Document and Entity Information
Document and Entity Information | 3 Months Ended |
Aug. 31, 2017shares | |
Document And Entity Information | |
Entity Registrant Name | MOVEIX INC. |
Entity Central Index Key | 1,685,766 |
Document Type | 10-Q |
Document Period End Date | Aug. 31, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --05-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 4,490,000 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Aug. 31, 2017 | May 31, 2017 |
Current Assets | ||
Checking Account | $ 5,770 | |
Inventory | 480 | |
Other current assets | 918 | |
Total Current Assets | 5,770 | 1,398 |
Total Assets | 5,770 | 1,398 |
Current Liabilities | ||
Loan from director | 10,216 | 10,116 |
Total Liabilities | 10,216 | 10,116 |
Stockholders' Deficit | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 4,490,000 and 4,000,000 shares issued and outstanding respectively: | 4,490 | 4,000 |
Additional paid-in Capital | 4,410 | |
Accumulated deficit | (13,346) | (12,718) |
Total Stockholders' Deficit | (4,446) | (8,718) |
Total Liabilities and Stockholders' Deficit | $ 5,770 | $ 1,398 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2017 | May 31, 2017 |
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 | 4,490,000 | 4,000,000 |
Common stock, shares outstanding | 4,490,000 | 4,000,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2017 | Aug. 31, 2016 | |
REVENUES | ||
Sales (Scooters) | $ 3,000 | |
COGS | 1,398 | |
Gross Profit | 1,602 | |
General and Administrative Expenses | 2,230 | 3,865 |
OPERATING EXPENSES | 2,230 | 3,865 |
TOTAL OPERATING EXPENSES | 2,230 | 3,865 |
NET LOSS FROM OPERATIONS | (628) | (3,865) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (628) | $ (3,865) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 4,058,456 | 4,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2017 | Aug. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (628) | $ (3,865) |
Changes in assets and liabilities: | ||
Deposit for Inventory | 1,398 | (600) |
Prepaid Expense | 12 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | 770 | (4,453) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Capital Stock | 4,900 | 4,000 |
Expenses paid on behalf of the Company | 100 | 4,453 |
Expenses paid on behalf of the Company - subscription receivable | (4,000) | |
CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES | 5,000 | 4,453 |
Net Cash Change for Period | 5,770 | |
Cash at beginning of period | ||
Cash at end of Period | 5,770 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Condensed Interim Financial Sta
Condensed Interim Financial Statements | 3 Months Ended |
Aug. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Condensed Interim Financial Statements | NOTE 1 – Condensed Interim Financial Statements 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. The company is located at STRADA VERONICA MICLE 15 BL.17 SC A ET 1 ATP 6 SUCEAVA S5 72021. The accompanying unaudited condensed financial statements include the accounts of Moveix Inc. (the “Company”). These financial statements are condensed and, therefore, do not include all disclosures normally required by accounting principles generally accepted in the United States of America. Therefore, these statements should be read in conjunction with the most recent annual financial statements of Moveix Inc. for the year ended May 31, 2017. In particular, the Company’s significant accounting principles were presented as Note 2 to the Financial Statements in that report. In the opinion of management, all adjustments necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements and consist of only normal recurring adjustments. The results of operations presented in the accompanying condensed financial statements are not necessarily indicative of the results that may be expected for the full year ending May 31, 2018. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 3 Months Ended |
Aug. 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. 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 August 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. The Company had no cash equivalents as of August 31, 2017. 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. 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 | 3 Months Ended |
Aug. 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 $13,346 and negative working capital at August 31, 2017 and a net loss of $628 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. |
Loan from Director
Loan from Director | 3 Months Ended |
Aug. 31, 2017 | |
Related Party Transactions [Abstract] | |
Loan from Director | NOTE 4 – LOAN FROM DIRECTOR As of August 31, 2017, the Company owed $10,216 to the CEO and Director for expenses paid by him on behalf of the Company. The amounts are unsecured, non-interest bearing and due on demand. |
Stockholder's Equity
Stockholder's Equity | 3 Months Ended |
Aug. 31, 2017 | |
Equity [Abstract] | |
Stockholder's Equity | NOTE 5 – STOCKHOLDER’S EQUITY The Company has 75,000,000, $0.001 par value shares of common stock authorized. During the prior year, 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 three months ending August 31, 2016, the CEO and director paid for expenses and inventory deposits in satisfaction of the subscription receivable. As of August 31, 2017, the Company issued 490,000 shares of common stock to shareholders at $0.01 per share for a total price of $4,900. As of August 31, 2017, the Company’s issued and outstanding shares were at 4,490,000. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Aug. 31, 2017 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | NOTE 6 – REVENUE RECOGNITION The Company applies paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. The Company derives its revenues from sales contracts with its customer with revenues being generated upon rendering of services. Persuasive evidence of an arrangement is demonstrated via invoice; service is considered provided when the service is delivered to the customers; and the sales price to the customer is fixed upon acceptance of the purchase order and there is no separate sales rebate, discount, or volume incentive. As of August 31, 2017, the Company has sold 3 Kids electric adult scooters for a total gross profit of $1,602. |
Income Taxes
Income Taxes | 3 Months Ended |
Aug. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7 - INCOME TAXES The reconciliation of income tax benefit at the U.S. statutory rate of 34% for the period from inception to August 31, 2017 to the Company’s effective tax rate is as follows: August 31, 2017 May 31, 2016 Tax benefit at U.S. statutory rate $ 4,538 $ 4,324 Change in valuation allowance (4,538 ) (4,324 ) Tax benefit, net $ - $ - The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at August 31, 2017 are as follows: Deferred tax assets August 31, 2017 August 31, 2016 Net operating loss $ 214 $ 1,314 Valuation allowance (214 ) (1,314 ) Net deferred tax assets $ - $ - The Company has approximately $13,346 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 | 3 Months Ended |
Aug. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment & Contingencies | NOTE 8 - 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 | 3 Months Ended |
Aug. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 – SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date that these financial statements were available to be issued. In September 2017 the Company issued 640,000 common shares to 8 shareholders for a total price of $6,400 at $0.01 per share. There have been no events that would require adjustment to or disclose in the financial statements. |
Significant and Critical Acco15
Significant and Critical Accounting Policies and Practices (Policies) | 3 Months Ended |
Aug. 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. |
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 August 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. The Company had no cash equivalents as of August 31, 2017. |
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. 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) | 3 Months Ended |
Aug. 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 August 31, 2017 to the Company’s effective tax rate is as follows: August 31, 2017 May 31, 2016 Tax benefit at U.S. statutory rate $ 4,538 $ 4,324 Change in valuation allowance (4,538 ) (4,324 ) 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 August 31, 2017 are as follows: Deferred tax assets August 31, 2017 August 31, 2016 Net operating loss $ 214 $ 1,314 Valuation allowance (214 ) (1,314 ) Net deferred tax assets $ - $ - |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2017 | Aug. 31, 2016 | May 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 13,346 | $ 12,718 | |
Working capital deficit | |||
Net loss | $ 628 | $ 3,865 |
Loan from Director (Details Nar
Loan from Director (Details Narrative) - USD ($) | Aug. 31, 2017 | May 31, 2017 |
Amount owed to officers | $ 10,216 | $ 10,116 |
CEO And Director [Member] | ||
Amount owed to officers | $ 10,216 |
Stockholder's Equity (Details N
Stockholder's Equity (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2017 | May 31, 2017 | May 31, 2016 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized shares | 75,000,000 | 75,000,000 | |
Common stock, issued shares | 4,490,000 | 4,000,000 | |
Number of common stock shares issued | 490,000 | ||
Number of common stock value issued | $ 4,900 | ||
Number of shares issued, price per share | $ 0.01 | ||
Common stock, shares outstanding | 4,490,000 | 4,000,000 | |
CEO And Director [Member] | |||
Common stock, issued shares | 4,000,000 | ||
Subscription receivable | $ 4,000 | ||
Subscription receivable, per share | $ 0.001 |
Revenue Recognition (Details Na
Revenue Recognition (Details Narrative) - USD ($) | 3 Months Ended | |
Aug. 31, 2017 | Aug. 31, 2016 | |
Revenue Recognition [Abstract] | ||
Gross profit | $ 1,602 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 3 Months Ended |
Aug. 31, 2017USD ($) | |
Income Tax Disclosure [Abstract] | |
Effective tax rate | 34.00% |
Net operating losses | $ 13,346 |
Income tax expiration year | 2,036 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Benefit (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | Aug. 31, 2016 | May 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit at U.S. statutory rate | $ 4,538 | $ 4,324 | |
Change in valuation allowance | (4,538) | (4,324) | |
Tax benefit, net |
Income Taxes - Schedule of Net
Income Taxes - Schedule of Net Deferred Tax Assets (Details) - USD ($) | Aug. 31, 2017 | Aug. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 214 | $ 1,314 |
Valuation allowance | (214) | (1,314) |
Net deferred tax assets |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended |
Sep. 30, 2017 | Aug. 31, 2017 | |
Number of common stock shares issued | 490,000 | |
Number of common stock value issued | $ 4,900 | |
Number of shares issued, price per share | $ 0.01 | |
Subsequent Event [Member] | ||
Number of common stock shares issued | 640,000 | |
Number of common stock value issued | $ 6,400 | |
Number of shares issued, price per share | $ 0.01 |