Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
May 31, 2017 | Sep. 11, 2017 | Nov. 30, 2016 | |
Document And Entity Information | |||
Entity Registrant Name | MOVEIX INC. | ||
Entity Central Index Key | 1,685,766 | ||
Document Type | 10-K | ||
Document Period End Date | May 31, 2017 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --05-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 4,000,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | May 31, 2017 | May 31, 2016 |
Current Assets | ||
Prepaid expenses | $ 48 | |
Inventory | 480 | |
Other current assets | 918 | 798 |
Total Current Assets | 1,398 | 846 |
Total Assets | 1,398 | 846 |
Current Liabilities | ||
Loan from director | 10,116 | 1,327 |
Total Liabilities | 10,116 | 1,327 |
Stockholders' Deficit | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 4,000,000 shares issued and outstanding at May 31, 2017 and 2016, respectively; | 4,000 | 4,000 |
Subscription receivable | (4,000) | |
Accumulated deficit | (12,718) | (481) |
Total Stockholders' Deficit | (8,718) | (481) |
Total Liabilities and Stockholders' Deficit | $ 1,398 | $ 846 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | May 31, 2017 | May 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 4,000,000 | 4,000,000 |
Common stock, shares outstanding | 4,000,000 | 4,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 1 Months Ended | 12 Months Ended |
May 31, 2016 | May 31, 2017 | |
Income Statement [Abstract] | ||
REVENUES | ||
General and Administrative Expenses | 481 | 12,237 |
TOTAL OPERATING EXPENSES | 481 | 12,237 |
NET LOSS FROM OPERATIONS | (481) | (12,237) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (481) | $ (12,237) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 4,000,000 | 4,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscription Receivable [Member] | Accumulated Deficit [Member] | Total |
Balance at May. 04, 2016 | |||||
Balance, shares at May. 04, 2016 | |||||
Shares issued for subscription receivable at $0.001 per share | $ 4,000 | (4,000) | |||
Shares issued for subscription receivable at $0.001 per share, shares | 4,000,000 | ||||
Expenses paid on behalf of the company - subscription receivable | |||||
Net loss for period | (481) | (481) | |||
Balance at May. 31, 2016 | $ 4,000 | (4,000) | (481) | (481) | |
Balance, shares at May. 31, 2016 | 4,000,000 | ||||
Expenses paid on behalf of the company - subscription receivable | 4,000 | 4,000 | |||
Net loss for period | (12,237) | (12,237) | |||
Balance at May. 31, 2017 | $ 4,000 | $ (12,718) | $ (8,718) | ||
Balance, shares at May. 31, 2017 | 4,000,000 |
Statements of Stockholders' De6
Statements of Stockholders' Deficit (Parenthetical) | May 31, 2016$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Subscription receivable price per share | $ 0.001 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 1 Months Ended | 12 Months Ended |
May 31, 2016 | May 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (481) | $ (12,237) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid on behalf of the company | 1,327 | 8,789 |
Expenses paid on behalf of the company - Subscription Receivable | 4,000 | |
Changes in assets and liabilities: | ||
Deposit for Inventory | (798) | (120) |
Inventory | (480) | |
Prepaid Expense | (48) | 48 |
CASH FLOWS USED IN OPERATING ACTIVITIES | ||
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | ||
Net Cash Change for Period | ||
Cash at end of Period | ||
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid | ||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock issued for stock subscription receivable | $ 4,000 |
Organization and Operations
Organization and Operations | 12 Months Ended |
May 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | NOTE 1 – ORGANIZATION AND OPERATIONS Moveix Inc. (the “Company”) was incorporated in Nevada on May 5, 2016. The Company is in the start up stage and intends to resell various types of electric transportation. Electric transportation is a vehicle using electricity as a transportation fuel. Our products will include electric bikes, scooters, Segway, and hover boards sold to anybody around the world via our web site platform. Also we intend to sell wholesale. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 12 Months Ended |
May 31, 2017 | |
Accounting Policies [Abstract] | |
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. Fiscal Year-End The Company elected May 31 as its fiscal year ending date. Inventory We value our inventory based on our cost. We adjust the value of our inventory to the extent our management determines that our cost cannot be recovered due to obsolescence or other factors. In order to make these determinations, our management uses estimates of future demand and sales prices for each product to determine appropriate inventory reserves and to make corresponding reductions in inventory values to reflect the lower of cost or market value. In the event of a sudden significant decrease in demand for our products, or a higher incidence of inventory obsolescence, we could be required to increase our inventory reserve, which would increase our cost of product sales and decrease our gross profit. 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. 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. Potential common shares are excluded when their effect is anti-dilutive. 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 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 Company’s financial statements. |
Going Concern
Going Concern | 12 Months Ended |
May 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 $12,718 and negative working capital at May 31, 2017, a net loss of $12,237 for the period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern. 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. |
Inventory
Inventory | 12 Months Ended |
May 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 4 – INVENTORY The Company has purchased 3 Kids electric adult scooters GTF jet roll Mini Edition 5pc 2016 model. The inventory consists of finished goods. |
Other Assets
Other Assets | 12 Months Ended |
May 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | NOTE 5 – OTHER ASSETS Other assets consists of deposits paid for scooters which the Company has not yet taken possession of. These deposits are recorded as other assets until the Company takes possession of the scooters. |
Loan from Director
Loan from Director | 12 Months Ended |
May 31, 2017 | |
Related Party Transactions [Abstract] | |
Loan from Director | NOTE 6 – LOAN FROM DIRECTOR As of May 31, 2017 and 2016, the Company owed $10,116 and $1,327, respectively, to the CEO and Director for expenses paid by him related to organization costs and operations. The amounts are unsecured, non-interest bearing and due on demand. |
Stockholder_s Equity
Stockholder’s Equity | 12 Months Ended |
May 31, 2017 | |
Equity [Abstract] | |
Stockholder’s Equity | NOTE 7– STOCKHOLDER’S EQUITY The Company has 75,000,000, $0.001 par value shares of common stock authorized. On May 5, 2016, the Company issued 4,000,000 shares of common stock to the CEO and Director for a subscription receivable of $4,000 at $0.001 per share. During the year ended May 31, 2017 the CEO and Director paid this subscription receivable by paying for expenses of the company. |
Income Taxes
Income Taxes | 12 Months Ended |
May 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 8 - INCOME TAXES The reconciliation of income tax benefit at the U.S. statutory rate of 34% for the period from inception to May 31, 2017 to the Company’s effective tax rate is as follows: May 31, 2017 May 31, 2016 Tax benefit at U.S. statutory rate $ 4,324 $ 164 Change in valuation allowance (4,324 ) (164 ) Tax benefit, net $ - $ - The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at May 31, 2017 are as follows: Deferred tax assets May 31, 2017 May 31, 2016 Net operating loss $ 4,324 $ 164 Valuation allowance (4,324 ) (164 ) Net deferred tax assets $ - $ - The Company has approximately $12,718 of net operating losses (“NOL”) carried forward to offset taxable income, if any, in future years which begin to expire in fiscal 2036. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized. |
Commitment & Contingencies
Commitment & Contingencies | 12 Months Ended |
May 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment & Contingencies | NOTE 9 - COMMITMENT & CONTINGENCIES The Company does not own or lease any real or personal property and does not have any capital commitments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
May 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date that these financial statements were available to be issued. There have been no events that would require adjustment to or disclose in the financial statements. |
Significant and Critical Acco18
Significant and Critical Accounting Policies and Practices (Policies) | 12 Months Ended |
May 31, 2017 | |
Accounting Policies [Abstract] | |
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. |
Fiscal Year-End | Fiscal Year-End The Company elected May 31 as its fiscal year ending date. |
Inventory | Inventory We value our inventory based on our cost. We adjust the value of our inventory to the extent our management determines that our cost cannot be recovered due to obsolescence or other factors. In order to make these determinations, our management uses estimates of future demand and sales prices for each product to determine appropriate inventory reserves and to make corresponding reductions in inventory values to reflect the lower of cost or market value. In the event of a sudden significant decrease in demand for our products, or a higher incidence of inventory obsolescence, we could be required to increase our inventory reserve, which would increase our cost of product sales and decrease our gross profit. |
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. |
Fair Value Measurements | 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 | 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 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 | Advertising The Company will expense its advertising when incurred. There has been no advertising since inception. |
Start-Up Costs | 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. |
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. |
Earnings Per Share | 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. Potential common shares are excluded when their effect is anti-dilutive. 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 | Recently Issued Accounting Pronouncements 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 Company’s financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
May 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Income Tax Benefit | The reconciliation of income tax benefit at the U.S. statutory rate of 34% for the period from inception to May 31, 2017 to the Company’s effective tax rate is as follows: May 31, 2017 May 31, 2016 Tax benefit at U.S. statutory rate $ 4,324 $ 164 Change in valuation allowance (4,324 ) (164 ) Tax benefit, net $ - $ - |
Schedule of Net Deferred Tax Assets | The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at May 31, 2017 are as follows: Deferred tax assets May 31, 2017 May 31, 2016 Net operating loss $ 4,324 $ 164 Valuation allowance (4,324 ) (164 ) Net deferred tax assets $ - $ - |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended |
May 31, 2016 | May 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 481 | $ 12,718 |
Working capital deficit | ||
Net loss | $ 481 | $ 12,237 |
Loan from Director (Details Nar
Loan from Director (Details Narrative) - USD ($) | May 31, 2017 | May 31, 2016 |
Amount owed to officers | $ 10,116 | $ 1,327 |
CEO And Director [Member] | ||
Amount owed to officers | $ 10,116 | $ 1,327 |
Stockholder's Equity (Details N
Stockholder's Equity (Details Narrative) - USD ($) | May 31, 2017 | May 31, 2016 | May 04, 2016 |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized shares | 75,000,000 | 75,000,000 | |
Common stock, issued shares | 4,000,000 | 4,000,000 | |
Subscription receivable | $ 4,000 | ||
CEO And Director [Member] | |||
Common stock, issued shares | 4,000,000 | ||
Subscription receivable | $ 4,000 | ||
Subscription receivable per share | $ 0.001 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
May 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective tax rate | 34.00% |
Net operating losses | $ 12,718 |
Income tax expiration year | 2,036 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Benefit (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
May 31, 2016 | May 31, 2017 | May 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit at U.S. statutory rate | $ 4,324 | $ 164 | |
Change in valuation allowance | (4,324) | (164) | |
Tax benefit, net |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($) | May 31, 2017 | May 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 4,324 | $ 164 |
Valuation allowance | (4,324) | (164) |
Net deferred tax assets |