Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
May. 31, 2015 | Aug. 17, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | May 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | ROMULUS CORP. | |
Entity Central Index Key | 1,585,149 | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | RMLS | |
Entity Common Stock, Shares Outstanding | 11,020,000 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Current Assets | ||
Cash | $ 0 | $ 23,969 |
Total assets | 0 | 23,969 |
Current Liabilities | ||
Loan from shareholder | 8,212 | 6,806 |
Accounts payable | 100 | 100 |
Total liabilities | 8,312 | 6,906 |
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 11,020,000 issued and outstanding | 11,020 | 11,020 |
Additional paid-in-capital | 27,180 | 27,180 |
Accumulated Deficit | (46,512) | (21,137) |
Total stockholders' equity (deficit) | (8,312) | 17,063 |
Total liabilities and stockholders' equity (deficit) | $ 0 | $ 23,969 |
CONDENSED BALANCE SHEETS _Paren
CONDENSED BALANCE SHEETS [Parenthetical] - $ / shares | May. 31, 2015 | Aug. 31, 2014 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 11,020,000 | 11,020,000 |
Common Stock, Shares, Outstanding | 11,020,000 | 11,020,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
May. 31, 2015 | May. 31, 2014 | May. 31, 2015 | May. 31, 2014 | |
Expenses | ||||
General and administrative expenses | $ 0 | $ 4,497 | $ 25,375 | $ 14,182 |
Loss from operations | 0 | (4,497) | (25,375) | (14,182) |
Net loss | $ 0 | $ (4,497) | $ (25,375) | $ (14,182) |
Loss per common share - Basic and Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding-Basic and Diluted (in shares) | 11,020,000 | 8,217,391 | 11,020,000 | 8,073,260 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
May. 31, 2015 | May. 31, 2014 | |
Operating Activities | ||
Net loss | $ (25,375) | $ (14,182) |
Net cash used in operating activities | (25,375) | (14,182) |
Financing Activities | ||
Proceeds from sale of common stock | 0 | 21,800 |
Proceeds from loan from shareholder | 1,406 | 6,806 |
Net cash provided by financing activities | 1,406 | 28,606 |
Net decrease in cash | (23,969) | (14,182) |
Cash at beginning of the period | 23,969 | 8,094 |
Cash at end of the period | 0 | 14,212 |
Supplemental cash flow information: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 9 Months Ended |
May. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1 - BASIS OF PRESENTATION ROMULUS CORP. (the “Company”) was incorporated under the laws of the State of Nevada on April 16, 2013. The Company was originally formed to commence operations in the business of placing and operating coin operated machines. Since inception through May 31, 2015 the Company has not generated any revenue and has accumulated deficit of $46,512. On March 23, 2015, Artem Rusakov sold 8,000,000 72.59 The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $ 46,512 The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future 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 intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock. The accompanying condensed unaudited financial statement do not contain any adjustment to reflect possible future effects on the classification of assets or the amounts and classification of liability that may result should the Company be unable to continue as going concern. The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP”). The Company has adopted an August 31 fiscal year end. For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of May 31, 2015 and August 31, 2014, the Company did not have cash equivalents. The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company’s early adoption of the new standard did not have a material effect on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company elected to adopt ASU 2014-15 effective with these financial statements. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 1. The preparation of the condensed unaudited financial statements in conformity with generally accepted accounting principles 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 the condensed unaudited financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
May. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 2 COMMON STOCK During the year ended August 31, 2014, the Company issued 3,020,000 shares of its common stock at $0.01 per share for total proceeds $30,200. On March 23, 2015, Artem Rusakov sold 8,000,000 shares of the Company’s common stock, representing all of the shares of the Company’s common stock owned by Artem Rusakov, to Eastwin Capital Pte Ltd. A change in control of Romulus has occurred upon the transfer of approximately 72.59% of the ownership of Romulus from Artem Rusakov to Eastwin. As a result of this change in control, the existing director of Romulus has been replaced by its new directors, David Chong and Ser Miang Chua. As of May 31, 2015, the Company has 11,020,000 shares issued and outstanding. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
May. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 3 INCOME TAXES As of May 31, 2015 the Company had net operating loss carry forwards of $46,512 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The Tax Reform Act of 1986 and the California Conformity Act of 1987 impose substantial restrictions on the utilization of net operating loss and tax credit carry forwards in the event of an “ownership change,” as defined by the Internal Revenue Code. Any such ownership change could significantly limit the Company’s ability to utilize its tax carry forward. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
May. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 4 RELATED PARTY TRANSACTIONS As of May 31, 2015 total loan amount was $8,212 from shareholders. The loan is non-interest bearing, due upon demand and unsecured. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
May. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 5 SUBSEQUENT EVENTS The Company has evaluated subsequent events from May 31, 2015 through the date the financial statements were available to be issued and has determined that there are no items to disclose. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 9 Months Ended |
May. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization And Description Of Business [Policy Text Block] | ROMULUS CORP. (the “Company”) was incorporated under the laws of the State of Nevada on April 16, 2013. The Company was originally formed to commence operations in the business of placing and operating coin operated machines. Since inception through May 31, 2015 the Company has not generated any revenue and has accumulated deficit of $46,512. On March 23, 2015, Artem Rusakov sold 8,000,000 72.59 |
Going Concern [Policy Text Block] | Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $ 46,512 The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future 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 intends to finance operating costs over the next twelve months with loans from directors and/or private placement of common stock. The accompanying condensed unaudited financial statement do not contain any adjustment to reflect possible future effects on the classification of assets or the amounts and classification of liability that may result should the Company be unable to continue as going concern. |
Basis of Presentation [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). |
Basis of Accounting, Policy [Policy Text Block] | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP”). The Company has adopted an August 31 fiscal year end. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. As of May 31, 2015 and August 31, 2014, the Company did not have cash equivalents. |
Earnings Per Share, Policy [Policy Text Block] | Basic and Diluted Loss Per Share The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Stockholders' Equity, Policy [Policy Text Block] | Dividends The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements In June 2014, the FASB issued ASU No. 2014-10, “Development Stage Entities (Topic 915), Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation”. The amendments in this update remove the definition of a development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholder’s equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company’s early adoption of the new standard did not have a material effect on the Company’s financial position or results of operations. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15, which is effective for annual reporting periods ending after December 15, 2016, extends the responsibility for performing the going-concern assessment to management and contains guidance on how to perform a going-concern assessment and when going-concern disclosures would be required under U.S. GAAP. The Company elected to adopt ASU 2014-15 effective with these financial statements. Management’s evaluations regarding the events and conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern have been disclosed in Note 1. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the condensed unaudited financial statements in conformity with generally accepted accounting principles 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 the condensed unaudited financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
BASIS OF PRESENTATION (Details
BASIS OF PRESENTATION (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | |
Mar. 23, 2015 | May. 31, 2015 | Aug. 31, 2014 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Accumulated Deficit | $ (46,512) | $ (21,137) | |
Entity Incorporation, Date of Incorporation | Apr. 16, 2013 | ||
Entity Incorporation, State Country Name | Nevada | ||
Shares Sold During The Period | 8,000,000 | ||
Equity Method Investment, Ownership Percentage | 72.59% |
COMMON STOCK (Details Textual)
COMMON STOCK (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 23, 2015 | May. 31, 2015 | May. 31, 2014 | Aug. 31, 2014 | |
Class of Stock [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||
Proceeds from Issuance of Common Stock | $ 0 | $ 21,800 | $ 30,200 | |
Common Stock, Shares, Issued | 11,020,000 | 11,020,000 | ||
Common Stock, Shares, Outstanding | 11,020,000 | 11,020,000 | ||
Shares Sold During The Period | 8,000,000 | |||
Equity Method Investment, Ownership Percentage | 72.59% | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 3,020,000 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 |
INCOME TAXES (Details Textual)
INCOME TAXES (Details Textual) - May. 31, 2015 - USD ($) | Total |
Income Tax [Line Items] | |
Operating Loss Carryforwards | $ 46,512 |
Operating Loss Carryforwards, Expiration Date | May 31, 2033 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Textual) - USD ($) | May. 31, 2015 | Aug. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due from Officers or Stockholders, Current | $ 8,212 | $ 6,806 |