ITEM 7. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
RESULTS OF OPERATIONS
Revenue
During year ended March 31, 2018 we have generated $23,200 in revenue compared to $12,500 during year ended March 31, 2017.
Operating Expenses
During the year ended March 31, 2018, we incurred $27,153 general and administrative expenses compared to $31,620 during year ended March 31, 2017. General and administrative expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.
Net Loss
Our net loss for the year ended March 31, 2018 was $3,953 compared to net loss of $19,120 for the year ended March 31, 2017.
LIQUIDITY AND CAPITAL RESOURCES
As of March 31, 2018 our total assets were $19,235 compared to $16,838 in total assets at March 31, 2017. As of March 31, 2018 our current liabilities were $11,414 compared to $5,914 as of March 31, 2017.
Stockholders equity was $7,821 as of March 31, 2018 compared to stockholders equity of $10,924 as of March 31, 2017.
Cash Flows from Operating Activities
For the year ended March 31, 2018, net cash flows provided by operating activities was $5,461 consisting of a net loss of $3,953, decrease in prepaid expenses of $500, increase in accrued expenses of $5,500 and depreciation expenses of $3,414. Net cash flows used in operating activities was $17,620 for the year ended March 31, 2017 consisting of a net loss of $19,120, increase in prepaid expenses of $500, increase in accrued expenses of $1,000, and depreciation expenses of $1,000.
6 |
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Cash Flows from Investing Activities
We used $6,100 funds in investing activities for the year ended March 31, 2018 for the purchase of new fixed assets compared to $2,800 for the year ended March 31, 2017.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the year ended March 31, 2018 net cash provided by financing activities was $850 from proceeds from sale of common stock compared to $23,200 for the year ended March 31, 2017.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
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MATERIAL COMMITMENTS
As of the date of this Annual Report, we do not have any material commitments.
PURCHASE OF SIGNIFICANT EQUIPMENT
We do not intend to purchase any significant equipment during the next twelve months.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Annual Report, we do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
GOING CONCERN
The independent auditors' report accompanying our March 31, 2018 and March 31, 2017 financial statements contain an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|
|
Report of Independent Registered Public Accounting Firm
|
F-1
|
Balance Sheets as of March 31, 2018 and March 31, 2017
|
F-2
|
Statements of Operations for the year ended March 31, 2018; and for the year ended March 31, 2017
|
F-3
|
Statement of Changes in Stockholders Equity for the year ended March 31, 2018
|
F-4
|
Statements of Cash Flows for the year ended March 31, 2018; and for the year ended March 31, 2017
|
F-5
|
Notes to the Financial Statements
|
F-6 - F-10
|
8 |
Page
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Bylog Group Corp.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Bylog Group Corp. (the Company) as of March 31, 2018 and 2017, and the related statements of operation, stockholders equity, and cash flows for each of the years in
the two periods ended March 31, 2018, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2018 and 2017, and the results of its operations and its cash flows for each of the years in the two period ended March 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Emphasis-of-a-matter
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 2 to the financial statements The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The
Company has accumulated loss from inception (August 21, 2015) to March 31, 2018 of $25,229. These factors, among others, raise substantial doubt regarding the Companys ability to continue as a going concern. Managements plans in regard to these matters are also described in Note 2 to the accompanying financial
statements. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on the Companys financial statements based on our audits. We are a public accounting firm
registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an
understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Companys internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
/s/ Paritz & Company, P.A.
We have served as the Companys auditor since 2016.
Hackensack, New Jersey
June 22, 2018
F-1
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|
|
|
|
BYLOG GROUP CORP.
BALANCE SHEETS
|
|
MARCH 31, 2018
|
MARCH 31, 2017
|
ASSETS
|
|
|
Current Assets
|
|
|
|
Cash
|
$ 11,749
|
$ 11,538
|
|
Prepaid expenses
|
-
|
500
|
|
Total current assets
|
11,749
|
12,038
|
|
Fixed Assets, net of accumulated depreciation of $4,414 and $1,000, respectively
|
7,486
|
4,800
|
Total Assets
|
$ 19,235
|
$ 16,838
|
|
LIABILITIES AND STOCKHOLDERS EQUITY
|
Current Liabilities
|
|
Loan from related parties
|
$ 914
|
$ 914
|
|
Accrued expenses
|
10,500
|
5,000
|
|
Total current liabilities
|
11,414
|
5,914
|
Total current and total Liabilities
|
11,414
|
5,914
|
|
Stockholders Equity
|
|
Common stock, $0.001 par value, 75,000,000 shares authorized;
|
|
|
11,405,000 and 11,320,000 shares issued and outstanding as of March 31, 2018 and March 31, 2017, respectively
|
11,405
|
11,320
|
|
Additional Paid-In-Capital
|
21,645
|
20,880
|
|
Accumulated Deficit
|
(25,229)
|
(21,276)
|
Total Stockholders Equity
|
7,821
|
10,924
|
|
|
|
Total Liabilities and Stockholders Equity
|
$ 19,235
|
$ 16,838
|
The accompanying notes are an integral part of these audited financial statements.
F-2
10 |
Page
|
|
|
|
|
|
BYLOG GROUP CORP.
STATEMENTS OF OPERATIONS
|
|
|
|
Year ended March 31, 2018
|
Year ended March 31, 2017
|
Revenue
|
|
|
$ 23,200
|
$ 12,500
|
Operating expenses
|
|
|
|
|
General and administrative expenses
|
|
|
27,153
|
31,620
|
Loss before provision for income taxes
|
|
|
(3,953)
|
(19,120)
|
|
|
|
|
|
Provision for income taxes
|
|
|
-
|
-
|
|
|
|
|
|
Net loss
|
|
|
$ (3,953)
|
$ (19,120)
|
|
|
|
|
|
Loss per common share:
Basic and Diluted
|
|
|
$ (0.00)
|
$ (0.00)
|
|
|
|
|
|
Weighted Average Number of Common Shares Outstanding:
Basic and Diluted
|
|
|
11,432,972
|
9,250,698
|
The accompanying notes are an integral part of these audited financial statements.
F-3
11 |
Page
|
|
|
|
|
|
BYLOG GROUP CORP.
STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
FOR THE YEAR ENDED MARCH 31, 2018
|
|
Number of
Common
Shares
|
Amount
|
Additional Paid-in-Capital
|
Deficit
accumulated
|
Total
|
Balances as of March 31, 2016
|
9,000,000
|
9,000
|
|
$ (2,156)
|
$ 6,844
|
Common Shares issued for cash at $0.01 per share
|
2,320,000
|
2,320
|
20,880
|
-
|
23,200
|
Net loss for the year
|
-
|
-
|
|
(19,120)
|
(19,120)
|
Balance as of March 31, 2017
|
11,320,000
|
$11,320
|
$ 20,880
|
$ (21,276)
|
$ 10,924
|
Common Shares issued for cash at $0.01 per share
|
175,000
|
175
|
1,575
|
-
|
1,750
|
Common Shares retired for cash at $0.01 per share
|
(90,000)
|
(90)
|
(810)
|
-
|
(900)
|
Net loss for the year
|
-
|
-
|
-
|
(3,953)
|
(3,953)
|
Balance as of March 31, 2018
|
11,405,000
|
$11,405
|
$21,645
|
$ (25,229)
|
$ 7,821
|
The accompanying notes are an integral part of these audited financial statements.
F-4
12 |
Page
|
|
|
|
|
|
BYLOG GROUP CORP.
STATEMENTS OF CASH FLOWS
|
|
Year ended March 31, 2018
|
Year ended March 31, 2017
|
|
Cash flows from Operating Activities
|
|
|
|
|
Net loss
|
$ (3,953)
|
$ (19,120)
|
|
|
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
|
|
|
|
|
Depreciation
|
3,414
|
1,000
|
|
|
Change in operating assets and liabilities:
|
|
|
|
|
Prepaid expenses
|
500
|
(500)
|
|
|
Accrued expenses
|
5,500
|
1,000
|
|
|
Net cash provided by (used in) operating activities
|
5,461
|
(17,620)
|
|
|
|
|
|
|
Cash flows from Investing Activities
|
|
|
|
|
Purchase of fixed assets
|
$ (6,100)
|
$ (2,800)
|
|
|
Net cash used in investing activities
|
(6,100)
|
(2,800)
|
|
|
|
|
|
|
Cash flow from Financing Activities
|
|
|
|
|
Proceeds from sale of common stock
|
850
|
23,200
|
|
|
Net cash provided by financing activities
|
850
|
23,200
|
|
|
|
|
|
|
Net increase in cash and equivalents
|
211
|
2,780
|
|
Cash at beginning of the year
|
11,538
|
8,758
|
|
Cash at end of the year
|
$ 11,749
|
$ 11,538
|
|
|
Supplemental cash flow information:
|
|
|
|
|
Cash paid for:
|
|
|
|
|
Interest
|
$ -
|
$ -
|
|
|
Taxes
|
$ -
|
$ -
|
|
The accompanying notes are an integral part of these audited financial statements.
F-5
13 |
Page
BYLOG GROUP CORP.
NOTES TO THE FINANCIAL STATEMENTS MARCH 31, 2018
NOTE 1 ORGANIZATION AND BUSINESS
BYLOG GROUP CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on August 21, 2015. The Company is in the business of web development and online advertising.
The Company has adopted March 31 fiscal year end.
NOTE 2 GOING CONCERN
The Companys financial statements as of March 31, 2018, been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (August 21, 2015) to March 31, 2018 of $25,229. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
Use of Estimates
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America 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 managements estimates and assumptions.
F-6
14 |
Page
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of year or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. During the year ended March 31, 2018 the Company's bank deposits did not exceed the insured amounts.
Advertising Costs
The Companys policy regarding advertising is to expense advertising when incurred. The Company did not incur advertising expense during period ended March 31, 2018.
Stock-Based Compensation
During the year ended March 31, 2018, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
New Accounting Pronouncements
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
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.
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 may 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.
F-7
15 |
Page
Revenue Recognition
The Company follows the guidance of the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured.
For the year ended March 31, 2018, all revenue was earned from two customers.
Subsequent Events
The Company has evaluated all transactions from March 31, 2018 through the date these financial statements were available to be issued, and has determined that there are no events that would require disclosure in or adjustment to these financial statements.
NOTE 4 STOCKHOLDERS EQUITY
The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. For the year ended March 31, 2017, the Company issued 2,320,000 shares of its common stock to the director at $0.01 per share for total proceeds of $23,200. As of March 31, 2017, the Company had 11,320,000 shares issued and outstanding.
During the year ended March 31, 2018, the Company issued 175,000 shares for proceeds of $1,750. On October 17, 2017, the Company retired 90,000 shares and returned $900 to the shareholder.
As of March 31, 2018, the Company had 11,405,000 shares issued and outstanding.
NOTE 5 RELATED PARTY TRANSACTIONS
In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since August 21, 2015 (Inception) through March 31, 2018, the Companys sole officer and director loaned the Company $914 to pay for incorporation costs and operating expenses. As of March 31, 2018, the amount outstanding was $914. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 6 - MAJOR CUSTOMERS
During years ended March 31, 2018 and 2017, the following customers represented more than 10% of the Companys sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Customer
|
|
Year ended March 31, 2018
|
|
Year ended March 31, 2017
|
|
|
$
|
|
%
|
|
$
|
|
%
|
Customer A
|
|
2,600
|
|
11.20
|
|
2,000
|
|
16.00
|
Customer B
|
|
5,500
|
|
23.70
|
|
2,000
|
|
16.00
|
Customer C
|
|
2,800
|
|
12.07
|
|
3,000
|
|
24.00
|
Customer D
|
|
5,000
|
|
21.56
|
|
2,500
|
|
20.00
|
Customer E
|
|
5,800
|
|
25.00
|
|
3,000
|
|
24.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total concentration
|
|
21,700
|
|
94.00
|
|
12,500
|
|
100.00
|
F-8
16 |
Page
NOTE 7. INCOME TAXES
As of March 31, 2018 the Company had net operating loss carry forwards of $25,229 that may be available to reduce future years taxable income through 2038. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized.
The provisions for refundable federal income tax at 21% for the years ended March 31, 2018 and at 34% for the year ended March 31, 2017 consist of the following:
|
|
|
|
Year
Ended
March 31,
2018
|
Year
Ended
March 31, 2017
|
|
|
|
Income tax expense (benefit) at statutory rate
|
(1,344)
|
(7,233)
|
Change in valuation allowance
|
1,344
|
7,233
|
Income tax expense
|
-
|
-
|
The tax effects of temporary differences that give rise to the Companys net deferred tax assets as of March 31, 2018 and March 31, 2017 are as follows:
|
|
|
|
March 31,
2018
|
March 31,
2017
|
|
|
|
Net Operating Loss
|
$ 5,298
|
$ 7,233
|
Valuation allowance
|
(5,298)
|
(7,233)
|
Net deferred tax asset
|
$ -
|
$ -
|
The Company has approximately $25,000 of net operating losses (NOL) carried forward to offset taxable income in future years. 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 assets relating to NOLs for every period because it is more likely than not that all of the deferred tax assets will not be realized.
F-9
17 |
Page
The Companys deferred tax assets and liabilities have been remeasured to reflect the reduction in the U.S. corporate income tax rate from 35% to 21%, resulting in a deferred tax expense of $3,300 for the year ended December 31, 2017, that is still fully valued against as of December 31, 2017. This expense is attributable to the Companys being in a net deferred tax asset position at the time of remeasurement. As the Company maintains fully valuation allowance, this amount can be seen on the rate reconciliation as an adjustment to deferred tax asset and corresponding valuation allowance.
On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act) was signed into law, making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system and a one-time transition tax on the mandatory deemed repatriation of foreign earnings. The Company has estimated its provision for income taxes in accordance with the 2017 Tax Act and the guidance available as of the date of March 30, 2018, but has kept the full valuation allowance. As a result, the Company has recorded no income tax expense in the fourth quarter of 2017, the period in which the 2017 Tax Act was enacted.
On December 22, 2017, the Securities and Exchange Commission published Staff Accounting Bulletin No. 118 (SAB 118), which addressed the application of GAAP in situations where the Company does not have the necessary information (including computations) available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the 2017 Tax Act. The deferred tax expense to be recorded in connection with the remeasurement of deferred tax assets is to be a provisional amount and a reasonable estimate at December 31, 2017, based upon the best information currently available. The ultimate result may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in the interpretations and assumptions that the Company has made, additional regulatory guidance that may be issued, and actions that the Company may take as a result of the 2017 Tax Act. Any subsequent adjustment to these amounts will be recorded in current tax expense in the quarter of 2018 when the analysis is complete. The accounting is expected to be complete when the Companys 2017 federal corporate income tax return is filed in 2018.
NOTE 8. SUBSEQUENT EVENTS
Company has evaluated subsequent events from March 31, 2018 to the date the financial statements were available to be issued and has determined that there are no items to disclose.
F-10
18 |
Page