Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Feb. 28, 2019 | Apr. 12, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | VISIBER57 CORP. | |
Entity Central Index Key | 0001627041 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 5,280,000 | |
Entity Trading Symbol | VCOR | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2019 |
Balance Sheets
Balance Sheets - USD ($) | Feb. 28, 2019 | Aug. 31, 2018 |
CURRENT ASSETS: | ||
Prepaid expenses | $ 9,660 | $ 14,163 |
Total Current Assets | 9,660 | 14,163 |
TOTAL ASSETS | 9,660 | 14,163 |
CURRENT LIABILITIES: | ||
Accounts payable | 4,138 | 3,200 |
Due to related party | 195,516 | 163,607 |
Total Current Liabilities | 199,654 | 166,807 |
TOTAL LIABILITIES | 199,654 | 166,807 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at February 28, 2019 and August 31, 2018 | ||
Common stock, $0.0001 par value, authorized: 425,000,000 shares 5,280,000 shares issued and outstanding at February 28, 2019 and August 31, 2018 | 528 | 528 |
Additional paid-in capital | 23,972 | 23,972 |
Accumulated deficit | (214,494) | (177,144) |
TOTAL STOCKHOLDERS' DEFICIT | (189,994) | (152,644) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 9,660 | $ 14,163 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Feb. 28, 2019 | Aug. 31, 2018 |
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 | ||
Preferred stock, shares outstanding | ||
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 | 5,280,000 |
Common stock, shares outstanding | 5,280,000 | 5,280,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
OPERATING EXPENSES: | ||||
Professional fees | $ 9,538 | $ 14,300 | $ 28,338 | $ 33,100 |
General and administrative expense | 4,575 | 5,312 | 9,012 | 8,567 |
Total Operating Expenses | 14,113 | 19,612 | 37,350 | 41,667 |
LOSS BEFORE INCOME TAX | (14,113) | (19,612) | (37,350) | (41,667) |
INCOME TAX EXPENSE | ||||
NET LOSS | $ (14,113) | $ (19,612) | $ (37,350) | $ (41,667) |
BASIC AND DILUTED LOSS PER COMMON SHARE: | ||||
Net loss per common shares - basic and diluted | $ (0.01) | $ (0.01) | ||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||
Basic and diluted | 5,280,000 | 5,280,000 | 5,280,000 | 5,280,000 |
Statement of Changes In Stockho
Statement of Changes In Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Aug. 31, 2017 | $ 528 | $ 23,972 | $ (99,734) | $ (75,234) | |
Balance, shares at Aug. 31, 2017 | 5,280,000 | ||||
Net loss | (22,055) | (22,055) | |||
Balance at Nov. 30, 2017 | $ 528 | 23,972 | (121,789) | (97,289) | |
Balance, shares at Nov. 30, 2017 | 5,280,000 | ||||
Balance at Aug. 31, 2017 | $ 528 | 23,972 | (99,734) | (75,234) | |
Balance, shares at Aug. 31, 2017 | 5,280,000 | ||||
Net loss | (41,667) | ||||
Balance at Feb. 28, 2018 | $ 528 | 23,972 | (141,401) | (116,901) | |
Balance, shares at Feb. 28, 2018 | 5,280,000 | ||||
Balance at Nov. 30, 2017 | $ 528 | 23,972 | (121,789) | (97,289) | |
Balance, shares at Nov. 30, 2017 | 5,280,000 | ||||
Net loss | (19,612) | (19,612) | |||
Balance at Feb. 28, 2018 | $ 528 | 23,972 | (141,401) | (116,901) | |
Balance, shares at Feb. 28, 2018 | 5,280,000 | ||||
Balance at Aug. 31, 2018 | $ 528 | 23,972 | (177,144) | (152,644) | |
Balance, shares at Aug. 31, 2018 | 5,280,000 | ||||
Net loss | (23,237) | (23,237) | |||
Balance at Nov. 30, 2018 | $ 528 | 23,972 | (200,381) | (175,881) | |
Balance, shares at Nov. 30, 2018 | 5,280,000 | ||||
Balance at Aug. 31, 2018 | $ 528 | 23,972 | (177,144) | (152,644) | |
Balance, shares at Aug. 31, 2018 | 5,280,000 | ||||
Net loss | (37,350) | ||||
Balance at Feb. 28, 2019 | $ 528 | 23,972 | (214,494) | (189,994) | |
Balance, shares at Feb. 28, 2019 | 5,280,000 | ||||
Balance at Nov. 30, 2018 | $ 528 | 23,972 | (200,381) | (175,881) | |
Balance, shares at Nov. 30, 2018 | 5,280,000 | ||||
Net loss | (14,113) | (14,113) | |||
Balance at Feb. 28, 2019 | $ 528 | $ 23,972 | $ (214,494) | $ (189,994) | |
Balance, shares at Feb. 28, 2019 | 5,280,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2019 | Nov. 30, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net loss | $ (14,113) | $ (23,237) | $ (19,612) | $ (22,055) | $ (37,350) | $ (41,667) |
Changes in operating assets and liabilities: | ||||||
Prepaid expenses | 8,828 | 7,562 | ||||
Accounts payable | 28,522 | 34,105 | ||||
NET CASH USED IN OPERATING ACTIVITIES | ||||||
NET DECREASE IN CASH | ||||||
CASH AND CASH EQUIVALENTS - beginning of period | ||||||
CASH AND CASH EQUIVALENTS - end of period | ||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||
Interest | ||||||
Income taxes | ||||||
NON-CASH TRANSACTIONS: | ||||||
Prepayment made by related party | 4,325 | 14,325 | ||||
Operating expenses paid by related party | $ 27,584 | $ 30,279 |
Organization and Nature of Oper
Organization and Nature of Operations | 6 Months Ended |
Feb. 28, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Operations | NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS VISIBER57 Corp. (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 Company’s then 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 Company’s common stock. The shares acquired represented 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. On March 23, 2017, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to change its name to VISIBER57 CORP. and its trading symbol to “VCOR” with an effective date of April 11, 2017 in order to expand its business and rebrand its identity. 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 | 6 Months Ended |
Feb. 28, 2019 | |
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 The accompanying unaudited 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. Going concern These unaudited 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 unaudited financial statements, the Company had a net loss of $37,350 and $41,667 for the six months ended February 28, 2019 and 2018, respectively. The working capital deficit was $189,994 as of February 28, 2019. The net cash used in operating activities was $0 for both six months ended February 28, 2019 and 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of this report. 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 unaudited 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. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Feb. 28, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 – RELATED PARTY TRANSACTIONS During the six months ended February 28, 2019 and 2018, 57 Society, a Company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $27,584 and $30,279, of operating expenses, respectively, and made $4,325 and $14,325 prepayment, respectively, on behalf of the Company. As of February 28, 2019 and August 31, 2018, the Company had an outstanding payable to 57 Society in the amount of $195,516 and $163,607, respectively. The payable is unsecured, does not bear interest and is due on demand. The Company’s 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. |
Basis of Presentation, Going _2
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying unaudited 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. |
Going Concern | Going concern These unaudited 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 unaudited financial statements, the Company had a net loss of $37,350 and $41,667 for the six months ended February 28, 2019 and 2018, respectively. The working capital deficit was $189,994 as of February 28, 2019. The net cash used in operating activities from was $0 for both six months ended February 28, 2019 and 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern for twelve months from the issuance of this report. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. These unaudited financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) - Mark W. DeFoor [Member] - Share Purchase Agreement [Member] | Aug. 12, 2016shares |
Number of shares issued | 5,000,000 |
Shares acquired percentage | 94.70% |
Basis of Presentation, Going _3
Basis of Presentation, Going Concern and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Feb. 28, 2019 | Nov. 30, 2018 | Feb. 28, 2018 | Nov. 30, 2017 | Feb. 28, 2019 | Feb. 28, 2018 | |
Accounting Policies [Abstract] | ||||||
Net loss | $ 14,113 | $ 23,237 | $ 19,612 | $ 22,055 | $ 37,350 | $ 41,667 |
Working capital deficit | $ 189,994 | 189,994 | ||||
Net cash used in operating activities |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Aug. 31, 2018 | |
Prepayment made by related party | $ 4,325 | $ 14,325 | |
Due to related party | 195,516 | $ 163,607 | |
57 Society [Member] | Choong Jeng Hew [Member] | |||
Paid of related party expenses | 27,584 | 30,279 | |
Prepayment made by related party | $ 4,325 | $ 14,325 |