Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Apr. 30, 2015 | Jun. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | BRIDGEWATER PLATFORMS INC. | |
Entity Central Index Key | 1623360 | |
Trading Symbol | brid | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 8,333,346 | |
Document Type | 10-Q | |
Document Period End Date | 30-Apr-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Current Assets | ||
Cash | $44,279 | $4,925 |
Accounts receivable | 3,755 | |
TOTAL ASSETS | 48,034 | 4,925 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 2,713 | 4,291 |
TOTAL LIABILITIES | 2,713 | 4,291 |
STOCKHOLDERS' EQUITY | ||
Common stock, par value $0.001, 75,000,000 shares authorized, 8,333,346 and 2,500, 000 shares issued and outstanding, respectively | 8,333 | 2,500 |
Additional paid-in capital | 60,237 | 2,500 |
Accumulated deficit | -23,035 | -4,366 |
Accumulated other comprehensive loss | -214 | |
TOTAL STOCKHOLDERS' EQUITY | 45,321 | 634 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $48,034 | $4,925 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 8,333,346 | 2,500,000 |
Common stock, shares outstanding | 8,333,346 | 2,500,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2015 | Apr. 30, 2015 | |
Income Statement [Abstract] | ||
REVENUES | $3,844 | $12,693 |
COST OF GOODS SOLD | 1,762 | 5,491 |
GROSS PROFIT | 2,082 | 7,202 |
OPERATING EXPENSES | ||
General and administrative | 4,612 | 9,685 |
Professional fees | 4,786 | 16,186 |
Total Operating Expenses | 9,398 | 25,871 |
LOSS BEFORE INCOME TAXES | -7,316 | -18,669 |
Provision for income taxes | ||
NET LOSS | -7,316 | -18,669 |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustments | 420 | -214 |
TOTAL COMPREHENSIVE LOSS | ($6,896) | ($18,883) |
Basic and Diluted Loss per Common Share (in dollars per share) | $0 | $0 |
Basic and Diluted Weighted Average Common Shares Outstanding (in shares) | 5,037,453 | 4,499,390 |
Statements_of_Stockholders_Equ
Statements of Stockholders' Equity (Unaudited) (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total |
Balance at Jul. 31, 2014 | $2,500 | $2,500 | ($4,366) | $634 | |
Balance (in shares) at Jul. 31, 2014 | 2,500,000 | 2,500,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common shares issued for cash at $0.002 per share | 2,500 | 2,500 | 5,000 | ||
Common shares issued for cash at $0.002 per share (in shares) | 2,500,000 | ||||
Common shares issued for cash at $0.015 per share | 3,333 | 46,667 | 50,000 | ||
Common shares issued for cash at $0.015 per share (in shares) | 3,333,346 | ||||
Contributed Services | 8,570 | 8,570 | |||
Net loss | -18,669 | -18,669 | |||
Foreign currency translation adjustments | -214 | -214 | |||
Balance at Apr. 30, 2015 | $8,333 | $60,237 | ($23,035) | ($214) | $45,321 |
Balance (in shares) at Apr. 30, 2015 | 8,333,346 | 8,333,346 |
Statements_of_Stockholders_Equ1
Statements of Stockholders' Equity (Unaudited) (Parentheticals) (USD $) | Apr. 30, 2015 |
Statement of Stockholders' Equity [Abstract] | |
Common shares issued price per share | $0.00 |
Common shares issued price per share | $0.02 |
Consolidated_Statement_of_Cash
Consolidated Statement of Cash Flows (Unaudited) (USD $) | 9 Months Ended |
Apr. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
Net loss | ($18,669) |
Adjustments to reconcile net loss to net cash from operating activities: | |
Contributed services | 8,570 |
Changes in operating assets and liabilities: | |
Accounts receivable | -3,755 |
Accounts payable and accrued liabilities | -1,578 |
Net cash used in operating activities | -15,432 |
CASH FLOWS FROM FINANCING ACTIVITIES | |
Issuance of common stock for cash | 55,000 |
Net cash provided by financing activities | 55,000 |
Effects on changes in foreign exchange rate | -214 |
Net increase in cash and cash equivalents | 39,354 |
Cash and cash equivalents - beginning of period | 4,925 |
Cash and cash equivalents - end of period | 44,279 |
Supplemental Cash Flow Disclosures | |
Cash paid for interest | |
Cash paid for income taxes |
ORGANIZATION_AND_DESCRIPTION_O
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Apr. 30, 2015 | |
Organization And Description Of Business [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS |
Bridgewater Platforms Inc. (the "Company") is a Nevada corporation incorporated on May 6, 2014. It is based in Las Vegas, NV, USA, and the Company's fiscal year end is July 31. | |
On May 20, 2014, the Company incorporated its wholly owned Canadian subsidiary, Bridgewater Construction Ltd. in Etobicoke, Ontario. | |
The Company intends to develop a modular pool-covering system to install a secure platform each fall that can be walked on and used for whatever purpose the homeowner desires. Each platform will be custom-made from sturdy recycled materials, and when not in use, the company will come back each spring, dissemble, and store the platform at its own secure facility. To date, the Company's activities have been limited to provide construction service to local residents, its formation and the raising of equity capital. | |
The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||
Apr. 30, 2015 | |||
Accounting Policies [Abstract] | |||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Basis of Presentation | |||
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. | |||
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | |||
Basis of Consolidation | |||
These financial statements include the accounts of the Company and its wholly-owned subsidiary, Bridgewater Construction Ltd., All material intercompany balances and transactions have been eliminated. | |||
Foreign Currency Translation and Re-measurement | |||
The Company's functional and reporting currency is the U.S. dollar. The Company's subsidiary's functional currency is the Canadian dollar. All transactions initiated in Canadian dollars are translated into U.S. dollars in accordance with ASC 830-30, "Translation of Financial Statements," as follows: | |||
i) | Monetary assets and liabilities at the rate of exchange in effect at the balance sheet date. | ||
ii) | Non-monetary assets and liabilities and equity at historical rates. | ||
iii) | Revenue and expense items at the average rate of exchange prevailing during the period. | ||
Adjustments arising from such translations are deferred until realization and are included as a separate component of stockholders' equity as a component of comprehensive income or loss. Therefore, translation adjustments are not included in determining net income (loss) but reported as other comprehensive income. | |||
For foreign currency transactions, the Company translates these amounts to the Company's functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income for the period. $214 other comprehensive losses were recorded during the nine months ended April 30, 2015. | |||
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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $44,279 and $4,925 cash at April 30, 2015 and July 31, 2014, respectively. | |||
Accounts Receivable | |||
The Company's accounts receivable consists of trade receivables from customers. The Company evaluates the collectability of its accounts receivable on an on-going basis and write off the amount when it is considered to be uncollectible. The Company does not have allowance for doubtful accounts. As at April 30, 2015 and July 31, 2014, the Company had $3,755 and $0 in accounts receivable, respectively. | |||
Financial Instruments | |||
The Company follows ASC 820, "Fair Value Measurements and Disclosures", which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||
The three levels of the fair value hierarchy are described below: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
Concentrations of Credit Risk | |||
The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company evaluates the collectability of its accounts receivable on an on-going basis and request deposits whenever it is necessary. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | |||
Revenue Recognition | |||
The Company will recognize revenue from the sale of products and services in accordance with ASC 605,"Revenue Recognition." The Company will recognize revenue only when all of the following criteria have been met: | |||
i) | Persuasive evidence for an agreement exists; | ||
ii) | Service has been provided; | ||
iii) | The fee is fixed or determinable; and, | ||
iv) | Collection is reasonably assured. | ||
Start-Up Costs | |||
In accordance with ASC 720, "Start-up Costs", the Company expenses all costs incurred in connection with the start-up and organization of the Company. | |||
Share-based Expenses | |||
ASC 718 "Compensation – Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity – Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||
There were no share-based expenses for the period ended April 30, 2015. | |||
Deferred Income Taxes and Valuation Allowance | |||
The Company accounts for income taxes under ASC 740 "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at April 30, 2015 and July 31, 2014. | |||
Net Loss Per Share of Common Stock | |||
The Company has adopted ASC Topic 260, "Earnings per Share," ("EPS") which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. | |||
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | |||
Related Parties | |||
The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions. See Note 6. | |||
Commitments and Contingencies | |||
The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of April 30, 2015. | |||
Recent Accounting Pronouncements | |||
Management has considered all recent accounting pronouncements issued since and their potential effect on our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. |
GOING_CONCERN
GOING CONCERN | 9 Months Ended |
Apr. 30, 2015 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 -GOING CONCERN |
The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established an ongoing source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability to continue as a going concern. | |
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management's plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. | |
There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
EQUITY
EQUITY | 9 Months Ended |
Apr. 30, 2015 | |
Equity [Abstract] | |
EQUITY | NOTE 4 - EQUITY |
Authorized Stock | |
The Company has authorized 75,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. | |
Common Shares | |
On May 6, 2014, the Company issued 2,500,000 common shares to an officer and director at $0.002 per share for $5,000 cash. | |
On September 26, 2014, the Company issued 2,500,000 common shares to an officer and director at $0.002 per share for $5,000 cash. | |
On April 30, 2015, the Company issued 3,333,346 common shares to 29 unaffiliated investors at $0.015 per share for $50,000 through the Company's initial public offering. The Company's initial public offering was closed on June 8, 2015 and no additional funds will be raised from this initial offering. | |
Other | |
During the nine months ending April 30, 2015, the officers of the Company contributed services valued at $8,570, recognized as contributed capital and expense. |
PROVISION_FOR_INCOME_TAXES
PROVISION FOR INCOME TAXES | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
PROVISION FOR INCOME TAXES | NOTE 5 -PROVISION FOR INCOME TAXES | ||||||||
The Company provides for income taxes under ASC 740, "Income Taxes". ASC 740 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 basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. It also 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. | |||||||||
The Company is subject to taxation in the United States and certain state jurisdictions. | |||||||||
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net loss before provision for income taxes for the following reasons: | |||||||||
Nine Months Ended | |||||||||
30-Apr-15 | |||||||||
Income tax expense at statutory rate | $ | (6,348 | ) | ||||||
Valuation allowance | 6,348 | ||||||||
Income tax expense | $ | - | |||||||
Net deferred tax assets consist of the following components as of: | |||||||||
30-Apr-15 | 31-Jul-14 | ||||||||
NOL Carryover | $ | (7,832 | ) | $ | 1,484 | ||||
Valuation allowance | 7,832 | (1,484 | ) | ||||||
Net deferred tax asset | $ | - | $ | - | |||||
Due to the change in ownership provisions of the Income Tax laws of United States of America, net operating loss carry forwards of approximately $23,035, which expire commencing in fiscal 2032, for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS |
On May 6, 2014, the company issued 2,500,000 shares to an officer and director at $0.002 per are for $5,000 cash. | |
On September 26, 2014, the company issued 2,500,000 shares to an officer and director at $0.002 per are for $5,000 cash. | |
The Company does not have employment contracts with its key employees, who are the controlling shareholders and are officers and directors of the Company. The Company is estimating the cost of services and labor provided to the Company in the production of its revenue and administrative costs. Expense is calculated based on a normalized salary, allocated to the time provided to the Company. The computation has been allocated to the production costs and administrative services provided, in the amount of $3,330 and $5,670 for the nine months ended April 30, 2015, respectively. These amounts may change significantly as business expands. The total services of $9,000, for the nine months ended April 30, 2015, $430 was paid to the officer and $8,570 was contributed by the officers and recognized as a contribution to equity. | |
The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the officers and directors of the Company to use at no charge. | |
The amounts and terms of the above transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES |
The Company has no commitments or contingencies as at April 30, 2015 and July 31, 2014. | |
From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that it is adequately insured for its operations and there are no current matters that would have a material effect on the Company's financial position or results of operations. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||
Apr. 30, 2015 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation | Basis of Presentation | ||
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. | |||
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | |||
Basis of Consolidation | Basis of Consolidation | ||
These financial statements include the accounts of the Company and its wholly-owned subsidiary, Bridgewater Construction Ltd., All material intercompany balances and transactions have been eliminated. | |||
Foreign Currency Translation and Re-measurement | Foreign Currency Translation and Re-measurement | ||
The Company's functional and reporting currency is the U.S. dollar. The Company's subsidiary's functional currency is the Canadian dollar. All transactions initiated in Canadian dollars are translated into U.S. dollars in accordance with ASC 830-30, "Translation of Financial Statements," as follows: | |||
i) | Monetary assets and liabilities at the rate of exchange in effect at the balance sheet date. | ||
ii) | Non-monetary assets and liabilities and equity at historical rates. | ||
iii) | Revenue and expense items at the average rate of exchange prevailing during the period. | ||
Adjustments arising from such translations are deferred until realization and are included as a separate component of stockholders' equity as a component of comprehensive income or loss. Therefore, translation adjustments are not included in determining net income (loss) but reported as other comprehensive income. | |||
For foreign currency transactions, the Company translates these amounts to the Company's functional currency at the exchange rate effective on the invoice date. If the exchange rate changes between the time of purchase and the time actual payment is made, a foreign exchange transaction gain or loss results which is included in determining net income for the period. $214 other comprehensive losses were recorded during the nine months ended April 30, 2015. | |||
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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||
Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had $44,279 and $4,925 cash at April 30, 2015 and July 31, 2014, respectively. | |||
Accounts Receivable | Accounts Receivable | ||
The Company's accounts receivable consists of trade receivables from customers. The Company evaluates the collectability of its accounts receivable on an on-going basis and write off the amount when it is considered to be uncollectible. The Company does not have allowance for doubtful accounts. As at April 30, 2015 and July 31, 2014, the Company had $3,755 and $0 in accounts receivable, respectively. | |||
Financial Instruments | Financial Instruments | ||
The Company follows ASC 820, "Fair Value Measurements and Disclosures", which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||
The three levels of the fair value hierarchy are described below: | |||
Level 1 | |||
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. | |||
Level 2 | |||
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. | |||
Level 3 | |||
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. | |||
Concentrations of Credit Risk | Concentrations of Credit Risk | ||
The Company's financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company evaluates the collectability of its accounts receivable on an on-going basis and request deposits whenever it is necessary. The Company's management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | |||
Revenue Recognition | Revenue Recognition | ||
The Company will recognize revenue from the sale of products and services in accordance with ASC 605,"Revenue Recognition." The Company will recognize revenue only when all of the following criteria have been met: | |||
i) | Persuasive evidence for an agreement exists; | ||
ii) | Service has been provided; | ||
iii) | The fee is fixed or determinable; and, | ||
iv) | Collection is reasonably assured. | ||
Start-Up Costs | Start-Up Costs | ||
In accordance with ASC 720, "Start-up Costs", the Company expenses all costs incurred in connection with the start-up and organization of the Company. | |||
Share-based Expenses | Share-based Expenses | ||
ASC 718 "Compensation – Stock Compensation" prescribes accounting and reporting standards for all share-based payment transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). | |||
The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, "Equity – Based Payments to Non-Employees." Measurement of share-based payment transactions with non-employees is based on the fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance completion date. | |||
There were no share-based expenses for the period ended April 30, 2015. | |||
Deferred Income Taxes and Valuation Allowance | Deferred Income Taxes and Valuation Allowance | ||
The Company accounts for income taxes under ASC 740 "Income Taxes." Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as at April 30, 2015 and July 31, 2014. | |||
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock | ||
The Company has adopted ASC Topic 260, "Earnings per Share," ("EPS") which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. | |||
The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. | |||
Related Parties | Related Parties | ||
The Company follows ASC 850, "Related Party Disclosures," for the identification of related parties and disclosure of related party transactions. See Note 6. | |||
Commitments and Contingencies | Commitments and Contingencies | ||
The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of April 30, 2015. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||
Management has considered all recent accounting pronouncements issued since and their potential effect on our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's consolidated financial statements. |
PROVISION_FOR_INCOME_TAXES_Tab
PROVISION FOR INCOME TAXES (Tables) | 9 Months Ended | ||||||||
Apr. 30, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of provision for income taxes | Nine Months Ended | ||||||||
30-Apr-15 | |||||||||
Income tax expense at statutory rate | $ | (6,348 | ) | ||||||
Valuation allowance | 6,348 | ||||||||
Income tax expense | $ | - | |||||||
Schedule of components of net deferred tax assets | 30-Apr-15 | 31-Jul-14 | |||||||
NOL Carryover | $ | (7,832 | ) | $ | 1,484 | ||||
Valuation allowance | 7,832 | (1,484 | ) | ||||||
Net deferred tax asset | $ | - | $ | - |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2015 | Jul. 31, 2014 | |
Accounting Policies [Abstract] | |||
Other comprehensive losses | $420 | ($214) | |
Cash | 44,279 | 44,279 | 4,925 |
Accounts receivable | $3,755 | $3,755 |
EQUITY_Detail_Textuals
EQUITY (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | |
Apr. 30, 2015 | 6-May-14 | Sep. 26, 2014 | Jul. 31, 2014 | |
Stockholders Equity Note [Line Items] | ||||
Common stock, shares authorized (in shares) | 75,000,000 | 75,000,000 | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 | ||
Common stock, voting rights | One vote | |||
Stock issued for cash value | $5,000 | |||
Contributed capital and expense | 8,570 | |||
Common Stock | Officer And Director | ||||
Stockholders Equity Note [Line Items] | ||||
Shares issued for cash (in shares) | 2,500,000 | 2,500,000 | ||
Stock issued per share amount (in dollars per share) | $0.00 | $0.00 | ||
Stock issued for cash value | 5,000 | 5,000 | ||
Common Stock | Unaffiliated investors | ||||
Stockholders Equity Note [Line Items] | ||||
Shares issued for cash (in shares) | 3,333,346 | |||
Stock issued per share amount (in dollars per share) | $0.02 | |||
Stock issued for cash value | $50,000 | |||
Number of unaffiliated investor | 29 |
PROVISION_FOR_INCOME_TAXES_Det
PROVISION FOR INCOME TAXES (Details) (USD $) | 3 Months Ended | 9 Months Ended |
Apr. 30, 2015 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at statutory rate | ($6,348) | |
Valuation allowance | 6,348 | |
Income tax expense |
PROVISION_FOR_INCOME_TAXES_Det1
PROVISION FOR INCOME TAXES (Details 1) (USD $) | Apr. 30, 2015 | Jul. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
NOL Carryover | ($7,832) | $1,484 |
Valuation allowance | 7,832 | -1,484 |
Net deferred tax asset |
PROVISION_FOR_INCOME_TAXES_Det2
PROVISION FOR INCOME TAXES (Detail Textuals) (USD $) | 9 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Statutory federal income tax rate | 34.00% |
Net operating loss carry forwards | $23,035 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended |
Apr. 30, 2015 | 6-May-14 | Sep. 26, 2014 | |
Related Party Transaction [Line Items] | |||
Recognized as contribution to equity | $8,570 | ||
Stock issued for cash value | 5,000 | ||
Production costs | 3,330 | ||
Administrative services | 5,670 | ||
Total services | 9,000 | ||
Officer | |||
Related Party Transaction [Line Items] | |||
Payment to officer | 430 | ||
Recognized as contribution to equity | 8,570 | ||
Common Stock | Officer And Director | |||
Related Party Transaction [Line Items] | |||
Shares issued for cash (in shares) | 2,500,000 | 2,500,000 | |
Stock issued per share amount (in dollars per share) | $0.00 | $0.00 | |
Stock issued for cash value | $5,000 | $5,000 |