UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☑ QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended January 31, 2016
☐ TRANSITION REPORT UNDER SECTION 13 or 15(d) OF THE EXCHANGE ACT OF 1934
For
the transition period from ___________ to _____________
QMIS
Finance Securities Corporation
(Exact
name of registrant as specified in its charter)
Delaware |
59-3270650 |
(State
or other jurisdiction of incorporation or organization) |
(I.R.S.
Employer Identification No.) |
136-40
39th Avenue
Garden
Plaza, Suite 6B
Flushing,
NY 11354
(Address
of Principal Executive Offices and zip code)
9294219748
(Registrant’s
telephone number, including area code)
Check
whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 last 90 days. ☑ YES ☐ 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 (§ 232.405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑
YES ☐ 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. See the definitions of “large accelerated filer, “accelerated filer,” “non-accelerated
filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐ |
Smaller reporting company
|
☑ |
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☑
YES ☐ NO
Indicate
the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 5,994,448
common shares issued and outstanding as of March 15, 2016.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION |
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Item 1. |
Financial
Statements (unaudited) |
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Item 2. |
Management’s Discussion And Analysis Of Financial Condition
And Results Of Operations |
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Item 3. |
Quantitative And Qualitative Disclosures About Market Risk |
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Item 4. |
Controls and Procedures |
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PART
II - OTHER INFORMATION |
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Item 1. |
Legal Proceedings |
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Item 1A. |
Risk Factors |
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Item 2. |
Unregistered Sales Of Equity Securities And Use Of Proceeds |
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Item 3. |
Defaults Upon Senior Securities |
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Item 4. |
Mine Safety Disclosures |
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Item 5. |
Other Information |
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Item 6. |
Exhibits |
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SIGNATURES |
|
QMIS
Finance Securities Corporation
January
31, 2016 and 2015
Index
to the Financial Statements
Contents |
Page(s) |
|
|
Balance Sheets as of January 31, 2016 (Unaudited) and April 30, 2015 |
F-2 |
|
|
Statement of Operations for the Three and Nine Months Ended January 31, 2016 and 2015
(Unaudited) |
F-3 |
|
|
Statement of Cash Flows for the Nine Months Ended January 31, 2016 and 2015
(Unaudited) |
F-4 |
|
|
Notes to the Financial Statements (Unaudited) |
F-5 |
QMIS Finance Securities Corporation |
Balance Sheet |
(Unaudited) |
|
| |
January 31, | | |
April 30, | |
| |
2016 | | |
2015 | |
| |
| | | |
| | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash | |
$ | 146 | | |
$ | 3,057 | |
Total current assets | |
| 146 | | |
| 3,057 | |
| |
| | | |
| | |
Total assets | |
$ | 146 | | |
$ | 3,057 | |
| |
| | | |
| | |
Liabilities and stockholders' deficit | |
| | | |
| | |
Current liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 23,936 | | |
$ | 25,186 | |
Total current liabilities | |
| 23,936 | | |
| 25,186 | |
| |
| | | |
| | |
Total liabilities | |
| 23,936 | | |
| 25,186 | |
| |
| | | |
| | |
Stockholders' Deficit | |
| | | |
| | |
Preferred stock par value $0.001:20,000,000 shares authorized; 5,000,000 shares designated Series B preferred stock par value $0.001: 5,000,000 shares authorized; each Series B share has 10 times voting rights over the common and converts to 10 common shares none issued or outstanding | |
| — | | |
| — | |
Common stock par value $0.001: 300,000,000 shares authorized; 5,994,448 shares issued and outstanding | |
| 5,994 | | |
| 5,994 | |
Additional paid in capital | |
| 178,161 | | |
| 167,061 | |
Accumulated deficit | |
| (207,945 | ) | |
| (195,184 | ) |
| |
| | | |
| | |
Total Stockholders' Deficit | |
| (23,790 | ) | |
| (22,129 | ) |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | |
$ | 146 | | |
$ | 3,057 | |
| |
| | | |
| | |
See accompanying notes to the financial statements |
QMIS Finance Securities Corporation |
Statement of Operations |
(Unaudited) |
|
| |
Three months ended
January 31, | |
Nine months ended
January 31, |
| |
2016 | |
2015 | |
2016 | |
2015 |
| |
| |
| |
| |
|
Operating Expense | |
| | | |
| | | |
| | | |
| | |
General and administrative expenses | |
$ | 3,225 | | |
$ | 15,639 | | |
$ | 12,761 | | |
$ | 19,839 | |
| |
| | | |
| | | |
| | | |
| | |
Total Operating expenses | |
| 3,225 | | |
| 15,639 | | |
| 12,761 | | |
| 19,839 | |
| |
| | | |
| | | |
| | | |
| | |
Loss before income tax provision | |
| (3,225 | ) | |
| (15,639 | ) | |
| (12,761 | ) | |
| (19,839 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax provision | |
| — | | |
| — | | |
| — | | |
| — | |
| |
| | | |
| | | |
| | | |
| | |
Net Loss | |
$ | (3,225 | ) | |
$ | (15,639 | ) | |
$ | (12,761 | ) | |
$ | (19,839 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) | |
$ | (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and diluted | |
| 5,994,449 | | |
| 5,994,449 | | |
| 5,994,449 | | |
| 5,994,449 | |
| |
| | | |
| | | |
| | | |
| | |
See accompanying notes to the financial statements |
QMIS Finance Securities Corporation |
Statement of Cash Flows |
(Unaudited) |
|
| |
Nine Months ended January 31, |
| |
2016 | |
2015 |
| |
| |
|
Operating activities: | |
| | | |
| | |
Net loss | |
$ | (12,761 | ) | |
$ | (19,839 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Bad expense | |
| | | |
| 13,739 | |
Changes in operating assets and liabilities: | |
| — | | |
| — | |
Accounts payable and accrued expenses | |
| (1,250 | ) | |
| — | |
Net cash used in operating activities | |
| (14,011 | ) | |
| (6,100 | ) |
| |
| | | |
| | |
Financing activities: | |
| | | |
| | |
Capital contribution | |
| 11,100 | | |
| 6,100 | |
Net cash provided by financing activities | |
| 11,100 | | |
| 6,100 | |
| |
| | | |
| | |
Net changes in cash | |
| (2,911 | ) | |
| — | |
| |
| | | |
| | |
Cash, beginning of period | |
| 3,057 | | |
| — | |
| |
| | | |
| | |
Cash, end of period | |
$ | 146 | | |
$ | — | |
| |
| | | |
| | |
Supplemental Disclosure of cash flow information: | |
| | | |
| | |
Interest paid | |
$ | — | | |
$ | — | |
Income tax paid | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
See
accompanying notes to unaudited financial statements |
QMIS
Finance Securities Corporation
January
31, 2016 and 2015
Notes
to the Financial Statements
(Unaudited)
Note
1 - Organization and Operations
QMIS
Finance Securities Corporation
QMIS
Finance Securities Corporation (f/k/a Lightman Grant, Inc.) (the “Company”) was incorporated on October 23, 2007 under
the laws of the State of Delaware. The Company is currently inactive and is seeking a merger with another company.
Note
2 - Significant and Critical Accounting Policies and Practices
The
Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness
of accounting policies and their application. Critical accounting policies and practices are those that are both most important
to the portrayal of the Company’s financial condition and results and require management’s most difficult, subjective,
or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain.
The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted
accounting principles.
Basis
of Presentation – Unaudited Interim Financial Information
The
accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles
generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information, and with the
rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Unaudited
interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read
in conjunction with the audited financial statements of the Company for the reporting period ended April 30, 2015 and notes thereto
contained in the Company’s Annual Report on Form 10-K filed with the SEC on August 10, 2015.
Fiscal
Year-End
The
Company elected April 30th as its fiscal year ending date.
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
The
preparation of 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 and liabilities and disclosure
of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses
during the reporting period(s).
Critical
accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and
judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact
of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates
and assumptions affecting the financial statements were as follows:
| (i) | Assumption
as a going concern: Management assumes that the Company will continue as a going
concern, which contemplates continuity of operations, realization of assets, and liquidation
of liabilities in the normal course of business. |
| (ii) | Valuation
allowance for deferred tax assets: Management assumes that the realization of the
Company’s net deferred tax assets resulting from its net operating loss (“NOL”)
carry–forwards for Federal income tax purposes that may be offset against future
taxable income was not considered more likely than not and accordingly, the potential
tax benefits of the net loss carry-forwards are offset by a full valuation allowance.
Management made this assumption based on (a) the Company has incurred recurring losses,
(b) general economic conditions, and (c) its ability to raise additional funds to support
its daily operations by way of a public or private offering, among other factors. |
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached
to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those
estimates are adjusted accordingly.
Actual
results could differ from those estimates.
Reclassification
Certain
amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on reported losses.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to
measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in
generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value
hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37
are described below:
Level
1 |
|
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
|
Level 2 |
|
Pricing inputs
other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
|
Level 3 |
|
Pricing inputs
that are generally observable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or
similar techniques and at least one significant model assumption or input is unobservable.
The
fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within
more than one level described above, the categorization is based on the lowest level input that is significant to the fair value
measurement of the instrument.
The
carrying amounts of the Company’s financial assets and liabilities, such as cash, receivable - other and accounts payable
and accrued expenses approximate their fair values because of the short maturity of these instruments.
Transactions
involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive,
free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the
related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such
representations can be substantiated.
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Related
Parties
The
Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure
of related party transactions.
Pursuant
to Section 850-10-20 the related parties include (a) affiliates (“Affiliate” means, with respect to any specified
Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under
common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act) of the Company;
(b) entities for which investments in their equity securities would be required, absent the election of the fair value option
under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing
entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the
trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other
to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other
parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall
include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to
which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such
other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the
dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties
as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Commitment
and Contingencies
The
Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will
only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and
such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that
are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected
to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be
estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material,
would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would
be disclosed.
Revenue
Recognition
The
Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes
revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all
of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the
services have been rendered to the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably
assured.
Deferred
Tax Assets and Income Tax Provision
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets
and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities
and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred
tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the
financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if
it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based
on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section
740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim
periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous
estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in
these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual
taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions
The
Company discloses tax years that remain subject to examination by major tax jurisdictions pursuant to the ASC Paragraph 740-10-50-15.
Earnings
per Share
Earnings
per share ("EPS") is the amount of earnings attributable to each share of common stock. For convenience, the term is
used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards
Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available
to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the
period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred
stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned)
from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation
of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional
common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect
the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options
or warrants.
Pursuant
to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate
or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and
their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method
unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied.
Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid
stock subscriptions (see paragraph 260–10–55–23). Anti-dilutive contracts, such as purchased put options and
purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants
shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued.
b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the
period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the
number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted
EPS computation.
There
were no contingent shares issuance arrangement, stock options or warrants which were issuable and could have potential dilutive
effect to the earnings per share at January 31, 2016.
Cash
Flows Reporting
The
Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash
receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions
of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25
of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile
it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and
payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income
that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency
cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held
in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents
and separately provides information about investing and financing activities not resulting in cash receipts or payments in the
period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Subsequent
Events
The
Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent
events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant
to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued
when they are widely distributed to users, such as through filing them on EDGAR.
Recently
Issued Accounting Pronouncements
In
August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 “Presentation of Financial Statements—Going
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU
2014-15”).
In
connection with preparing financial statements for each annual and interim reporting period, an entity’s management should
evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s
ability to continue as a going concern within one year after the date that the financial statements are issued (or within
one year after the date that the financial statements are available to be issued when applicable). Management’s evaluation
should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements
are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt
about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate,
indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the
date that the financial statements are issued (or available to be issued). The term probable is used consistently with
its use in Topic 450, Contingencies.
When
management identifies conditions or events that raise substantial doubt about an entity’s ability to continue as a going
concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate
the substantial doubt. The mitigating effect of management’s plans should be considered only to the extent that (1) it is
probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions
or events that raise substantial doubt about the entity’s ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, but the substantial
doubt is alleviated as a result of consideration of management’s plans, the entity should disclose information that enables
users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the
footnotes):
a. Principal
conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration
of management’s plans)
b. Management’s
evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
c. Management’s
plans that alleviated substantial doubt about the entity’s ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entity’s ability to continue as a going concern, and substantial doubt
is not alleviated after consideration of management’s plans, an entity should include a statement in the footnotes indicating
that there is substantial doubt about the entity’s ability to continue as a going concern within one year after the
date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information
that enables users of the financial statements to understand all of the following:
a. Principal
conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern
b. Management’s
evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations
c. Management’s
plans that are intended to mitigate the conditions or events that raise substantial doubt about the entity’s ability to
continue as a going concern.
The
amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim
periods thereafter. Early application is permitted.
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material
effect on the accompanying financial statements.
Note
3 – Going Concern
The
Company has elected to adopt early application of Accounting Standards Update No. 2014-15, “Presentation of Financial
Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a
Going Concern (“ASU 2014-15”).
The
Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates
continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As
reflected in the financial statements, the Company had an accumulated deficit at January 31, 2016, a net loss and net cash used
in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company’s ability
to continue as a going concern.
The
Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not
be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private
or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient
revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to
continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate
sufficient revenue and its ability to raise additional funds by way of a public or private offering.
The
financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts
or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
Note
4 – Stockholders’ Deficit
Shares
Authorized
Shares
Authorized upon Incorporation
Upon
formation the total number of shares of stock which the Corporation shall have authority to issue is 252,000,000; 250,000,000
shares shall be designated as common stock, par value $0.001 per share and 2,000,000 shares shall be designated as preferred stock,
par value $0.001 per share.
Amendment
to the Articles of Incorporation
On
January 1, 2009, upon approval by written consent, in lieu of a special meeting, of the majority stockholders the Company was
authorized to file a certificate of amendment to its Articles of Incorporation to (1) increase the total number of shares of stock
which the Corporation shall have the authority to issue to 320,000,000, of which 300,000,000 shall be designated as common stock,
par value $0.001 per share, and of which 20,000,000 shall be designated as preferred stock, par value $.001 per share; and (2)
designate a series of the voting preferred stock of the Company as "Series B Preferred Stock," $0.001 par value, and
the number of shares constituting such series to be Five Million (5,000,000). Each share of Series B Preferred Stock shall entitle
the holder thereof to 10 votes on all matters submitted to a vote of the stockholders of the Company and shall be convertible
into ten (10) shares of Common Stock.
Series
B Preferred Stock
On
September 12, 2013, Mr. Chin, Yung Kong, the Company’s sole director and officer, converted 5,000,000 shares of Series B
Preferred Stock that he owned to 5,000,000 shares of Common Stock.
Common
Stock
On
September 12, 2013, the Company issued 500,000 shares of its common stock to Yishan Lu at $0.001 per share or $500 in cash.
Additional
Paid-in Capital
During
the year ended April 30, 2015, Mr. Chin, Yung Kong paid $11,112 for the Company’s professional fees, which was recorded
as additional paid-in capital.
During
the reporting period ended January 31, 2016, Mr. Chin, Yung Kong, paid $11,100 for the Company’s professional fees, which
was recorded as additional paid-in capital.
Note
5 – Related Party Transactions
Related
Parties
Related
parties with whom the Company had transactions are:
Related
Parties |
|
Relationship |
|
|
|
Mr. Chin Yung Kong |
|
Chairman, CEO, significant stockholder and
director |
Free
Office Space
The
Company has been provided office space by its President at no cost. Management determined that such cost is nominal and did not
recognize the rent expense in its financial statement.
Note
6 – Subsequent Events
The
Company were planning to acquire the QMIS asset management (Asia) Limited and QMIS Securities (Asia) Limited under common control,
the transaction didn’t completed till March 15, 2016. The Management of the Company determined that there were no other
reportable subsequent events to be disclosed.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
The following
presentation of management’s discussion and analysis of the Company’s financial condition and results of operations
should be read in conjunction with the Company’s consolidated financial statements, the accompanying notes thereto and other
financial information appearing elsewhere in this report. This section and other parts of this report contain forward-looking
statements that involve risks and uncertainties. The Company’s actual results may differ significantly from the results
discussed in the forward-looking statements.
Overview
Effective
April 30, 2007, the Company approved and authorized a plan of quasi reorganization and restatement of accounts to eliminate the
accumulated deficit and related capital accounts on the Company’s balance sheet. The Company concluded its period of reorganization
after reaching a settlement agreement with all of its significant creditors. The Company, as approved by its Board of Directors,
elected to state its May 1, 2007, balance sheet as a “quasi reorganization”, pursuant to ARB 43. These rules require
the revaluation of all assets and liabilities to their current values through a current charge to earnings and the elimination
of any deficit in retained earnings by charging paid-in capital. From May 1, 2007 forward, the Company has recorded net income
(and net losses) to retained earnings and (and net losses) to retained earnings and (accumulated deficit).
On March
1, 2013, the Company changed its name to QMIS Finance Securities Corporation and effective on March 1, 2013, the Company’s
common stock is quoted on the over the counter stock markets under the symbol “QMIS”.
Results
of Operations
Our current
activities are related to seeking new business opportunities. We will use our limited personnel and financial resources in connection
with such activities. It may be expected that pursuing a new business opportunity will involve the issuance of restricted shares
of common stock.
We have
had no revenues in the three and nine months ended January 31, 2016 and 2015. Our operating expenses for the three and nine months
ended January 31, 2016 were $3,225 and 12,761, compared to that for the three and nine months ended January 31, 2015 were $15,639
and $19,839, comprised of general and administrative expenses.
Management
believes there exists numerous private operating businesses seeking the perceived benefits of operating as a publicly registered
corporation whose common stock trades on the over the counter bulletin board or OTC markets OTCQB. Perceived benefits may include
increasing equity financing options, providing stock options or similar benefits as incentives to key employees, and achieving
liquidity (subject to restrictions of applicable statutes), for all shareholders. Management further believes that certain private
operating businesses prefer merging into a publicly registered company so as to eliminate the time and expense of conducting an
initial public offering.
Although
a private entity can file a Form 10 registration statement, this will not, in and of itself, entitle their securities to be quoted
on any quotation medium or exchange. Consequently, management believes that the perceived benefits of a merger still outweigh
the expenditure involved, including the potential expense of acquiring the publicly registered corporation itself and all legal
and accounting expenses.
Owners of
these private operating businesses will still incur significant legal and accounting costs in connection with the acquisition
of a publicly registered corporation, including the costs of preparing Form 8K’s, 10K’s, 10Q’s and agreements
and related reports and documents. The Securities Exchange Act of 1934 specifically requires that within four (4) days of completion
of a merger or acquisition transaction with a private operating business, a Form 8-K be filed containing Form 10 information regarding
the private operating company, including audited financial statements.
CONTINUING
OPERATIONS, LIQUIDITY AND CAPITAL RESOURCES
At January
31, 2016, we had $146 of assets and $23,936 of liabilities. The liabilities were mainly the accounts payable and accrued expenses
for the service providers such as legal fee, audit fee and transfer agent fees. We are dependent upon interim funding provided
by management to pay professional fees and expenses. Although we believe management will continue to fund the Company on an as
needed basis, we do not have a written agreement requiring such funding.
The Board
of Directors of the Company has determined that the best course of action for the Company is to complete a business combination
with an existing business. The Company has limited liquidity or capital resources. In the event that the Company cannot complete
a merger or acquisition and cannot obtain capital needs for ongoing expenses, including expenses related to maintaining compliance
with the securities laws and filing requirements of the Securities Exchange Act of 1934, the Company could be forced to cease
operations.
The Company
currently plans to satisfy its cash requirements for the next 12 months though it’s current cash and by borrowing from its
officer and director or companies affiliated with its officer and director and believes it can satisfy its cash requirements so
long as it is able to obtain financing from these affiliated entities. The Company currently expects that money borrowed will
be used during the next 12 months to satisfy the Company’s operating costs, professional fees and for general corporate
purposes. The Company may explore alternative financing sources, although it currently has not done so.
The Company
will use its limited personnel and financial resources in connection with seeking new business opportunities, including seeking
an acquisition or merger with an operating company. It may be expected that entering into a new business opportunity or business
combination will involve the issuance of a substantial number of restricted shares of common stock. If such additional restricted
shares of common stock are issued, the shareholders will experience a dilution in their ownership interest in the Company. If
a substantial number of restricted shares are issued in connection with a business combination, a change in control may be expected
to occur.
In connection
with the plan to seek new business opportunities and/or effecting a business combination, the Company may determine to seek to
raise funds from the sale of restricted stock or debt securities. The Company has no agreements to issue any debt or equity securities
and cannot predict whether equity or debt financing will become available at acceptable terms, if at all.
There are
no limitations in the certificate of incorporation on the Company’s ability to borrow funds or raise funds through the issuance
of capital stock to effect a business combination. The Company’s limited resources and lack of recent operating history
may make it difficult to borrow funds or raise capital. Such inability to borrow funds or raise funds through the issuance of
capital stock required to effect or facilitate a business combination may have a material adverse effect on the Company’s
financial condition and future prospects, including the ability to complete a business combination. To the extent that debt financing
ultimately proves to be available, any borrowing will subject the Company to various risks traditionally associated with indebtedness,
including the risks of interest rate fluctuations and insufficiency of cash flow to pay principal and interest, including debt
of an acquired business.
The Company
currently has no plans to conduct any research and development or to purchase or sell any significant equipment. The Company does
not expect to hire any employees during the next 6 months.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Pursuant
to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this
Item as it is a “smaller reporting company,” as defined by Rule 229.10(f)(1).
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Under the
supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined
in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this report
(the “Evaluation Date”). Based upon the evaluation, our principal executive officer and principal financial officer
concluded as of the Evaluation Date that our disclosure controls and procedures were effective. Disclosure controls are controls
and procedures designed to reasonably ensure that information required to be disclosed in our reports filed under the Exchange
Act, such as this report, is recorded, processed, summarized and reported within the time periods specified in the SEC’s
rules and forms. Disclosure controls include controls and procedures designed to reasonably ensure that such information is accumulated
and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow
timely decisions regarding required disclosure.
This quarterly
report does not include an attestation report of the Company’s registered public accounting firm regarding internal control
over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting
firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s
report in this quarterly report.
There were
no significant changes in the Company’s internal controls or in other factors that could significantly affect these controls
subsequent to that evaluation, and there were no significant deficiencies or material weaknesses in such controls requiring corrective
actions.
Evaluation
of and Report on Internal Control over Financial Reporting
The management
of the Registrant is responsible for establishing and maintaining adequate internal control over financial reporting. Internal
control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934
as a process designed by, or under the supervision of, the company’s principal executive and principal financial officers
and effected by the company’s board of directors, management and other personnel, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting
principles generally accepted in the United States of America and includes those policies and procedures that:
− Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the
assets of the company;
− Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and
−
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the
company’s assets that could have a material effect on the financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems,
no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only
reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of
internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control
over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore,
it is possible to design into the process safeguards to reduce, though not eliminate, this risk.
Management
assessed the effectiveness of the Company’s internal control over financial reporting as of January 31, 2016. In making
this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Tread way Commission
in Internal Control-Integrated Framework.
Based on
its assessment, management concluded that, as of January 31, 2016, the Company’s internal control over financial reporting
is effective based on those criteria.
This quarterly
report does not include an attestation report of the Company’s registered accounting firm regarding internal control over
financial reporting. Management’s report is not subject to attestation by the Company’s registered public accounting
firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management’s
report in this quarterly report.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal controls over financial reporting that occurred during the quarterly period covered by this report
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II—OTHER INFORMATION
Item
1. Legal Proceedings
The
Company’s officers and directors are not aware of any threatened or pending litigation to which the Company is a party or
which any of its property is the subject and which would have any material, adverse effect on the Company.
Item
1A. Risk Factors
As
a smaller reporting company, we are not required to provide disclosure under this Item 1A.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
The
following is a list of unregistered securities sold by the Company within the last three years including the date sold, the title
of the securities, the amount sold, the identity of the person who purchased the securities, the price or other consideration
paid for the securities, and the section of the Securities Act of 1933 under which the sale was exempt from registration as well
as the factual basis for claiming such exemption.
In
exchange for a capital investment of $19,040 by Century Capital Partners on or near November 19, 2007 Lightman Grant issued to
Century Capital Partners 38,000,000 shares (380,000 post split) of its common stock representing approximately 77% of its common
stock outstanding on that date. The funds were used to pay ongoing administrative expenses, including but not limited to, outstanding
transfer agent fees, state reinstatement and filing fees and all costs associated with conducting a shareholders meeting. On May
14, 2010 Century Capital Partners transferred its 380,000 shares of common stock to Corporate Services International, Inc., another
entity solely owned and controlled by Michael Anthony, and our preferred shareholder.
On
or near February 18, 2009, Corporate Services International, Inc. contributed $25,000 as paid in capital to Lightman Grant. This
capital contribution is separate from and in addition to the $19,040 capital contribution previously made by Century Capital Partners.
Lightman Grant has used and shall continue to use these funds to pay the costs and expenses necessary to revive the Company’s
business and implement the Company’s business plan. Such expenses include, without limitation, fees to redomicile the Company
to the state of Delaware; payment of state filing fees; transfer agent fees; calling and holding a shareholder’s meeting;
accounting and legal fees; and costs associated with preparing and filing this Registration Statement, etc.
In
exchange for the $25,000 capital contribution by Corporate Services International the Company issued 5,000,000 shares of its Series
B Preferred Stock. Corporate Services International is a personal use business consulting company of which Michael Anthony is
the sole shareholder, officer and director.
On
September 12, 2013, Chin Yung Kong converted 5,000,000 shares of common stock from the 5,000,000 shares of Series B Preferred
Stock he owned.
On
September 12, 2013, the Company issued 500,000 shares of common stock to Yishan Lu for the price of $0.001 per share.
The
Company believes that the issuance and sale of the restricted shares was exempt from registration pursuant to Section 4(2) of
the Act as privately negotiated, isolated, non-recurring transactions not involving any public solicitation. An appropriate restrictive
legend is affixed to the stock certificates issued in such transactions.
Item 3. Defaults
Upon Senior Securities
None.
Item 4. Mine
Safety Disclosures
Not
applicable.
Item
5. Other Information.
None.
Item
6. Exhibits.
Exhibit Number |
Description of Exhibit |
|
|
31.1 |
Certificate of the Chief Executive
Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|
|
32.2 |
Certificate of the Chief Executive
Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
101.INS(#) |
XBRL Instance Document |
|
|
101.SCH(#) |
XBRL Schema Document |
|
|
101.CAL(#) |
XBRL Calculation Linkbase Document |
|
|
101.DEF(#) |
XBRL Definition Linkbase Document |
|
|
101.LAB(#) |
XBRL Label Linkbase Document |
|
|
101.PRE(#) |
XBRL Presentation Linkbase Document |
SIGNATURES
In
accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
QMIS Finance Securities Corporation |
|
March
15, 2016
|
|
By: |
/ S / Chin Yung Kong |
|
|
Chin
Yung Kong
President/CEO and Director and Chief Accounting Officer |
|
Exhibit 31.1
CERTIFICATION
I, Chin Yung Kong, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of QMIS Finance Securities Corp.; |
|
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. |
The registrant’s other certifying officer(s) and I are 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 have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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 registrant’s disclosure controls and procedures and presented in this report our 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth 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. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’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 registrant’s internal control over financial reporting. |
Date: March 15, 2016
|
/s/ Chin Yung Kong |
|
Chin Yung
Kong
Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, Chin Yung Kong, certify that:
|
1. |
I have reviewed this quarterly report on Form 10-Q of QMIS Finance Securities Corp.; |
|
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. |
The registrant’s other certifying officer(s) and I are 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 have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our 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 registrant’s disclosure controls and procedures and presented in this report our 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth 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. |
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’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 registrant’s internal control over financial reporting. |
Date: March 15, 2016
|
/s/ Chin Yung Kong |
|
Chin Yung
Kong
Chief Financial Officer |
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 QMIS Finance Securities Corp. (the “Company”) on Form 10-Q for the quarterly period ended
January 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Chin Yung Kong, Chief Executive
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and
(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
|
|
Date: March 15, 2016 |
|
/s/ Chin Yung Kong |
|
|
Chin Yung
Kong
Chief Executive Officer |
Exhibit 32.2
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 QMIS Finance Securities Corp. (the “Company”) on Form 10-Q for the quarterly period ended
January 31, 2016 as filed with the Securities and Exchange Commission (the “Report”), I, Chin Yung Kong, Chief Financial
Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 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; and
(2) The information
contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
|
|
|
|
Date: March 15, 2016 |
|
/s/ Chin Yung Kong |
|
|
Chin Yung
Kong
Chief Financial Officer |
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v3.3.1.900
Balance Sheets (Unaudited) - USD ($)
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Current Assets |
|
|
Cash |
$ 146
|
$ 3,057
|
Total current assets |
146
|
3,057
|
Total Assets |
146
|
3,057
|
Current liabilities |
|
|
Accounts payable and accrued epenses |
23,936
|
25,186
|
Total current liabilities |
23,936
|
25,186
|
Total Liabilities |
$ 23,936
|
$ 25,186
|
Stockholders' Deficiency |
|
|
Preferred stock par value $0.001: 20,000,000 shares authorized; 5,000,000 shares designated Series B preferred stock par value $0.001: 5,000,000 shares authorized; each Series B share has 10 times voting rights over the common and converts to 10 common shares none issued or outstanding |
|
|
Common stock par value $0.001: 300,000,000 authorized; 5,994,448 shares issued and outstanding |
$ 5,994
|
$ 5,994
|
Additional paid in capital |
178,161
|
167,061
|
Accumulated deficit |
(207,945)
|
(195,184)
|
Total Stockholders' Deficit |
(23,790)
|
(22,129)
|
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
$ 146
|
$ 3,057
|
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v3.3.1.900
Balance Sheets (Parenthetical) - $ / shares
|
Jan. 31, 2016 |
Apr. 30, 2015 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized |
5,000,000
|
5,000,000
|
Preferred stock, issued |
|
|
Preferred stock, outstanding |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, authorized |
300,000,000
|
300,000,000
|
Common stock, issued |
5,994,448
|
5,994,448
|
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5,994,448
|
5,994,448
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X |
- DefinitionFace amount or stated value per share of common stock.
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v3.3.1.900
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Jan. 31, 2016 |
Jan. 31, 2015 |
Operating Expense |
|
|
|
|
General and administrative expenses |
$ 3,225
|
$ 15,639
|
$ 12,761
|
$ 19,839
|
Total Operating expenses |
3,225
|
15,639
|
12,761
|
19,839
|
Loss before income tax provision |
$ (3,225)
|
$ (15,639)
|
$ (12,761)
|
$ (19,839)
|
Income tax provision |
|
|
|
|
Net Loss |
$ (3,225)
|
$ (15,639)
|
$ (12,761)
|
$ (19,839)
|
Net loss per share: |
|
|
|
|
Net loss per share, Basic and diluted |
$ 0.00
|
$ 0.00
|
$ 0.00
|
$ 0.00
|
Weighted average shares outstanding, Basic and diluted |
5,994,449
|
5,994,449
|
5,994,449
|
5,994,449
|
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v3.3.1.900
Statement of Cash Flows (Unaudited) - USD ($)
|
9 Months Ended |
Jan. 31, 2016 |
Jan. 31, 2015 |
Operating activities: |
|
|
Net loss |
$ (12,761)
|
$ (19,839)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Bad expense |
|
$ 13,739
|
Changes in operating assets and liabilities: |
|
|
Accounts payable and accrued expenses |
$ (1,250)
|
|
Net cash used in operating activities |
(14,011)
|
$ (6,100)
|
Financing activities: |
|
|
Capital contribution |
11,100
|
6,100
|
Net cash provided by financing activities |
11,100
|
$ 6,100
|
Net changes in cash |
(2,911)
|
|
Cash, beginning of period |
3,057
|
|
Cash, end of period |
$ 146
|
|
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|
|
Interest paid |
|
|
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|
|
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v3.3.1.900
Significant Accounting Policies
|
9 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Note
2 - Significant and Critical Accounting Policies and Practices
The
Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness
of accounting policies and their application. Critical accounting policies and practices are those that are both most important
to the portrayal of the Companys financial condition and results and require managements most difficult, subjective,
or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain.
The Companys significant and critical accounting policies and practices are disclosed below as required by generally accepted
accounting principles.
Basis
of Presentation Unaudited Interim Financial Information
The
accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles
generally accepted in the United States of America (U.S. GAAP) for the interim financial information, and with the
rules and regulations of the United States Securities and Exchange Commission (SEC) to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Unaudited
interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read
in conjunction with the audited financial statements of the Company for the reporting period ended April 30, 2015 and notes thereto
contained in the Companys Annual Report on Form 10-K filed with the SEC on August 10, 2015.
Fiscal
Year-End
The
Company elected April 30th as its fiscal year ending date.
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
The
preparation of 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 and liabilities and disclosure
of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses
during the reporting period(s).
Critical
accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and
judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact
of the estimate on financial condition or operating performance is material. The Companys critical accounting estimates
and assumptions affecting the financial statements were as follows:
| (i) | Assumption
as a going concern: Management assumes that the Company will continue as a going
concern, which contemplates continuity of operations, realization of assets, and liquidation
of liabilities in the normal course of business. |
| (ii) | Valuation
allowance for deferred tax assets: Management assumes that the realization of the
Companys net deferred tax assets resulting from its net operating loss (NOL)
carryforwards for Federal income tax purposes that may be offset against future
taxable income was not considered more likely than not and accordingly, the potential
tax benefits of the net loss carry-forwards are offset by a full valuation allowance.
Management made this assumption based on (a) the Company has incurred recurring losses,
(b) general economic conditions, and (c) its ability to raise additional funds to support
its daily operations by way of a public or private offering, among other factors. |
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached
to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those
estimates are adjusted accordingly.
Actual
results could differ from those estimates.
Reclassification
Certain
amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on reported losses.
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (Paragraph 820-10-35-37) to
measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in
generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value
hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37
are described below:
Level
1 |
|
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
|
Level 2 |
|
Pricing inputs
other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
|
Level 3 |
|
Pricing inputs
that are generally observable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or
similar techniques and at least one significant model assumption or input is unobservable.
The
fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within
more than one level described above, the categorization is based on the lowest level input that is significant to the fair value
measurement of the instrument.
The
carrying amounts of the Companys financial assets and liabilities, such as cash, receivable - other and accounts payable
and accrued expenses approximate their fair values because of the short maturity of these instruments.
Transactions
involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive,
free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the
related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such
representations can be substantiated.
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
Related
Parties
The
Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure
of related party transactions.
Pursuant
to Section 850-10-20 the related parties include (a) affiliates (Affiliate means, with respect to any specified
Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under
common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act) of the Company;
(b) entities for which investments in their equity securities would be required, absent the election of the fair value option
under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing
entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the
trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other
to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other
parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall
include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to
which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such
other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the
dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties
as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
Commitment
and Contingencies
The
Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will
only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and
such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that
are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected
to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Companys financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be
estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material,
would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would
be disclosed.
Revenue
Recognition
The
Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes
revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all
of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the
services have been rendered to the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably
assured.
Deferred
Tax Assets and Income Tax Provision
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets
and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities
and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred
tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (Section 740-10-25). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the
financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if
it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based
on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section
740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim
periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous
estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in
these jurisdictions. In managements opinion, adequate provisions for income taxes have been made for all years. If actual
taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.
Tax
years that remain subject to examination by major tax jurisdictions
The
Company discloses tax years that remain subject to examination by major tax jurisdictions pursuant to the ASC Paragraph 740-10-50-15.
Earnings
per Share
Earnings
per share ("EPS") is the amount of earnings attributable to each share of common stock. For convenience, the term is
used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards
Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available
to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the
period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred
stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned)
from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation
of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional
common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect
the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options
or warrants.
Pursuant
to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate
or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and
their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method
unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied.
Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid
stock subscriptions (see paragraph 260105523). Anti-dilutive contracts, such as purchased put options and
purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants
shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued.
b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the
period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the
number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted
EPS computation.
There
were no contingent shares issuance arrangement, stock options or warrants which were issuable and could have potential dilutive
effect to the earnings per share at January 31, 2016.
Cash
Flows Reporting
The
Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash
receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions
of each category, and uses the indirect or reconciliation method (Indirect method) as defined by paragraph 230-10-45-25
of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile
it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and
payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income
that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency
cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held
in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents
and separately provides information about investing and financing activities not resulting in cash receipts or payments in the
period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
Subsequent
Events
The
Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent
events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant
to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued
when they are widely distributed to users, such as through filing them on EDGAR.
Recently
Issued Accounting Pronouncements
In
August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 Presentation of Financial StatementsGoing
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU
2014-15).
In
connection with preparing financial statements for each annual and interim reporting period, an entitys management should
evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys
ability to continue as a going concern within one year after the date that the financial statements are issued (or within
one year after the date that the financial statements are available to be issued when applicable). Managements evaluation
should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements
are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt
about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate,
indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the
date that the financial statements are issued (or available to be issued). The term probable is used consistently with
its use in Topic 450, Contingencies.
When
management identifies conditions or events that raise substantial doubt about an entitys ability to continue as a going
concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate
the substantial doubt. The mitigating effect of managements plans should be considered only to the extent that (1) it is
probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions
or events that raise substantial doubt about the entitys ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entitys ability to continue as a going concern, but the substantial
doubt is alleviated as a result of consideration of managements plans, the entity should disclose information that enables
users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the
footnotes):
a. Principal
conditions or events that raised substantial doubt about the entitys ability to continue as a going concern (before consideration
of managements plans)
b. Managements
evaluation of the significance of those conditions or events in relation to the entitys ability to meet its obligations
c. Managements
plans that alleviated substantial doubt about the entitys ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entitys ability to continue as a going concern, and substantial doubt
is not alleviated after consideration of managements plans, an entity should include a statement in the footnotes indicating
that there is substantial doubt about the entitys ability to continue as a going concern within one year after the
date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information
that enables users of the financial statements to understand all of the following:
a. Principal
conditions or events that raise substantial doubt about the entitys ability to continue as a going concern
b. Managements
evaluation of the significance of those conditions or events in relation to the entitys ability to meet its obligations
c. Managements
plans that are intended to mitigate the conditions or events that raise substantial doubt about the entitys ability to
continue as a going concern.
The
amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim
periods thereafter. Early application is permitted.
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material
effect on the accompanying financial statements.
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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.3.1.900
Going Concern
|
9 Months Ended |
Jan. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Going Concern |
Note
3 Going Concern
The
Company has elected to adopt early application of Accounting Standards Update No. 2014-15, Presentation of Financial
StatementsGoing Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a
Going Concern (ASU 2014-15).
The
Companys financial statements have been prepared assuming that it will continue as a going concern, which contemplates
continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.
As
reflected in the financial statements, the Company had an accumulated deficit at January 31, 2016, a net loss and net cash used
in operating activities for the reporting period then ended. These factors raise substantial doubt about the Companys ability
to continue as a going concern.
The
Company is attempting to commence operations and generate sufficient revenue; however, the Companys cash position may not
be sufficient to support the Companys daily operations. Management intends to raise additional funds by way of a private
or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient
revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to
continue as a going concern is dependent upon the Companys ability to further implement its business plan and generate
sufficient revenue and its ability to raise additional funds by way of a public or private offering.
The
financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts
or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
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v3.3.1.900
Stockholders' Deficit
|
9 Months Ended |
Jan. 31, 2016 |
Equity [Abstract] |
|
Stockholders' Deficit |
Note
4 Stockholders Deficit
Shares
Authorized
Shares
Authorized upon Incorporation
Upon
formation the total number of shares of stock which the Corporation shall have authority to issue is 252,000,000; 250,000,000
shares shall be designated as common stock, par value $0.001 per share and 2,000,000 shares shall be designated as preferred stock,
par value $0.001 per share.
Amendment
to the Articles of Incorporation
On
January 1, 2009, upon approval by written consent, in lieu of a special meeting, of the majority stockholders the Company was
authorized to file a certificate of amendment to its Articles of Incorporation to (1) increase the total number of shares of stock
which the Corporation shall have the authority to issue to 320,000,000, of which 300,000,000 shall be designated as common stock,
par value $0.001 per share, and of which 20,000,000 shall be designated as preferred stock, par value $.001 per share; and (2)
designate a series of the voting preferred stock of the Company as "Series B Preferred Stock," $0.001 par value, and
the number of shares constituting such series to be Five Million (5,000,000). Each share of Series B Preferred Stock shall entitle
the holder thereof to 10 votes on all matters submitted to a vote of the stockholders of the Company and shall be convertible
into ten (10) shares of Common Stock.
Series
B Preferred Stock
On
September 12, 2013, Mr. Chin, Yung Kong, the Companys sole director and officer, converted 5,000,000 shares of Series B
Preferred Stock that he owned to 5,000,000 shares of Common Stock.
Common
Stock
On
September 12, 2013, the Company issued 500,000 shares of its common stock to Yishan Lu at $0.001 per share or $500 in cash.
Additional
Paid-in Capital
During
the year ended April 30, 2015, Mr. Chin, Yung Kong paid $11,112 for the Companys professional fees, which was recorded
as additional paid-in capital.
During
the reporting period ended January 31, 2016, Mr. Chin, Yung Kong, paid $11,100 for the Companys professional fees, which
was recorded as additional paid-in capital.
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v3.3.1.900
Related Party Transactions
|
9 Months Ended |
Jan. 31, 2016 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 Related Party Transactions
Related
Parties
Related
parties with whom the Company had transactions are:
Related
Parties |
|
Relationship |
|
|
|
Mr. Chin Yung Kong |
|
Chairman, CEO, significant stockholder and
director |
Free
Office Space
The
Company has been provided office space by its President at no cost. Management determined that such cost is nominal and did not
recognize the rent expense in its financial statement.
|
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- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.3.1.900
Subsequent Events
|
9 Months Ended |
Jan. 31, 2016 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
6 Subsequent Events
The
Company were planning to acquire the QMIS asset management (Asia) Limited and QMIS Securities (Asia) Limited under common control,
the transaction didnt completed till March 15, 2016. The Management of the Company determined that there were no other
reportable subsequent events to be disclosed.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.3.1.900
Significant Accounting Policies (Policies)
|
9 Months Ended |
Jan. 31, 2016 |
Accounting Policies [Abstract] |
|
Basis of Presentation – Unaudited Interim Financial Information |
Basis
of Presentation Unaudited Interim Financial Information
The
accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles
generally accepted in the United States of America (U.S. GAAP) for the interim financial information, and with the
rules and regulations of the United States Securities and Exchange Commission (SEC) to Form 10-Q and Article 8 of
Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial
statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals)
which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Unaudited
interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read
in conjunction with the audited financial statements of the Company for the reporting period ended April 30, 2015 and notes thereto
contained in the Companys Annual Report on Form 10-K filed with the SEC on August 10, 2015.
|
Fiscal Year-End |
Fiscal
Year-End
The
Company elected April 30th as its fiscal year ending date.
|
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions |
Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions
The
preparation of 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 and liabilities and disclosure
of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses
during the reporting period(s).
Critical
accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and
judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact
of the estimate on financial condition or operating performance is material. The Companys critical accounting estimates
and assumptions affecting the financial statements were as follows:
| (i) | Assumption
as a going concern: Management assumes that the Company will continue as a going
concern, which contemplates continuity of operations, realization of assets, and liquidation
of liabilities in the normal course of business. |
| (ii) | Valuation
allowance for deferred tax assets: Management assumes that the realization of the
Companys net deferred tax assets resulting from its net operating loss (NOL)
carryforwards for Federal income tax purposes that may be offset against future
taxable income was not considered more likely than not and accordingly, the potential
tax benefits of the net loss carry-forwards are offset by a full valuation allowance.
Management made this assumption based on (a) the Company has incurred recurring losses,
(b) general economic conditions, and (c) its ability to raise additional funds to support
its daily operations by way of a public or private offering, among other factors. |
These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached
to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.
Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the
financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from other sources.
Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those
estimates are adjusted accordingly.
Actual
results could differ from those estimates.
|
Reclassification |
Reclassification
Certain
amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications
had no effect on reported losses.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial
instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (Paragraph 820-10-35-37) to
measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in
generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase
consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value
hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair
value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37
are described below:
Level
1 |
|
Quoted
market prices available in active markets for identical assets or liabilities as of the reporting date. |
|
|
|
Level 2 |
|
Pricing inputs
other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the
reporting date. |
|
|
|
Level 3 |
|
Pricing inputs
that are generally observable inputs and not corroborated by market data. |
Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or
similar techniques and at least one significant model assumption or input is unobservable.
The
fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities
and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within
more than one level described above, the categorization is based on the lowest level input that is significant to the fair value
measurement of the instrument.
The
carrying amounts of the Companys financial assets and liabilities, such as cash, receivable - other and accounts payable
and accrued expenses approximate their fair values because of the short maturity of these instruments.
Transactions
involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive,
free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the
related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such
representations can be substantiated.
|
Cash Equivalents |
Cash
Equivalents
The
Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents.
|
Related Parties |
Related
Parties
The
Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure
of related party transactions.
Pursuant
to Section 850-10-20 the related parties include (a) affiliates (Affiliate means, with respect to any specified
Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under
common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act) of the Company;
(b) entities for which investments in their equity securities would be required, absent the election of the fair value option
under the Fair Value Option Subsection of Section 8251015, to be accounted for by the equity method by the investing
entity; (c) trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the
trusteeship of management; (d) principal owners of the Company; (e) management of the Company; (f) other parties with
which the Company may deal if one party controls or can significantly influence the management or operating policies of the other
to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and (g) other
parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership
interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting
parties might be prevented from fully pursuing its own separate interests.
The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated
in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall
include: (a) the nature of the relationship(s) involved; (b) a description of the transactions, including transactions to
which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such
other information deemed necessary to an understanding of the effects of the transactions on the financial statements; (c) the
dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change
in the method of establishing the terms from that used in the preceding period; and (d) amounts due from or to related parties
as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.
|
Commitment and Contingencies |
Commitment
and Contingencies
The
Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain
conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will
only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and
such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that
are pending against the Company or un-asserted claims that may result in such proceedings, the Company evaluates the perceived
merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount of relief sought or expected
to be sought therein.
If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Companys financial statements. If the assessment
indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be
estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material,
would be disclosed.
Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would
be disclosed.
|
Revenue Recognition |
Revenue
Recognition
The
Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company recognizes
revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all
of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the
services have been rendered to the customer, (iii) the sales price is fixed or determinable and (iv) collectability is reasonably
assured.
|
Deferred Tax Assets and Income Tax Provision |
Deferred
Tax Assets and Income Tax Provision
The
Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets
and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities
and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred
tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets
will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and
liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.
The
Company adopted section 740-10-25 of the FASB Accounting Standards Codification (Section 740-10-25). Section 740-10-25
addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the
financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if
it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical
merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based
on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section
740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim
periods and requires increased disclosures.
The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary.
Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous
estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in
these jurisdictions. In managements opinion, adequate provisions for income taxes have been made for all years. If actual
taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary.
|
Tax years that remain subject to examination by major tax jurisdictions |
Tax
years that remain subject to examination by major tax jurisdictions
The
Company discloses tax years that remain subject to examination by major tax jurisdictions pursuant to the ASC Paragraph 740-10-50-15.
|
Earnings per Share |
Earnings
per Share
Earnings
per share ("EPS") is the amount of earnings attributable to each share of common stock. For convenience, the term is
used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards
Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available
to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the
period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred
stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned)
from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation
of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional
common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect
the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options
or warrants.
Pursuant
to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate
or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and
their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method
unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied.
Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid
stock subscriptions (see paragraph 260105523). Anti-dilutive contracts, such as purchased put options and
purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants
shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued.
b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the
period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the
number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted
EPS computation.
There
were no contingent shares issuance arrangement, stock options or warrants which were issuable and could have potential dilutive
effect to the earnings per share at January 31, 2016.
|
Cash Flows Reporting |
Cash
Flows Reporting
The
Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash
receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions
of each category, and uses the indirect or reconciliation method (Indirect method) as defined by paragraph 230-10-45-25
of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile
it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and
payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income
that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency
cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held
in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents
and separately provides information about investing and financing activities not resulting in cash receipts or payments in the
period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.
|
Subsequent Events |
Subsequent
Events
The
Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent
events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant
to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued
when they are widely distributed to users, such as through filing them on EDGAR.
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
In
August 2014, the FASB issued the FASB Accounting Standards Update No. 2014-15 Presentation of Financial StatementsGoing
Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entitys Ability to Continue as a Going Concern (ASU
2014-15).
In
connection with preparing financial statements for each annual and interim reporting period, an entitys management should
evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entitys
ability to continue as a going concern within one year after the date that the financial statements are issued (or within
one year after the date that the financial statements are available to be issued when applicable). Managements evaluation
should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements
are issued (or at the date that the financial statements are available to be issued when applicable). Substantial doubt
about an entitys ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate,
indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the
date that the financial statements are issued (or available to be issued). The term probable is used consistently with
its use in Topic 450, Contingencies.
When
management identifies conditions or events that raise substantial doubt about an entitys ability to continue as a going
concern, management should consider whether its plans that are intended to mitigate those relevant conditions or events will alleviate
the substantial doubt. The mitigating effect of managements plans should be considered only to the extent that (1) it is
probable that the plans will be effectively implemented and, if so, (2) it is probable that the plans will mitigate the conditions
or events that raise substantial doubt about the entitys ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entitys ability to continue as a going concern, but the substantial
doubt is alleviated as a result of consideration of managements plans, the entity should disclose information that enables
users of the financial statements to understand all of the following (or refer to similar information disclosed elsewhere in the
footnotes):
a. Principal
conditions or events that raised substantial doubt about the entitys ability to continue as a going concern (before consideration
of managements plans)
b. Managements
evaluation of the significance of those conditions or events in relation to the entitys ability to meet its obligations
c. Managements
plans that alleviated substantial doubt about the entitys ability to continue as a going concern.
If
conditions or events raise substantial doubt about an entitys ability to continue as a going concern, and substantial doubt
is not alleviated after consideration of managements plans, an entity should include a statement in the footnotes indicating
that there is substantial doubt about the entitys ability to continue as a going concern within one year after the
date that the financial statements are issued (or available to be issued). Additionally, the entity should disclose information
that enables users of the financial statements to understand all of the following:
a. Principal
conditions or events that raise substantial doubt about the entitys ability to continue as a going concern
b. Managements
evaluation of the significance of those conditions or events in relation to the entitys ability to meet its obligations
c. Managements
plans that are intended to mitigate the conditions or events that raise substantial doubt about the entitys ability to
continue as a going concern.
The
amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim
periods thereafter. Early application is permitted.
Management
does not believe that any recently issued, but not yet effective accounting pronouncements, when adopted, will have a material
effect on the accompanying financial statements.
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v3.3.1.900
Stockholders' Deficit (Details Narrative) - USD ($)
|
|
9 Months Ended |
12 Months Ended |
|
Sep. 12, 2013 |
Jan. 31, 2016 |
Apr. 30, 2015 |
Jan. 01, 2009 |
Equity [Abstract] |
|
|
|
|
Shares authorized to be issued, common stock |
|
300,000,000
|
300,000,000
|
300,000,000
|
Shares authorized to be issued, common stock par value |
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
Shares authorized to be issued, preferred stock |
|
5,000,000
|
5,000,000
|
20,000,000
|
Shares authorized to be issued, preferred stock par value |
|
$ 0.001
|
$ 0.001
|
$ 0.001
|
Series B Preferred Stock converted by officer to equal number of shares of common stock on September 12, 2013 |
5,000,000
|
|
|
|
Common stock issued on September 12, 2013, shares |
500,000
|
|
|
|
Common stock issued on September 12, 2013, amount |
$ 500
|
|
|
|
Common stock issued on September 12, 2013, price per share |
$ 0.001
|
|
|
|
Professional fees paid for by officer, recorded as additional paid-in capital |
|
$ 11,100
|
$ 11,112
|
|
X |
- DefinitionFace amount or stated value per share of common stock.
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