Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Feb. 01, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Trading Symbol | mjpi | |
Entity Registrant Name | MJP INTERNATIONAL LTD. | |
Entity Central Index Key | 1,575,420 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 16,108,500 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well Known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONDENSED INTERIM CONSOLIDATED
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Current | ||
Cash and cash equivalents | $ 669 | $ 617 |
Total Assets | 669 | 617 |
Current | ||
Trades and other payables | 8,637 | 21,654 |
Due to related parties | 112,569 | 95,284 |
Total Liabilities | 121,206 | 116,938 |
STOCKHOLDERS' DEFICIENCY | ||
Capital Stock Authorized 100,000,000 common stock, voting, par value $0.0001 each 90,000,000 preferred stock, non-voting, par value $0.0001 each Issued 16,108,500 (June 30, 2015 - 16,108,500) common stock | 1,611 | 1,611 |
Additional paid in capital | 112,195 | 112,195 |
Deficit accumulated during the development stage | (258,219) | (241,772) |
Accumulated other comprehensive income | 23,876 | 11,645 |
Total Stockholders' Deficiency | (120,537) | (116,321) |
Total Liabilities and Stockholders' Deficiency | $ 669 | $ 617 |
CONDENSED INTERIM CONSOLIDATED3
CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Jun. 30, 2015 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 90,000,000 | 90,000,000 |
Preferred Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares, Issued | 16,108,500 | 16,108,500 |
CONDENSED INTERIM CONSOLIDATED4
CONDENSED INTERIM CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | 6 Months Ended | 65 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Revenue | $ 1,792 | $ 944 | $ 1,792 | $ 2,959 | $ 101,076 |
Cost of goods sold | (1,434) | (952) | (1,434) | (2,584) | (78,069) |
Gross profit | 358 | (8) | 358 | 375 | 23,007 |
Expenses | |||||
General & administration | 4,396 | 7,573 | 13,618 | 15,686 | 129,299 |
Professional fees | 3,187 | 2,632 | 3,187 | 2,632 | 92,377 |
Wages & salaries | 0 | 0 | 0 | 2,792 | 58,215 |
Total Expenses | (7,583) | (10,205) | (16,805) | (21,110) | (279,891) |
Net loss before income tax | (7,225) | (10,213) | (16,447) | (20,735) | (256,884) |
Income tax expense | 0 | 0 | 0 | 0 | 1,335 |
Net loss | (7,225) | (10,213) | (16,447) | (20,735) | (258,219) |
Other comprehensive income | |||||
Foreign currency adjustment | 4,026 | 3,231 | 12,231 | 7,470 | 23,876 |
Comprehensive loss | $ (3,199) | $ (6,982) | $ (4,216) | $ (13,265) | $ (234,343) |
Basic and diluted loss per stock | $ 0 | $ 0 | $ 0 | $ (0.001) | |
Weighted average number of shares outstanding | 16,108,500 | 16,108,500 | 16,108,500 | 16,108,500 |
CONDENSED INTERIM CONSOLIDATED5
CONDENSED INTERIM CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($) | Common Stock [Member] | Additional Paid in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Deficit [Member] | Total |
Beginning Balance at Jul. 18, 2010 | $ 1,200 | $ (1,096) | $ 104 | ||
Beginning Balance (Shares) at Jul. 18, 2010 | 12,000,000 | ||||
Net loss for the period | $ (17,693) | (17,693) | |||
Other comprehensive income for the period | $ (684) | (684) | |||
Ending Balance at Jun. 30, 2011 | $ 1,200 | (1,096) | (684) | (17,693) | (18,273) |
Ending Balance (Shares) at Jun. 30, 2011 | 12,000,000 | ||||
Beginning Balance at Jul. 18, 2010 | $ 1,200 | (1,096) | 104 | ||
Beginning Balance (Shares) at Jul. 18, 2010 | 12,000,000 | ||||
Net loss for the period | (258,219) | ||||
Ending Balance at Dec. 31, 2015 | $ 1,611 | 112,195 | 23,876 | (258,219) | (120,537) |
Ending Balance (Shares) at Dec. 31, 2015 | 16,108,500 | ||||
Beginning Balance at Jun. 30, 2011 | $ 1,200 | (1,096) | (684) | (17,693) | (18,273) |
Beginning Balance (Shares) at Jun. 30, 2011 | 12,000,000 | ||||
Net loss for the period | 2,863 | 2,863 | |||
Other comprehensive income for the period | 936 | 936 | |||
Ending Balance at Jun. 30, 2012 | $ 1,200 | (1,096) | 252 | (14,830) | (14,474) |
Ending Balance (Shares) at Jun. 30, 2012 | 12,000,000 | ||||
Recapitalization | $ 15 | (6,992) | (6,977) | ||
Recapitalization (Shares) | 150,000 | ||||
Stock issued for private placement | $ 396 | 120,283 | 120,679 | ||
Stock issued for private placement (Shares) | 3,958,500 | ||||
Net loss for the period | (87,533) | (87,533) | |||
Other comprehensive income for the period | (3,048) | (3,048) | |||
Ending Balance at Jun. 30, 2013 | $ 1,611 | 112,195 | (2,796) | (102,363) | 8,647 |
Ending Balance (Shares) at Jun. 30, 2013 | 16,108,500 | ||||
Net loss for the period | (91,205) | (91,205) | |||
Other comprehensive income for the period | (357) | (357) | |||
Ending Balance at Jun. 30, 2014 | $ 1,611 | 112,195 | (3,153) | (193,568) | (82,915) |
Ending Balance (Shares) at Jun. 30, 2014 | 16,108,500 | ||||
Net loss for the period | (48,204) | (48,204) | |||
Other comprehensive income for the period | 14,798 | 14,798 | |||
Ending Balance at Jun. 30, 2015 | $ 1,611 | 112,195 | 11,645 | (241,772) | (116,321) |
Ending Balance (Shares) at Jun. 30, 2015 | 16,108,500 | ||||
Net loss for the period | (16,447) | (16,447) | |||
Other comprehensive income for the period | 12,231 | 12,231 | |||
Ending Balance at Dec. 31, 2015 | $ 1,611 | $ 112,195 | $ 23,876 | $ (258,219) | $ (120,537) |
Ending Balance (Shares) at Dec. 31, 2015 | 16,108,500 |
CONDENSED INTERIM CONSOLIDATED6
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 6 Months Ended | 65 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | |
Operating activities | |||
Net loss for the period | $ (16,447) | $ (20,735) | $ (258,219) |
Changes in non-cash working capital: | |||
Trades receivable | 0 | 0 | 0 |
Prepaid expenses | 0 | 0 | 0 |
Inventory | 0 | 0 | 0 |
Trade and other payables | (11,387) | (6,664) | 9,255 |
Due to related parties | 27,952 | 21,218 | 112,569 |
Net cash provided (used in) operating activities | 118 | (6,181) | (136,395) |
Financing activities | |||
Cash from acquisition | 0 | 0 | 382 |
Common stock issued | 0 | 0 | 113,806 |
Net cash provided by financing activities | 0 | 0 | 114,188 |
Effect of exchange rate changes on cash | (66) | 7,470 | 22,876 |
Net cash increase (decrease) for period | 52 | 1,289 | 669 |
Cash and cash equivalents, beginning of the period | 617 | 967 | 0 |
Cash and cash equivalents, end of the period | $ 669 | $ 2,256 | $ 669 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 6 Months Ended |
Dec. 31, 2015 | |
NATURE AND CONTINUANCE OF OPERATIONS [Text Block] | NOTE 1 – NATURE AND CONTINUANCE OF OPERATIONS MJP International Ltd. (“MJP” or the “Corporation”) was incorporated in the state of Nevada, United States on October 24, 2012. On December 10, 2012, the Corporation acquired MJP Lighting Solutions Ltd. (“MJP BVI”) and MJP BVI’s wholly owned subsidiary, MJP Holdings Ltd. (“MJP Alberta”) by issuing 12,000,000 common stock in exchange for 100 percent of the outstanding common stock of MJP BVI (the “Transaction”). Although the Corporation was the legal acquirer, the transaction was accounted for as a recapitalization of MJP BVI in the form of a reverse merger, whereby MJP BVI becomes the accounting acquirer and was deemed to have retroactively adopted the capital structure of the Corporation. Accordingly, the accompanying consolidated financial statements reflect the historical consolidated financial statements of MJP BVI for all periods presented, and do not include the historical financial statements of the Corporation. All costs associated with the reverse merger transaction were expensed as incurred. MJP BVI, a British Virgin Islands company, with its main office located in Hong Kong, was incorporated on October 31, 2012. MJP Alberta was incorporated on July 19, 2010 under the laws of the province of Alberta, Canada. MJP BVI, operating through MJP Alberta, specializes in the sale and distribution of LED lighting and technology solutions and is focused on the North American market. MJP Alberta has set up an agency in Guangzhou, China in search of high quality products offered by reputable manufacturers to be introduced to Canada. Going Concern These condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Corporation and its subsidiaries will be able to meet its obligations and continue its operations for next fiscal year. Realizable values may be substantially different from carrying values as shown and these condensed interim consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Corporation be unable to continue as a going concern. At December 31, 2015, the Corporation had not yet achieved profitable operations and has accumulated losses of $258,219 since its inception. The Corporation expects to incur further losses in the development of its business, all of which casts substantial doubt about the Corporation’s ability to continue as a going concern. The Corporation’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Corporation. There are no current arrangements in place for equity funding or short-term loans. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2015 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Text Block] | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES This summary of significant accounting policies is presented to assist in understanding the condensed interim consolidated financial statements. The condensed interim consolidated financial statements and notes are the representations of the Corporation’s management, who is responsible for their integrity and objectivity. The condensed interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include all the information necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2015. Basis of Presentation The Corporation’s condensed interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These condensed interim consolidated financial statements include the Corporation’s wholly owned subsidiaries MJP Lighting Solutions Ltd. and MJP Holdings Ltd. and 100 percent of their assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated. While the information presented in the accompanying condensed interim three and six months consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended December 31, 2015 are not necessarily indicative of the results that can be expected for the year ended June 30, 2016. Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-05 Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASC 2013-05). ASC 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The Corporation has determined that the adaptation of this guidance has no material impact to its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis.” ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entitiesare VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for the annual period ending after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern (''ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position. In July 2015, the FASB issued No. 2015-11, Inventory - Simplifying the Measurement of Inventory |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 6 Months Ended |
Dec. 31, 2015 | |
DUE TO RELATED PARTIES [Text Block] | NOTE 3 – DUE TO RELATED PARTIES As at December 31, 2015, the Corporation was obligated to shareholders for funds advanced to the Corporation for working capital. The advances are unsecured, non-interest bearing and no payback schedule has been established. |
CAPITAL STOCK
CAPITAL STOCK | 6 Months Ended |
Dec. 31, 2015 | |
CAPITAL STOCK [Text Block] | NOTE 4 – CAPITAL STOCK As at December 31, 2015, there were no warrants or options outstanding (2014 - nil). |
Summary of Significant Accoun11
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2015 | |
Basis of Presentation [Policy Text Block] | Basis of Presentation The Corporation’s condensed interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These condensed interim consolidated financial statements include the Corporation’s wholly owned subsidiaries MJP Lighting Solutions Ltd. and MJP Holdings Ltd. and 100 percent of their assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated. While the information presented in the accompanying condensed interim three and six months consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended December 31, 2015 are not necessarily indicative of the results that can be expected for the year ended June 30, 2016. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying consolidated financial statements. In March 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2013-05 Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity (ASC 2013-05). ASC 2013-05 requires that when a reporting entity (parent) ceases to have a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity, the parent is required to apply the guidance in Subtopic 830-30 to release any related cumulative translation adjustment into net income. Accordingly, the cumulative translation adjustment should be released into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The Corporation has determined that the adaptation of this guidance has no material impact to its consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-2, “Consolidation (Topic 820): Amendments to the Consolidation Analysis.” ASU 2015-2 provides a revised consolidation model for all reporting entities to use in evaluating whether they should consolidate certain legal entities. All legal entities will be subject to reevaluation under this revised consolidation model. The revised consolidation model, among other things, (i) modifies the evaluation of whether limited partnerships and similar legal entitiesare VIEs or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, and (iii) modifies the consolidation analysis of reporting entities that are involved with VIEs through fee arrangements and related party relationships. ASU 2015-2 is effective for fiscal years, and interim reporting periods within those fiscal years, beginning after December 15, 2015. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, Interest -Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and the accounting for debt issue costs under IFRS. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. ASU 2015-03 is effective for the annual period ending after December 15, 2015, and interim periods within those fiscal years. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern (''ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its consolidated financial position. In July 2015, the FASB issued No. 2015-11, Inventory - Simplifying the Measurement of Inventory |
NATURE AND CONTINUANCE OF OPE12
NATURE AND CONTINUANCE OF OPERATIONS (Narrative) (Details) | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Nature And Continuance Of Operations 1 | 12,000,000 |
Nature And Continuance Of Operations 2 | 100.00% |
Nature And Continuance Of Operations 3 | $ 258,219 |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) | 6 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies 1 | 100.00% |