Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Apr. 30, 2015 | Jun. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MULTI SOLUTIONS II, INC | |
Entity Central Index Key | 723733 | |
Current Fiscal Year End Date | -30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | 30-Apr-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 1,899,575 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Current assets: | ||
Cash | $23,157 | $27,032 |
Total assets | 23,157 | 27,032 |
Current liabilities: | ||
Accounts payable and accrued expenses | 18,000 | 15,000 |
Total current liabilities | 18,000 | 15,000 |
Due to shareholder | 333,563 | 326,242 |
Total liabilities | 351,563 | 341,242 |
Shareholders' deficiency: | ||
Preferred stock, 50,000,000 shares authorized, $0.001 par value; no shares issued or outstanding | 0 | 0 |
Common stock, 200,000,000 shares authorized; $0.001 par value; 1,899,575 shares issued and outstanding | 1,900 | 1,900 |
Additional paid-in capital | 8,418,684 | 8,418,684 |
Accumulated deficit | -8,748,990 | -8,734,794 |
Total shareholders' deficiency | -328,406 | -314,210 |
Total liabilities and shareholders' deficiency | $23,157 | $27,032 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Apr. 30, 2015 | Jan. 31, 2015 |
Shareholders' Deficiency: | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, par value (in usd per share) | $0.00 | $0.00 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, par value (in usd per share) | $0.00 | $0.00 |
Common Stock, shares issued | 1,899,575 | 1,899,575 |
Common Stock, shares outstanding | 1,899,575 | 1,899,575 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Income Statement [Abstract] | ||
REVENUE | $0 | $0 |
OPERATING EXPENSES: | ||
General and administrative expenses | 6,875 | 13,928 |
Total operating expenses | 6,875 | 13,928 |
LOSS FROM OPERATIONS | -6,875 | -13,928 |
OTHER EXPENSE | ||
Interest expense | -7,321 | -5,918 |
Total other expense | -7,321 | -5,918 |
LOSS BEFORE TAXES | -14,196 | -19,846 |
Income tax provision | 0 | 0 |
NET LOSS | ($14,196) | ($19,846) |
BASIC AND DILUTED LOSS PER SHARE | ($0.01) | ($0.01) |
BASIC AND DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 1,899,575 | 1,899,575 |
Condensed_Statements_of_Shareh
Condensed Statements of Shareholders' Equity (Deficiency) (USD $) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balances at Jan. 31, 2015 | ($314,210) | $1,900 | $8,418,684 | ($8,734,794) |
Shares, Beginning balance at Jan. 31, 2015 | 1,899,575 | |||
Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||
Net loss | -14,196 | 0 | 0 | -14,196 |
Ending balances at Apr. 30, 2015 | ($328,406) | $1,900 | $8,418,684 | ($8,748,990) |
Shares, Ending balance at Apr. 30, 2015 | 1,899,575 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($14,196) | ($19,846) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Increase in accounts payable and accrued expenses | 10,321 | 5,088 |
Net cash used in operating activities | -3,875 | -14,758 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from debt issuance | 0 | 25,000 |
Net cash provided by financing activities | 0 | 25,000 |
NET CHANGE IN CASH | -3,875 | 10,242 |
CASH AT BEGINNING OF PERIOD | 27,032 | 9,763 |
CASH AT END OF PERIOD | 23,157 | 20,005 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | $0 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Organization | 3 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Organization | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION |
(A) Organization and Basis of Presentation | |
Multi Solutions II, Inc.'s (the "Company") business purpose is to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's business objective for the next 12 months and beyond will be to achieve long-term growth potential through a combination with a business, rather than immediate, short-term earnings. The Company's search for a business opportunity will not be limited to any particular geographical area or industry, including both domestic and international companies. | |
The Company does not have any revenues from operations and, absent a merger or other combination with an operating company, or a public or private sale of the Company's equity or debt securities, the occurrence of either of which cannot be assured, the Company will be dependent upon future loans or equity investments from the Company's present shareholders or management, for which there is no existing commitment. Although the Company has no present commitment from any such parties to provide funding aside from a credit facility agreement (the "Credit Facility") with its majority shareholder, if the Company reaches the point where the Company needs funds to remain in operation, the Company will attempt to raise funds from the Company's present shareholders or management in the form of equity or debt. If, in such situation, the Company is unable to raise funds from those parties, it is likely that the Company's business would cease operations. | |
The unaudited interim condensed financial statements of the Company as of April 30, 2015 and for the three months ended April 30, 2015 and 2014 included herein have been prepared in accordance with the instructions for Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 8 of Regulation S-X under the Securities Act of 1933, as amended. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements. In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at April 30, 2015 and the results of its operations and its cash flows for the three months ended April 30, 2015 and 2014. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 31, 2015 filed with the Securities and Exchange Commission. | |
(B) Financial Instruments | |
The carrying amounts of cash, accounts payable, and accrued expenses approximate their fair values due to their short term nature and that they are receivable or payable upon demand. | |
(C) Use of Estimates | |
In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. | |
(D) Cash | |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
(E) Loss Per Share | |
Basic loss per share is calculated based on income available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted earnings per share is calculated based on income available to common shareholders and the weighted-average number of common and potential common shares outstanding during the reporting period. | |
(F) Recently Issued Accounting Standards | |
In August 2014, the FASB issued ASU 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. |
Due_to_Shareholder
Due to Shareholder | 3 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
Due to Shareholder | DUE TO SHAREHOLDER |
In April 2012, the Company executed the Credit Facility with its majority shareholder providing for the repayment of all costs in excess of $17,500 paid by the majority shareholder on behalf of the Company. The Credit Facility provides up to $450,000, as amended on June 3, 2015, of financing to the Company for working capital purposes. Amounts outstanding under the credit facility accrue interest at an annual rate of 11% and mature in December 2018, as amended on June 3, 2015. Principal and interest outstanding under the credit facility totaled $333,563 and $326,242, including accrued interest of $64,366 and $57,045, as of April 30, 2015 and January 31, 2015, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Organization (Policies) | 3 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. | |
Cash | Cash |
The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Loss Per Share | Loss Per Share |
Basic loss per share is calculated based on income available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted earnings per share is calculated based on income available to common shareholders and the weighted-average number of common and potential common shares outstanding during the reporting period. | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards |
In August 2014, the FASB issued ASU 2014-15, “ Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and about related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about a company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016, and for annual and interim periods thereafter. Early adoption is permitted. The Company will adopt the methodologies prescribed by ASU 2014-15 by the date required, and does not anticipate that the adoption of ASU 2014-15 will have a material effect on its financial position or results of operations. |
Due_to_Shareholder_Details
Due to Shareholder (Details) (Majority Shareholder, USD $) | 3 Months Ended | |||
Apr. 30, 2015 | Jan. 31, 2015 | Apr. 30, 2012 | 29-May-15 | |
Related Party Transaction [Line Items] | ||||
Annual rate of interest | 11.00% | |||
Amount outstanding under the credit facility | $333,563 | $326,242 | ||
Accrued interest under the credit facility | 64,366 | 57,045 | ||
Minimum | ||||
Related Party Transaction [Line Items] | ||||
Threshold for repayment of costs incurred by shareholders on behalf of the company | 17,500 | |||
Subsequent Event | Increase in Credit Facility | ||||
Related Party Transaction [Line Items] | ||||
Line of credit facility provided by shareholder | $450,000 |