 13,502 | 47,429 | 13,502 |
Total operating expenses | 30,112 | 31,502 | 47,429 | 31,502 |
Loss before income tax expenses | (23,112) | (1,502) | (22,129) | (1,502) |
Net loss | $ (23,112) | $ (1,502) | $ (22,129) | $ (1,502) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2024 | Apr. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Income Statement [Abstract] | ||||
Earnings Per Share, Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share, Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic | 7,333,333 | 5,000,000 | 6,166,667 | 5,000,000 |
Weighted Average Number of Shares Outstanding, Diluted | 7,333,333 | 5,000,000 | 6,166,667 | 5,000,000 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders Equty (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2024 | Jan. 31, 2024 | Apr. 30, 2023 | Jan. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Balance as of January 31, 2023 | $ 2,856 | $ 1,873 | $ (1,000) | $ (1,000) | $ 1,873 | $ (1,000) |
Issuance of shares | 140,000 | |||||
Net Loss | (23,112) | 983 | (1,502) | 0 | (22,129) | (1,502) |
Balance as of April 30, 2023 | 119,744 | 2,856 | (2,502) | (1,000) | 119,744 | (2,502) |
Common Stock [Member] | ||||||
Balance as of January 31, 2023 | $ 500 | $ 500 | $ 0 | $ 0 | $ 500 | $ 0 |
Shares, Outstanding, Beginning Balance | 5,000,000 | 5,000,000 | 0 | 0 | 5,000,000 | 0 |
Issuance of shares | $ 700 | |||||
Net Loss | 0 | |||||
Stock Issued During Period, Shares, New Issues | 7,000,000 | |||||
Balance as of April 30, 2023 | $ 1,200 | $ 500 | $ 0 | $ 0 | $ 1,200 | $ 0 |
Shares, Outstanding, Ending Balance | 12,000,000 | 5,000,000 | 0 | 0 | 12,000,000 | 0 |
Additional Paid-in Capital [Member] | ||||||
Balance as of January 31, 2023 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Issuance of shares | 139,300 | |||||
Net Loss | 0 | |||||
Balance as of April 30, 2023 | 139,300 | 0 | 0 | 0 | 139,300 | 0 |
Retained Earnings [Member] | ||||||
Balance as of January 31, 2023 | 2,356 | 1,373 | (1,000) | (1,000) | 1,373 | (1,000) |
Issuance of shares | ||||||
Net Loss | (23,112) | 983 | (1,502) | 0 | ||
Balance as of April 30, 2023 | $ (20,756) | $ 2,356 | $ (2,502) | $ (1,000) | $ (20,756) | $ (2,502) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Cash Flows from Operating Activities | ||
Net loss | $ (22,129) | $ (1,502) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (4,000) | 0 |
Accounts payable | 4,208 | 0 |
Related party payable | 2,000 | 0 |
Accrued liabilities | (3,000) | 0 |
Deferred revenue | (14,800) | 10,100 |
Net cash provided by/(used in) operating activities | (37,721) | 8,598 |
Cash Flows from Financing Activities | ||
Proceeds from sale of common stock | 140,000 | 0 |
Net cash provided by financing activities | 140,000 | 0 |
Net change in cash | 102,279 | 8,598 |
Cash, beginning of period | 22,099 | 0 |
Cash, end of period | $ 124,378 | $ 8,598 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2024 | Jan. 31, 2024 | Apr. 30, 2023 | Jan. 31, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||||
Net Income (Loss) | $ (23,112) | $ 983 | $ (1,502) | $ 0 | $ (22,129) | $ (1,502) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Apr. 30, 2024 | |
Trading Arrangements, by Individual [Table] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Business Backg
Organization and Business Background | 6 Months Ended |
Apr. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Background | Note 1 – Organization and Business Background GMTech Inc., a Wyoming corporation, (“the Company”) was incorporated under the laws of the State of Wyoming on October 12, 2023. GMTech Inc. is headquartered in New York. The Company provides IT consulting services to customers in North America. GMTech Inc. is the 100% owner of the Company’s operating subsidiary, Anptech Inc., a corporation that was organized under the laws of the State of New York on May 18, 2022. Anptech Inc. was wholly acquired by the Company on October 16, 2023. The Company’s executive office is located at 45 Rockefeller Plaza, 21F, New York, New York 10111. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation The financial statements for the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company has adopted October 31 as its fiscal year end. Basis of Consolidation The consolidated financial statements are comprised of all of the accounts of GMTech Inc. and Anptech Inc., a wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. 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. Accounts Receivable The Company’s accounts receivables arise from provision of services to customers. In general, the Company invoices for services rendered at the time the service is provided or the cost incurred. The Company reviews its receivables in accordance with Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which currently has a minimal impact to the Company. In the event the Company does have accounts receivable, the Company will evaluate each reporting period to provide a reserve against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible will be charged or written-off. The Company had accounts receivable of $ 4,000 0 no 100 Revenue Recognition The Company has adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue from service related agreements and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The performance obligations are consulting services to clients for their websites, apps, and/or systems. Revenue is recognized each month during the service term of each contract. Amounts that have been invoiced are recorded in accounts receivable and in either deferred revenue or revenue in the Company's consolidated financial statements, depending on whether the underlying performance obligation has been satisfied. Deferred revenue consists of payments made in advance of services provided to customers as defined within the contracts. For the six months ended April 30, 2024, two customers accounted for 100 100 4,000 0 0 0 14,800 0 The Company provides IT consulting services to businesses on a fixed-price basis. Revenue is recognized when services are provided over the period of service agreement. Any offsetting costs or expenses are also recognized when services are provided to customers. In certain instances, the Company also determines whether it acts as a principal or as an agent in a transaction. For services sourced through third-party exchanges, our accounting analysis for principal versus agent follows the two-step evaluation prescribed in ASC 606-10-55-36A to evaluate the nature of our promise and conclude whether we are the principal or agent: 1. Identify the specified good(s) or service(s) provided to the customer (i.e., distinct good(s) or service(s)); and 2. Determine if GMTech controls each specified good or service before that good or service is transferred to the customer. Step 1 - Identify the specified good(s) or service(s) ASC 606-10-55-36 indicates that an entity must determine whether it is a principal or an agent for each specified good or service promised to the customer. As noted in BC24 of ASU 2016-08, “The principal versus agent considerations relate to the application of Step 2 of the revenue recognition model—identify the performance obligations in the contract. Appropriately identifying the good or service to be provided is a critical step in appropriately identifying whether the nature of an entity’s promise is to act as a principal or an agent.” In determining the specified goods or services provided to our customers, we considered the nature of our promise to customers, the customers’ perspectives and expectations, and our contract with customers. The contracts with customers specify that we will provide consulting services to the client for the purpose of website development and related services. The client will pay GMTech for the fees incurred on a fixed basis. There is an identified service provided to the customer. Step 2 - Determine if GMTech controls each specified good or service In accordance with ASC 606-10-55-37, an entity is a principal if it controls the specific good or service before that good or service is transferred to a customer. The guidance further states that an entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or may engage another party to satisfy some or all of the performance obligation on its behalf. In accordance with ASC 606-10-55-38 an entity is an agent if the entity’s performance obligation is to arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. An entity’s fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party. ASC 606-10-55-39 sets forth the following indicators of an entity that controls the specified good or service before it is transferred to the customer and is therefore a principal: a. The entity is primarily responsible for fulfilling the promise to provide the specified good or service. This typically includes responsibility for the acceptability of the specified good or service (for example, primary responsibility for the good or service meeting customer specifications). GMTech is primarily responsible to the customer for projects and services for developed systems, websites and applications. GMTech contracts directly with the buyer and is viewed by the buyer as the sole party responsible for fulfilling the buyer’s request. No other party contracts with the buyer or is obligated to satisfy or fulfill the buyer’s request. GMTech considers this relationship critical in understanding the fulfillment obligations and expectations of the buyer. b. The entity carries the risk before the specified good or service has been transferred to a customer or after the transfer of control to the customer. GMTech holds the risk of the specified good or service prior to transfer to the customer. c. The entity has discretion in establishing the price for the specified good or service. GMTech is solely responsible for and has latitude to establish the prices charged to the customer. The Company evaluated the guidance described in ASC 606-10-55-36 through 55-40 and determined it is the principal in these transactions. This requires significant judgement and is based on an assessment of the terms of customer arrangements in accordance with ASC 606. When the Company is the principal in a transaction, revenue is reported on a gross basis, whereas revenues as an agent are reported net of the revenue share. The Company has determined it is the principal in certain transactions in which the Company pays a commission to an agent for sales obtained for products through various advertising measures. The Company pays a 30 no Deferred Revenue Deferred revenue consists of payments made in advance of services provided to customers. The deferred revenue balances as of April 30, 2024 and October 31, 2023 are $ 0 14,800 Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share (“ASC 260”). ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Income Taxes As a result of the implementation of certain provisions of ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined, ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The Company has adopted the provisions of ASC 740 since inception and has analyzed filing positions in each of the federal and state jurisdictions where the Company is required to file income tax returns, as well as open tax years in such jurisdictions. The Company has identified the U.S. federal jurisdiction, and the state of New York, as its “major” tax jurisdictions. As of April 30, 2024, the 2020 through 2023 tax years generally remain subject to examination by federal and state authorities. The Company accounts for income taxes using the asset and liability method prescribed by ASC 740. 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. Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. ASU 2016-02 applies to all entities that enter into leases. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted ASU 2016-02 during the year ended October 31, 2023. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected to exempt all leases that qualify as short-term leases (leases not longer than 12 months). On January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, such as accounts receivable. At April 30, 2024, the Company’s accounts receivable balance was $4,000. The adoption of ASU 2016-13 did not have a material impact to the Company’s financial statements. New Accounting Pronouncements The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position. |
Acquisition
Acquisition | 6 Months Ended |
Apr. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisition | Note 3 – Acquisition On October 16, 2023, the Company acquired 100 2,000,000 The Company accounted for the acquisition under ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). Under ASU 2017-01, the Company determined that the acquisition was business acquisition. The transfer of Anptech Inc.’s business to the Company was between entities under common control of Yuyang Cui, the sole director of the Company. The acquisition was accounted for in a manner similar to a pooling-of-interests with the assets and liabilities of the entities mentioned above carried over at their historical amounts. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Apr. 30, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions For the six months ended April 30, 2024, the sole director of the Company, Yuyang Cui advanced $ 2,000 For the six months ended April 30, 2023, the sole director of the Company, Yuyang Cui advanced $ 800 |
Equity
Equity | 6 Months Ended |
Apr. 30, 2024 | |
Equity [Abstract] | |
Equity | Note 5 – Equity Common Shares The Company is authorized to issue 500,000,000 0.0001 On October 13, 2023, the Company issued Yuyang Cui 3,000,000 300 On October 16, 2023, the Company issued Yuyang Cui 2,000,000 200 In the month of February 2024 and March 2024, the Company issued 7,000,000 140,000 As of April 30, 2024, the Company has 12,000,000 |
Operating Lease
Operating Lease | 6 Months Ended |
Apr. 30, 2024 | |
Operating Lease | |
Operating Lease | Note 6 – Operating Lease In September 2023, the Company entered into an office lease for an office at 45 Rockefeller Plaza, New York. The lease expires at the end of September 2024. The Company has determined that the lease is short-term in nature and will not record a ROU asset and lease liability on the balance sheet. Total rent expense for operating leases was approximately $ 8,742 4,017 |
Income Tax
Income Tax | 6 Months Ended |
Apr. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Note 7 – Income Tax United States of America The Company is registered in the State of Wyoming and is subject to United States of America tax law. The Company records a tax provision for the anticipated tax consequences of the reported results of operations. In accordance with ASC 740, the provision for income taxes is computed using the asset and liability method, under which deferred 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 losses and tax credit carryforwards. The Company has no provision due to only losses to date. |
Major Customers and Concentrati
Major Customers and Concentration of Credit Risk | 6 Months Ended |
Apr. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
Major Customers and Concentration of Credit Risk | Note 8 – Major Customers and Concentration of Credit Risk For the six months ended April 30, 2024, two customers accounted for 100 100 Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, accounts receivable, amounts due from related parties and advances to suppliers. For the six months ended April 30, 2024 and 2023, none of the Company’s revenue was credit sales. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9 – Commitments and Contingencies The Company did not have any contractual commitments as of April 30, 2024 and 2023. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Apr. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 10 – Subsequent Event In accordance with ASC 855, Subsequent Events, (“ASC 855”), the Company has analyzed its operations subsequent to April 30, 2024 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. Subsequent events were reviewed through June 13, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements for the Company are prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The Company has adopted October 31 as its fiscal year end. |
Basis of Consolidation | Basis of Consolidation The consolidated financial statements are comprised of all of the accounts of GMTech Inc. and Anptech Inc., a wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | 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 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. |
Accounts Receivable | Accounts Receivable The Company’s accounts receivables arise from provision of services to customers. In general, the Company invoices for services rendered at the time the service is provided or the cost incurred. The Company reviews its receivables in accordance with Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”), which currently has a minimal impact to the Company. In the event the Company does have accounts receivable, the Company will evaluate each reporting period to provide a reserve against accounts receivable for estimated losses that may result from a customer’s inability to pay based on customer-specific analysis and general matters such as current assessments of past due balances, economic conditions and forecasts, and historical credit loss activity. Amounts determined to be uncollectible will be charged or written-off. The Company had accounts receivable of $ 4,000 0 no 100 |
Revenue Recognition | Revenue Recognition The Company has adopted Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, the Company recognizes revenue from service related agreements and contracts by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations the Company must deliver and which of these performance obligations are distinct. The performance obligations are consulting services to clients for their websites, apps, and/or systems. Revenue is recognized each month during the service term of each contract. Amounts that have been invoiced are recorded in accounts receivable and in either deferred revenue or revenue in the Company's consolidated financial statements, depending on whether the underlying performance obligation has been satisfied. Deferred revenue consists of payments made in advance of services provided to customers as defined within the contracts. For the six months ended April 30, 2024, two customers accounted for 100 100 4,000 0 0 0 14,800 0 The Company provides IT consulting services to businesses on a fixed-price basis. Revenue is recognized when services are provided over the period of service agreement. Any offsetting costs or expenses are also recognized when services are provided to customers. In certain instances, the Company also determines whether it acts as a principal or as an agent in a transaction. For services sourced through third-party exchanges, our accounting analysis for principal versus agent follows the two-step evaluation prescribed in ASC 606-10-55-36A to evaluate the nature of our promise and conclude whether we are the principal or agent: 1. Identify the specified good(s) or service(s) provided to the customer (i.e., distinct good(s) or service(s)); and 2. Determine if GMTech controls each specified good or service before that good or service is transferred to the customer. Step 1 - Identify the specified good(s) or service(s) ASC 606-10-55-36 indicates that an entity must determine whether it is a principal or an agent for each specified good or service promised to the customer. As noted in BC24 of ASU 2016-08, “The principal versus agent considerations relate to the application of Step 2 of the revenue recognition model—identify the performance obligations in the contract. Appropriately identifying the good or service to be provided is a critical step in appropriately identifying whether the nature of an entity’s promise is to act as a principal or an agent.” In determining the specified goods or services provided to our customers, we considered the nature of our promise to customers, the customers’ perspectives and expectations, and our contract with customers. The contracts with customers specify that we will provide consulting services to the client for the purpose of website development and related services. The client will pay GMTech for the fees incurred on a fixed basis. There is an identified service provided to the customer. Step 2 - Determine if GMTech controls each specified good or service In accordance with ASC 606-10-55-37, an entity is a principal if it controls the specific good or service before that good or service is transferred to a customer. The guidance further states that an entity that is a principal may satisfy its performance obligation to provide the specified good or service itself or may engage another party to satisfy some or all of the performance obligation on its behalf. In accordance with ASC 606-10-55-38 an entity is an agent if the entity’s performance obligation is to arrange for the provision of the specified good or service by another party. An entity that is an agent does not control the specified good or service provided by another party before that good or service is transferred to the customer. When (or as) an entity that is an agent satisfies a performance obligation, the entity recognizes revenue in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. An entity’s fee or commission might be the net amount of consideration that the entity retains after paying the other party the consideration received in exchange for the goods or services to be provided by that party. ASC 606-10-55-39 sets forth the following indicators of an entity that controls the specified good or service before it is transferred to the customer and is therefore a principal: a. The entity is primarily responsible for fulfilling the promise to provide the specified good or service. This typically includes responsibility for the acceptability of the specified good or service (for example, primary responsibility for the good or service meeting customer specifications). GMTech is primarily responsible to the customer for projects and services for developed systems, websites and applications. GMTech contracts directly with the buyer and is viewed by the buyer as the sole party responsible for fulfilling the buyer’s request. No other party contracts with the buyer or is obligated to satisfy or fulfill the buyer’s request. GMTech considers this relationship critical in understanding the fulfillment obligations and expectations of the buyer. b. The entity carries the risk before the specified good or service has been transferred to a customer or after the transfer of control to the customer. GMTech holds the risk of the specified good or service prior to transfer to the customer. c. The entity has discretion in establishing the price for the specified good or service. GMTech is solely responsible for and has latitude to establish the prices charged to the customer. The Company evaluated the guidance described in ASC 606-10-55-36 through 55-40 and determined it is the principal in these transactions. This requires significant judgement and is based on an assessment of the terms of customer arrangements in accordance with ASC 606. When the Company is the principal in a transaction, revenue is reported on a gross basis, whereas revenues as an agent are reported net of the revenue share. The Company has determined it is the principal in certain transactions in which the Company pays a commission to an agent for sales obtained for products through various advertising measures. The Company pays a 30 no |
Deferred Revenue | Deferred Revenue Deferred revenue consists of payments made in advance of services provided to customers. The deferred revenue balances as of April 30, 2024 and October 31, 2023 are $ 0 14,800 |
Basic and Diluted Net Income (Loss) Per Share | Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earning per Share (“ASC 260”). ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes As a result of the implementation of certain provisions of ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting and disclosure for uncertainty in tax position, as defined, ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. The Company has adopted the provisions of ASC 740 since inception and has analyzed filing positions in each of the federal and state jurisdictions where the Company is required to file income tax returns, as well as open tax years in such jurisdictions. The Company has identified the U.S. federal jurisdiction, and the state of New York, as its “major” tax jurisdictions. As of April 30, 2024, the 2020 through 2023 tax years generally remain subject to examination by federal and state authorities. The Company accounts for income taxes using the asset and liability method prescribed by ASC 740. 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 | 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. |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 Leases (Topic 842) (“ASU 2016-02”) which supersedes Topic 840, Leases. ASU 2016-02 applies to all entities that enter into leases. The new standard establishes a right-of-use model (ROU) that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. The Company adopted ASU 2016-02 during the year ended October 31, 2023. ASU 2016-02 contains certain practical expedients, which the Company has elected. The Company has elected to exempt all leases that qualify as short-term leases (leases not longer than 12 months). On January 1, 2024, the Company adopted Accounting Standards Update (“ASU”) 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASC 326”). This standard replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. CECL requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, such as accounts receivable. At April 30, 2024, the Company’s accounts receivable balance was $4,000. The adoption of ASU 2016-13 did not have a material impact to the Company’s financial statements. |
New Accounting Pronouncements | New Accounting Pronouncements The Company has reviewed recently issued accounting pronouncements and plans to adopt those that are applicable to it. The Company does not expect the adoption of any other pronouncements to have an impact on its results of operations or financial position. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |||
Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Product Information [Line Items] | ||||
Accounts Receivable, after Allowance for Credit Loss | $ 4,000 | $ 0 | $ 0 | $ 0 |
Accounts Receivable, Allowance for Credit Loss | 0 | 0 | ||
Contract with Customer, Liability | $ 0 | $ 0 | 14,800 | $ 0 |
Commission percentage | 30% | |||
Payments for Commissions | $ 0 | |||
Deferred Revenue, Current | $ 0 | $ 14,800 | ||
Customer Concentration Risk [Member] | One Customer [Member] | Accounts Receivable [Member] | ||||
Product Information [Line Items] | ||||
Concentration Risk, Percentage | 100% | |||
Customer Concentration Risk [Member] | Two Customers [Member] | Revenue Benchmark [Member] | ||||
Product Information [Line Items] | ||||
Concentration Risk, Percentage | 100% | 100% |
Acquisition (Details Narrative)
Acquisition (Details Narrative) | Oct. 16, 2023 shares |
Anptech [Member] | |
Business Acquisition [Line Items] | |
Stock Issued During Period, Shares, Acquisitions | 2,000,000 |
Anptech [Member] | |
Business Acquisition [Line Items] | |
Equity Method Investment, Ownership Percentage | 100% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - Yuyang Cui [Member] - USD ($) | 1 Months Ended | 6 Months Ended | ||
May 31, 2024 | Nov. 30, 2023 | Apr. 30, 2024 | Apr. 30, 2023 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Proceeds from Related Party Debt | $ 2,000 | $ 800 | ||
Repayments of Related Party Debt | $ 800 | |||
Subsequent Event [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Repayments of Related Party Debt | $ 2,000 |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 2 Months Ended | 6 Months Ended | ||||
Oct. 16, 2023 | Oct. 13, 2023 | Mar. 31, 2024 | Apr. 30, 2024 | Apr. 30, 2023 | Oct. 31, 2023 | |
Class of Stock [Line Items] | ||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||
Proceeds from Issuance of Common Stock | $ 140,000 | $ 0 | ||||
Common Stock, Shares, Outstanding | 12,000,000 | 5,000,000 | ||||
Common Stock, Shares, Issued | 12,000,000 | 5,000,000 | ||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 7,000,000 | |||||
Proceeds from Issuance of Common Stock | $ 140,000 | |||||
Yuyang Cui [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock Issued During Period, Shares, Issued for Services | 3,000,000 | |||||
Stock Issued During Period, Value, Issued for Services | $ 300 | |||||
Stock Issued During Period, Shares, Acquisitions | 2,000,000 | |||||
Stock Issued During Period, Value, Acquisitions | $ 200 |
Operating Lease (Details Narrat
Operating Lease (Details Narrative) - USD ($) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Operating Lease | ||
Operating Lease, Expense | $ 8,742 | $ 4,017 |
Major Customers and Concentra_2
Major Customers and Concentration of Credit Risk (Details Narrative) | 6 Months Ended | |
Apr. 30, 2024 | Apr. 30, 2023 | |
Customer Concentration Risk [Member] | Two Customers [Member] | Revenue Benchmark [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 100% | 100% |