Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2016 | Dec. 12, 2016 | Feb. 29, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | eBizware, Inc. | ||
Entity Central Index Key | 1,627,041 | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --08-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 5,280,000 | ||
Entity Trading Symbol | EBZW | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
CURRENT ASSETS | ||
Cash | $ 8,917 | |
Accounts receivable - related party - discontinued operations | 15,000 | |
Prepaid expenses | 8,333 | |
Total Current Assets | 8,333 | 23,917 |
TOTAL ASSETS | 8,333 | 23,917 |
CURRENT LIABILITIES | ||
Accounts payable | 3,060 | 6,529 |
Accounts payable - related party | 1,478 | |
Accounts payable - related party - discontinued operations | 17,500 | |
Due to related party | 3,981 | |
Total Current Liabilities | 7,041 | 25,507 |
TOTAL LIABILIITES | 7,041 | 25,507 |
STOCKHOLDERS' EQUITY (deficit) | ||
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at August 31, 2016 and 2015 | ||
Common stock, $0.0001 par value, authorized: 425,000,000 shares 5,280,000 and 5,065,000 shares issued and outstanding at August 31, 2016 and 2015 | 528 | 507 |
Additional paid-in capital | 23,972 | 3,243 |
Accumulated deficit | (23,208) | (5,340) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 1,292 | (1,590) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 8,333 | $ 23,917 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2016 | Aug. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 75,000,000 | 75,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 425,000,000 | 425,000,000 |
Common stock, shares issued | 5,280,000 | 5,065,000 |
Common stock, shares outstanding | 5,280,000 | 5,065,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
OPERATING EXPENSES | ||
Professional fees | $ 31,690 | $ 27,749 |
General and administrative expense | 7,893 | 4,549 |
Total Operating Expenses | 39,583 | 32,298 |
LOSS BEFORE INCOME TAX | (39,583) | (32,298) |
INCOME TAX EXPENSE | ||
LOSS FROM CONTINUING OPERATIONS | (39,583) | (32,298) |
DISCONTINUED OPERATIONS: | ||
Income from discontinued operations, net of tax | 21,715 | 27,500 |
NET LOSS | $ (17,868) | $ (4,798) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE: | ||
Loss from continuing operations | $ (0.01) | $ (0.01) |
Income from discontinued operations | 0 | 0.01 |
Net loss per common shares - basic and diluted | $ (0.01) | $ 0 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic and diluted | 5,274,713 | 5,000,753 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Aug. 31, 2014 | $ 500 | $ (542) | $ (42) | ||
Balance, shares at Aug. 31, 2014 | 5,000,000 | ||||
Issuance of common stock for cash | $ 7 | 3,243 | $ 3,250 | ||
Issuance of common stock for cash, shares | 65,000 | 10,000 | |||
Capital contribution from stockholder | |||||
Net loss | (4,798) | (4,798) | |||
Balance at Aug. 31, 2015 | $ 507 | 3,243 | (5,340) | (1,590) | |
Balance, shares at Aug. 31, 2015 | 5,065,000 | ||||
Issuance of common stock for cash | $ 21 | 10,729 | 10,750 | ||
Issuance of common stock for cash, shares | 215,000 | ||||
Capital contribution from stockholder | 10,000 | 10,000 | |||
Net loss | (17,868) | (17,868) | |||
Balance at Aug. 31, 2016 | $ 528 | $ 23,972 | $ (23,208) | $ 1,292 | |
Balance, shares at Aug. 31, 2016 | 5,280,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (17,868) | $ (4,798) |
Changes in operating assets and liabilities: | ||
Accounts receivable - related party - discontinued operations | 15,000 | (15,000) |
Prepaid expenses | 1,667 | |
Accounts payable | 15,362 | 6,529 |
Accounts payable - related party - discontinued operations | (17,500) | 17,500 |
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (3,339) | 4,231 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of common stock | 10,750 | 3,250 |
Proceeds from related party | 2,000 | 936 |
Repayments to related party | (18,328) | |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (5,578) | 4,186 |
NET (DECREASE) INCREASE IN CASH | (8,917) | 8,417 |
CASH AND EQUIVALENTS - beginning of year | 8,917 | 500 |
CASH AND EQUIVALENTS - end of year | 8,917 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | ||
Income taxes | ||
NON-CASH TRANSACTIONS: | ||
Prepayment made by related party | 10,000 | |
Operating expenses paid by related party | 18,831 | |
Forgiveness of related party payables | $ 10,000 |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Aug. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | NOTE 1 - ORGANIZATION AND NATURE OF OPERATIONS eBizware Inc. (the Company), was incorporated in the State of Delaware on December 31, 2013 and established a fiscal year end of August 31. The Company was engaged in the electronic management and appointment of licensed producers in the insurance industry of the United States. On August 12, 2016, in connection with the sale of a controlling interest in the Company, Mark W. DeFoor (the Seller), the Companys Chief Executive Officer and Director entered into and closed on a Share Purchase Agreement (the Agreement) with 57 Society International Limited, (57 Society), a Hong Kong company, whereby 57 Society purchased from the Seller a total of 5,000,000 shares of the Companys common stock. The Shares acquired represent approximately 94.70% of the issued and outstanding shares of common stock of the Company. Following the closing of the agreement, Mark W. DeFoor resigned from all positions held of the Company and Choong Jeng Hew was appointed as the Chief Executive Officer and President of the Company. The Company then ceased its activities in the electronic management and appointment of licensed producers in the insurance industry and abandoned that business model. The Company is currently seeking new business opportunities or acquisitions. |
Basis of Presentation, Going Co
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies | NOTE 2 BASIS OF PRESENTATION, GOING CONCERN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Discontinued Operations The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission. On August 12, 2016, in connection with the Agreement discussed in Note 1, the Company discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the Companys assets and liabilities related to this business have been classified on the balance sheets as assets and liabilities of discontinued operations as of August 31, 2016 and 2015. The operating results of this business have been classified as discontinued operations in our statements of operations for all years presented. Unless otherwise indicated, all disclosures and amounts in the notes to the financial statements relate to the Companys continuing operations. Going concern These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a net loss from continuing operations of $39,583 for the year ended August 31, 2016. The net cash used in operating activities from continuing operations was $22,554 for the year ended August 31, 2016. Additionally, the Company discontinued its operating business and is seeking new business opportunities and acquisitions. These factors raise substantial doubt about the Companys ability to continue as a going concern. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Fair value of financial instruments and fair value measurements The Company adopted the guidance of Accounting Standards Codification (ASC) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Inputs are unobservable inputs which reflect the reporting entitys own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheet for cash, prepaid expenses, and accounts payable approximate their fair market value based on the short-term maturity of these instruments. The Company did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of August 31, 2016 and 2015. Management believes it is not practical to estimate the fair value of related party payables and due to related party because the transactions cannot be assumed to have been consummated at arms length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. ASC 825-10 Financial Instruments Cash and cash equivalents Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at August 31, 2016 or 2015. Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the measurement date. The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Income taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 Uncertainty in Income Taxes Net loss per common share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. At August 31, 2016 and 2015, there were no outstanding common share equivalents. Recent Accounting Pronouncements There were various updates recently issued. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Aug. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 RELATED PARTY TRANSACTIONS Accounts payable - related party From time to time, the Company received advances from Mark DeFoor, the former Chief Exective Officer, for working capital purposes or for paying various vendors on behalf of the Company. The advances are non-interest bearing and are payable on demand. As of August 31, 2016 and 2015, the ending balance of accounts payable-related party is $0 and $18,978, respectively. As of August 31. 2015, the ending balance of accounts payable related party represents $1,478 owed to Mark DeFoor for expenses paid on behalf of the Company and $17,500 owed to simTracton LLC, a Company in which Mark DeFoor is a member, for web development services provided to the Company. $17,500 was reclassified to asset of discontinued operations due to the fact that the Company discontinued its business model as discussed in Note 2. For the year ended August 31, 2016, Mark DeFoor advanced $2,000 to the Company, and paid $14,850 operating expenses on behalf of the Company. During that period, the Company repaid $18,328 to Mark DeFoor with $0 due as of August 31, 2016. For the year ended August 31, 2016, the Company made payment of $17,500 to simTraction LLC and there was no balance due as of August 31, 2016. Due to related party For the year ended August 31, 2016, 57 Society, a company under the common control of Choong Jeng Hew, the Companys Chief Executive Officer, paid $3,981 operating expenses and made $10,000 prepayment on behalf of the Company. As of August 31, 2016, 57 Society forgave the $10,000 due to them related to prepayment and $10,000 was recorded in equity as an increase to additional paid-in capital. As of August 31, 2016, the Company had outstanding payable to 57 Society in the amount of $3,981. The payable is unsecured, does not bear interest and is due on demand. The Companys principal executive offices in Hong Kong, which it shares with its controlling shareholder, 57 Society, are furnished to the Company by 57 Society without any charge. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 12 Months Ended |
Aug. 31, 2016 | |
STOCKHOLDERS' EQUITY (deficit) | |
Stockholders' Equity (Deficit) | NOTE 4 STOCKHOLDERS EQUITY (DEFICIT) Common stock sold for cash On August 26, 2015, the Company issued 55,000 shares for $2,750 at a price of 0.05 per share. These shares were sold to relatives of the former President and CEO of the Company. On August 31, 2015, the Company issued 10,000 shares for $500 at a price of $0.05 per share. On September 10, 2015 the Company issued 215,000 shares of its common stock for $10,750 at a price of $0.05 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 5 INCOME TAXES The Company maintains deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets consist of net operating loss carryforward. The net deferred tax asset has been fully offset by a valuation allowance because of the Companys history of losses. August 31, 2016 August 31, 2015 Deferred Tax Assets: Net operating loss carryforward $ 6,765 $ 2,029 Total deferred tax assets before valuation allowance 6,765 2,029 Valuation allowance (6,765 ) (2,029 ) Net deferred tax assets $ $ The Company provided a valuation allowance equal to the deferred income tax assets for the periods ended August 31, 2016 and 2015 because it was not known whether future taxable income will be sufficient to utilize the loss carryforward. The Companys accumulated loss carryforward of $19,897 as of August 31, 2016 will expire in 2034. Additionally, the future utilization of the net operating loss carryforward to offset future taxable income may be subject to an annual limitation as a result of ownership changes that have occurred and could occur in the future. If necessary, the deferred tax assets will be reduced by any carryforward that expire prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Companys 2014, 2015 and 2016 Corporate Income Tax Returns are subject to Internal Revenue Service examination. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 6 - DISCONTINUED OPERATIONS The results of operation of the Companys discontinued business have been presented as a discontinued operations for the years ended August 31, 2016 and 2015. The following table provides the financial results included in income from discontinued operations during the periods presented: Year ended Year ended August 31, 2016 August 31, 2015 Revenue software revenue from related party $ 33,750 $ 45,000 Operating expenses (12,035 ) - Operating expenses related party - (17,500 ) Income tax expense - - Income from discontinued operation, net of tax $ 21,715 $ 27,500 The revenue shown above was solely from a related party customer. For the years ended August 31, 2016 and 2015, net cash flows provided by discontinued operations consisted of the following: Year ended Year ended August 31, 2016 August 31, 2015 Income from discontinued operations $ 21,715 $ 27,500 (Increase) decrease in accounts receivable - related party 15,000 (15,000 ) (Decrease) increase in accounts payable - related party (17,500 ) 17,500 Net cash flows provided by discontinued operations |
Basis of Presentation, Going 13
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Discontinued Operations | Basis of Presentation and Discontinued Operations The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the United States Securities and Exchange Commission. On August 12, 2016, in connection with the Agreement discussed in Note 1, the Company discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the Companys assets and liabilities related to this business have been classified on the balance sheets as assets and liabilities of discontinued operations as of August 31, 2016 and 2015. The operating results of this business have been classified as discontinued operations in our statements of operations for all years presented. Unless otherwise indicated, all disclosures and amounts in the notes to the financial statements relate to the Companys continuing operations. |
Going Concern | Going concern These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a net loss from continuing operations of $39,583 for the year ended August 31, 2016. The net cash used in operating activities from continuing operations was $22,554 for the year ended August 31, 2016. Additionally, the Company discontinued its operating business and is seeking new business opportunities and acquisitions. These factors raise substantial doubt about the Companys ability to continue as a going concern. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Use of Estimates | Use of estimates The preparation of the financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Fair Value of Financial Instruments and Fair Value Measurements | Fair value of financial instruments and fair value measurements The Company adopted the guidance of Accounting Standards Codification (ASC) 820 for fair value measurements which clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2 - Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3 - Inputs are unobservable inputs which reflect the reporting entitys own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheet for cash, prepaid expenses, and accounts payable approximate their fair market value based on the short-term maturity of these instruments. The Company did not have any non-financial assets or liabilities that are measured at fair value on a recurring basis as of August 31, 2016 and 2015. Management believes it is not practical to estimate the fair value of related party payables and due to related party because the transactions cannot be assumed to have been consummated at arms length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs. ASC 825-10 Financial Instruments |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at August 31, 2016 or 2015. |
Stock-based Compensation | Stock-based compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the consolidated financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the measurement date. The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. The Company initially records compensation expense based on the fair value of the award at the reporting date. |
Related Party | Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
Income Taxes | Income taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 Uncertainty in Income Taxes |
Net Loss Per Common Share | Net loss per common share Basic net loss per common share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. In periods where losses are reported, the weighted-average number of common stock outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive. At August 31, 2016 and 2015, there were no outstanding common share equivalents. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements There were various updates recently issued. None of the updates are expected to a have a material impact on the Company's financial position, results of operations or cash flows. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Asset | The net deferred tax asset has been fully offset by a valuation allowance because of the Companys history of losses. August 31, 2016 August 31, 2015 Deferred Tax Assets: Net operating loss carryforward $ 6,765 $ 2,029 Total deferred tax assets before valuation allowance 6,765 2,029 Valuation allowance (6,765 ) (2,029 ) Net deferred tax assets $ $ |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Aug. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Income From Discontinued Operations | The following table provides the financial results included in income from discontinued operations during the periods presented: Year ended Year ended August 31, 2016 August 31, 2015 Revenue software revenue from related party $ 33,750 $ 45,000 Operating expenses (12,035 ) - Operating expenses related party - (17,500 ) Income tax expense - - Income from discontinued operation, net of tax $ 21,715 $ 27,500 |
Schedule of Cash Flow From Discontinued Operations | For the years ended August 31, 2016 and 2015, net cash flows provided by discontinued operations consisted of the following: Year ended Year ended August 31, 2016 August 31, 2015 Income from discontinued operations $ 21,715 $ 27,500 (Increase) decrease in accounts receivable - related party 15,000 (15,000 ) (Decrease) increase in accounts payable - related party (17,500 ) 17,500 Net cash flows provided by discontinued operations |
Organization and Nature of Op16
Organization and Nature of Operations (Details Narrative) - Mark W. DeFoor [Member] - Share Purchase Agreement [Member] | Aug. 12, 2016shares |
Purchases of shares | 5,000,000 |
Shares acquired percentage | 94.70% |
Basis of Presentation, Going 17
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Accounting Policies [Abstract] | ||
Net loss from continuing operations | $ 39,583 | $ 32,298 |
Net cash used in operatings activities from continuing operations | 22,554 | |
Cash equivalents | ||
Number of common share outstanding equivalents |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Accounts payable - related parties | $ 0 | $ 18,978 |
Accounts payable - related party - discontinued operations | 17,500 | |
Proceeds from related party | 2,000 | 936 |
Repayments to related party | 18,328 | |
Equity increase to additional paid-in capital | 10,000 | |
Mark DeFoor [Member] | ||
Accounts payable - related parties | 1,478 | |
Proceeds from related party | 2,000 | |
Paid operating expenses on behalf of company | 14,850 | |
Repayments to related party | 18,328 | |
Due to related party | 0 | |
SimTracton LLC [Member] | ||
Accounts payable - related parties | $ 17,500 | |
Repayments to related party | 17,500 | |
Due to related party | 0 | |
Chief Executive Officer [Member] | ||
Paid operating expenses on behalf of company | 3,981 | |
Prepayment on behalf of company | 10,000 | |
57 Society [Member] | ||
Due to related party | 3,981 | |
Forgave amount | 10,000 | |
Equity increase to additional paid-in capital | $ 10,000 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | Sep. 10, 2015 | Aug. 26, 2015 | Aug. 31, 2016 | Aug. 31, 2015 |
STOCKHOLDERS' EQUITY (deficit) | ||||
Common stock shares issued | 215,000 | 55,000 | 10,000 | |
Common stock sold for cash, value | $ 10,750 | $ 2,750 | $ 10,750 | $ 3,250 |
Sale of stock price per share | $ 0.05 | $ 0.05 | $ 0.05 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Aug. 31, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Accumulated loss carryforward | $ 19,897 |
Accumulated loss carryforward expiration description | expire in 2034 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Asset (Details) - USD ($) | Aug. 31, 2016 | Aug. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 6,765 | $ 2,029 |
Total deferred tax assets before valuation allowance | 6,765 | 2,029 |
Valuation allowance | (6,765) | (2,029) |
Net deferred tax asset |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Income From Discountinued Operations (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenue - software revenue from related party | $ 33,750 | $ 45,000 |
Operating expenses | (12,035) | |
Operating expenses - related party | (17,500) | |
Income tax expense | ||
Income from discontinued operation, net of tax | $ 21,715 | $ 27,500 |
Discontinued Operations - Sch23
Discontinued Operations - Schedule of Cash Flow From Discountinued Operations (Details) - USD ($) | 12 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Income from discontinued operations | $ 21,715 | $ 27,500 |
(Increase) decrease in accounts receivable - related party | 15,000 | (15,000) |
(Decrease) increase in accounts payable - related party | (17,500) | 17,500 |
Net cash flows provided by discontinued operations | $ 19,215 | $ 30,000 |