Document and Entity Information
Document and Entity Information | 3 Months Ended |
Jul. 31, 2019$ / sharesshares | |
Details | |
Registrant CIK | 0001680689 |
Fiscal Year End | --04-30 |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jul. 31, 2019 |
Entity File Number | 333-213553 |
Entity Registrant Name | BOXXY INC. |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 32-0500871 |
Entity Address, Address Line One | WATTOVA |
Entity Address, City or Town | OSTRAVA |
Entity Address, Country | CZ |
Entity Address, Postal Zip Code | 70200 |
Country Region | 1 |
City Area Code | 42 |
Local Phone Number | 0228881919 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | true |
Entity Listing, Par Value Per Share | $ / shares | $ 0.001 |
Entity Common Stock, Shares Outstanding | shares | 4,190,000 |
Amendment Flag | false |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Document Transition Report | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jul. 31, 2019 | Apr. 30, 2019 |
ASSETS | ||
Loan from director | $ 12,221 | $ 12,221 |
Cash | 0 | 0 |
Prepaid Expense | 0 | 0 |
Total Assets | 0 | 0 |
Liabilities | ||
Accrued expenses | 28,988 | 26,143 |
Accounts payable | 0 | 504 |
Debt-current portion | 10,709 | 6,973 |
Other party loan | 4,050 | 4,050 |
Total Current Liabilities | 56,472 | 49,891 |
Loan payable | 2,600 | 6,336 |
Total Liabilities | 59,072 | 56,227 |
Current Liabilities | ||
Common Stock, Value | 4,190 | 4,190 |
Additional paid in capital | 22,610 | 22,610 |
Accumulated deficit | (85,872) | (83,027) |
Total Stockholders' Equity | (59,072) | (56,227) |
Total Liabilities and Stockholders'Equity | $ 0 | $ 0 |
BALANCE SHEETS - Parenthetical
BALANCE SHEETS - Parenthetical - $ / shares | Jul. 31, 2019 | Apr. 30, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 4,190,000 | 3,000,000 |
Common Stock, Shares, Outstanding | 4,190,000 | 3,000,000 |
STATEMENT OF OPERATION
STATEMENT OF OPERATION - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
Details | ||
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | 2,583 | 3,332 |
NET INCOME LOSS | 2,583 | 3,332 |
Interest Expenses | 263 | 126 |
NET LOSS FROM OPERATIONS | (2,845) | (3,458) |
PROVISION FOR INCOME TAXES | 0 | 0 |
NET INCOME/ LOSS | $ (2,845) | $ (3,458) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 4,190,000 | 4,190,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Jul. 31, 2018 | |
OPERATING ACTIVITIES | ||
Accrued expenses | $ 28,988 | $ (1,500) |
Accounts payable | 0 | 0 |
Interest payable | 262 | 126 |
Prepaid Expense | 0 | (650) |
Proceeds from borrowing | 0 | 4,136 |
Net Net Cash Provided By Used In Operating Activities | 0 | 4,136 |
Net Cash Increase for Period | $ 0 | $ (1,346) |
NOTE 1 - ORGANIZATION AND BASIS
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION 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. |
NOTE 2- SIGNIFICANT AND CRITICA
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and are presented in US dollars. Development Stage Company The Company is a development stage company as defined in ASC 915 Development Stage Entities.. The Company is devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. The Company has elected to adopt application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. Upon adoption, the Company no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915. . Use of Estimates and Assumptions 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 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. Actual results could differ from those estimates. Fair Value Measurements The Company adopted the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. Cash and Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Advertising The Company will expense its advertising when incurred. There has been no advertising since inception. 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. Revenue Recognition In 2014, the FASB issued guidance on revenue recognition (ASC 606), with final amendments issued in 2016. The underlying principle of ASC 606 is to recognize revenue to depict the transfer of goods or services to customers at the amount expected to be collected. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company has concluded that the new guidance did not require any significant change to its revenue recognition processes. The Companys online beauty sample subscription services are considered to be one performance obligation; therefore, revenue is recognized when services have been provided as each performance obligation is satisfied. Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Earnings per Share The Company has adopted ASC No. 260, Earnings Per Share which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. Basic net loss per share amounts is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted earnings per share are the same as basic earnings per share due to the lack of dilutive items in the Company. Recently Issued Accounting Pronouncements In October 2018, the FASB issued ASU No. 2018-01, Clarifying the Definition of a Business, which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. This ASU is effective October 1, 2019 on a prospective basis with early adoption permitted. The Company would apply this guidance to applicable transactions after the adoption date. In October 2018, the FASB issued ASU No. 2018-04, Simplifying the Test for Goodwill Impairment. Under the new standard, goodwill impairment would be measured as the amount by which a reporting units carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This ASU is effective prospectively to impairment tests beginning October 1, 2020, with early adoption permitted. The Company would apply this guidance to applicable impairment tests after the adoption date. The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Companys financial statements. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 GOING CONCERN The Companys 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 $85,872, and working capital deficit of $(2,583) at July 31, 2019. The Company is attempting to commence operations and generate sufficient revenue; however, the Companys cash position may not be sufficient to support the Companys 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 Companys 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. |
NOTE 4 - LOAN FROM DIRECTOR
NOTE 4 - LOAN FROM DIRECTOR | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 4 - LOAN FROM DIRECTOR | NOTE 4 LOAN FROM DIRECTOR The Company has received capital from the director of the Company to pay for the Company expenses that are unsecured, non-interest bearing and due on demand. The outstanding amounts were $12,221 and $12,221 as of July 31, 2019 and April 30, 2019, respectively. |
NOTE 5 - STOCKHOLDER'S EQUITY
NOTE 5 - STOCKHOLDER'S EQUITY | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 5 - STOCKHOLDER'S EQUITY | NOTE 5 STOCKHOLDERS EQUITY The Company has 75,000,000 0.001 par value shares of common stock authorized. As of April 30, 2017, the Company issued 3,000,000 shares of common stock to a director for subscription of $3,000 at 0.001 per share, the subscription was received in May 2017. From May 2017 to July 31, 2018, the Company issued 600,000 common shares at 0.02 per share for a total price of $12,000. In August and September 2017, the Company issued 600,000 common shares at $0.02 per share for a total price of 12,000 As of July 31, 2019, the Company had 4,190,000 shares issued and outstanding. |
NOTE 6 - COMMITMENT & CONTINGEN
NOTE 6 - COMMITMENT & CONTINGENCIES | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 6 - COMMITMENT & CONTINGENCIES | NOTE 6 - COMMITMENT & CONTINGENCIES The Company does not own or lease any real or personal property and does not have any capital commitments |
NOTE 7 - SUBSEQUENT EVENTS
NOTE 7 - SUBSEQUENT EVENTS | 3 Months Ended |
Jul. 31, 2019 | |
Notes | |
NOTE 7 - SUBSEQUENT EVENTS | NOTE 7 SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date that these financial statements were available to be issued. |
NOTE 2- SIGNIFICANT AND CRITI_2
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (US GAAP) and are presented in US dollars. |
NOTE 2- SIGNIFICANT AND CRITI_3
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Development Stage Company (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Development Stage Company | Development Stage Company The Company is a development stage company as defined in ASC 915 Development Stage Entities.. The Company is devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception have been considered as part of the Company's development stage activities. The Company has elected to adopt application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. Upon adoption, the Company no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915. . |
NOTE 2- SIGNIFICANT AND CRITI_4
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Use of Estimates and Assumptions (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Use of Estimates and Assumptions | Use of Estimates and Assumptions 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 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. Actual results could differ from those estimates. |
NOTE 2- SIGNIFICANT AND CRITI_5
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Fair Value of Financial Instruments, Policy (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Fair Value of Financial Instruments, Policy | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, Fair Value Measurements and Disclosures, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The Company has no assets or liabilities valued at fair value on a recurring basis. |
NOTE 2- SIGNIFICANT AND CRITI_6
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Cash and Equivalents (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Cash and Equivalents | Cash and Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
NOTE 2- SIGNIFICANT AND CRITI_7
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Income Taxes (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Income Taxes | Income Taxes Income taxes are provided in accordance with ASC No. 740, Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry-forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
NOTE 2- SIGNIFICANT AND CRITI_8
NOTE 2- SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES: Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Jul. 31, 2019 | |
Policies | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2018, the FASB issued ASU No. 2018-01, Clarifying the Definition of a Business, which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. This ASU is effective October 1, 2019 on a prospective basis with early adoption permitted. The Company would apply this guidance to applicable transactions after the adoption date. In October 2018, the FASB issued ASU No. 2018-04, Simplifying the Test for Goodwill Impairment. Under the new standard, goodwill impairment would be measured as the amount by which a reporting units carrying value exceeds its fair value, not to exceed the carrying value of goodwill. This ASU eliminates existing guidance that requires an entity to determine goodwill impairment by calculating the implied fair value of goodwill by hypothetically assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. This ASU is effective prospectively to impairment tests beginning October 1, 2020, with early adoption permitted. The Company would apply this guidance to applicable impairment tests after the adoption date. The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Companys financial statements. |
NOTE 1 - ORGANIZATION AND BAS_2
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION (Details) | 3 Months Ended |
Jul. 31, 2019 | |
Details | |
Entity Incorporation, State or Country Code | NV |
Entity Incorporation, Date of Incorporation | Apr. 19, 2018 |
NOTE 3 - GOING CONCERN (Details
NOTE 3 - GOING CONCERN (Details) - USD ($) | 3 Months Ended | ||
Jul. 31, 2019 | Jul. 31, 2018 | Apr. 30, 2019 | |
Details | |||
Accumulated deficit | $ (85,872) | $ (83,027) | |
NET INCOME LOSS | $ 2,583 | $ 3,332 |
NOTE 5 - STOCKHOLDER'S EQUITY (
NOTE 5 - STOCKHOLDER'S EQUITY (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2019 | Apr. 30, 2019 | |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Entity Common Stock, Shares Outstanding | 4,190,000 | |
Common Stock, Shares, Issued | 4,190,000 | 3,000,000 |
Transaction #1 | ||
Stock Issued During Period, Shares, New Issues | 3,000,000 | |
Stock Issued | $ 3,000 | |
Sale of Stock, Price Per Share | $ 0.001 | |
Transaction #3 | ||
Stock Issued During Period, Shares, New Issues | 600,000 | |
Stock Issued | $ 12,000 | |
Sale of Stock, Price Per Share | $ 0.02 |