Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | 20-May-15 | |
Document and Entity Information: | ||
Entity Registrant Name | Esio Water & Beverage Development Corp. | |
Entity Trading Symbol | ESWB | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 836937 | |
Current Fiscal Year End Date | -24 | |
Entity Common Stock, Shares Outstanding | 78,766,636 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $107,290 | $5,912 |
Total current assets | 107,290 | 5,912 |
TOTAL ASSETS | 107,290 | 5,912 |
CURRENT LIABILITIES: | ||
Accounts payable | 21,039 | 12,000 |
Accrued liabilities | 5,760 | 0 |
Due to Shareholder | 100 | 0 |
Total current liabilities | 26,899 | 12,000 |
Total Liabilities | 26,899 | 12,000 |
Commitments | 0 | 0 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Common stock, $.005 par value 200,000,000 authorized: 78,766,636 and 23,400,000 issued and outstanding as of March 31, 2015 and June 30, 2014, respectively | 393,833 | 117,000 |
Additional paid-in capital | -285,405 | -110,250 |
Accumulated deficit | -28,037 | -12,838 |
Total stockholders' equity (deficit) | 80,391 | -6,088 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $107,290 | $5,912 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Parentheticals | ||
Common Stock, par value | $0.01 | $0.01 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 78,766,636 | 23,400,000 |
Common Stock, shares outstanding | 78,766,636 | 23,400,000 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
COSTS AND EXPENSES: | ||||
General and administrative | $5,412 | $3,042 | $14,149 | $9,796 |
Professional fees | 1,050 | 0 | 1,050 | 0 |
Operating loss | 6,462 | 3,042 | 15,199 | 9,796 |
Net loss from operations | -6,462 | -3,042 | -15,199 | -9,796 |
NET LOSS | ($6,462) | ($3,042) | ($15,199) | ($9,796) |
BASIC AND DILUTED PER SHARE DATA: | ||||
Net Loss per common share, basic and diluted | $0 | $0 | $0 | $0 |
Weighted average common shares outstanding, basic and diluted | 63,127,773 | 23,400,000 | 60,893,794 | 23,400,000 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | ($15,199) | ($9,796) |
Changes in assets and liabilities: | ||
Prepaid expenses | 4,662 | 0 |
Accounts payable | 6,000 | 9,000 |
Net Cash Used In Operating Activities | -4,537 | -796 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received from Esio in reverse merger | 89,615 | 0 |
Net Cash Provided By (Used In) Investing Activities | 89,615 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 7,200 | 0 |
Proceeds from contributed capital | 9,100 | 6,750 |
Net Cash Provided By Financing Activities | 16,300 | 6,750 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 11,763 | 5,954 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 5,912 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 107,290 | 5,954 |
SUPPLEMENTAL DISCLOSURES: | ||
Net asset loss assumed in reverse merger | $4,237 | $0 |
Basis_of_Presentation_and_Goin
Basis of Presentation and Going Concern | 9 Months Ended |
Mar. 31, 2015 | |
Basis of Presentation and Going Concern | |
Basis of Presentation and Going Concern | Note 1 - Basis of Presentation and Going Concern |
Esio Water & Beverage Development Corp. (the “Company”) was incorporated in Nevada in June 1988 as Richard Barrie Fragrances, Inc. Over the years, the Company changed its name several times, most recently from Tempco, Inc. to Esio Water & Beverage Development Corp. The consolidated financial statements include the accounts of Esio Water & Beverage Development Corp. and its wholly-owned subsidiaries Net Edge Devices, LLC, an Arizona Limited Liability Company, and iMetabolic Corp, (“IMET”) a Nevada Corporation (collectively, the “Company”). | |
On March 16, 2015, the Company issued to the IMET 16 shareholders of record an aggregate of 60,000,000 shares, or 76.2% of the Company’s common stock. Prior to the close of the reverse merger, IMET had 10,000,000 common shares outstanding immediately prior to the merger and net liabilities of $20,500. Prior to closing, the Company had 18,566,636 shares outstanding and net assets of $85,378, of which $89,615 was cash and $4,237 was non-cash. | |
As a result of the closing of this transaction, IMET is now a wholly owned subsidiary of the Company and its business and operations represent those of the Company. | |
For accounting purposes, this transaction is being accounted for as a reverse merger and has been treated as a recapitalization of the Company with IMET considered the accounting acquirer, and the financial statements of the accounting acquirer become the financial statements of the registrant. The Company did not recognize goodwill or any intangible assets in connection with the transaction. The 60,000,000 common shares issued to the shareholders of IMET in conjunction with the share exchange transaction have been presented as outstanding for all periods. | |
Interim Financial Statements | |
The accompanying condensed consolidated financial statements of Esio Water & Beverage Development Corp. and its subsidiaries have been prepared in accordance with generally accepted accounting principles (“GAAP”), pursuant to the rules and regulations of the Securities and Exchange Commission, and are unaudited. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results for the interim periods presented have been made. The results for the three and nine month periods ended March 31, 2015, may not be indicative of the results for the entire year. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014. | |
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 reporting period. Actual results could differ materially from these estimates. | |
Going Concern | |
The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America 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 revenue sufficient to cover its operating costs and allow it to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (i) obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses; (ii) obtaining funding from outside sources through the sale of its debt and/or equity securities; and (iii) completing a merger with or acquisition of an existing operating company. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. |
Current_Liability
Current Liability | 9 Months Ended |
Mar. 31, 2015 | |
Current Liability: | |
Current Liability | Note 2 - Current Liability |
Shareholder advanced $100 to Company to cover a deficit in the Company’s checking account. |
Stockholders_Equity_Deficit
Stockholders' Equity (Deficit) | 9 Months Ended |
Mar. 31, 2015 | |
Stockholders' Equity (Deficit) | |
Stockholders' Equity (Deficit) | Note 3 - Stockholders’ Equity (Deficit) |
On July 1, 2014, the Company issued 36,600,000 shares of its common stock for cash of $6,200. | |
As part of the reverse merger, 18,566,636 shares were retained by the Esio shareholders. | |
At the close of the reverse merger, the Company issued 200,000 shares of common stock for cash of $1,000. | |
During the nine months ended March 31, 2015, shareholders contributed $9,100 to the Company for working capital needs. |
Basis_of_Presentation_and_Goin1
Basis of Presentation and Going Concern (Narrative) (Details) (USD $) | Mar. 16, 2015 |
Basis of Presentation and Going Concern Details | |
Issued shares of common stock to IMET | 60,000,000 |
IMET shareholders (Number) | 16 |
Issued shares to IMET (in percent) | 76.20% |
IMET had common shares outstanding immediately prior to the merger | 10,000,000 |
Net liabilities | $20,500 |
Prior to closing outstanding shares | 18,566,636 |
Net assets | 85,378 |
Cash | 89,615 |
Non-cash | $4,237 |
Current_Liability_Details
Current Liability (Details) (USD $) | Mar. 31, 2015 |
Current Liability Details | |
Shareholder advanced | $100 |
Equity_Transactions_Narrative_
Equity Transactions (Narrative) (Details) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
Equity Transactions Details | |
Issued shares of common stock July 1, 2014 | 36,600,000 |
Shares of common stock for cash July 1, 2014 | $6,200 |
Issued shares of common stock | 200,000 |
Shares of common stock for cash | 1,000 |
Contributed working capital | $9,100 |