Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - BUNCOMBE INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR5.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR9.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR2.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR3.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR6.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR4.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR7.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR8.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR11.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR14.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR13.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR15.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR10.htm
EX-32.1 - EXHIBIT 32.1 - BUNCOMBE INCv325037_ex32-1.htm
EX-31.1 - EXHIBIT 31.1 - BUNCOMBE INCv325037_ex31-1.htm
10-Q - FORM 10-Q - BUNCOMBE INCv325037_10q.htm
XML - IDEA: XBRL DOCUMENT - BUNCOMBE INCR1.htm
v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (Policies)
3 Months Ended
Jul. 31, 2012
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies [Text Block]

(A) Basis of Presentation

 

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

 

It is management’s opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Buncombe, Inc. (a development stage company) (the "Company") was incorporated under the laws of the State of Nevada on April 27, 2012. The Company was organized to provide business services and financing to emerging growth entities.

 

The Company was formed to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. It has been in the developmental stage since inception and has no operations to date. It will attempt to locate and negotiate with a business entity for the combination of that target company with us. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances, the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. No assurances can be given that it will be successful in locating or negotiating with any target company.

 

Activities during the development stage include developing the business plan and raising capital.

Use of Estimates, Policy [Policy Text Block]

(B) Use of Estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates.

 

The most significant estimates include the valuation of stock based compensation and deferred tax valuation allowance.

Cash and Cash Equivalents, Policy [Policy Text Block]

(C) Cash and Cash Equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At July 31, 2012 and April 30, 2012, the Company had no cash equivalents.

Earnings Per Share, Policy [Policy Text Block]

(D) Loss Per Share

 

Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by FASB Accounting Standards Codification Topic 260, “Earnings Per Share.” As of July 31, 2012, there were no common share equivalents outstanding.

Income Tax, Policy [Policy Text Block]

(E) Income Taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Segment Reporting, Policy [Policy Text Block]

(F) Business Segments

 

The Company operates in one segment and therefore segment information is not presented.

Revenue Recognition, Policy [Policy Text Block]

(G) Revenue Recognition

 

The Company will recognize revenue on arrangements in accordance with FASB ASC No. 605, “Revenue Recognition”. In all cases, revenue is recognized only when the price is fixed and determinable, persuasive evidence of an arrangement exists, the service is performed and collectability of the resulting receivable is reasonably assured.

Fair Value of Financial Instruments, Policy [Policy Text Block]

(H)Fair Value of Financial Instruments

 

The carrying amount reported in the balance sheet for accounts payable approximate fair value based on the short-term maturity of these instruments.