Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2020 | Jan. 20, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | BOXXY INC. | |
Entity Central Index Key | 0001680689 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jul. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 4,190,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Current Assets | ||
Total Current Assets | $ 0 | $ 0 |
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 43,798 | 41,187 |
Accrued interest | 1,674 | 1,860 |
Long term debt- current portion | 2,600 | 6,336 |
Other party loan | 4,050 | 4,050 |
Loan form director | 22,532 | 22,482 |
Total Current Liabilities | 74,654 | 75,915 |
Loan payable | 6,973 | 6,973 |
Total Liabilities | 81,627 | 82,888 |
Stockholders' Deficit | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 4,190,000 shares issued and outstanding | 4,190 | 4,190 |
Additional paid-in capital | 22,610 | 22,610 |
Accumulated deficit | (108,427) | (109,688) |
Total Stockholders' Deficit | (81,627) | (82,888) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2020 | Apr. 30, 2020 |
Stockholders' Deficit | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 4,190,000 | 4,190,000 |
Common stock, shares outstanding | 4,190,000 | 4,190,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
OPERATING EXPENSES | ||
General and administrative expenses | $ 2,661 | $ 2,583 |
Total Operating Expenses | 2,661 | 2,583 |
OTHER INCOME (EXPENSES) | ||
Interest expense | (262) | (262) |
Other income | 4,184 | 0 |
Total Other Income (Expenses) | 3,922 | (262) |
Income (Loss) from operations | 1,261 | (2,845) |
Provision for income taxes | 0 | 0 |
NET INCOME (LOSS) | $ 1,261 | $ (2,845) |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 4,190,000 | 4,190,000 |
STATEMENT OF STOCKHOLDERS DEFIC
STATEMENT OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit |
Balance, shares at Apr. 30, 2019 | 4,190,000 | |||
Balance, amount at Apr. 30, 2019 | $ (56,227) | $ 4,190 | $ 22,610 | $ (83,027) |
Net loss | (2,845) | $ 0 | 0 | (2,845) |
Balance, shares at Jul. 31, 2019 | 4,190,000 | |||
Balance, amount at Jul. 31, 2019 | (59,072) | $ 4,190 | 22,610 | (85,872) |
Balance, shares at Apr. 30, 2020 | 4,190,000 | |||
Balance, amount at Apr. 30, 2020 | (82,888) | $ 4,190 | 22,610 | (109,688) |
Net loss | 1,261 | $ 0 | 0 | 1,261 |
Balance, shares at Jul. 31, 2020 | 4,190,000 | |||
Balance, amount at Jul. 31, 2020 | $ (81,627) | $ 4,190 | $ 22,610 | $ (108,427) |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 1,261 | $ (2,845) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Forgiveness of long-term debt and accrued interest | (4,184) | |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 2,611 | 2,583 |
Accrued interest | 262 | 262 |
Net cash used in operating activities | (50) | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from director loan | 50 | 0 |
Net cash provided by financing activities | 50 | 0 |
Net change in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 3 Months Ended |
Jul. 31, 2020 | |
ORGANIZATION AND BUSINESS OPERATIONS | |
NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS | Boxxy Inc. (the “Company”) was incorporated in Nevada on April 19, 2018. We are a development stage company that intends to develop an online beauty sample subscription service. We will mail this box once per month. Generally, subscriber will receive the box with 6-8 samples and 1-2 bonus items. This samples maybe cosmetics, hair care, body care, face care, fragrances, nail polish, skin care, bath and body, treatments products, etc. We are not going to pay for the samples we are getting from our supplier partners. We may also earn a commission on some of the transactions by acting as an agent between buyer and seller. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jul. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended July 31, 2020 are not necessarily indicative of the results that may be expected for the year ending April 30, 2021. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2020 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended April 30, 2020 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on December 28, 2020. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of accounts payable and accrued liabilities, accrued interest, current portion of long-term debt, other party loan and loan from director approximates its fair value due to their short-term maturity. Revenue Recognition The Company recognizes revenue from the online beauty sample subscription services in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation Start-Up Costs In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company. Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures Recent accounting pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Jul. 31, 2020 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company had an accumulated deficit of $108,427, and working capital deficit of $74,654 at July 31, 2020. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts 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 | 3 Months Ended |
Jul. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | The Company has received capital from the former director and current director of the Company to pay for the Company expenses. The advance is unsecured non-interest bearing, and due on demand. During the three months ended July 31, 2020 and 2019, the director advanced $50 and $nil to the Company for paying operating expenses. As of July 31, 2020 and April 30, 2020, the loan from director was $22,532 and $22,482 as of July 31, 2020 and April 30, 2020, respectively. Loan from former director in the amount of $22,482 was forgiven as of September 28,2020. |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended |
Jul. 31, 2020 | |
LOAN PAYABLE | |
NOTE 5 - LOAN PAYABLE | The Company has outstanding loans payable of $2,600 and $6,336 as of July 31, 2020 and April 30, 2020, respectively. The loans payable is unsecured with annual interest rate of 6%. The loan of $2,600 has a maturity date of September 15, 2020. On July 1, 2020, the loan of $3,736 and accrued interest of $448 was forgiven. The Company has outstanding long-term loan payable of $6,973 and $6,973 as of July 31, 2020 and April 30, 2020, respectively. The loan payable is unsecured with annual interest rate of 6% and had an original maturity date of April 15, 2020. The maturity date is extended through April 15, 2025. The Company has outstanding other party loan of $4,050 and $4,050 as of July 31, 2020 and April 30, 2020, respectively. The loan payable is unsecured with annual interest rate of 6% and original maturity date of November 10, 2019. The maturity date is extended through November 10, 2020. Interest expenses were $262 and $262 for the three months ended July 31, 2020 and 2019, respectively. As of July 31, 2020 and April 30, 2020, accrued interest was $1,674 and $1,860, respectively. The Company has outstanding loans payable of $2,600 and $6,336 as of July 31, 2020 and April 30, 2020, respectively. The loans payable is unsecured with annual interest rate of 6%. The loan of $2,600 has a maturity date of September 15, 2020. On July 1, 2020, the loan of $3,736 and accrued interest of $448 was forgiven. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Jul. 31, 2020 | |
STOCKHOLDERS EQUITY | |
NOTE 6 - STOCKHOLDERS EQUITY | The Company has 75,000,000, $0.001 par value shares of common stock authorized. As of July 31, 2020 and April 30, 2020, the Company had 4,190,000 shares issued and outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jul. 31, 2020 | |
SUBSEQUENT EVENTS | |
Note 7 - SUBSEQUENT EVENTS | In accordance with ASC 855-10, the Company has analyzed its operations subsequent to the July 31, 2020 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended July 31, 2020 are not necessarily indicative of the results that may be expected for the year ending April 30, 2021. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for fiscal year 2020 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended April 30, 2020 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on December 28, 2020. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of accounts payable and accrued liabilities, accrued interest, current portion of long-term debt, other party loan and loan from director approximates its fair value due to their short-term maturity. |
Revenue Recognition | The Company recognizes revenue from the online beauty sample subscription services in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation |
Start-Up Costs | In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company. |
Related Party Balances and Transactions | The Company follows FASB ASC 850, “ Related Party Disclosures |
Recent accounting pronouncements | Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
GOING CONCERN | ||
Accumulated deficit | $ (108,427) | $ (109,688) |
Working capital | $ (74,654) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Sep. 28, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | Apr. 30, 2020 | |
Advance received from director | $ 50 | $ 0 | ||
Loan from director | 22,532 | $ 22,482 | ||
Director [Member] | ||||
Loan from director | $ 22,532 | $ 22,482 | ||
Subsequent Event [Member] | Director [Member] | ||||
Forgiveness of long-term debt | $ 22,482 |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | Apr. 30, 2020 | |
Interest expenses | $ 262 | $ 262 | ||
Accrued interest | 1,674 | $ 1,860 | ||
Loan Payable | $ 6,973 | 6,973 | $ 6,973 | |
Long term debt-current portion | $ 2,600 | $ 2,600 | 6,336 | |
Short term loan [Member] | ||||
Interest rate | 6.00% | 6.00% | ||
Loan payable | $ 4,050 | $ 4,050 | $ 4,050 | |
Debt maturity date | Nov. 10, 2020 | |||
Long-term loans payable [Member] | ||||
Interest rate | 6.00% | 6.00% | 6.00% | |
Loan Payable | $ 2,600 | $ 2,600 | $ 6,336 | |
Debt amount forgiveness | 3,736 | |||
Accrued interest, forgiven | $ 448 | |||
Debt maturity date description | The loan of $2,600 has a maturity date of September 15, 2020. | |||
Long term debt-current portion [Member] | ||||
Interest rate | 6.00% | 6.00% | ||
Debt maturity date | Apr. 15, 2020 | |||
Debt maturity date description | The maturity date is extended through April 15, 2025. | |||
Long term debt-current portion | $ 6,973 | $ 6,973 | $ 6,973 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - $ / shares | Jul. 31, 2020 | Apr. 30, 2020 |
STOCKHOLDERS EQUITY | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 4,190,000 | 4,190,000 |
Common stock, shares outstanding | 4,190,000 | 4,190,000 |