Cover
Cover - shares | 6 Months Ended | |
Jul. 31, 2021 | Aug. 24, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jul. 31, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | MULTI SOFT II, INC | |
Entity Incorporation, State or Country Code | FL | |
Entity File Number | 000-15976 | |
Entity Tax Identification Number | 22-2588030 | |
Entity Address, Address Line One | 4400 Biscayne Boulevard, 10th Floor | |
Entity Address, City or Town | Miami | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33137 | |
City Area Code | 305 | |
Local Phone Number | 579-8000 | |
Title of 12(b) Security | Common Stock, par value $.001 per share | |
Trading Symbol | MSOF | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding (in shares) | 1,233,853 | |
Amendment Flag | false | |
Entity Central Index Key | 0000766404 | |
Current Fiscal Year End Date | --01-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jul. 31, 2021 | Jan. 31, 2021 |
Current assets: | ||
Cash | $ 9,348 | $ 2,711 |
Total assets | 9,348 | 2,711 |
Current liabilities: | ||
Accounts payable and accrued expenses | 68,870 | 75,370 |
Total current liabilities | 68,870 | 75,370 |
Due to shareholder | 818,014 | 762,846 |
Total liabilities | 886,884 | 838,216 |
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; 1,233,853 shares issued and outstanding | 1,233 | 1,233 |
Additional paid-in capital | 81,323 | 81,323 |
Accumulated deficit | (960,092) | (918,061) |
Total shareholders' deficiency | (877,536) | (835,505) |
Total liabilities and shareholders' deficiency | $ 9,348 | $ 2,711 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2021 | Jan. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued (in shares) | 1,233,853 | 1,233,853 |
Common stock, shares outstanding (in shares) | 1,233,853 | 1,233,853 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||||
REVENUE | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
General and administrative expenses | 7,299 | 7,720 | 15,635 | 15,758 |
Total operating expenses | 7,299 | 7,720 | 15,635 | 15,758 |
LOSS FROM OPERATIONS | (7,299) | (7,720) | (15,635) | (15,758) |
OTHER EXPENSE | ||||
Interest expense | (13,565) | (12,655) | (26,396) | (25,034) |
Total other expense | (13,565) | (12,655) | (26,396) | (25,034) |
LOSS BEFORE TAXES | (20,864) | (20,375) | (42,031) | (40,792) |
Income tax provision | 0 | 0 | 0 | 0 |
NET LOSS | $ (20,864) | $ (20,375) | $ (42,031) | $ (40,792) |
BASIC LOSS PER SHARE (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) |
DILUTED LOSS PER SHARE (in dollars per share) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) |
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares) | 1,233,853 | 1,233,853 | 1,233,853 | 1,233,853 |
DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares) | 1,233,853 | 1,233,853 | 1,233,853 | 1,233,853 |
Condensed Statements of Shareho
Condensed Statements of Shareholders' Deficiency (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 1,233,853 | |||
Beginning balance | $ (856,672) | $ (765,437) | $ (835,505) | $ (745,020) |
Net loss | $ (20,864) | (20,375) | $ (42,031) | (40,792) |
Ending balance (in shares) | 1,233,853 | 1,233,853 | ||
Ending balance | $ (877,536) | $ (785,812) | $ (877,536) | $ (785,812) |
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 1,233,853 | 1,233,853 | 1,233,853 | 1,233,853 |
Beginning balance | $ 1,233 | $ 1,233 | $ 1,233 | $ 1,233 |
Ending balance (in shares) | 1,233,853 | 1,233,853 | 1,233,853 | 1,233,853 |
Ending balance | $ 1,233 | $ 1,233 | $ 1,233 | $ 1,233 |
Additional Paid-in Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 81,323 | 81,323 | 81,323 | 81,323 |
Ending balance | 81,323 | 81,323 | 81,323 | 81,323 |
Accumulated Deficit | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (939,228) | (847,993) | (918,061) | (827,576) |
Net loss | (20,864) | (20,375) | (42,031) | (40,792) |
Ending balance | $ (960,092) | $ (868,368) | $ (960,092) | $ (868,368) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
CASH FLOW FROM OPERATING ACTIVITIES: | ||||
Net loss | $ (20,864) | $ (20,375) | $ (42,031) | $ (40,792) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Increase in accrued interest on due to shareholder | 26,396 | 25,034 | ||
Changes in operating assets and liabilities: | ||||
Decrease in accounts payable and accrued expenses | (6,500) | (5,074) | ||
Net cash used in operating activities | (22,135) | (20,832) | ||
CASH FLOW FROM FINANCING ACTIVITIES: | ||||
Proceeds from debt issuance | 28,772 | 0 | ||
Net cash provided by financing activities | 28,772 | 0 | ||
NET INCREASE (DECREASE) IN CASH | 6,637 | (20,832) | ||
CASH AT BEGINNING OF PERIOD | 2,711 | 26,642 | ||
CASH AT END OF PERIOD | $ 9,348 | $ 5,810 | 9,348 | 5,810 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Interest paid | 0 | 0 | ||
Income taxes paid | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Organization | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Organization | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization, Basis of Presentation and liquidity Multi Soft 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 twelve 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 except as disclosed in Note 2. Although the Company has no present commitment from any such parties to provide funding, except as disclosed in Note 2, 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. As disclosed in Note 2, the Company increased its borrowing capacity on the credit facility to $600,000. As of July 31, 2021, the Company believes it has adequate cash and available borrowing capacity under the credit facility to sustain operations for the next twelve months from the issuance date of this report. In order to minimize potential conflicts of interest which may arise because the Company's directors and officers also serve as the directors and officers of Multi Solutions II, Inc., an entity under common control, each of the Company's officers and directors have entered into an agreement with the Company and Multi Solutions II, Inc. whereby all parties have each agreed that the Company will not analyze or consider any possible business combination opportunities until Multi Solutions II, Inc. has agreed to consummate a business combination. The unaudited interim condensed financial statements of the Company as of July 31, 2021 and for the three and six months ended July 31, 2021 and 2020 included herein have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions for Form 10-Q, and Article 8 of Regulation S-X. Certain information and note disclosures normally included in complete 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 July 31, 2021, the results of its operations for the three and six months ended July 31, 2021 and 2020, and the results of its cash flows for the six months ended July 31, 2021 and 2020. 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, 2021 filed with the Securities and Exchange Commission. (B) Financial Instruments The carrying amounts of cash and accounts payable approximate their fair values due to their short term nature and that they are receivable or payable upon demand. However, considerable judgment is involved in making fair value determinations and current estimates of fair value may differ significantly from amounts presented herein. (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 expenses during the reported period. Actual results could differ from those estimates. (D) Cash Equivalents The Company considers all highly liquid cash 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 loss available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted loss per share is calculated based on losses attributable to common shareholders and the weighted-average number of common and potential common shares outstanding during the reporting period. (F) Recently Issued Accounting Standards Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements. |
Due To Shareholder
Due To Shareholder | 6 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Due To Shareholder | DUE TO SHAREHOLDER The Company has a Credit Facility with its majority shareholder, whereby, the Credit Facility provides the principal amount up to $600,000, as amended as of September 10, 2021, of financing to the Company for working capital purposes. Amounts outstanding under the Credit Facility accrue interest at an annual interest rate of 11% and mature in December 2023. As of July 31, 2021 and January 31, 2021, respectively, principal and interest outstanding under the Credit Facility totaled $818,014 and $762,846, including principal of $488,929 and $460,157, respectively, and accrued interest of $329,085 and $302,689, respectively. Interest expense related to the credit facility was $13,565 and $12,655 for the three months ended July 31, 2021 and 2020, respectively; and, $26,396 and $25,034 for the six months ended July 31, 2021 and 2020, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Organization (Policies) | 6 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation and liquidity | Organization, Basis of Presentation and liquidity Multi Soft 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 twelve 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 except as disclosed in Note 2. Although the Company has no present commitment from any such parties to provide funding, except as disclosed in Note 2, 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. As disclosed in Note 2, the Company increased its borrowing capacity on the credit facility to $600,000. As of July 31, 2021, the Company believes it has adequate cash and available borrowing capacity under the credit facility to sustain operations for the next twelve months from the issuance date of this report. In order to minimize potential conflicts of interest which may arise because the Company's directors and officers also serve as the directors and officers of Multi Solutions II, Inc., an entity under common control, each of the Company's officers and directors have entered into an agreement with the Company and Multi Solutions II, Inc. whereby all parties have each agreed that the Company will not analyze or consider any possible business combination opportunities until Multi Solutions II, Inc. has agreed to consummate a business combination. The unaudited interim condensed financial statements of the Company as of July 31, 2021 and for the three and six months ended July 31, 2021 and 2020 included herein have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions for Form 10-Q, and Article 8 of Regulation S-X. Certain information and note disclosures normally included in complete 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 July 31, 2021, the results of its operations for the three and six months ended July 31, 2021 and 2020, and the results of its cash flows for the six months ended July 31, 2021 and 2020. 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, 2021 filed with the Securities and Exchange Commission. |
Financial Instruments | Financial InstrumentsThe carrying amounts of cash and accounts payable approximate their fair values due to their short term nature and that they are receivable or payable upon demand. However, considerable judgment is involved in making fair value determinations and current estimates of fair value may differ significantly from amounts presented herein. |
Use of Estimates | Use of EstimatesIn 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 expenses during the reported period. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid cash 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 loss available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted loss per share is calculated based on losses attributable 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 StandardsManagement does not believe that any recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company's financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Organization (Details) | Sep. 10, 2021USD ($) |
Majority shareholder | Majority shareholder | Subsequent Event | |
Related Party Transaction [Line Items] | |
Maximum credit facility | $ 600,000 |
Due To Shareholder (Details)
Due To Shareholder (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Sep. 10, 2021 | Jan. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Principal and interest outstanding | $ 818,014 | $ 818,014 | $ 762,846 | |||
Interest expense | (13,565) | $ (12,655) | (26,396) | $ (25,034) | ||
Majority shareholder | ||||||
Related Party Transaction [Line Items] | ||||||
Interest expense | (13,565) | $ (12,655) | $ (26,396) | |||
Majority shareholder | Majority shareholder | ||||||
Related Party Transaction [Line Items] | ||||||
Annual rate of interest | 11.00% | |||||
Principal and interest outstanding | 818,014 | $ 818,014 | 762,846 | |||
Principal outstanding | 488,929 | 488,929 | 460,157 | |||
Accrued interest | $ 329,085 | $ 329,085 | $ 302,689 | |||
Interest expense | $ (25,034) | |||||
Majority shareholder | Majority shareholder | Subsequent Event | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum credit facility | $ 600,000 |