Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Aug. 31, 2018 | Jan. 28, 2019 | Feb. 28, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | AFRIKA4U | ||
Entity Central Index Key | 1,727,815 | ||
Document Type | 10-K | ||
Document Period End Date | Aug. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --08-31 | ||
Is Entity a Well-known Seasoned Issuer | No | ||
Is Entity a Voluntary Filer | No | ||
Is Entity's Reporting Status Current? | No | ||
Is Entity Emerging Growth Company? | true | ||
Entity Ex Transition Period | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding | 10,000,000 | ||
Entity Public Float | $ 0 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Shell Company | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Aug. 31, 2018 | Aug. 31, 2017 |
CURRENT ASSETS | ||
Bank | $ 1,185 | |
TOTAL ASSETS | 1,185 | |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 1,000 | |
Loan from related party | 5,755 | 1,613 |
TOTAL CURRENT LIABILITIES | 5,755 | 2,613 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Capital stock, Authorized, 75,000,000 shares of common stock, $0.001 par value, Issued and outstanding 10,000,000 shares at August 31, 2018 and August 31, 2017 | 10,000 | 10,000 |
Subscription Receivable | (10,000) | |
Accumulated Deficit | (14,570) | (2,613) |
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) | (4,570) | (2,613) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) | $ 1,185 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2018 | Aug. 31, 2017 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common Stock, shares issued | 10,000,000 | 10,000,000 |
Common stock, shares outstanding | 10,000,000 | 10,000,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2017 | Aug. 31, 2018 | |
EXPENSES | ||
Office and general | $ 1,613 | $ 1,957 |
Professional Fees | 1,000 | 10,000 |
Total Expenses, before provision of income taxes | 2,613 | 11,957 |
Provision for income taxes | ||
NET LOSS | $ (2,613) | $ (11,957) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 10,000,000 | 10,000,000 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-in Capital | Share Subscriptions Receivable [Member] | Accumulated Deficit | Total |
Beginning balance, Amount at Aug. 03, 2017 | |||||
Beginning balance, Shares at Aug. 03, 2017 | |||||
Founder's shares issued for cash at $0.001 per share, amount | $ 10,000 | (10,000) | |||
Founder's shares issued for cash at $0.001 per share, shares | 10,000,000 | ||||
Net loss for the year | (2,613) | (2,613) | |||
Ending balance, Amount at Aug. 31, 2017 | $ 10,000 | (10,000) | (2,613) | (2,613) | |
Ending balance, Shares at Aug. 31, 2017 | 10,000,000 | ||||
Beginning balance, Amount at Aug. 03, 2017 | |||||
Beginning balance, Shares at Aug. 03, 2017 | |||||
Net loss for the year | (14,570) | ||||
Ending balance, Amount at Aug. 31, 2018 | $ 10,000 | (14,570) | (4,570) | ||
Ending balance, Shares at Aug. 31, 2018 | 10,000,000 | ||||
Beginning balance, Amount at Aug. 31, 2017 | $ 10,000 | (10,000) | (2,613) | (2,613) | |
Beginning balance, Shares at Aug. 31, 2017 | 10,000,000 | ||||
Subscription receivable received | 10,000 | 10,000 | |||
Net loss for the year | (11,957) | (11,957) | |||
Ending balance, Amount at Aug. 31, 2018 | $ 10,000 | $ (14,570) | $ (4,570) | ||
Ending balance, Shares at Aug. 31, 2018 | 10,000,000 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2017 | Aug. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net loss | $ (2,613) | $ (11,957) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Expenses paid on company's behalf by related party | 1,000 | (1,000) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (1,613) | (12,957) |
FINANCING ACTIVITIES | ||
Proceeds from subscription receivable | 10,000 | |
Loan from related party | 1,613 | 4,142 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,613 | 14,142 |
NET INCREASE (DECREASE) IN CASH | 1,185 | |
CASH, BEGINNING OF PERIOD | ||
CASH, END OF PERIOD | 1,185 | |
Supplemental cash flow information and noncash financing activities: | ||
Cash paid for: Interest | ||
Cash paid for: Income taxes |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION | The Company was incorporated in the State of Nevada as a for-profit Company on August 4, 2017 and established a fiscal year end of August 31. The Company intends to export leather shoes and leather bags as fashion accessories, to the US. All activities of the Company to date relate to its organization, initial funding. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 2 - BASIS OF PRESENTATION | Basis of Presentation In the opinion of management, the accompanying balance sheets, statements of operations, stockholders' equity (deficit) and cash flows include all adjustments, consisting only of normal recurring items, for their fair presentation in conformity with accounting principles generally accepted in the United States. These financial statements are presented in United States dollars. Property The Company does not own or rent any property. The office space is provided by the president at no charge. Revenue and Cost Recognition The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. Cash and Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less to be cash equivalents. Use of Estimates and Assumptions Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Income Taxes The Company follows the liability method of accounting for income taxes. 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. 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. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. Net Loss per Share Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. Exchange Rate Accounting Policy Local currencies are translated into US$ at the prevailing rate on the date of the transaction. Recent Accounting Pronouncements The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN | The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern. This contemplates the realization of assets and the liquidation of liabilities in the normal course of business. Currently, the Company has a working capital deficit and an accumulated deficit of $14,570 and net loss from operations since inception of $14,570. The Company does not have a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern. The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company is funding its initial operations by way of issuing Founder’s shares. The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, Transfer Agency and Edgarizing costs |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - FAIR VALUE OF FINANCIAL INSTRUMENTS | The Company has determined the estimated fair value of financial instruments using available market information and appropriate valuation methodologies. The fair value of financial instruments classified as current assets or liabilities approximate their carrying value due to the short-term maturity of the instruments. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 5 - CAPITAL STOCK | The Company’s capitalization is 75,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. As of August 31, 2018, the Company has not granted any stock options and has not recorded any stock-based compensation. On August 7, 2017 the Company issued 10,000,000 Founder's shares for cash at $0.001 per share. On May 31, 2018, the Company decreased the loan amount by $10,000 from Charl Fredirck Coertzen, the Founder, in receipt of $10,000 subscription receivable. As of August 31, 2018, 10,000,000 common shares issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 6 - RELATED PARTY TRANSACTIONS | During this year, Charl Fredrick Coertzen, Founder and President of the Company, paid $12,831 on behalf of the Company and cash loan of $1,311 to the Company. On May 31, 2018 the Company decreased the loan amount $10,000 as money received for subscription receivable. As of August 31, 2018, the Company owes $5,755 (August 31, 2017 $1,613) to Charl Fredirck Coertzen. The loans are payable on demand, unsecured and without interest. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 7 - INCOME TAXES | We did not provide any current or deferred U.S. federal income tax provision or benefit for any of the periods presented because we have experienced operating losses since inception. Accounting for Uncertainty in Income Taxes when it is more likely than not that a tax asset cannot be realized through future income the Company must allow for this future tax benefit. We provided a full valuation allowance on the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward period. 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: August 31, 2018 August 31, 2017 Net loss before income taxes per financial statements $ (11,957 ) $ (2,613 ) Income tax rate 34 % 34 % Income tax recovery (4,065 ) (888 ) Non-deductible - - Valuation allowance change 4,065 888 Provision for income taxes $ - $ - The significant component of deferred income tax assets at August 31, 2018 and August 31, 2017 are as follows: August 31, 2018 August 31, 2017 Net operating loss carry-forward $ 4,953 $ 888 Valuation allowance (4,953 ) (888 ) Net deferred income tax asset $ - $ – |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Aug. 31, 2018 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENTS | During September 2018, the Company received $3,195 from 24 individuals for 79,875 common stock issued at $0.04. On October 16, 2018, the Company effected a 312:1 Forward Stock Split of all issued and outstanding shares of the Company’s common stock. The Effected date is the date not later than 10 days after notifying the Nevada Secretary of the State. On October 25, 2018, the Company borrowed cash $4,405 from Charl Fredrick Coertzen, President of the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | In the opinion of management, the accompanying balance sheets, statements of operations, stockholders' equity (deficit) and cash flows include all adjustments, consisting only of normal recurring items, for their fair presentation in conformity with accounting principles generally accepted in the United States. These financial statements are presented in United States dollars. |
Property | The Company does not own or rent any property. The office space is provided by the president at no charge. |
Revenue and Cost Recognition | The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with maturity of three months or less to be cash equivalents. |
Use of Estimates and Assumptions | Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Income Taxes | The Company follows the liability method of accounting for income taxes. 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. 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. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. 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. |
Net Loss per Share | Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Because the Company does not have any potentially dilutive securities, the accompanying presentation is only of basic loss per share. |
Exchange Rate Accounting Policy | Local currencies are translated into US$ at the prevailing rate on the date of the transaction. |
Recent Accounting Pronouncements | The company has evaluated all the recent accounting pronouncements and believes that none of them will have a material effect on the company’s financial statement. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2018 | |
Income Taxes Tables Abstract | |
Schedule Of Effective Income Tax Rate Reconciliation | August 31, 2018 August 31, 2017 Net loss before income taxes per financial statements $ (11,957 ) $ (2,613 ) Income tax rate 34 % 34 % Income tax recovery (4,065 ) (888 ) Non-deductible - - Valuation allowance change 4,065 888 Provision for income taxes $ - $ - |
Schedule of deferred income tax assets | August 31, 2018 August 31, 2017 Net operating loss carry-forward $ 4,953 $ 888 Valuation allowance (4,953 ) (888 ) Net deferred income tax asset $ - $ – |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION (Details Narrative) | 12 Months Ended |
Aug. 31, 2018 | |
Nature Of Operations And Basis Of Presentation | |
State of incorporation | Nevada |
Date of incorporation | Aug. 4, 2017 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | 13 Months Ended |
Aug. 31, 2017 | Aug. 31, 2018 | Aug. 31, 2018 | |
Going Concern | |||
Accumulated deficit | $ (2,613) | $ (14,570) | $ (14,570) |
Net loss from operations | $ (2,613) | $ (11,957) | $ (14,570) |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2017 | May 31, 2018 | Aug. 31, 2018 | Aug. 07, 2017 | |
Common stock, par value | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 | ||
Common stock, shares issued | 10,000,000 | 10,000,000 | ||
Common stock, shares outstanding | 10,000,000 | 10,000,000 | ||
Proceeds from subscription receivable | $ 10,000 | $ 10,000 | ||
Charl Fredrick Coertzen [Member] | ||||
Repayment of related party debt | $ 10,000 | |||
Founder [Member] | ||||
Common stock, par value | $ 0.001 | |||
Common stock, shares issued | 10,000,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Aug. 31, 2017 | May 31, 2018 | Aug. 31, 2018 | |
Loan from related party | $ 1,613 | $ 4,142 | |
Charl Fredrick Coertzen [Member] | |||
Due to related party | 12,831 | ||
Loan from related party | 1,311 | ||
Repayment of related party debt | $ 10,000 | ||
President [Member] | |||
Loan from related party | $ 1,613 | $ 5,755 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Aug. 31, 2017 | Aug. 31, 2018 | |
Income Taxes Details 1Abstract | ||
Net loss before income taxes per financial statements | $ (2,613) | $ (11,957) |
Income tax rate | 34.00% | 34.00% |
Income tax recovery | $ (888) | $ (4,065) |
Non-deductible | ||
Valuation allowance change | 888 | 4,065 |
Provision for income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Aug. 31, 2018 | Aug. 31, 2017 |
Income Taxes Details 1Abstract | ||
Net operating loss carryforward | $ 4,953 | $ 888 |
Valuation allowance | (4,953) | (888) |
Net deferred income tax asset |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Oct. 25, 2018USD ($) | Oct. 16, 2018 | Sep. 30, 2018USD ($)Integer$ / sharesshares | Aug. 31, 2017USD ($)shares | Aug. 31, 2018USD ($)shares | |
Common stock, shares issued | shares | 10,000,000 | 10,000,000 | |||
Loan from related party | $ 1,613 | $ 4,142 | |||
Charl Fredrick Coertzen [Member] | |||||
Loan from related party | $ 1,311 | ||||
Subsequent Event [Member] | |||||
Forward stock split | 312:1 | ||||
Subsequent Event [Member] | Individual [Member] | |||||
Proceeds from issuance of common stock | $ 3,195 | ||||
Number of individuals | Integer | 24 | ||||
Common stock, shares issued | shares | 79,875 | ||||
Common stock, per share | $ / shares | $ 0.04 | ||||
Subsequent Event [Member] | Charl Fredrick Coertzen [Member] | |||||
Loan from related party | $ 4,405 |