Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Aug. 31, 2013 | Oct. 17, 2013 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Aug-13 | |
Entity Registrant Name | ShopEye, Inc. | |
Entity Central Index Key | 1525896 | |
Current Fiscal Year End Date | -26 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2014 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 9,650,000 |
Balance_Sheets
Balance Sheets (USD $) | Aug. 31, 2013 | 31-May-13 |
CURRENT ASSETS | ||
Cash and cash equivalents | $2,914 | $2,223 |
Total current assets | 2,914 | 2,223 |
TOTAL ASSETS | 2,914 | 2,223 |
CURRENT LIABILITIES | ||
Accounts payable and Accrued liabilities | 4,445 | 7,270 |
Accrued interest | 200 | 125 |
Note payable | 9,000 | 3,000 |
Total liabilities | 13,645 | 10,395 |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock: 20,000,000 shares authorized, $0.0001 par value. 0 shares issued and outstanding. | ||
Common Stock: 480,000,000 shares authorized, $0.0001 par value. 9,650,000 shares issued and outstanding at August 31, 2013 and May 31, 2013 | 965 | 965 |
Additional paid-in capital | 14,535 | 14,535 |
Deficit accumulated during the development stage | -26,231 | -23,672 |
Total Stockholders' Deficit | -10,731 | -8,172 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $2,914 | $2,223 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Aug. 31, 2013 | 31-May-13 |
Balance Sheets [Abstract] | ||
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, par value per share | $0.00 | $0.00 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, shares authorized | 480,000,000 | 480,000,000 |
Common Stock, par value per share | $0.00 | $0.00 |
Common Stock, shares issued | 9,650,000 | 9,650,000 |
Common Stock, shares outstanding | 9,650,000 | 9,650,000 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
Statement of Operations [Abstract] | |||
REVENUES | |||
EXPENSES | |||
General and Administrative | 1,809 | 334 | 10,045 |
Professional Fees | 750 | 650 | 16,186 |
Total Expenses | 2,559 | 984 | 26,231 |
Loss Before Income Taxes | -2,559 | -984 | -26,231 |
Provision for Income Taxes | |||
Net Loss | ($2,559) | ($984) | ($26,231) |
PER SHARE DATA: | |||
Basic and diluted loss per common share | |||
Basic and diluted weighted average common shares outstanding | 9,650,000 | 9,350,000 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net Loss | ($2,559) | ($984) | ($26,231) |
Changes in Operating Assets and Liabilities: | |||
Increase (decrease) accounts payable and accrued liabilities | -2,825 | -2,850 | 4,445 |
Net cash used in operating activities | -5,384 | -3,834 | -21,786 |
FINANCING ACTIVITIES | |||
Proceeds from issuance of note payable | 6,000 | 3,000 | 9,000 |
Increase in accrued interest | 75 | 6 | 200 |
Increase in common stock issued for cash | 0 | 0 | 15,500 |
Net cash provided by financing activities | 6,075 | 3,006 | 24,700 |
INCREASE IN CASH AND CASH EQUIVALENTS | 691 | -828 | 2,914 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,223 | 1,916 | 0 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,914 | 1,088 | 2,914 |
Supplemental Cash Flow Disclosures: | |||
Cash paid for Interest expense | |||
Cash paid for Income taxes |
GENERAL_ORGANIZATION_AND_BUSIN
GENERAL ORGANIZATION AND BUSINESS | 3 Months Ended |
Aug. 31, 2013 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | |
GENERAL ORGANIZATION AND BUSINESS | NOTE 1. GENERAL ORGANIZATION AND BUSINESS |
ShopEye, Inc. (the "Company") is a development stage company, incorporated in the State of Florida on May 11, 2011 with the goal to provide retailers the ability to provide a consumer application with consolidated real-time in store product information. The Company plans to develop the application to provide product information, coupons, ratings, and opinions to enhance the shopping experience. | |
The Company's management has chosen May 31 for its fiscal year end. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | 3 Months Ended |
Aug. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES |
Accounting Basis | |
The Company is currently a development stage enterprise reporting under the provisions of FASB ASC 915, Development Stage Entity. These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. | |
Cash and Cash Equivalents | |
Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. | |
Earnings (Loss) per Share | |
The Company adopted FASB ASC 260, Earnings per Share. Basic earnings (loss) per share is calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There were no diluted or potentially diluted shares outstanding for all periods presented. | |
Dividends | |
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown, and none are contemplated in the near future. | |
Income Taxes | |
The Company adopted FASB ASC 740, Income Taxes, at its inception. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. No deferred tax assets or liabilities were recognized as of May 31, 2013 or 2012, respectively. | |
Advertising | |
The Company will expense advertising as incurred. The advertising since inception has been $0.00. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue and Cost Recognition | |
The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. | |
Related Parties | |
Related parties, which can be a corporation, individual, investor or another entity are considered to be related if the party has the ability, directly or indirectly, to control the other party or exercise significant influence over the Company in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company has these relationships. | |
Property | |
The Company does not own any real estate or other properties. The Company's office is located 108 Flying Mist Isle, Foster City, CA 94404. Our contact number is 650-339-1077. The business office is located at the home of Ethelinda Corpuz, the CEO of the Company, at no charge to the Company. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. | |
Recently Issued Accounting Pronouncements | |
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company. | |
Below is a listing of the most recent accounting standards and their effect on the Company. | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. | |
In February 2013, the FASB issued ASU No. 2013-02, 'Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This pronouncement was issued to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (i.e. inventory) instead of directly to income or expense in the same reporting period. This pronouncement is effective prospectively for reporting periods beginning after December 15, 2012. | |
In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." This pronouncement was issued to address implementation issues about the scope of Accounting Standards Update No. 2011-11 and to clarify the scope of the offsetting disclosures and address any unintended consequences. This pronouncement is effective for reporting periods beginning on or after January 1, 2013. | |
In July 2012, the FASB amended guidance on the annual testing of indefinite-lived intangible assets for impairment. Under the amended guidance, an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. This guidance will be effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company has determined that this new guidance will not have a material impact on its consolidated financial statements. | |
In December 2011, FASB issued Accounting Standards Update ("ASU") 2011-11 which amends the guidance in ASC 210, Balance Sheet (ASC 210). The ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. | |
In June 2011, the FASB issued Accounting Standards ASU 2011-05 to amend the guidance on the presentation of comprehensive income in ASC 220. ASU 2011-05 requires companies to present a single statement of comprehensive income or two separate but consecutive statements, a statement of operations and a statement of comprehensive income. ASU 2011-05 eliminates the alternative to present comprehensive income within the statement of equity. ASU 2011-05 does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The ASU should be applied retrospectively and is effective for annual periods beginning after December 15, 2011. In December 2011, the FASB issued ASU 2011-12, which deferred the changes in ASU 2011-05 that relate to the presentation of reclassifications out of accumulated other comprehensive income. | |
In May 2011, the FASB issued ASU 2011-04, which amends the guidance on fair value measurement in ASC 820 to converge the fair value measurement and disclosure requirements under GAAP and International Financial Reporting Standards ("IFRS") fair value measurement and disclosure requirements. The amendments change the wording used to describe the requirements for measuring fair value, changes certain fair value measurement principles and enhances disclosure requirements. This guidance is effective for annual periods beginning after December 15, 2011, applied prospectively. |
INCOME_TAXES
INCOME TAXES | 3 Months Ended | ||
Aug. 31, 2013 | |||
INCOME TAXES [Abstract] | |||
INCOME TAXES | NOTE 3. INCOME TAXES | ||
The Company provides for income taxes under ASC Topic 740 which requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect currently. | |||
ASC Topic 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. In the Company's opinion, it is uncertain whether they will generate sufficient taxable income in the future to fully utilize the net deferred tax asset. | |||
The Company utilizes the asset and liability method for financial reporting of income taxes. Deferred tax assets and liabilities are determined based on temporary differences between financial reporting and the tax basis of assets and liabilities, and are measured by applying enacted rates and laws to taxable years in which such differences are expected to be recovered or settled. Any changes in tax rates or laws are recognized in the period when such changes are enacted. | |||
As of August 31, 2013, the Company has $10,230 in gross deferred tax assets resulting from net operating loss carry-forwards. A valuation allowance has been recorded to fully offset these deferred tax assets because the Company's management believes future realization of the related income tax benefits is uncertain. Accordingly, the net provision for income taxes is zero for the period May 11, 2011 (inception) to August 31, 2013. As of August 31, 2013, the Company has federal net operating loss carry forwards of approximately $26,231 available to offset future taxable income through 2033. The difference between the tax provision at the statutory federal income tax rate on August 31, 2013 and the tax provision attributable to loss before income taxes is as follows: | |||
For the period | |||
11-May-11 | |||
(date of inception) | |||
through | |||
31-Aug-13 | |||
Statutory federal income taxes | 34.00% | ||
State taxes, net of federal benefits | 5.00% | ||
Valuation allowance | -39.00% | ||
Income tax rate | - | ||
The Company has not been required to file income tax returns since the date of inception. | |||
As of August 31, 2013, the Company had estimated net loss carry forwards of approximately $26,231 which expires through its tax year ending 2033. Utilization of these net operating loss carry forwards may be limited in accordance with IRC Section 382 in the event of certain shifts in ownership. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Aug. 31, 2013 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4. STOCKHOLDERS' EQUITY |
Preferred Stock | |
As of August 31, 2013, there are 20,000,000 Preferred Shares at $0.0001 par value authorized, none issued and outstanding. | |
Common Stock | |
On May 19, 2011, the Company issued 9,000,000 of its $0.0001 par value common stock for $8,100 cash and $900 in a stock subscription receivable to the founder of the Company. The issuance of the shares was made to the sole officer and director of the Company and an individual who is a sophisticated and accredited investor, therefore, the issuance was exempt from registration of the Securities Act of 1933 by reason of Section 4 (2) of that Act. | |
On May 1, 2012, the Company issued 350,000 of its $0.0001 par value common stock to shareholders for $3,500. The issuance of the shares were made pursuant to the Company's S1 registration statement. | |
On November 1, 2012, the Company issued 300,000 of its $0.0001 par value common stock to shareholders for $3,000. The issuance of the shares were made pursuant to the Company's S1 registration statement. | |
As of August 31, 2013, there are 9,650,000 common shares issued and outstanding. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2013 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5. RELATED PARTY TRANSACTIONS |
As of August 31, 2013, the sole officer and sole director of the Company is involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts. |
GOING_CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2013 | |
GOING CONCERN [Abstract] | |
GOING CONCERN | NOTE 6. GOING CONCERN |
As of August 31, 2013, the accompanying financial statements have been presented on the basis that it is a going concern in the development stage, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. | |
For the period May 11, 2011 (date of inception) through August 31, 2013 the Company has had a net loss of $26,231 consisting of SEC audit and review fees, California state taxes, and incorporation fees for the Company to initiate its SEC reporting requirements. | |
As of August 31, 2013, the Company has not yet emerged from the development stage. In view of these matters, recoverability of any asset amounts shown in the accompanying unaudited financial statements is dependent upon the Company's ability to begin operations and to achieve a level of profitability. Since inception, the Company has financed its activities principally from the sale of equity securities. The Company intends on financing its future development activities and its working capital needs largely from loans and the sale of public equity securities with some additional funding from other traditional financing sources, including term notes, until such time that funds provided by operations are sufficient to fund working capital requirements. |
CONCENTRATION_OF_RISKS
CONCENTRATION OF RISKS | 3 Months Ended |
Aug. 31, 2013 | |
CONCENTRATIONS OF RISKS [Abstract] | |
CONCENTRATIONS OF RISKS | NOTE 7. CONCENTRATION OF RISKS |
Cash Balances | |
The Company maintains its cash in institutions insured by the Federal Deposit Insurance Corporation (FDIC). Accounts at each institution are insured up to $250,000. The Company had no deposits in excess of insured amounts as of August 31, 2013. |
NOTE_PAYABLE
NOTE PAYABLE | 3 Months Ended |
Aug. 31, 2013 | |
NOTE PAYABLE [Abstract] | |
NOTE PAYABLE | NOTE 8. NOTE PAYABLE |
On August 14, 2012, the company issued a note payable in the amount of $3,000 to an unrelated party. On June 6, 2013 and August 27, 2013, the Company issued additional notes payable both in the amount of $3,000. These three notes accrue interest at 5% and are due on demand. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policy) | 3 Months Ended |
Aug. 31, 2013 | |
SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract] | |
Accounting Basis | Accounting Basis |
The Company is currently a development stage enterprise reporting under the provisions of FASB ASC 915, Development Stage Entity. These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash and cash equivalents are reported in the balance sheet at cost, which approximates fair value. For the purpose of the financial statements cash equivalents include all highly liquid investments with an original maturity of three months or less when purchased. | |
Earnings (Loss) per Share | Earnings (Loss) per Share |
The Company adopted FASB ASC 260, Earnings per Share. Basic earnings (loss) per share is calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is calculated by dividing the Company's net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There were no diluted or potentially diluted shares outstanding for all periods presented. | |
Dividends | Dividends |
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown, and none are contemplated in the near future. | |
Income Taxes | Income Taxes |
The Company adopted FASB ASC 740, Income Taxes, at its inception. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. 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. No deferred tax assets or liabilities were recognized as of May 31, 2013 or 2012, respectively. | |
Advertising | Advertising |
The Company will expense advertising as incurred. The advertising since inception has been $0.00. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Revenue and Cost Recognition | Revenue and Cost Recognition |
The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. | |
Related Parties | Related Parties |
Related parties, which can be a corporation, individual, investor or another entity are considered to be related if the party has the ability, directly or indirectly, to control the other party or exercise significant influence over the Company in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. The Company has these relationships. | |
Property | Property |
The Company does not own any real estate or other properties. The Company's office is located 108 Flying Mist Isle, Foster City, CA 94404. Our contact number is 650-339-1077. The business office is located at the home of Ethelinda Corpuz, the CEO of the Company, at no charge to the Company. Such costs are immaterial to the financial statements and, accordingly, have not been reflected therein. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements, including those not yet effective, is not anticipated to have a material effect on the financial position or results of operations of the Company. | |
Below is a listing of the most recent accounting standards and their effect on the Company. | |
From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board ("FASB") or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. | |
In February 2013, the FASB issued ASU No. 2013-02, 'Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." This pronouncement was issued to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account (i.e. inventory) instead of directly to income or expense in the same reporting period. This pronouncement is effective prospectively for reporting periods beginning after December 15, 2012. | |
In January 2013, the FASB issued ASU No. 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities." This pronouncement was issued to address implementation issues about the scope of Accounting Standards Update No. 2011-11 and to clarify the scope of the offsetting disclosures and address any unintended consequences. This pronouncement is effective for reporting periods beginning on or after January 1, 2013. | |
In July 2012, the FASB amended guidance on the annual testing of indefinite-lived intangible assets for impairment. Under the amended guidance, an entity has the option first to assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. This guidance will be effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The Company has determined that this new guidance will not have a material impact on its consolidated financial statements. | |
In December 2011, FASB issued Accounting Standards Update ("ASU") 2011-11 which amends the guidance in ASC 210, Balance Sheet (ASC 210). The ASU requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The ASU is effective for annual periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. | |
In June 2011, the FASB issued Accounting Standards ASU 2011-05 to amend the guidance on the presentation of comprehensive income in ASC 220. ASU 2011-05 requires companies to present a single statement of comprehensive income or two separate but consecutive statements, a statement of operations and a statement of comprehensive income. ASU 2011-05 eliminates the alternative to present comprehensive income within the statement of equity. ASU 2011-05 does not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income. The ASU should be applied retrospectively and is effective for annual periods beginning after December 15, 2011. In December 2011, the FASB issued ASU 2011-12, which deferred the changes in ASU 2011-05 that relate to the presentation of reclassifications out of accumulated other comprehensive income. | |
In May 2011, the FASB issued ASU 2011-04, which amends the guidance on fair value measurement in ASC 820 to converge the fair value measurement and disclosure requirements under GAAP and International Financial Reporting Standards ("IFRS") fair value measurement and disclosure requirements. The amendments change the wording used to describe the requirements for measuring fair value, changes certain fair value measurement principles and enhances disclosure requirements. This guidance is effective for annual periods beginning after December 15, 2011, applied prospectively. |
INCOME_TAXES_Schedule_of_Recon
INCOME TAXES (Schedule of Reconciliation of Income Tax Rate) (Tables) | 3 Months Ended | ||
Aug. 31, 2013 | |||
INCOME TAXES [Abstract] | |||
Schedule of Income Tax Rate Reconciliation | The difference between the tax provision at the statutory federal income tax rate on August 31, 2013 and the tax provision attributable to loss before income taxes is as follows: | ||
For the period | |||
11-May-11 | |||
(date of inception) | |||
through | |||
31-Aug-13 | |||
Statutory federal income taxes | 34.00% | ||
State taxes, net of federal benefits | 5.00% | ||
Valuation allowance | -39.00% | ||
Income tax rate | - |
GENERAL_ORGANIZATION_AND_BUSIN1
GENERAL ORGANIZATION AND BUSINESS (Details) (USD $) | 3 Months Ended | 28 Months Ended |
Aug. 31, 2013 | Aug. 31, 2013 | |
GENERAL ORGANIZATION AND BUSINESS [Abstract] | ||
Advertising expense | $0 | $0 |
INCOME_TAXES_Narrative_Details
INCOME TAXES (Narrative) (Details) (USD $) | 3 Months Ended |
Aug. 31, 2013 | |
INCOME TAXES [Abstract] | |
Net deferred tax assets | $10,230 |
Operating loss carryforwards | $26,231 |
Operating loss carry-forward expiration date | 31-May-33 |
INCOME_TAXES_Schedule_of_Recon1
INCOME TAXES (Schedule of Reconciliation of Income Tax Rate) (Details) | 28 Months Ended |
Aug. 31, 2013 | |
INCOME TAXES [Abstract] | |
Statutory federal tax rate | 34.00% |
State taxes (net of federal tax benefits) | 5.00% |
Valuation allowance | -39.00% |
Income tax rate |
STOCKHOLDERS_EQUITY_Details
STOCKHOLDERS' EQUITY (Details) (USD $) | Aug. 31, 2013 | 31-May-13 | 19-May-11 | Nov. 01, 2012 | 1-May-12 |
Founder [Member] | Shareholders [Member] | Shareholders [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Preferred Stock, shares authorized | 20,000,000 | 20,000,000 | |||
Preferred Stock, par value per share | $0.00 | $0.00 | |||
Preferred Stock, shares issued | 0 | 0 | |||
Preferred Stock, shares outstanding | 0 | 0 | |||
Stock issued for cash, shares | 9,000,000 | 300,000 | 350,000 | ||
Stock issued for cash | $8,100 | $3,000 | $3,500 | ||
Common Stock, shares issued | 9,650,000 | 9,650,000 | |||
Common Stock, shares outstanding | 9,650,000 | 9,650,000 | |||
Common Stock, par value per share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Common stock subscription receivable | $900 |
GOING_CONCERN_Details
GOING CONCERN (Details) (USD $) | 3 Months Ended | 28 Months Ended | |
Aug. 31, 2013 | Aug. 31, 2012 | Aug. 31, 2013 | |
GOING CONCERN [Abstract] | |||
Net Loss | ($2,559) | ($984) | ($26,231) |
CONCENTRATIONS_OF_RISKS_Detail
CONCENTRATIONS OF RISKS (Details) (USD $) | Aug. 31, 2013 |
CONCENTRATIONS OF RISKS [Abstract] | |
Cash balance insured by FDIC per financial institution | $250,000 |
NOTE_PAYABLE_Details
NOTE PAYABLE (Details) (USD $) | 1 Months Ended | ||
Aug. 27, 2013 | Jun. 06, 2013 | Aug. 14, 2012 | |
NOTE PAYABLE [Abstract] | |||
Note payable, interest rate | 5.00% | 5.00% | 5.00% |
Note payable, issued | $3,000 | $3,000 | $3,000 |