UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(X) QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended January 31, 2016
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______________ to ______________
Commission File No. 333-192877
ASIYA PEARLS, INC.
(Exact Name of Small Business Issuer as specified in its charter)
| | |
Nevada | | 33-1230229 |
(State or Other Jurisdiction of Incorporation or Organization) | | (I.R.S. Employer Identification No.) |
H. 2434, Tengengar Galli, near Sheetal Hotel,
Belgaum, Karnataka, India 590001
(Address of principal executive offices)
Telephone: 011 91 97 65 24 89 53
Email: asiyapearls@gmail.com
Registrants telephone number, including area code
Not applicable
Former name, former address and former fiscal year, if changed since last report
Indicate by check market whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes X No __
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes X No __
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
| | | |
Large accelerated filer | [ ] | Accelerated filer | [ ] |
Non-accelerated filer | [ ] | Smaller reporting company | [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes X No __
Indicate the number of shares outstanding of each of the issuers classes of common stock, as at the latest practicable date: 10,000,000 shares of Registrants common stock, $0.0001 par value, were outstanding at February 19, 2016
PART I. FINANCIAL INFORMATION
Item 1 Financial Statements.
Asiya Pearls, Inc.
Balance Sheets
(Unaudited)
| | |
| January 31, 2016 $ | October 31, 2015 $ |
| | |
ASSETS | | |
Current assets | | |
Cash | 1,453 | 4,265 |
Total current assets | 1,453 | 4,265 |
Total assets | 1,453 | 4,265 |
| | |
LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | | |
| | |
LIABILITIES | | |
Current liabilities | | |
Accounts payable and accrued liabilities | 3,000 | - |
Total current liabilities | 3,000 | - |
Total liabilities | 3,000 | - |
| | |
STOCKHOLDERS EQUITY (DEFICIT) | | |
| | |
Preferred stock: $0.0001 par va1ue, 25,000,000 authorized, 0 issued and outstanding | - | - |
Common stock: $0.0001 par value, 100,000,000 authorized, 10,000,000 issued and outstanding as of January 31, 2016 and October 31, 2015 | 1,000 | 1,000 |
Additional paid-in capital | 74,000 | 74,000 |
Accumulated Deficit | (76,547) | (70,735) |
Total stockholders equity (deficit) | (1,547) | 4,265 |
Total liabilities and stockholders equity (deficit) | 1,453 | 4,265 |
(The accompanying notes are an integral part of these financial statements)
2
Asiya Pearls, Inc.
Statements of Operations
(Unaudited)
| | |
| For the Three Months Ended January 31, 2016 $ | For the Three Months Ended January 31, 2015 $ |
| | |
Expenses | | |
General and administrative | 812 | 2,092 |
Professional fees | 5,000 | 17,078 |
| | |
| | |
Net loss | (5,812) | (19,170) |
| | |
| | |
Net loss per share - basic and diluted | ($0.00) | ($0.00) |
| | |
| | |
Weighted average shares outstanding - basic and diluted | 10,000,000 | 10,000,000 |
(The accompanying notes are an integral part of these financial statements)
3
Asiya Pearls, Inc.
Statements of Cash Flows
(Unaudited)
| | |
| For the Three Months Ended January 31, 2016 $ | For the Three Months Ended January 31, 2015 $ |
| | |
Cash flows from operating activities | | |
Net loss | (5,812) | (19,170) |
Adjustments to reconcile to net cash used in operating activities: | | |
Change in operating assets and liabilities | | |
Prepaid | - | (300) |
Accounts payables and accrued liabilities | 3,000 | (383) |
Net cash used in operating activities | (2,812) | (19,853) |
| | |
| | |
Change in cash | (2,812) | (19,853) |
| | |
Cash - beginning of period | 4,265 | 31,882 |
| | |
Cash - end of period | 1,453 | 12,029 |
| | |
Supplemental cash flow disclosures | | |
Cash paid For: | | |
Interest | - | - |
Income tax | - | - |
(The accompanying notes are an integral part of these financial statements)
4
|
Asiya Pearls, Inc. Notes to the financial statements January 31, 2016 (Unaudited) |
Note 1: Nature and Continuance of Operations
Asiya Pearls, Inc. (the "Company") was incorporated in the state of Nevada on September 25, 2013 ("Inception"). The Company intends to operate as an on-line loose pearl retailer. The Company's corporate headquarters are located in Belgaum, India and its fiscal year-end is October 31.
Note 2: Basis of Presentation
Unaudited Interim financial statements
The accompanying unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They may 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 year ended October 31, 2015 included in the Companys annual report on Form 10-K filed with the Securities and Exchange Commission. These interim unaudited financial statements should be read in conjunction with those financial statements. 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 ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016.
Note 3: Capital Stock
The total number of common shares authorized that may be issued by the Company is 100,000,000 shares with a par value of $0.0001 per share.
The total number of preferred shares authorized that may be issued by the Company is 25,000,000 shares with a par value of $0.0001 per share. The preferred stock may be issued in one or more series, from time to time, with each series to have such designation, relative rights, preference or limitations, as adopted by the Company's Board of Directors.
The Company became a reporting company on March 11, 2014 and on May 17, 2014, the Company completed its offering of a total of 5,000,000 shares of Companys common stock on a "self-underwritten" basis at a fixed price of $0.01 per share, for total proceeds of $50,000.
As at January 31, 2016, the Company had 10,000,000 common stock issued and outstanding.
As at January 31, 2016, there were no outstanding stock options or warrants.
Note 4: Going Concern
These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. However, since inception, the Company has incurred cumulative net losses of $76,547, had negative cash flows from operating activities and has generated no revenue. The Company anticipates future losses in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors, related parties and/or issuance of common shares. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.
5
Item 2. Management's Discussion and Analysis of Financial Conditions and Results of Operations.
The following discussion of our financial condition, changes in financial condition, plan of operations and results of operations should be read in conjunction with our unaudited interim financial statements for the three months ended January 31, 2016 and 2015, together with the notes thereto included in this Form 10-Q. The discussion contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors.
Overview
Asiya Pearls, Inc. was incorporated under the laws of the State of Nevada on September 25, 2013. We are in the business of the online retail sale of high grade loose pearls which we intend to obtain from suppliers in Hyderabad, one of the major pearl centers in India. We intend to offer pearls to consumers in our online store. For orders, we will access the inventory maintained by our supplier. Our product line will consist of pearls of different sizes, colors and characteristics (drilled and whole). The concept is that our customers have their own jewelry designers who, with our pearls, will custom-make their jewelry. Our president has ample experience in online retail and our second director has experience in pearls and jewelry. We sell these products through an internet website (the "Website"). Our website (www.asiyapearls.com) is operational. Unfortunately we have received no orders for pearls as yet. We continue to hope we will get orders for pearls in the very near future as survival of our Company is dependent on these orders. We require approximately $15,000 for the next 12 months as a reporting issuer and we have a working deficit of $1,547 and additional funds is required before generation of revenue, the additional funding may come from equity financing from the sale of our common stock or loans from either the President or his associates. In the event we do not raise sufficient capital to implement its planned operations, your entire investment could be lost. Our office is located at the premises of our President, Shabbir Shaikh, who provides such space to us on a rent-free basis.
There have been no material reclassifications, mergers, consolidations or purchases or sales of any significant amount of assets not in the ordinary course of business since the date of incorporation. The Company has never been party to any bankruptcy, receivership or similar proceeding, nor has it undergone any material reclassification, merger, consolidation, purchase or sale of a significant amount of assets not in the ordinary course of business.
Our auditors have issued a going concern opinion. This means that there is substantial doubt that we can continue as an ongoing business for the next twelve months. This is because we have not generated any revenues and no revenues are anticipated.
Plan of Operation
About Our Company
We have had no revenues since our website became operational and we have a working deficit of $1,547 and will require approximately $15,000 for the next 12 months as a reporting issuer. We have been investigating the potential to generate any sales by discussing our products locally, without success and we have been discussing with potential investors for injection of working capital.
Although we have no plans to change our planned business activities or to combine with another business, we may have to review any potential that is presented to us.
Since we became a reporting company, we are responsible for filing various forms with the United States Securities and Exchange Commission (the SEC) such as Form 10-K and Form 10-Qs. The shareholders may read and copy any material filed by us with the SEC at the SECs Public Reference Room at 100 F Street N.W., Washington, DC, 20549. The shareholders may obtain information on the operations of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC maintains an Internet site that contains reports, proxy and information statements, and other information which we have filed electronically with the SEC by assessing the website at the following address: http://www.sec.gov.
6
Results of Operations
We did not earn any revenues for the three months ended January 31, 2016 or January 31, 2015. We do not expect to realize any revenues until we are able to execute our business plan.
For the three months ended January 31, 2016, we have incurred total operating expenses in the amount of $5,812, mainly comprised of professional fees totaling $5,000 which relates to accounting fees.
For the three months ended January 31, 2015, we have incurred total operating expenses in the amount of $19,170, mainly comprised of professional fees totaling $17,078 which relates to trading eligibility, legal and accounting fees for the registration statement and related costs; and general and administrative expenses totaling $2,092 which mainly relates to transfer agent fees and travel for completion of the offering of $50,000.
We have not incurred any expenses for research and development since inception. As a result of operating losses, there has been no provision for the payment of income taxes from the date of inception.
Liquidity and Capital Resources and Future Financings
As at January 31, 2016, we had a cash balance of $1,453. Presently, we do require additional financing in order to enable us to proceed with our plan of operations. As additional funds is required before generation of revenue, the additional funding may come from equity financing from the sale of our common stock or from loans from either our President and/or his associates.
Our future financial results are also uncertain due to a number of factors, some of which are outside our control. These factors include, but are not limited to:
·
our ability to raise additional funding;
·
interest by online users to purchase our products which will generate revenue from online sales.
There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will not be able to meet our other obligations as they become due. We are pursuing various alternatives to meet our immediate and long-term financial requirements.
We anticipate continuing to rely on equity sales of our common stock in order to fund our business operations and / or loans from our directors and their associates. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of equity securities or arrange for debt or other financing to fund our planned business activities.
Our auditor has issued a going concern opinion. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we generate sufficient revenues. There is no assurance we will ever reach that point. In the meantime the continuation of the Company is dependent upon the continued financial support from our shareholders, our ability to obtain necessary equity financing to continue operations and the attainment of profitable operations.
Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition and results of operations.
Going Concern Consideration
The report of our independent registered public accounting firm for the period ended October 31, 2015 included a going concern paragraph because of a substantial doubt about our ability to continue as a going concern based on the absence of an established source of revenue, recurring losses from operations, and our need for additional financing in order to fund our operations in fiscal 2016.
Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition and results of operations.
7
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements including arrangements that would affect our liquidity, capital resources, market risk support and credit risk support or other benefits.
Forward Looking Statements
The information in this quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These forward-looking statements involve risks and uncertainties, including statements regarding the Companys capital needs, business strategy and expectations. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as may, will, should, expect, plan, intend, anticipate, believe, estimate, predict, potential or continue, the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should consider various factors, including the risks outlined from time to time, in other reports we file with the Securities and Exchange Commission (the SEC). These factors may cause our actual results to differ materially from any forward-looking statement. We disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. The information constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Item 3. Qualitative and Quantitative Disclosure about Market Risks
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
Our Principal Executive Officer and Principal Financial Officer, after evaluating the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report, have concluded that, based on the evaluation of these controls and procedures, that our disclosure controls and procedures were effective such that the material information included in the report is accumulated and communicated to our management, recorded, processed, summarized and reported within the time periods relating to our company, particularly during the period when this report was being prepared.
Controls and Procedures over Financial Reporting
Additionally, there were no changes in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the evaluation date.
Our management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of October 31, 2015 and based on our evaluation under this framework, management concluded that our internal control over financial reporting was not effective as of the evaluation date due to the factors stated below.
Insufficient resources: We have an inadequate number of personnel with requisite expertise in the key functional areas of finance and accounting.
Inadequate segregation of duties: We have an inadequate number of personnel to properly implement control procedures.
Lack of audit committee and outside directors on the Companys board of directors: We do not have a functioning audit committee or outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures.
8
Our management recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect material misstatements. In addition, effective internal control at a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
The Company currently is not a party to any legal proceedings and, to the Companys knowledge; no such proceedings are threatened or contemplated.
Item 1A. Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
None
Item 3. Default Upon Senior Securities.
None.
Item 4. Removed and Reserved.
Item 5. Other Information.
None.
Item 6. Exhibits and Reports on Form 8-K.
a. Exhibits
| |
Exhibit Number | Description of Exhibit |
31.1 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C.§ 1350, as adopted pursuant to § 302 of the Sarbanes-Oxley Act of 2002. |
32.1 | Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002. |
9
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereto duly authorized.
| |
| ASIYA PEARLS, INC. |
| Date: February 19, 2016 |
| |
| By: /s/ Shabbir Shaikh |
| Shabbir Shaikh, |
| Principal Executive Officer |
| Principal Financial Officer and Director |
10
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
CERTIFICATION
I, Shabbir Shaikh, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q of Asiya Pearls, Inc.
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and I have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant is made known to me, particularly during the period in which this quarterly report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles
c.
Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.
Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrant's forth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent function):
a.
All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal controls over financial reporting.
By: /s/ Shabbir Shaikh
Shabbir Shaikh
Principal Executive Officer and Principal Financial Officer
Date: February 19, 2016
EXHIBIT 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Asiya Pearls, Inc. (the Company) on Form 10-Q for the period ending January 31, 2016 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Shabbir Shaikh, Principal Executive Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
By: /s/ Shabbir Shaikh
Shabbir Shaikh
Principal Executive Officer and Principal Financial Officer
Date: February 17, 2016
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v3.3.1.900
Balance Sheets - USD ($)
|
Jan. 31, 2016 |
Oct. 31, 2015 |
Current assets |
|
|
Cash |
$ 1,453
|
$ 4,265
|
Total current assets |
1,453
|
4,265
|
Total assets |
1,453
|
$ 4,265
|
Current liabilities |
|
|
Accounts payable and accrued liabilities |
3,000
|
|
Total current liabilities |
3,000
|
|
Total liabilities |
$ 3,000
|
|
Stockholders' equity |
|
|
Preferred stock value |
|
|
Common stock value |
$ 1,000
|
$ 1,000
|
Additional paid-in capital |
74,000
|
74,000
|
Accumulated deficit |
(76,547)
|
(70,735)
|
Total stockholders' equity |
(1,547)
|
4,265
|
Total liabilities and stockholders' equity |
$ 1,453
|
$ 4,265
|
X |
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Jan. 31, 2016 |
Oct. 31, 2015 |
Balance Sheet |
|
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
25,000,000
|
25,000,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
10,000,000
|
10,000,000
|
Common stock, shares outstanding |
10,000,000
|
10,000,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations - USD ($)
|
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Income Statement |
|
|
Revenue |
|
|
Expenses |
|
|
General and administrative |
$ 812
|
$ 2,092
|
Professional fees |
5,000
|
17,078
|
Total expenses |
5,812
|
19,170
|
Net loss |
$ (5,812)
|
$ (19,170)
|
Net loss per share - basic and diluted |
$ 0
|
$ 0
|
Weighted average number of shares outstanding - basic and diluted |
10,000,000
|
10,000,000
|
X |
- DefinitionThe amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
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v3.3.1.900
Statements of Cash Flows - USD ($)
|
3 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Cash flows from operating activities |
|
|
Net loss |
$ (5,812)
|
$ (19,170)
|
Change in operating assets and liabilities |
|
|
(Increase) decrease in prepaids |
|
(300)
|
Increase (decrease) in accounts payable and accrued liabilities |
3,000
|
(383)
|
Net cash used in operating activities |
(2,812)
|
(19,853)
|
Cash flows from financing activities |
|
|
Net increase (decrease) in cash |
(2,812)
|
(19,853)
|
Cash, beginning of period |
4,265
|
31,882
|
Cash, end of period |
$ 1,453
|
$ 12,029
|
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|
|
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|
|
Cash paid for Income tax |
|
|
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v3.3.1.900
Nature and Continuance of Operations
|
3 Months Ended |
Jan. 31, 2016 |
Notes |
|
Nature and Continuance of Operations |
Note 1: Nature and Continuance of Operations Asiya Pearls, Inc. (the "Company") was incorporated in the state of Nevada on September 25, 2013 ("Inception"). The Company intends to operate as an on-line loose pearl retailer. The Company's corporate headquarters are located in Belgaum, India and its fiscal year-end is October 31.
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Basis of Presentation
|
3 Months Ended |
Jan. 31, 2016 |
Notes |
|
Basis of Presentation |
Note 2: Basis of Presentation Unaudited Interim financial statements The accompanying unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q of Regulation S-X. They may 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 year ended October 31, 2015 included in the Companys annual report on Form 10-K filed with the Securities and Exchange Commission. These interim unaudited financial statements should be read in conjunction with those financial statements. 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 ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending October 31, 2016.
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v3.3.1.900
Capital Stock
|
3 Months Ended |
Jan. 31, 2016 |
Notes |
|
Capital Stock |
Note 3: Capital Stock The total number of common shares authorized that may be issued by the Company is 100,000,000 shares with a par value of $0.0001 per share. The total number of preferred shares authorized that may be issued by the Company is 25,000,000 shares with a par value of $0.0001 per share. The preferred stock may be issued in one or more series, from time to time, with each series to have such designation, relative rights, preference or limitations, as adopted by the Company's Board of Directors. The Company became a reporting company on March 11, 2014 and on May 17, 2014, the Company completed its offering of a total of 5,000,000 shares of Companys common stock on a "self-underwritten" basis at a fixed price of $0.01 per share, for total proceeds of $50,000. As at January 31, 2016, the Company had 10,000,000 common stock issued and outstanding. As at January 31, 2016, there were no outstanding stock options or warrants.
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v3.3.1.900
Going Concern
|
3 Months Ended |
Jan. 31, 2016 |
Notes |
|
Going Concern |
Note 4: Going Concern These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. However, since inception, the Company has incurred cumulative net losses of $76,547, had negative cash flows from operating activities and has generated no revenue. The Company anticipates future losses in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with loans from directors, related parties and/or issuance of common shares. There is no assurance that the Company will be successful in raising this additional capital or in achieving profitable operations. The financial statements do not include any adjustments that might result from the outcome of these uncertainties.
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Capital Stock (Details) - USD ($)
|
12 Months Ended |
|
|
Oct. 31, 2014 |
Jan. 31, 2016 |
Oct. 31, 2015 |
Details |
|
|
|
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|
100,000,000
|
100,000,000
|
Common stock par value |
|
$ 0.0001
|
$ 0.0001
|
Preferred shares authorized |
|
25,000,000
|
25,000,000
|
Preferred stock par value |
|
$ 0.0001
|
$ 0.0001
|
Common stock issued |
5,000,000
|
|
|
Proceeds from issuance of common stock |
$ 50,000
|
|
|
Common stock issued and outstanding |
|
10,000,000
|
10,000,000
|
X |
- DefinitionFace amount or stated value per share of common stock.
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