Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | |
Document And Entity Information | |||
Entity Registrant Name | MWF GLOBAL INC. | ||
Entity Central Index Key | 0001696025 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Jan. 31, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 75,825,000 | ||
Entity Public Float | $ 0 | ||
Entity File Number | 333-219419 | ||
Entity Address Address Line 1 | Baccuit Sur, Bauang | ||
Entity Address Postal Zip Code | 000000 | ||
Entity Tax Identification Number | 81-4520116 | ||
Entity Address City Or Town | La Union | ||
Local Phone Number | 321-8238 | ||
City Area Code | 775 | ||
Entity Address Country | PH | ||
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jan. 31, 2020 | Jan. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 478 | $ 871 |
TOTAL CURRENT ASSETS | 478 | 871 |
CURRENT LIABILITIES | ||
Accounts payable | 2,099 | 797 |
Due to related party | 63,048 | 41,500 |
TOTAL CURRENT LIABILITIES | 65,147 | 42,297 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Common stock Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 75,825,000 of common stock (January 31, 2019 - 75,825,000) | 75,825 | 75,825 |
Additional paid in capital | (59,625) | (59,625) |
Accumulated deficit | (80,869) | (57,626) |
TOTAL STOCKHOLDERS' DEFICIT | (64,669) | (41,426) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 478 | $ 871 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jan. 31, 2020 | Jan. 31, 2019 |
STOCKHOLDERS' DEFICIT | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 75,825,000 | 75,825,000 |
Common stock, shares outstanding | 75,825,000 | 75,825,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
STATEMENTS OF OPERATIONS | ||
REVENUE | $ 242 | $ 63 |
OPERATING EXPENSES | ||
General and administrative | 5,330 | 19,241 |
Professional fees | 18,155 | 16,450 |
TOTAL OPERATING EXPENSES | (23,485) | (35,691) |
NET LOSS | $ (23,243) | $ (35,628) |
NET LOSS PER COMMON SHARE - BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 75,825,000 | 265,545,000 |
STATEMENTS OF STOCKHOLDERS DEFI
STATEMENTS OF STOCKHOLDERS DEFICIT - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Subscription Receivable [Member] | Accumulated Deficit [Member] |
Balance, shares at Jan. 31, 2018 | 585,000,000 | ||||
Balance, amount at Jan. 31, 2018 | $ (15,498) | $ 585,000 | $ (578,500) | $ (21,998) | |
Common shares issued for cash - $0.00044- June 19, 2018, shares | 21,825,000 | ||||
Common shares issued for cash - $0.00044- June 19, 2018, amount | 9,700 | $ 21,825 | (12,125) | ||
Shares cancelled - June 18, 2018, shares | (531,000,000) | ||||
Shares cancelled - June 18, 2018, amount | $ (531,000) | 531,000 | |||
Net Income (Loss) | $ (35,628) | $ (35,628) | |||
Balance, shares at Jan. 31, 2019 | 75,825,000 | ||||
Balance, amount at Jan. 31, 2019 | $ (41,426) | $ 75,825 | $ (59,625) | $ (57,626) | |
Net Income (Loss) | $ (23,243) | $ (23,243) | |||
Balance, shares at Jan. 31, 2020 | 75,825,000 | ||||
Balance, amount at Jan. 31, 2020 | $ (64,669) | $ 75,825 | $ (59,625) | $ (80,869) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (23,243) | $ (35,628) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Expenses paid by related party | 21,348 | 24,444 |
Changes in operating assets and liabilities | ||
Accounts payable | 1,302 | 369 |
NET CASH USED IN OPERATING ACTIVITIES | (593) | (10,815) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related party | 200 | 200 |
Proceeds from subscription receivable | 9,700 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 200 | 9,900 |
NET CHANGE IN CASH | (393) | (915) |
CASH, BEGINNING OF PERIOD | 871 | 1,786 |
CASH, END OF PERIOD | 478 | 871 |
Cash paid during the period for: | ||
Interest | ||
Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Jan. 31, 2020 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | MWF Global Inc. was incorporated in the State of Nevada as a for-profit Company on November 18, 2016 and established a fiscal year end of January 31. The Company is organized to sell unique country specific handcrafted natural products with a focus on sourcing these products from South-East Asia and offering these products for sale through the Company’s web site and to establish other distribution channels. Going concern To date the Company has generated minimal revenues from its business operations and has incurred operating losses since inception of $80,869. As at January 31, 2020, the Company has a working capital deficit of $64,669. The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses. The ability of the Company to continue as a going concern is dependent on raising capital to fund its initial business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern from a period of one year from the issuance of these financial statements. The Company intends to continue to fund its business by way of private placements and advances from related parties as may be required. As of January 31, 2020, the Company has issued 75,825,000 shares of common stock. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from this uncertainty. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jan. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The financial statements present the balance sheet, statements of operations, stockholders’ deficit and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. Use of Estimates and Assumptions Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. Revenue Recognition The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers”, and other applicable revenue recognition guidance under US GAAP. The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) approval of both parties, (ii) the goods or services associated with transaction must be identified, (iii) identification of payment terms (iv) the contract has commercial substance, and (v) collection of payment is probable — generally when products are shipped to the customer and goods are shipped, except in situations in which title passes upon receipt of the products by the customer. Revenue consists of revenue earned for the sale of the Company’s product and revenue is recognized at the time the product is shipped to the customer. Fair Value of Financial Instruments The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. Loss per Common Share The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. Stock-based Compensation The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at January 31, 2020 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. Recent Accounting Pronouncements The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jan. 31, 2020 | |
COMMON STOCK | |
NOTE 3 - COMMON STOCK | The Company is authorized to issue 200,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. There were no issuances of common stock during the current period. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jan. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | During the year ended January 31, 2020, the Company received cash advances from its CEO of $200. Additionally, the CEO paid expenses of $21,348 on behalf of the Company. The total amount owed to the CEO as of January 31, 2020 was $63,048 (January 31, 2019 - $41,500). The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jan. 31, 2020 | |
INCOME TAXES | |
NOTE 5 - INCOME TAXES | A reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: January 31, 2020 January 31, 2019 Net loss before income taxes per financial statements $ (23,243 ) $ (35,628 ) Income tax rate 21 % 21 % Income tax recovery (4,881 ) (7,482 ) Valuation allowance change 4,881 (7,482 ) Provision for income taxes $ – $ - The significant component of deferred income tax assets at January 31, 2020 and 2019, is as follows: January 31, 2020 January 31, 2019 Net operating loss carry-forward $ 16,983 $ 12,102 Valuation allowance (16,983 ) $ (12,102 ) Net deferred income tax asset $ – $ - The amount taken into income as deferred income tax assets must reflect that portion of the income tax loss carry forwards that is more likely-than-not to be realized from future operations. The Company has chosen to provide a full valuation allowance against all available income tax loss carry forwards. The Company has recognized a valuation allowance for the deferred income tax asset since the Company cannot be assured that it is more likely than not that such benefit will be utilized in future years. The valuation allowance is reviewed annually. When circumstances change, and which cause a change in management’s judgment about the realizability of deferred income tax assets, the impact of the change on the valuation allowance is generally reflected in current income. As of January 31, 2020, and 2019, the Company has no unrecognized income tax benefits. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items as tax expense. No interest or penalties have been recorded during the year ended January 31, 2020 and 2019 and no interest or penalties have been accrued as of January 31, 2020 and 2019. As of January 31, 2020, and 2019, the Company did not have any amounts recorded pertaining to uncertain tax positions. The tax years from 2017 and forward remain open to examination by federal and state authorities due to net operating loss and credit carryforwards. The Company is currently not under examination by the Internal Revenue Service or any other taxing authorities. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jan. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 6 - SUBSEQUENT EVENTS | There were no significant subsequent events from the balance sheet date to the date the financial statements were issued. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jan. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The financial statements present the balance sheet, statements of operations, stockholders’ deficit and cash flows of the Company. These financial statements are presented in the United States dollars and have been prepared in accordance with accounting principles generally accepted in the United States. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain 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 period. Accordingly, actual results could differ from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Revenue Recognition | The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers”, and other applicable revenue recognition guidance under US GAAP. The Company recognizes revenue in accordance with ASC topic 606 “Revenue from contracts with customers, and other applicable revenue recognition guidance under US GAAP. Sales revenue is recognized for our retail and wholesale customers when: (i) approval of both parties, (ii) the goods or services associated with transaction must be identified, (iii) identification of payment terms (iv) the contract has commercial substance, and (v) collection of payment is probable — generally when products are shipped to the customer and goods are shipped, except in situations in which title passes upon receipt of the products by the customer. Revenue consists of revenue earned for the sale of the Company’s product and revenue is recognized at the time the product is shipped to the customer. |
Fair Value of Financial Instruments | The carrying amount of the Company’s financial assets and liabilities approximates their fair values due to their short-term maturities. |
Loss per Common Share | The basic loss per share is calculated by dividing the Company’s net loss available to common shareholders by the weighted average number of common shares during the year. The diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company. |
Income Taxes | The Company follows the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax balances and tax loss carry-forwards. Deferred tax assets and liabilities are measured using enacted or substantially enacted tax rates expected to apply to the taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the date of enactment or substantive enactment. |
Stock-based Compensation | The Company follows ASC 718-10, "Stock Compensation", which addresses the accounting for transactions in which an entity exchanges its equity instruments for goods or services, with a primary focus on transactions in which an entity obtains employee services in share-based payment transactions. ASC 718-10 is a revision to SFAS No. 123, "Accounting for Stock-Based Compensation," and supersedes Accounting Principles Board ("APB") Opinion No. 25, "Accounting for Stock Issued to Employees," and its related implementation guidance. ASC 718-10 requires measurement of the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). Incremental compensation costs arising from subsequent modifications of awards after the grant date must be recognized. The Company has not adopted a stock option plan and has not granted any stock options. As at January 31, 2020 the Company had not adopted a stock option plan nor had it granted any stock options. Accordingly, no stock-based compensation has been recorded to date. |
Recent Accounting Pronouncements | The Company does not expect the adoption of any recent accounting pronouncements to have a material impact on its financial statements. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
INCOME TAXES | |
Schedule of Components of Income Tax Expense | January 31, 2020 January 31, 2019 Net loss before income taxes per financial statements $ (23,243 ) $ (35,628 ) Income tax rate 21 % 21 % Income tax recovery (4,881 ) (7,482 ) Valuation allowance change 4,881 (7,482 ) Provision for income taxes $ – $ - |
Deferred income tax assets | January 31, 2020 January 31, 2019 Net operating loss carry-forward $ 16,983 $ 12,102 Valuation allowance (16,983 ) $ (12,102 ) Net deferred income tax asset $ – $ - |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 12 Months Ended | 38 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2019 | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | |||
State of incorporation | Nevada | ||
Date of incorporation | Nov. 18, 2016 | ||
Operating loss | $ (80,869) | ||
Working capital deficit | $ (64,669) | $ (64,669) | |
Common stock, shares issued | 75,825,000 | 75,825,000 | 75,825,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - $ / shares | Jan. 31, 2020 | Jan. 31, 2019 |
COMMON STOCK (Details Narrative) | ||
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Due to related party | $ 63,048 | $ 41,500 |
Expenses paid by related party | 21,348 | 24,444 |
Advances from related party | 200 | 200 |
CEO [Member] | ||
Due to related party | 63,048 | $ 41,500 |
Expenses paid by related party | 21,348 | |
Advances from related party | $ 200 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
INCOME TAXES | ||
Net loss before income taxes per financial statements | $ (23,243) | $ (35,628) |
Income tax rate | 21.00% | 21.00% |
Income tax recovery | $ (4,881) | $ (7,482) |
Valuation allowance change | 4,881 | (7,482) |
Provision for income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jan. 31, 2020 | Jan. 31, 2019 |
INCOME TAXES | ||
Net operating loss carry-forward | $ 16,983 | $ 12,102 |
Valuation allowance | (16,983) | (12,102) |
Net deferred income tax asset |