Note 2 Summary of Significant
financial statements are presented as those of a development stage enterprise. Activities during the development stage primarily
include equity based financing and further implementation of the business plan. The Company has not generated any revenues since
operations may be subject to significant risk and uncertainties including financial, operational, regulatory and other risks associated
with a development stage company, including the potential risk of business failure. Also, see Note 3 regarding going concern matters.
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates
and assumptions that affect the amounts reported in the financial statements and the accompanying notes.
and assumptions impact, among others, the following: the fair value of share-based payments, estimates of the probability and potential
magnitude of contingent liabilities and the valuation allowance for deferred tax assets due to continuing and expected future operating
requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition,
situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from estimates.
Cash and Cash Equivalents
maintains cash balances in a non-interest bearing account that currently does not exceed federally insured limits. For the purpose
of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash
equivalents. As of August 31, 2012, there were no cash equivalents.
Fair Value of Financial Instruments
measures assets and liabilities at fair value based on an expected exit price as defined by the authoritative guidance on fair
value measurements, which represents the amount that would be received on the sale of an asset or paid to transfer a liability,
as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that
market participants would use in pricing an asset or liability. The authoritative guidance on fair value measurements establishes
a consistent framework for measuring fair value on either a recurring or nonrecurring basis whereby inputs, used in valuation techniques,
are assigned a hierarchical level.
are the hierarchical levels of inputs to measure fair value:
||Level 1: Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.|
||Level 2: Inputs reflect quoted prices for identical assets or liabilities in markets that are not active; quoted prices for similar assets or liabilities in active markets; inputs other than quoted prices that are observable for the assets or liabilities; or inputs that are derived principally from or corroborated by observable market data by correlation or other means.|
||Level 3: Unobservable inputs reflecting the Companys assumptions incorporated in valuation techniques used to determine fair value. These assumptions are required to be consistent with market participant assumptions that are reasonably available.|
financial instruments consisted primarily of accounts payable and due to related party. The carrying amounts of the Companys
financial instruments generally approximated their fair values as of August 31,2012, respectively, due to the short-term nature
of these instruments.
per share (EPS) is computed by dividing net loss available to common stockholders by the weighted average number
of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives
effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using
the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased
from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method.
Diluted EPS excludes all dilutive potential of shares of common stock if their effect is anti-dilutive.
all forms of share-based payments, including stock option grants, warrants, restricted stock grants and stock appreciation rights,
are measured at their fair value on the awards grant date, and based on the estimated number of awards that are ultimately
expected to vest. Share-based payment awards issued to non-employees for services rendered are recorded at either the fair value
of the services rendered or the fair value of the share-based payment, whichever is more readily determinable. The expense resulting
from share-based payments are recorded as a component of general and administrative expense.
recognizes deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the
tax bases of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred
income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance
is recorded when it is more likely than not that some or all deferred tax assets will not be realized.
guidance now codified as FASB ASC Topic 740-20, Income Taxes Intraperiod Tax Allocation, clarifies
the accounting for uncertainties in income taxes recognized in accordance with FASB ASC Topic 740-20 by prescribing guidance for
the recognition, de-recognition and measurement in financial statements of income tax positions taken in previously filed tax returns
or tax positions expected to be taken in tax returns, including a decision whether to file or not to file in a particular jurisdiction.
FASB ASC Topic 740-20 requires that any liability created for unrecognized tax benefits is disclosed. The application of FASB ASC
Topic 740-20 may also affect the tax bases of assets and liabilities and therefore may change or create deferred tax liabilities
or assets. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. As of May
31, 2012 and 2011, the Company did not record any liabilities for uncertain tax positions.
no recent accounting pronouncements that are expected to have an effect on the Companys financial statements.