Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Jan. 01, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | GRCR Partners Inc | |
Entity Central Index Key | 1,661,600 | |
Document Type | 10-K | |
Document Period End Date | Sep. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 2,926,500 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,016 |
CONDENSED BALANCE SHEET
CONDENSED BALANCE SHEET - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
CURRENT ASSETS: | ||
Cash or cash equivalents | $ 13,973 | $ 18,483 |
Accounts receivable, net | 0 | 10,000 |
Prepaid expense | 0 | 5,000 |
TOTAL CURRENT ASSETS | 13,973 | 33,483 |
Fixed assets, net | 838 | 2,514 |
TOTAL ASSETS | 14,811 | 35,997 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 15,129 | 1,000 |
Accrued taxes | 320 | 3,599 |
TOTAL CURRENT LIABILITIES | 15,449 | 4,599 |
TOTAL LIABILITIES | 15,449 | 4,599 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred stock, $.0001 par value, 15,000,000 shares authorized, none issued and outstanding | 0 | |
Common stock, $.0001 par value, 500,000,000 shares authorized, 17,347,500 and 17,000,000 shares issued and outstanding, as of September 30, 2016 and September 30, 2015 | 1,735 | 1,700 |
Additional paid-in capital | $ 16,740 | $ 13,300 |
Common stock subscribed | 36,400 | 0 |
Retained earnings (deficit) | $ (55,513) | $ 16,398 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (638) | 31,398 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 14,811 | $ 35,997 |
CONDENSED BALANCE SHEET (Parent
CONDENSED BALANCE SHEET (Parenthetical) - $ / shares | Sep. 30, 2016 | Sep. 30, 2015 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock shares par value | $ .0001 | $ .0001 |
Preferred Stock shares Authorized | 15,000,000 | 15,000,000 |
Preferred Stock shares Issued | 0 | 0 |
Preferred Stock shares Outstanding | 0 | 0 |
Common Stock shares par value | $ .0001 | $ .0001 |
Common Stock shares Authorized | 500,000,000 | 500,000,000 |
Common Stock shares Issued | 17,347,500 | 17,000,000 |
Common Stock shares Outstanding | 17,347,500 | 17,000,000 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||
Professional service revenues | $ 130,000 | $ 108,050 |
Expense reimbursement | 7,522 | 2,125 |
Total Revenues | 137,522 | 110,175 |
Cost of revenues | 80,700 | 52,557 |
Cost of revenues from a related party | 8,870 | 4,650 |
Gross Profit | 47,952 | 52,968 |
Operating expenses: | ||
Stock based compensation | 3,475 | 0 |
Depreciation | 1,676 | 1,257 |
General and administrative | 113,791 | 31,714 |
General and administrative costs from a related party | 4,200 | 0 |
Total operating expenses | 123,142 | 32,971 |
Income (Loss) from operations | (75,190) | 19,997 |
Income (Loss) before taxes | (75,190) | 19,997 |
Current income tax expense(benefit) | (3,279) | 3,599 |
Deferred income expense (benefit) | 0 | 0 |
Income tax (benefit) | (3,279) | 3,599 |
Net income (loss) applicable to common shareholders | $ (71,911) | $ 16,398 |
Net income (loss) per share - basic and diluted | $ 0 | $ 0 |
Weighted number of shares outstanding - Basic and diluted | 17,268,479 | 17,000,000 |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) | Preferred Stock | Common Stock | Paid-In Capital | Common Stock Subscribed | Retained Earnings (Deficit) | Total |
Beginning Balance, Shares at Jan. 15, 2015 | 0 | 0 | 0 | 0 | 0 | |
Beginning Balance, Amount at Jan. 15, 2015 | $ 0 | $ 0 | ||||
Issuance of common stock for services, Shares | 0 | 17,000,000 | ||||
Issuance of common stock for services, Amount | $ 0 | $ 1,700 | $ 13,300 | $ 15,000 | ||
Net income (loss) | $ 16,398 | 16,398 | ||||
Ending Balance, Shares at Sep. 30, 2015 | 0 | 17,000,000 | ||||
Ending Balance, Amount at Sep. 30, 2015 | $ 0 | $ 1,700 | 13,300 | $ 0 | 16,398 | $ 31,398 |
Issuance of common stock for services, Shares | 347,500 | |||||
Issuance of common stock for services, Amount | $ 35 | 3,440 | ||||
Common stock subscribed | 36,400 | 36,400 | ||||
Net income (loss) | (71,911) | $ (71,911) | ||||
Ending Balance, Shares at Sep. 30, 2016 | 0 | 17,347,500 | ||||
Ending Balance, Amount at Sep. 30, 2016 | $ 0 | $ 1,735 | $ 16,740 | $ 36,400 | $ (55,513) | $ (638) |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOW - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (71,911) | $ 16,398 |
Adjustments to reconcile net income to cash (used in) provided by operating activities: | ||
Stock based compensation | 3,475 | 0 |
Depreciation | 1,676 | 1,257 |
Change in operating assets and liabilities: | ||
Accounts receivable | 10,000 | (10,000) |
Prepaid expenses | 5,000 | (5,000) |
Accounts payable and accrued expenses | 14,129 | 1,000 |
Income tax payable | (3,279) | 3,599 |
Net cash (used in) provided by operating activities | (40,910) | 7,254 |
CASH FLOW FROM INVESTING ACTIVITIES: | ||
Equipment purchases | 0 | (3,771) |
Net cash (used in) investing activities | $ 0 | $ (3,771) |
CASH FLOW FROM FINANCING ACTIVITIES: | ||
Common stock subscribed | 36,400 | 0 |
Proceeds from issuance of common stock | $ 0 | $ 15,000 |
Net cash provided by financing activities | 36,400 | 15,000 |
NET INCREASE (DECREASE) IN CASH | (4,510) | 18,483 |
CASH AND CASH EQUIVALENTS at beginning of period | 18,483 | |
CASH AND CASH EQUIVALENTS at end of period | 13,973 | 18,483 |
Supplemental disclosure of cash flow information | ||
Cash paid for: Interest | 0 | 0 |
Cash paid for: Income Taxes | $ 0 | $ 0 |
1. The Company History and Natu
1. The Company History and Nature of the Business | 12 Months Ended |
Sep. 30, 2016 | |
Company History And Nature Of Business | |
The Company History and Nature of the Business | GRCR Partners Inc. (the “Company”, “Our” or “We”), formed on January 16, 2015, is a provider of corporate governance, risk management, compliance and regulatory reporting (“GRCR”) solutions for businesses (“GRCR Solutions”). Currently, we provide GRCR Solutions through professional consulting services on a project-based fee arrangement. We deliver our services following our proprietary compliance architecture methodology. The skilled application of the fundamental principles governing compliance and risk management is what we call compliance architecture. We are building-out our Compliance Architecture Platform (“CAP”) to be an automated GRCR management tool that streamlines the process of GRCR for businesses. We believe that by combining expert consulting and GRCR software tools, we will help clients cost effectively build and maintain GRCR programs that reduce day-to-day and long term risks in their work environment. The financial statements have been prepared using accounting principles generally accepted in the United States of America applicable for a going concern, which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of business. Since inception, the Company has a retained deficit of $55,513 and has a working capital deficit of $1,476 at September 30, 2016. We have a limited operating history, we are currently generating revenue, however, our growth is dependent upon achieving sales growth, management of operating expenses and ability of the Company to obtain the necessary financing to fund future obligations and pay liabilities arising from normal business operations when they come due, and upon profitable operations. We may need to either borrow funds from our majority shareholder or raise additional capital through equity or debt financings. We expect our current majority shareholder will be willing and able to provide such additional capital. However, we cannot be certain that such capital (from our shareholders or third parties) will be available to us or whether such capital will be available on terms that are acceptable to us. Any such financing likely would be dilutive to existing stockholders and could result in significant financial operating covenants that would negatively impact our business. If we are unable to raise sufficient additional capital on acceptable terms, we will have insufficient funds to operate our business or pursue our planned growth. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Cash and Cash Equivalents For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. The Company’s cash and cash equivalents are located in a United States bank. The Company does not have any cash equivalents as of September 30, 2016 or September 30, 2015. Accounts Receivable The Company’s accounts receivable are derived from direct customers. Collateral is not required for accounts receivable. The Company maintains an allowance for potential credit losses as considered necessary. The Company performs ongoing reviews of all customers that have breached their payment terms or for whom information has become available indicating a risk of non-recoverability. The Company records an allowance for bad debts for specific customers identified as well as an allowance based on its historical collection experience. The Company’s evaluation of the allowance for potential credit losses requires the use of estimates and the actual results may differ from these estimates. At September 30, 2016, the allowance for potential credit losses was $0 Fixed Assets Office equipment is stated at cost and depreciated over three years using the straight line method of accounting. For the year end September 30, 2016, and for the period from inception (January 16, 2015) to September 30, 2015 the company recorded depreciation expense of $1,676 and $1,257, respectively. Revenue Recognition The Company derives its revenue from the sale of compliance, legal, risk management and management and public reporting consulting services. The Company utilizes written contracts as the means to establish the terms and condition services are sold to customers. Consulting Services Because the Company provides its applications as services, it follows the provisions of Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition. ● there is persuasive evidence of an arrangement; ● the service has been provided to the customer; ● the collection of the fees is reasonably assured; and ● the amount of fees to be paid by the customer is fixed or determinable. The Company recognizes revenue as services are performed or monthly based upon contract terms. Contracts may either be for a specific project, or, a monthly recurring fee. Reimbursements The Company incurs certain out-of-pocket expenses that are reimbursed by its clients, which are accounted for as revenue in its Statement of Operations. Net Income (Loss) per Common Share Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted income per share is computed similar to basic income 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. There were no dilutive financial instruments issued or outstanding for the period ended September 30, 2016. Income Taxes The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of September 30, 2016 the carrying value of accounts receivable, accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments. Customer Concentration Disclosure. For the year ended September 30, 2016, three customers make up 79% of our gross revenue. They represent 31%, 26% and 22% respectively. For the period from inception (January 16, 2016) to September 30, 2015, two customers made up 86% of our gross revenue, they represent 43% and 43% respectively. Two customers made up 100% of our accounts receivable balance as of September 30, 2015, each representing 50%. Stock-Based Compensation Stock compensation arrangements with non-employee service providers are accounted for in accordance ASC 505-50 Equity-Based Payments to Non-Employees, Estimates The financial statements are prepared on the basis of accounting principles generally accepted in the United States. The preparation of 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 as of September 30, 2016 and cumulative expenses from inception. Actual results could differ from those estimates made by management. Recent accounting pronouncements In March 2016, the Financial Accounting Standards Board issued Accounting Standards Codification Update No. 2016-09 Compensation – Stock Compensation (Topic 718). The amendments in this update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers which modifies how all entities recognize revenue and various other revenue accounting standards for specialized transactions and industries. This update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the possible impact of ASU 2014-15, but does not anticipate that it will have a material impact on the Company's consolidated financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Common Stock
3. Common Stock | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Common Stock | On January 16, 2015, the Company issued 17,000,000 shares of common stock to the SCM Holdings II, LLC (“SCM”) at par value of $0.0001 per share, for an equity investment of $15,000. The sole owner of SCM is the current CEO, CFO and sole director of the Company. On December 23, 2015, the Board of Directors approved an agreement with legal counsel for the Company which included; the issuance of 347,500 shares of common stock and the total payment of $15,000 to counsel for services rendered through the date the Company’s S-1 filing is declared effective. The $15,000 will be paid the sooner of any combination of; (i) the sum of $500 per month commencing November 1, 2015, (ii) the first use of proceeds from the S-1 offering, or (iii) the change of control of the Company. We are required to estimate the fair value of the common stock underlying our stock compensation. The fair value of the common stock underlying the stock awards to counsel was determined by our board of directors, with input from management at a price of $0.01. We believe that our board of directors has the relevant experience and expertise to determine the fair value of our common stock. In the absence of a public trading market, our board of directors, with input from management, exercised significant judgment and considered numerous subjective and objective factors. |
4. Income Taxes
4. Income Taxes | 12 Months Ended |
Sep. 30, 2016 | |
Income Taxes | |
Income Taxes | The provision for income taxes for the year ended September 30, 2016 and since inception (January 16, 2015) to September 30, 2015 was as follows (assuming a 15%, and 3% effective tax rate for federal and state taxes, respectively): For the year ended September 30, 2016 From inception (January 16, 2015) to September 30, 2015 Tax Provision (Benefit): Current Federal-State (3,279 ) 3,599 Deferred Tax Benefit (9,992 ) - Change in valuation allowance 9,992 - Total tax provision (benefit) (3,279 ) 3,599 The Company had deferred income tax benefit as September 30 2016 as follows: Loss carry-forwards $ (9,992 ) Less - valuation allowance 9,992 Total net deferred tax assets $ - The Company has net operating losses of $55,513 to carry-forward that expire in 2036. The Company did not identify any material uncertain tax positions. The Company did not recognize any interest or penalties for unrecognized tax benefits. The federal income tax returns of the Company are subject to examination by the IRS, generally for three years after they are filed. All returns since inception are still subject to examination. |
5. Related Party Loans and Tran
5. Related Party Loans and Transactions | 12 Months Ended |
Sep. 30, 2016 | |
Related Party Loans And Transactions | |
Related Party Loans and Transactions | The Company has paid the sole shareholder, officer and director $13,070 and $4,650 for the year ended September 30, 2016 and for the period since inception (January 16, 2015) to September 30, 2016, respectively. Such amounts were for professional services and general management expenses and have been included in the cost of revenue and general and administrative related party costs. For the year ended September 30, 2016 and for the period from inception (January 16, 2015) to September 30, 2015, the Company allocated such costs between cost of revenue $8,870 and $4,650, and $4,200 and $0, general and administrative expenses respectively. The Company has no formal contract in place with its sole officer and director and no monies where owed as of September 30, 2016. |
6. Subsequent Events
6. Subsequent Events | 12 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | On October 13, 2016 the Company closed out its public offering. The company raised $36,900 and issued 369,000 shares at a price of $0.10. As part of the closing the Company deregistered 2,131,000 shares. On November 1, 2016 the Company’s majority shareholder and counsel retired 14,495,000 and 295,000 shares , respectively. Post the retirement the majority shareholder had 2,505,000 shares, and counsel had 52,500 shares, representing 85.6% and 1.8% of the Company, respectively. |
2. Summary of Significant Acc13
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Cash and Cash Equivalents | For purposes of reporting within the statement of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. The Company’s cash and cash equivalents are located in a United States bank. The Company does not have any cash equivalents as of September 30, 2016 or September 30, 2015. |
Accounts Receivable | The Company’s accounts receivable are derived from direct customers. Collateral is not required for accounts receivable. The Company maintains an allowance for potential credit losses as considered necessary. The Company performs ongoing reviews of all customers that have breached their payment terms or for whom information has become available indicating a risk of non-recoverability. The Company records an allowance for bad debts for specific customers identified as well as an allowance based on its historical collection experience. The Company’s evaluation of the allowance for potential credit losses requires the use of estimates and the actual results may differ from these estimates. At September 30, 2016, the allowance for potential credit losses was $0 |
Fixed Assets | Office equipment is stated at cost and depreciated over three years using the straight line method of accounting. For the year end September 30, 2016, and for the period from inception (January 16, 2015) to September 30, 2015 the company recorded depreciation expense of $1,676 and $1,257, respectively. |
Revenue Recognition | The Company derives its revenue from the sale of compliance, legal, risk management and management and public reporting consulting services. The Company utilizes written contracts as the means to establish the terms and condition services are sold to customers. |
Consulting Services | Because the Company provides its applications as services, it follows the provisions of Securities and Exchange Commission Staff Accounting Bulletin (“SAB”) No. 104, Revenue Recognition. ● there is persuasive evidence of an arrangement; ● the service has been provided to the customer; ● the collection of the fees is reasonably assured; and ● the amount of fees to be paid by the customer is fixed or determinable. The Company recognizes revenue as services are performed or monthly based upon contract terms. Contracts may either be for a specific project, or, a monthly recurring fee. |
Reimbursements | The Company incurs certain out-of-pocket expenses that are reimbursed by its clients, which are accounted for as revenue in its Statement of Operations. |
Net Income (Loss) per Common Share | Basic income (loss) per share is computed by dividing the net income (loss) attributable to the common stockholders by the weighted average number of shares of common stock outstanding during the period. Fully diluted income per share is computed similar to basic income 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. There were no dilutive financial instruments issued or outstanding for the period ended September 30, 2016. |
Income Taxes | The Company accounts for income taxes pursuant to FASB ASC 740. Deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes. The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences. The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the realizability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimates |
Fair Value of Financial Instruments | The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of September 30, 2016 the carrying value of accounts receivable, accounts payable-trade and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments. |
Customer Concentration Disclosure | For the year ended September 30, 2016, three customers make up 79% of our gross revenue. They represent 31%, 26% and 22% respectively. For the period from inception (January 16, 2016) to September 30, 2015, two customers made up 86% of our gross revenue, they represent 43% and 43% respectively. Two customers made up 100% of our accounts receivable balance as of September 30, 2015, each representing 50%. |
Stock-Based Compensation | Stock compensation arrangements with non-employee service providers are accounted for in accordance ASC 505-50 Equity-Based Payments to Non-Employees, |
Estimates | The financial statements are prepared on the basis of accounting principles generally accepted in the United States. The preparation of 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 as of September 30, 2016 and cumulative expenses from inception. Actual results could differ from those estimates made by management. |
Recent accounting pronouncements | In March 2016, the Financial Accounting Standards Board issued Accounting Standards Codification Update No. 2016-09 Compensation – Stock Compensation (Topic 718). The amendments in this update affect all entities that issue share-based payment awards to their employees. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers which modifies how all entities recognize revenue and various other revenue accounting standards for specialized transactions and industries. This update is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company is currently evaluating the possible impact of ASU 2014-15, but does not anticipate that it will have a material impact on the Company's consolidated financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
4. Income Taxes (Tables)
4. Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Income Taxes Tables | |
Schedule of Income Tax Provision (Benefit) | For the year ended September 30, 2016 From inception (January 16, 2015) to September 30, 2015 Tax Provision (Benefit): Current Federal-State (3,279 ) 3,599 Deferred Tax Benefit (9,992 ) - Change in valuation allowance 9,992 - Total tax provision (benefit) (3,279 ) 3,599 The Company had deferred income tax benefit as September 30 2016 as follows: Loss carry-forwards $ (9,992 ) Less - valuation allowance 9,992 Total net deferred tax assets $ - |
2. Summary of Significant Acc15
2. Summary of Significant Accounting Policies (Details Narrative) | Sep. 30, 2016USD ($) |
Summary Of Significant Accounting Policies Details Narrative | |
Allowance for doubtful accounts | $ 0 |
4. Income Taxes (Details)
4. Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Tax Provision (Benefit): | ||
Current Federal-State | $ (3,279) | $ 3,599 |
Deferred Tax Benefit | (9,992) | 0 |
Change in valuation allowance | 9,992 | 0 |
Total tax provision (benefit) | (3,279) | $ 3,599 |
Loss carry-forwards | (9,992) | |
Less - valuation allowance | 9,992 | |
Total net deferred tax assets | $ 0 |
5. Related Party Loans and Tr17
5. Related Party Loans and Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Related Party Loans And Transactions Details Narrative | ||
Related party transaction | $ 13,070 | $ 4,650 |