Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | |
Aug. 31, 2016 | Oct. 03, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Exquisite Acquisition, Inc. | |
Entity Central Index Key | 1,627,469 | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock Shares Outstanding | 8,000,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) | Aug. 31, 2016 | Nov. 30, 2015 |
Current Assets | ||
Total current assets | ||
Total Assets | ||
Current Liabilities | ||
Accrued Expenses | 1,850 | 4,650 |
Total current liabilities | 1,850 | 4,650 |
Total Liabilities | 1,850 | 4,650 |
Stockholder's Equity (Deficit) | ||
Preferred Stock ($.0001 par value, 20,000,000 authorized; none issued and outstanding as of August 31, 2016 and November 30, 2015) | ||
Common stock ($0.0001 par value, 500,000,000 shares authorized; 8,000,000 shares issued and outstanding as of August 31, 2016 and November 30, 2015) | 800 | 800 |
Additional Paid In Capital | 18,523 | 7,898 |
Accumulated Deficit | (21,173) | (13,348) |
Total Stockholder's Deficit | (1,850) | (4,650) |
Total Liabilities & Stockholders' Deficit |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2016 | Nov. 30, 2015 |
StockholdersEquity | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock Shares Outstanding | 0 | 0 |
Common Stock Par Or Stated Value Per Share | $ 0.0001 | $ .0001 |
Common Stock Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock Shares Issued | 8,000,000 | 8,000,000 |
Common Stock Shares Outstanding | 8,000,000 | 8,000,000 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2016 | Aug. 31, 2015 | Aug. 31, 2016 | Aug. 31, 2015 | |
Income Statement [Abstract] | ||||
Organization and related expenses | $ 550 | |||
Professional fees | 5,300 | 1,750 | 7,825 | 4,750 |
Total Operating expenses | 5,300 | 1,750 | 7,825 | 5,300 |
Net loss | $ (5,300) | $ (1,750) | $ (7,825) | $ (5,300) |
Basic and Diluted net loss per share of common stock | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding-Basic and Diluted | 8,000,000 | 8,000,000 | 8,000,000 | 8,000,000 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Aug. 31, 2016 | Aug. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (7,825) | $ (5,300) |
Expenses contributed to capital | 6,500 | |
Prepaid expenses | ||
Accrued Expenses | (2,800) | (1,200) |
Net cash provided by (used in) operating activities | (10,625) | |
Shareholder contribution | 10,625 | |
Net cash provided by (used in) financing activities | 10,625 | |
Increase (Decrease) in cash | ||
Ending Cash Balance | ||
Interest paid | ||
Income taxes paid |
NOTE 1 - ORGANIZATION AND DESCR
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Aug. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 -Organization and Description of Business Exquisite Acquisition, Inc. (the Company) was incorporated under the laws of the State of Delaware on September 29, 2014. The Company intends to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. As of August 31, 2016 the Company had not yet commenced any operations. The Company has elected November 30th as its year end. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements provided in the Form S-1 filed April 12, 2016 for the year ended November 30, 2015 and notes thereto. Use of Estimates The preparation of unaudited condensed interim financial statements in conformity with generally accepted accounting principles 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. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Due to the minimal level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. Cash Flows Reporting The Company follows ASC 230, Statement of Cash Flows Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of August 31, 2016 and, thus, anti-dilution issues are not applicable. Related Parties The Company follows ASC 850, Related Party Disclosures, |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 9 Months Ended |
Aug. 31, 2016 | |
Going Concern | |
Going Concern | Note 3 - Going Concern The Companys financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these unaudited condensed interim financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, negative cash flow from operating activities, and other adverse key financial ratios. The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The unaudited condensed interim financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
NOTE 4 - RECENTLY ISSUED ACCOUN
NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Aug. 31, 2016 | |
Note 4 - Recently Issued Accounting Pronouncements | |
Recently Issued Accounting Pronouncements | Note 4 - Recently Issued Accounting Pronouncements Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification We have reviewed the FASB issued Accounting Standards Update (ASU) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporations reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. In June 2015, FASB issued Accounting Standards Update (ASU) No. 2015-10, Technical Corrections and Updates. In January 2015, FASB issued Accounting Standards Update (ASU) No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20). In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements Going Concern; Disclosures of Uncertainties about an Entitys Ability to Continue as a Going Concern. In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities and also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. These amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein, with early application permitted. Early application of each of the amendments is permitted for any annual reporting period or interim period for which the entitys financial statements have not yet been issued (public business entities) or made available for issuance (other entities). We early adopted this pronouncement. As the objective of the amendments in this update is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities our early adoption of this guidance has not impacted our financial position or results of operations. |
NOTE 5 - ACCRUED EXPENSES
NOTE 5 - ACCRUED EXPENSES | 9 Months Ended |
Aug. 31, 2016 | |
Note 5 - Accrued Expenses | |
Accrued Expenses | Note 5 - Accrued Expenses Accrued expenses totaled $1,850 and $4,650 at August 31, 2016 and November 30, 2015, respectively, and consisted primarily of professional fees and general and administrative expenses. |
NOTE 6 - COMMITMENTS AND CONTIN
NOTE 6 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Aug. 31, 2016 | |
Note 6 - Commitments And Contingencies | |
Commitments and Contingencies | Note 6 - Commitments and Contingencies The Company follows ASC 450-20, Los Contingencies, |
NOTE 7 - SHAREHOLDER'S EQUITY
NOTE 7 - SHAREHOLDER'S EQUITY | 9 Months Ended |
Aug. 31, 2016 | |
Note 7 - Shareholders Equity | |
Shareholder's Equity | Note 7 - Shareholders Equity Preferred Stock The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.0001. The Company has not issued any shares as of August 31, 2016. Common Stock The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 8,000,000 shares of common stock issued and outstanding as of August 31, 2016. The Company does not have any potentially dilutive instruments as of August 31, 2016 and, thus, anti-dilution issues are not applicable. On September 29, 2014 the Company issued 8,000,000 of its $0.0001 par value common stock at $0.0001 per share and totaling $800 to the sole director and shareholder in exchange for developing the Companys business concept and plan. Pertinent Rights and Privileges Holders of shares of Common Stock are entitled to one vote for each share held to be used at all stockholder(s) meetings and for all purposes including the election of directors. Common Stock does not have cumulative voting rights. Nor does it have preemptive or preferential rights to acquire or subscribe for any unissued shares of any class of stock. Additional Paid In Capital During the nine months ending August 31, 2016 our sole officer, director, and shareholder paid operating expenses in the amount of $10,625 which is recorded as additional paid in capital. Total additional paid in capital was $18,523 as of August 31, 2016 and $7,898 as of November 30, 2015. |
NOTE 8 - RELATED PARTY TRANSACT
NOTE 8 - RELATED PARTY TRANSACTIONS | 9 Months Ended |
Aug. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 - Related-Party Transactions Equity During the nine months ending August 31, 2016 our sole officer, director and shareholder paid operating expenses in the amount of $10,625 which is recorded as additional paid in capital. During the year ending November 30, 2015, $7,750 in expenses were paid by our sole officer, director, and shareholder and are considered contributions to capital. During the fiscal year ended November 30, 2014 our sole officer, director, and shareholder contributed additional paid in capital in the amount of $148 to fund operating expenses. |
NOTE 9 - SUBSEQUENT EVENTS
NOTE 9 - SUBSEQUENT EVENTS | 9 Months Ended |
Aug. 31, 2016 | |
Note 9 - Subsequent Events | |
Subsequent Events | Note 9 - Subsequent Events Management has evaluated subsequent events through October 3, 2016. Based on our evaluation no events have occurred requiring adjustment or disclosure. |
NOTE 2. SUMMARY OF SIGNIFICANT
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Aug. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These unaudited condensed interim financial statements should be read in conjunction with the audited financial statements provided in the Form S-1 filed April 12, 2016 for the year ended November 30, 2015 and notes thereto. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed interim financial statements in conformity with generally accepted accounting principles 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. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Due to the minimal level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern. |
Cash Flows Reporting | Cash Flows Reporting The Company follows ASC 230, Statement of Cash Flows |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of August 31, 2016 and, thus, anti-dilution issues are not applicable. |
Related Party | Related Parties The Company follows ASC 850, Related Party Disclosures, |