Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2018 | Mar. 22, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | AFRIKA4U | |
Entity Central Index Key | 0001727815 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
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 | 10,079,875 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Nov. 30, 2018 | Aug. 31, 2018 |
CURRENT ASSETS | ||
Bank | $ 7,743 | $ 1,185 |
TOTAL ASSETS | 7,743 | 1,185 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 8,000 | |
Loan from related party | 10,228 | 5,754 |
TOTAL CURRENT LIABILITIES | 18,228 | 5,754 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Authorized 75,000,000 shares of common stock, $0.001 par value, Issued and outstanding 10,079,875 and 10,000,000 shares at November 30, 2018 and August 31, 2018, respectively. | 10,080 | 10,000 |
Additional paid-in capital | 3,115 | |
Accumulated deficit | (23,680) | (14,570) |
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT) | (10,485) | (4,570) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT) | $ 7,743 | $ 1,185 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Nov. 30, 2018 | Oct. 10, 2018 | Aug. 31, 2018 |
STOCKHOLDERS' EQUITY (DEFICIT) | |||
Common stock, par value | $ 0.001 | $ 0.04 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | |
Common Stock, shares issued | 10,079,875 | 79,875 | 10,000,000 |
Common stock, shares outstanding | 10,079,875 | 10,000,000 |
CONDENSED STATEMENT OF OPERATIO
CONDENSED STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
EXPENSES | ||
Office and general | $ 1,110 | |
Professional Fees | 8,000 | 5,000 |
Total Expenses, before provision of income taxes | 9,110 | 5,000 |
Provision for income taxes | ||
NET LOSS | $ (9,110) | $ (5,000) |
BASIC AND DILUTED LOSS PER COMMON SHARE | $ .00 | $ .00 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 10,051,787 | 10,000,000 |
CONDENSED STATEMENT OF CASH FLO
CONDENSED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Nov. 30, 2018 | Nov. 30, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (9,110) | $ (5,000) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Increased in Accounts payable | 8,000 | |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | (1,110) | (5,000) |
FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 3,195 | |
Loan from related party | 4,473 | 5,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 7,668 | 5,000 |
NET INCREASE (DECREASE) IN CASH | 6,558 | (1) |
CASH, BEGINNING OF PERIOD | 1,185 | |
CASH, END OF PERIOD | 7,743 | (1) |
Supplemental cash flow information and noncash financing activities: | ||
Cash paid for: Interest | ||
Cash paid for: Income taxes |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1 - CONDENSED FINANCIAL STATEMENTS | 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. In the opinion of management, the accompanying balance sheets and related interim statements of income, cash flows, and stockholders’ equity include all adjustments, consisting only of normal recurring items, necessary for their fair presentation in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - BASIS OF PRESENTATION | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10-Q. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material changes in the information disclosed in the notes to the financial statements for the fiscal year ended August 31, 2018 included in the Company’s 10-K filed with the Securities and Exchange Commission. The unaudited financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of Management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended November 30, 2018 are not necessarily indicative of the results that may be expected for the year ending August 31, 2019. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Nov. 30, 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 of $10,485, an accumulated deficit of $23,680. 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. 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. 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. The officers and directors have committed to advancing certain operating costs of the Company, including Legal, Audit, and Edgarizing costs. |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4 - CAPITAL STOCK | The Company’s capitalization is 750,000,000 common shares with a par value of $0.001 per share. No preferred shares have been authorized or issued. On August 7, 2017 the Company issued 10,000,000 Founder’s shares for cash at $0.001 per share. On October 10, 2018 the Company issued 79,875 common shares at 0.04 per share for cash. 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 will be a date not later than 10 days after notifying the Nevada Secretary of the State. As of the date financial statements were available issued the Forward Stock Split is not effected. As of November 30, 2018, 10,079,875 common shares are issued and outstanding. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS | During three months ended November 30, 2018, Charl Fredrick Coertzen, Founder and President of the Company loaned cash $4,474 to the Company. As of November 30, 2018, loans balance is $10,228. The loans are payable on demand, unsecured and without interest. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - 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. |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Nov. 30, 2018 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENT | During February, 2019, Charl Fredrick Coertzen, Founder and President of the Company, advanced the Company $2,458 (ZAR 34,400). The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment. |
CONDENSED FINANCIAL STATEMENTS
CONDENSED FINANCIAL STATEMENTS (Details Narrative) | 3 Months Ended |
Nov. 30, 2018 | |
Condensed Financial Statements | |
State of incorporation | Nevada |
Date of incorporation | Aug. 4, 2017 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Nov. 30, 2018 | Aug. 31, 2018 |
Going Concern | ||
Working capital deficit | $ (10,485) | |
Accumulated deficit | $ (23,680) | $ (14,570) |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | 1 Months Ended | ||||
Oct. 16, 2018 | Nov. 30, 2018 | Oct. 10, 2018 | Aug. 31, 2018 | Aug. 07, 2017 | |
Common stock, par value | $ 0.001 | $ 0.04 | $ 0.001 | ||
Common stock, shares authorized | 75,000,000 | 75,000,000 | |||
Common stock, shares issued | 10,079,875 | 79,875 | 10,000,000 | ||
Common stock, shares outstanding | 10,079,875 | 10,000,000 | |||
Forward stock split | 312:1 | ||||
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 ($) | 3 Months Ended | ||
Nov. 30, 2018 | Nov. 30, 2017 | Aug. 31, 2018 | |
Loan from related party | $ 4,473 | $ 5,000 | |
Loan balance from related party | 10,228 | $ 5,754 | |
Charl Fredrick Coertzen [Member] | |||
Loan from related party | 4,474 | ||
Loan balance from related party | $ 10,228 |
SUBSEQUENT EVENT (Details Narra
SUBSEQUENT EVENT (Details Narrative) | 1 Months Ended |
Feb. 28, 2019USD ($) | |
Subsequent Event [Member] | Charl Fredrick Coertzen [Member] | |
Advance from related party | $ 2,458 |