Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2020 | Jan. 12, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | VISIBER57 CORP. | |
Entity Central Index Key | 0001627041 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 13,200,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Nov. 30, 2020 | Aug. 31, 2020 |
CURRENT ASSETS: | ||
Prepaid expenses | $ 10,667 | $ 2,330 |
Total Current Assets | 10,667 | 2,330 |
TOTAL ASSETS | 10,667 | 2,330 |
CURRENT LIABILITIES: | ||
Accounts payable | 6,285 | 5,285 |
Due to related party | 285,842 | 266,003 |
Total Current Liabilities | 292,127 | 271,288 |
TOTAL LIABILITIES | 292,127 | 271,288 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares no shares issued and outstanding at November 30, 2020 and August 31, 2020 | ||
Common stock, $0.0001 par value, authorized: 425,000,000 shares 13,200,000 shares issued and outstanding at November 30, 2020 and August 31, 2020 | 1,320 | 1,320 |
Additional paid-in capital | 23,180 | 23,180 |
Accumulated deficit | (305,960) | (293,458) |
TOTAL STOCKHOLDERS' DEFICIT | (281,460) | (268,958) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,667 | $ 2,330 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Nov. 30, 2020 | Aug. 31, 2020 |
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 | $ .0001 | $ 0.0001 |
Common stock, shares authorized | 425,000,000 | 425,000,000 |
Common stock, shares issued | 13,200,000 | 13,200,000 |
Common stock, shares outstanding | 13,200,000 | 13,200,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES: | ||
Professional fees | 7,800 | 12,100 |
General and administrative expense | 4,702 | 5,106 |
Total Operating Expenses | 12,502 | 17,206 |
LOSS BEFORE INCOME TAX | (12,502) | (17,206) |
INCOME TAX EXPENSE | ||
LOSS FROM CONTINUING OPERATIONS | (12,502) | (17,206) |
NET LOSS | $ (12,502) | $ (17,206) |
BASIC AND DILUTED LOSS PER COMMON SHARE: | ||
Net loss per common shares - basic and diluted | ||
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic and diluted | 13,200,000 | 13,200,000 |
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, 2019 | $ 1,320 | $ 23,180 | $ (245,970) | $ (221,470) | |
Balance, shares at Aug. 31, 2019 | 13,200,000 | ||||
Net loss | (17,206) | (17,206) | |||
Balance at Nov. 30, 2019 | $ 1,320 | 23,180 | (263,176) | (238,676) | |
Balance, shares at Nov. 30, 2019 | 13,200,000 | ||||
Balance at Aug. 31, 2020 | $ 1,320 | 23,180 | (293,458) | (268,958) | |
Balance, shares at Aug. 31, 2020 | 13,200,000 | ||||
Net loss | (12,502) | (12,502) | |||
Balance at Nov. 30, 2020 | $ 1,320 | $ 23,180 | $ (305,960) | $ (281,460) | |
Balance, shares at Nov. 30, 2020 | 13,200,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (12,502) | $ (17,206) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 4,663 | 4,497 |
Accounts payable | 7,839 | 12,709 |
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 | 13,000 | 1,665 |
Operating expenses paid by related party | $ 6,839 | $ 12,909 |
Organization and Nature of Oper
Organization and Nature of Operations | 3 Months Ended |
Nov. 30, 2020 | |
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. Effective on March 23, 2017, the Company changed its name to VISIBER57 CORP. and its trading symbol to “VCOR” effective April 11, 2017 in connection with its plan to expand its business and rebrand its identity. 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 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 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. 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. On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the “Forward Stock Split”) of the Company’s issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company’s common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. On February 20, 2020, 57 Society International Ltd. transferred 5,587,000 shares of the Company’s common stock to individual shareholders. The ownership of 57 Society International Ltd. decreased from 94.70% to 52.37%. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 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 (“US GAAP”) and the rules and regulations of the United States Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended August 31, 2020 included in the Company’s Annual Report on Form 10-K as filed with the SEC on November 30, 2020. 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 $12,502 and $17,206 for the three months ended November 30, 2020 and November 30, 2019, respectively. The working capital deficit was $281,460 as of November 30, 2020. The net cash generated from operating activities was $0 for both the three months ended November 30, 2020 and November 30, 2019. 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. 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 expenses during the reporting period. Actual results could differ from these estimates. Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. 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 November 30, 2020, there were no outstanding common share equivalents. Recent accounting pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Nov. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 3 – RELATED PARTY TRANSACTIONS During the three months ended November 30, 2020 and November 30, 2019, 57 Society, a Company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $6,839 and $12,909, of operating expenses, respectively, and made $13,000 and $1,665 prepayment, respectively, on behalf of the Company. As of November 30, 2020 and August 31, 2020, the Company had an outstanding payable to 57 Society in the amount of $285,842 and $266,003, 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. |
Common Stock
Common Stock | 3 Months Ended |
Nov. 30, 2020 | |
Equity [Abstract] | |
Common Stock | NOTE 4 – COMMON STOCK On September 18, 2019, the Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the “Forward Stock Split”) of the Company’s issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company’s common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. On February 20, 2020, 57 Society International Ltd. transferred 5,587,000 shares of the Company’s common stock to individual shareholders. The ownership of 57 Society International Ltd. decreased from 94.70% to 52.37%. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Nov. 30, 2020 | |
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 (“US GAAP”) and the rules and regulations of the United States Securities and Exchange Commission, and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended August 31, 2020 included in the Company’s Annual Report on Form 10-K as filed with the SEC on November 30, 2020. |
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 $12,502 and $17,206 for the three months ended November 30, 2020 and November 30, 2019, respectively. The working capital deficit was $281,460 as of November 30, 2020. The net cash generated from operating activities was $0 for both the three months ended November 30, 2020 and November 30, 2019. 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. |
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 expenses during the reporting period. Actual results could differ from these estimates. |
Related Party | Related party The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. |
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 November 30, 2020, there were no outstanding common share equivalents. |
Recent Accounting Pronouncements | Recent accounting pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements. |
Organization and Nature of Op_2
Organization and Nature of Operations (Details Narrative) | Feb. 20, 2020shares | Sep. 18, 2019 | Aug. 12, 2016shares | Feb. 19, 2020 |
Stock split ratio | 2.5 | |||
Stock split description | The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the "Forward Stock Split") of the Company's issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company's common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. | |||
57 Society International Ltd [Member] | ||||
Number of shares transferred of common stock | 5,587,000 | |||
Decreased ownership percentage | 52.37% | 94.70% | ||
Mark W. DeFoor [Member] | Share Purchase Agreement [Member] | Common Stock [Member] | ||||
Number of shares issued purchased | 5,000,000 | |||
Acquired percentage | 94.70% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |
Nov. 30, 2020 | Nov. 30, 2019 | |
Accounting Policies [Abstract] | ||
Net loss | $ (12,502) | $ (17,206) |
Working capital deficit | (281,460) | |
Net cash generated from operating activities | ||
Anti-dilutive ordinary shares |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Nov. 30, 2020 | Nov. 30, 2019 | Aug. 31, 2020 | |
Prepayment made by related party | $ 13,000 | $ 1,665 | |
Due to related party | 285,842 | $ 266,003 | |
57 Society International Limited [Member] | |||
Paid of related party expenses | 6,839 | 12,909 | |
Prepayment made by related party | 13,000 | $ 1,665 | |
Due to related party | $ 285,842 | $ 266,003 |
Common Stock (Details Narrative
Common Stock (Details Narrative) | Feb. 20, 2020shares | Sep. 18, 2019 | Feb. 19, 2020 |
Stock split ratio | 2.5 | ||
Stock split description | The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State to implement a 2.5-for-1 forward stock split (the "Forward Stock Split") of the Company's issued and outstanding common stock, which became effective on November 8, 2019. Each one (1) share owned by a stockholder was exchanged for two-and-one-half (2.5) shares of common stock, and the number of shares of the Company's common stock issued and outstanding was increased proportionately based on the Forward Stock Split. The number of authorized shares was not adjusted. All share and per share amounts in the accompanying financial statements for the prior period have been retroactively adjusted to reflect the Forward Stock Split. | ||
57 Society International Ltd [Member] | |||
Number of shares transferred of common stock | 5,587,000 | ||
Decreased ownership percentage | 52.37% | 94.70% |