Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Sep. 30, 2014 | Dec. 08, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'SmooFi, Inc. | ' |
Entity Central Index Key | '0001592603 | ' |
Document Type | '10-K | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'Yes | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Public Float | ' | $578,600 |
Entity Common Stock, Shares Outstanding | ' | 10,128,600 |
Document Fiscal Period Focus | 'FY | ' |
Document Fiscal Year Focus | '2014 | ' |
Balance_Sheets
Balance Sheets (USD $) | Sep. 30, 2014 |
CURRENT ASSETS | ' |
Cash | $74,787 |
TOTAL CURRENT ASSETS | 74,787 |
Intangible asset | 74,495 |
TOTAL ASSETS | 149,282 |
CURRENT LIABILITIES: | ' |
Accounts payable and accrued expenses | 87,531 |
Note Payable, Related Party | 0 |
Note Payable | 54,653 |
TOTAL CURRENT LIABILITIES | 142,184 |
STOCKHOLDERS EQUITY: | ' |
Preferred stock, 5,000,000 shares authorized, no shares issued and outstanding, no rights or privileges designated | 0 |
Common Stock, $.001 par value, 200,000,000 shares authorized, 10,128,600 shares issued and outstanding | 10,129 |
Additional paid in capital | 152,696 |
Accumulated deficit | -155,727 |
TOTAL STOCKHOLDERS EQUITY | 7,098 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY | $149,282 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) | Sep. 30, 2014 |
Statement of Financial Position [Abstract] | ' |
Preferred Stock, Authorized | 5,000,000 |
Preferred Stock, Issued | 0 |
Common Stock, Authorized | 200,000,000 |
Common Stock, Issued | 10,128,600 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Income Statement [Abstract] | ' |
REVENUES | $12,000 |
COST OF SALES | -9,500 |
GROSS PROFIT | 2,500 |
OPERATING EXPENSES: | ' |
General and administrative expenses | -147,413 |
LOSS FROM OPERATIONS | -144,913 |
Interest expense | -10,814 |
LOSS BEFORE PROVISION FOR INCOME TAXES | -155,727 |
Provision for income taxes | 0 |
NET LOSS | ($155,727) |
NET LOSS PER SHARE OF COMMON STOCK - Basic and diluted | ($0.02) |
WEIGHTED AVERAGE SHARES OUTSTANDING - Basic and diluted | 9,752,422 |
Shareholders_Equity
Shareholders Equity (USD $) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Begining balance at Oct. 14, 2013 | $0 | $0 | $0 | $0 | $0 |
Begining balance, shares at Oct. 14, 2013 | ' | 0 | ' | ' | ' |
Shares issued for services | ' | 7,750 | 65,250 | ' | 72,500 |
Shares issued for services, shares | ' | 7,750,000 | ' | ' | ' |
Issuance of common stock | ' | 2,379 | 87,946 | ' | 10,325 |
Issuance of common stock, shares | ' | 2,378,600 | ' | ' | ' |
Net loss | ' | ' | ' | -155,727 | -155,727 |
Ending balance at Sep. 30, 2014 | ' | $10,129 | $152,696 | ($155,727) | $7,098 |
Ending balance, shares at Sep. 30, 2014 | ' | 10,128,600 | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Cash flows from operating activities: | ' |
Net loss | ($155,727) |
Changes in current assets and liabilities: | ' |
Accounts receivable | 0 |
Accounts payable | 87,531 |
Accrued interest | 4,653 |
Net cash used in operating activities | -63,543 |
Cash flows from investing activities: | ' |
Purchase of intangibles | -1,995 |
Net cash provided by investing activities | -1,995 |
Cash flows from financing activities: | ' |
Proceeds from note payable | 200,000 |
Repayment of note payable | -150,000 |
Issuance of Common Stock for Cash | 90,325 |
Net cash provided by financing activities | 140,325 |
Net increase (decrease) in cash and cash equivalents | 74,787 |
Cash and cash equivalents - ending balance | 74,787 |
Interest paid | 6,197 |
Income taxes paid | $0 |
Basis_of_Presentation_and_Orga
Basis of Presentation and Organization | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
BASIS OF PRESENTATION AND ORGANIZATION | ' |
NOTE 1 – ORGANIZATION | |
SmooFi, Inc. (the Company) was incorporated under the laws of the State of Nevada on October 15, 2013. The Company issued 7,250,000 shares of its common stock to our founder, Derek Cahill, as consideration for the purchase of a business plan along with website. | |
The Company will acquire and/or develop and market software and services that will significantly enhance the performance and functionality of the Internet services used by small to medium sized businesses. The Company’s products and services will use proprietary technology that will enable users to work collaboratively to obtain substantial improvements in performance, reliability and usability. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
Cash Equivalents | |
For purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |
Stock-based Compensation | |
The Company follows ASC 718-10, Stock Compensation, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. | |
Use of Estimates and Assumptions | |
Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260. | |
Loss per Share | |
The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net 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 for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. | |
Fair Value Measurements and Disclosures | |
ASC Topic 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures | |
Income Taxes | |
Income taxes are provided in accordance with ASC 740, Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. | |
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. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
No provision was made for Federal or State income taxes. | |
Advertising | |
Advertising will be expensed in the period in which it is incurred. There have been no advertising expenses for the reporting period presented. | |
Intangible Assets | |
Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. The Company has not started amortizing the intangible asset until the official launch of its website. | |
Revenue Recognition | |
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. | |
Recently Issued Accounting Pronouncements | |
In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. ASU 2014-10 eliminates the distinction of a development stage entity and certain related disclosure requirements, including the elimination of inception-to-date information on the statements of operations, cash flows and stockholders' equity. The amendments in ASU 2014-10 will be effective prospectively for annual reporting periods beginning after December 15, 2014, and interim periods within those annual periods, however early adoption is permitted. The Company adopted ASU 2014-10 since the quarter ended May 31, 2014, thereby no longer presenting or disclosing any information required by Topic 915. | |
The Company reviewed all recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the AICPA, and the SEC and they did not or are not believed by management to have a material impact on the Company's present or future financial statements. |
Going_Concern
Going Concern | 12 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Going Concern | ' |
NOTE 3 – GOING CONCERN | |
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As reflected in the accompanying financial statements, the Company had a negative working capital of $67,397 and an accumulated deficit of $155,727 at September 30, 2014. | |
While the Company is attempting to generate revenues from services or software products, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management believes that the actions presently being taken to further implement its business plan and generate additional products and revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to realize revenues and in its ability to raise additional funds, there can be no assurances to that effect. The Company’s ability to continue as a going concern is dependent upon its ability to achieve profitable operations or obtain adequate financing. | |
The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note_Payable
Note Payable | 12 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Note Payable | ' |
NOTE 4 – NOTES PAYABLE | |
As of September 30, 2014, the Company had a total of one notes payable issued and outstanding with a total principle of $50,000 and accrued interest of $4,653. The notes are due on December 31, 2014 and have an interest rate of 12%. |
Equity
Equity | 12 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Equity | ' |
NOTE 5 – SHARE CAPITAL | |
The Company is authorized to issue 200,000,000 shares of common stock and 5,000,000 shares of preferred stock. The Company issued 500,000 shares of its common stock to its president and chief executive officer as founder shares. The Company issued 7,250,000 shares of our common stock to Derek Cahill, our majority shareholder, as consideration for the purchase of a business plan along with a website. The acquisition of the business plan and website was valued at $72,500. | |
On October 29, 2013, the Company completed a private placement where it issued 1,800,000 shares of its common stock to accredited investors for $18,000. | |
On April 16, 2014, we completed a public offering whereby we sold 578,600 shares of our common stock at $0.125 per share for total gross proceeds of $72,325. | |
At September 30, 2014, there are 10,128,600 shares of common stock issued and outstanding. |
Commitments
Commitments | 12 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments | ' |
NOTE 6 – COMMITMENTS | |
The Company is obligated to certain professionals for $5,000 per month for a year related to the building of its website and mobile applications on a month to month basis. The Company in its capacity is solely obligated for these fees. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Income Taxes | ' | ||||
NOTE 7 – INCOME TAXES | |||||
As of September 30, 2014, the Company had net operating loss carry forwards of $155,727 that may be available to reduce future years’ taxable income through 2033. | |||||
As of September 30, 2014 | |||||
Deferred tax assets: | |||||
Net operating tax carryforwards | $ | 60,734 | |||
Other | — | ||||
Gross deferred tax assets | 60,734 | ||||
Valuation allowance | (60,734 | ) | |||
Net deferred tax assets | $ | — | |||
Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a 100% valuation allowance due to the management determined that it is more likely than not that the U.S. federal and state deferred tax assets as of September 30, 2014 will not be realized. | |||||
Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 34% and state statutory rate of 5.0% for 2014 is as follows: | |||||
2014 | |||||
Income tax benefit at federal statutory rate | -34 | % | |||
State income tax benefit, net of effect on federal taxes | -5 | % | |||
Increase in valuation allowance | 39 | % | |||
Income tax expense | — | ||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
Cash and Cash Equivalents | ' |
b. Cash Equivalents | |
For purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. | |
Stock based compensation | ' |
c. Stock-based Compensation | |
The Company follows ASC 718-10, Stock Compensation, which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. | |
Use of Estimates | ' |
d. Use of Estimates and Assumptions | |
Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. The Company has adopted the provisions of ASC 260. | |
Net Loss Per Share | ' |
Loss per Share | |
The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net 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 for any potentially dilutive debt or equity. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company. | |
Fair Value Measurements and Disclosures | ' |
f. Fair Value Measurements and Disclosures | |
ASC Topic 820 defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures | |
Income Taxes | ' |
Income Taxes | |
Income taxes are provided in accordance with ASC 740, Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. | |
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. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. | |
No provision was made for Federal or State income taxes. | |
Advertising | ' |
h. Advertising | |
Advertising will be expensed in the period in which it is incurred. There have been no advertising expenses for the reporting period presented. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. The Company has not started amortizing the intangible asset until the official launch of its website. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue in accordance with ASC 605, Revenue Recognition. ASC 605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services rendered; (3) the fee is fixed and determinable; and (4) collectability is reasonably assured. |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||
Sep. 30, 2014 | |||||
Income Tax Disclosure [Abstract] | ' | ||||
Deferred tax asset table | ' | ||||
As of September 30, 2014 | |||||
Deferred tax assets: | |||||
Net operating tax carryforwards | $ | 60,734 | |||
Other | — | ||||
Gross deferred tax assets | 60,734 | ||||
Valuation allowance | (60,734 | ) | |||
Net deferred tax assets | $ | — | |||
Tax rate provision table | ' | ||||
2014 | |||||
Income tax benefit at federal statutory rate | -34 | % | |||
State income tax benefit, net of effect on federal taxes | -5 | % | |||
Increase in valuation allowance | 39 | % | |||
Income tax expense | — | ||||
Going_Concern_Details_Narrativ
Going Concern (Details Narrative) (USD $) | Sep. 30, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
working capital | ($67,397) |
accumulated deficit | ($155,727) |
Note_Payable_Details_Narrative
Note Payable (Details Narrative) (USD $) | Sep. 30, 2014 |
Notes to Financial Statements | ' |
Note Payable, Related Party | $0 |
Note Payable | $54,653 |
Equity_Details_Narrative
Equity (Details Narrative) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Notes to Financial Statements | ' |
Authorized Shares Common Stock | 200,000,000 |
par value common stock shares | $0.00 |
Common Stock, Issued | 10,128,600 |
Preferred stock shares authorized | 5,000,000 |
preferred stock par value | $0.00 |
Preferred Stock, Issued | 0 |
Shares issued for services | 7,750,000 |
Shares issued for services value | $72,500 |
Shares issued for cash | 2,378,600 |
Shares issued for cash value | $100,325 |
Income_Taxes_Deferred_tax_asse
Income Taxes - Deferred tax asset table (Details) (USD $) | Sep. 30, 2014 |
Income Tax Disclosure [Abstract] | ' |
Net operating tax carryforwards | $60,734 |
Other deffered tax assets | 0 |
Gross deferred tax assets | 60,734 |
Valuation allowance | -60,734 |
Net deferred tax assets | $0 |
Income_Taxes_Tax_rate_provisio
Income Taxes - Tax rate provision table (Details) | 12 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income tax benefit at federal statutory rate | 34.00% |
State income tax benefit, net of effect on federal taxes | 5.00% |
Increase in tax rate valuation allowance | 39.00% |
Income tax expense | 0.00% |
Income_Taxes_Details_Narrative
Income Taxes (Details Narrative) (USD $) | 12 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
operating loss carry forward | $155,727 |
federal statutory rate | 34.00% |
state statutory tax rate | 5.00% |