What changed in this filing

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Item 1. Financial Statements

2020-10-09 compared with 2020-04-14 · 41 added, 65 removed, 101 unchanged (51% of the section changed)

1 unchanged sentence

FINANCIAL STATEMENTS

February 29, 2020

August 31, 2020

BALANCE SHEETS

STATEMENTS OF OPERATIONS

STATEMENT OF STOCKHOLDERS’ DEFICIT

STATEMENT OF STOCKHOLDER’S (DEFICIT)

STATEMENTS OF CASH FLOWS

3 unchanged sentences

TOTAL CURRENT ASSETS

LIABILITIES AND STOCKHOLDERS’ DEFICIT

LIABILITIES AND STOCKHOLDER’S (DEFICIT)

CURRENT LIABILITIES

4 unchanged sentences

STOCKHOLDERS’ (DEFICIT)

200,000,000 shares of common stock, $0.001 par value,

Issued and outstanding

4,000,000 shares of common stock (May 31, 2019 – 4,000,000)

Shares to be issued - (Refer Note 3)

Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 64,900,000 shares of common stock (May 31, 2020 – 64,900,000)

Additional paid in capital

Accumulated deficit

TOTAL STOCKHOLDERS’ (DEFICIT)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT

TOTAL LIABILITIES AND STOCKHOLDER’S (DEFICIT)

The accompanying notes are an integral part of these financial statements.

STATEMENTS OF OPERATIONS

For the three months ended

For the three months ended February 28,

For the nine months ended February 29, 2020

For the nine months ended February 28, 2019

three- months

OPERATING EXPENSES

5 unchanged sentences

The accompanying notes are an integral part of these financial statements.

STATEMENT OF STOCKHOLDER’S EQUITY (DEFICIT)

FOR THREE-MONTH ENDED JUNE 1, 2020 AND AUGUST 31, 2020

Balance, May 31, 2020

Net loss for the three-months ended August 31, 2020

Balance, August 31, 2020 (unaudited)

May 20, 2020, the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 50 new common shares for 1 old common share

STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE NINE-MONTH PERIOD FROM JUNE 1, 2019 TO FEBRUARY 29, 2020

Number of shares

FOR THE THREE-MONTH PERIOD FROM JUNE 1, 2019 TO AUGUST 31, 2019

Accumulated Deficit

Balance, May 31, 2019

1 unchanged sentence

Net loss for the three-months ending August 31, 2019

Balance, August 31, 2019

Common shares sold

Net loss for three-months ending November 30, 2019

Balance, November 30, 2019

Common shares sold

Net loss for the three-months ending February 29, 2020

Balance, February 29, 2020

STATEMENT OF STOCKHOLDERS’ DEFICIT

FOR THE NINE-MONTHPERIOD FROM JUNE 1, 2018 TO FEBRUARY 28, 2019

Number of shares

Balance, May 31, 2018

Net loss for the three-months ended August 31, 2018

Balance, August 31, 2018

Net loss for the three-months ended November 30, 2019

Balance, November 30, 2018

Net loss for the three months ended February 28, 2019

Balance, February 28, 2019

Balance, August 31, 2019 (unaudited)

May 20, 2020, the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 50 new common shares for 1 old common share

The accompanying notes are an integral part of these financial statements.

STATEMENT OF CASH FLOWS

For the nine-months-ended

For the nine-months-ended February 28,

STATEMENTS OF CASH FLOWS (Unaudited)

CASH FLOWS FROM OPERATING ACTIVITIES

17 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 29, 2020 (Unaudited)

AUGUST 31, 2020 (Unaudited)

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

3 unchanged sentences

Going concern

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $46,046.

As at February 29, 2020, the Company has a working capital deficit of $30,646.

The Company will require additional funding to meet its ongoing obligations and to fund anticipated operating losses.

To date the Company has generated no revenues from its business operations and has incurred operating losses since inception of $60,215.As at August 31, 2020, the Company has a working capital deficit of $41,325.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.

1 unchanged sentence

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 February 29, 2020, the Company has issued 4,000,000 founders shares at $0.001 per share for net proceeds of $4,000 to the Company and Private Placements of 228,000 common shares at $0.05 per share for net proceeds of $11,400.

As of August 31, 2020, the Company has issued 50,000,000 founders shares for net proceeds of $3,990 and 14,900,000 private placement shares for net proceeds of $14,900 to the Company.

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.

1 unchanged sentence

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.

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 May 31, 2020 included in the Company’s year-end financial statements on Form 10-K filed with the Securities and Exchange Commission.

1 unchanged sentence

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 nine-months ended February 29, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2020.

Operating results for the three-months ended August 31, 2020 are not necessarily indicative of the results that may be expected for the year ending May 31, 2021.

Use of Estimates and Assumptions

3 unchanged sentences

On September 26, 2018 the Company signed a lease for office space in San Francisco, California.

The term of the lease is for one year at $54 per month.

The term of the lease is for automatically renewed annually at $68 per month.

The term of the lease is for one year and is then renewed on a month to month basis.

Current monthly rent is $67 per month.

Cash and Cash Equivalents

3 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 29, 2020 (Unaudited)

AUGUST 31, 2020 (Unaudited)

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Loss per Common Share

3 unchanged sentences

Diluted loss per share is the same as basic loss per share due to the lack of dilutive items in the Company.

As of February 29, 2020, there were no common stock equivalents outstanding.

As of August 31, 2020, there were no common stock equivalents outstanding.

The Company follows the liability method of accounting for income taxes.

10 unchanged sentences

The Company has not adopted a stock option plan and has not granted any stock options.

As at February 29, 2020 the Company had not adopted a stock option plan nor had it granted any stock options.

As at August 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.

4 unchanged sentences

No preferred shares have been authorized or issued.

On September 30, 2017, the Company issued 4,000,000 common shares at $0.001 per share to the sole director and President of the Company.

Total shares issued and outstanding as of August 31, 2020 is 64,900,000.

On September 30, 2017, the Company issued 200,000,000 (4,000,000 pre-split) common shares at $0.00002 per share to the sole director and President of the Company.

The Company received net proceeds of $4,000 in payment of the shares.

Between August, 2019 and February, 2020 the Company sold 228,000 shares of its common stock at $0.05 for $11,400 net proceeds to the Company.

As of February 29, 2020 the Company had not issued these shares.

This is reflected on the balance sheet as shares to be issued.

During the subsequent period, on March 3, 2020 the Company sold 60,000 shares of its common stock at $0.05 for $3,000 net proceeds to the Company.

As of the filing of this report the Company had not issued these shares.

As of February 29, 2020, 4,000,000 common shares issued and outstanding.

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 29, 2020 (Unaudited)

Between August, 2019 and April, 2020 the Company sold 14,900,000 (298,000 pre-split) shares of its common stock at $0.001 for $14,900 net proceeds to the Company.

On May 20, 2020, the founding shareholder of the Company returned 150,000,000 (pre-split 3,000,000) restricted shares of common stock to treasury and the shares were subsequently cancelled by the Company.

The shares were returned to treasury for $0.000000066 per share for a total consideration of $10 to the shareholder.

On May 20, 2020, the directors of the Company approved a special resolution to undertake a forward split of the common stock of the Company on a basis of 50 new common shares for 1 old common share.

All references in these financial statements to number of common shares, price per share and weighted average number of shares outstanding prior to the 50:1 forward split have been adjusted to reflect the stock split on a retroactive basis, unless otherwise noted.

NOTE 4 – RELATED PARTY TRANSACTIONS

During the nine-month period ended February 29, 2020, the Company received cash advances from its CEO of $20.

Additionally, the CEO paid expenses of $16,055 on behalf of the Company.

Total amount owed to the CEO as of February 29, 2020 is $24,428.

During the three-month ended August 31, 2020, the CEO paid expenses of $2,229 and on behalf of the Company.

Total amount owed to the CEO as of August 31, 2020 is $30,786 (May 31, 2020- $28,557).

The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment.

On September 30, 2017, the Company issued 4,000,000 common shares at $0.001 per share to the sole director and President of the Company.

The Company received net proceeds of $4,000 in payment of the shares.

NOTE 5 – SUBSEQUENT EVENTS

During the subsequent period, on March 3, 2020 the Company sold 60,000 shares of its common stock at $0.05 for $3,000 net proceeds to the Company.

As of the filing of this report the Company had not issued these shares.

During the subsequent period, on March, 2020, the Company received cash advances from its CEO of $2,530.

The amounts due to related party are unsecured and non- interest-bearing with no set terms of repayment.

During October 2020, the CEO paid expenses of $4,500 and on behalf of the Company.

The amounts due to the related party are unsecured and non- interest-bearing with no set terms of repayment.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements