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Document and Entity Information
9 Months Ended
Jul. 31, 2013
Sep. 09, 2013
Document and Entity Information [Abstract]
Entity Registrant Name LOAD GUARD LOGISTICS, INC.
Entity Central Index Key 0001516551
Trading Symbol lgli
Current Fiscal Year End Date --10-31
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 3,147,500
Document Type 10-Q
Document Period End Date Jul 31, 2013
Amendment Flag false
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q3
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Condensed Consolidated Balance Sheets (USD $)
Jul. 31, 2013
Oct. 31, 2012
Current assets:
Cash and cash equivalents $ 37,151 $ 26,404
Accounts receivable, net of an allowance of $0 28,666 6,906
Prepaid insurance 3,808
Notes receivable 17,433   
Note receivable, related party    5,038
Total current assets 87,058 38,348
Note receivable, related party - non-current    4,536
Equipment, net of accumulated depreciation of $8,499 and $0, respectively 41,933   
Total Assets 128,991 42,884
Current liabilities:
Accounts payable and accrued liabilities 11,134 4,079
Income taxes payable 588 246
Notes payable, related parties 52,523   
Total current liabilities 64,245 4,325
Total liabilities 64,245 4,325
Shareholders' Equity:
Preferred stock, 20,000,000 shares authorized; par value $0.001, none issued and outstanding      
Common stock, 100,000,000 shares authorized; par value $0.001, 3,147,500 and 2,527,500 shares issued and outstanding, respectively 3,147 2,527
Additional paid-in capital 59,753 35,573
Retained earnings during the development stage 1,846 459
Total shareholders' equity 64,746 38,559
Total Liabilities and Shareholders' Equity $ 128,991 $ 42,884
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Condensed Consolidated Balance Sheets (Parentheticals) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Statement Of Financial Position [Abstract]
Allowance for accounts receivable (in dollars) $ 0 $ 0
Accumulated depreciation and amortization (in dollars) $ 8,499 $ 0
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 3,147,500 2,527,500
Common stock, shares outstanding 3,147,500 2,527,500
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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
3 Months Ended 9 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Income Statement [Abstract]
Operating revenues $ 91,152 $ 257,081 $ 273,323
Operating expenses:
Fuel and fuel taxes 31,874 100,043 105,398
Salaries and wages 22,485 67,295 69,935
Operations and maintenance 19,077 50,482 50,878
Professional fees 7,937 20,006 550 22,982
Depreciation and amortization 3,854 8,499 8,499
General and administrative 5,181 93 12,724 93 18,075
Total operating expenses 90,408 93 259,049 643 275,767
Operating income (loss) 744 (93) (1,968) (643) (2,444)
Other income (expense):
Interest expense (662) (1,523) (1,523)
Interest income 94 148 398 496 1,579
Gain on insurance claim 6,506 6,506
Loss on disposal of equipment (1,684) (1,684) (1,684)
Total other income (expense) (2,252) 148 3,697 496 4,878
Income (loss) before provision for income taxes (1,508) 55 1,729 (147) 2,434
Provision for income taxes 796 (342) (588)
Net Income (Loss) $ (712) $ 55 $ 1,387 $ (147) $ 1,846
Basic and diluted income (loss) per share (in dollars per share) $ 0 $ 0 $ 0 $ 0
Weighted average number of shares outstanding (in shares) 3,147,500 2,325,000 3,085,495 2,325,000
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Condensed Consolidated Statement of Shareholders' Equity (USD $)
Common Stock
Additional Paid in Capital
Retained Earnings (Deficit) During the Development Stage
Total
Balance at Mar. 16, 2011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for cash (March 18, 2011) $ 2,100 $ 18,900    $ 21,000
Common shares issued for cash (April 29, 2011) 225 8,775    9,000
Common shares issued for cash (in shares) (March 18, 2011) 2,100,000
Common shares issued for cash (in shares) (April 29, 2011) 225,000
Net income (loss) (4,050) (4,050)
Balance at Oct. 31, 2011 2,325 27,675 (4,050) 25,950
Balance (in shares) at Oct. 31, 2011 2,325,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for cash (October 18, 2012) 202 7,898    8,100
Common shares issued for cash (in shares) (October 18, 2012) 202,500
Net income (loss)       4,509 4,509
Balance at Oct. 31, 2012 2,527 35,573 459 38,559
Balance (in shares) at Oct. 31, 2012 2,527,500 2,527,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares issued for cash (November 25, 2012) 620 24,180    24,800
Common shares issued for cash (in shares) (November 25, 2012) 620,000
Net income (loss) 1,387 1,387
Balance at Jul. 31, 2013 $ 3,147 $ 59,753 $ 1,846 $ 64,746
Balance (in shares) at Jul. 31, 2013 3,147,500 3,147,500
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Condensed Consolidated Statement of Shareholders' Equity (Parentheticals) (USD $)
7 Months Ended 12 Months Ended 9 Months Ended
Oct. 31, 2011
March 18, 2011
Oct. 31, 2011
April 29, 2011
Oct. 31, 2012
October 18, 2012
Jul. 31, 2013
November 25, 2012
Common stock issue price (in dollars per share) $ 0.01 $ 0.04 $ 0.04 $ 0.04
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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss) $ 1,387 $ (147) $ 1,846
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation 8,499 8,499
Loss on disposal of equipment 1,684 1,684
Changes in operating assets:
Accounts receivable (21,760) (28,666)
Prepaid expenses (3,808) (3,808)
Accounts payable and accrued liabilities 7,055 550 11,134
Income taxes payable 342 588
Net cash provided by (used in) operating activities (6,601) 403 (8,723)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of equipment (74,116) (74,116)
Sale of equipment 22,000 22,000
Notes receivable (17,433) (17,433)
Note receivable, related party 9,574 2,604
Net cash provided by (used in) investing activities (59,975) 2,604 (69,549)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock for cash 24,800 62,900
Notes payable, related parties 52,523 52,523
Net cash provided by financing activities 77,323    115,423
Net increase (decrease) in cash and cash equivalents 10,747 3,007 37,151
Cash and cash equivalents, beginning of period 26,404 10,075
Cash and cash equivalents, end of period 37,151 13,082 37,151
Supplemental Cash Flow Disclosure:
Cash paid for interest 1,523
Cash paid for income taxes         
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ORGANIZATION AND DESCRIPTION OF BUSINESS
9 Months Ended
Jul. 31, 2013
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 -      ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Load Guard Logistics, Inc. (the “Company”) is a Nevada corporation incorporated on March 16, 2011, and is based in Miami, FL.  The company was originally incorporated as Load Guard Transportation, Inc. and changed its name to Load Guard Logistics, Inc. on November 6, 2012.  The Company incorporated a wholly-owned subsidiary, “LGT, Inc.” in Florida on March 18, 2011.  The Company’s fiscal year end is October 31.

 

The Company is a development stage company that operates as a transportation and delivery services company.  We generate revenues from the actual movement of freight from shippers to consignees as well as serving as a logistics provider by arranging for others to provide the transportation services.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Jul. 31, 2013
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Development Stage Company

 

The Company is a development stage company, as defined by ASC 915, “Development Stage Entities.” The Company is devoting substantially all of its efforts to development of its business plans.

 

Basis of Consolidation

 

These financial statements include the accounts of the Company and the wholly-owned subsidiary, LGT, Inc. All material intercompany balances and transactions have been eliminated.

 

Basis of Presentation

 

The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended July 31, 2013 are not necessarily indicative of the results for the full years. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited combined financial statements and the footnotes thereto for the period ended October 31, 2012 filed in its Prospectus on Form 424(B)(2).

 

Use of Estimates

 

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 of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
 

 

Cash and Cash Equivalents

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of three months or less. The Company had $37,151 and $26,404 in cash and cash equivalents as of July 31, 2013 and October 31, 2012, respectively.

 

Start-Up Costs

 

In accordance with ASC 720, “Start-up Activities,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.

 

Accounts Receivable

The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit evaluations and generally does not require collateral. Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts. The Company evaluates the adequacy of its allowance for doubtful accounts quarterly. Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability. The Company maintains reserves for potential credit losses based upon its loss history and specific receivables aging analysis. Receivable balances are written off when collection is deemed unlikely.

 

Equipment

 

Equipment is recorded at cost and consists solely of a tractor and trailer. For financial reporting purposes, the cost of tractors and trailers is depreciated using the straight-line method and estimated useful lives of 3 - 5 years. During the nine months ended July 31, 2013 and 2012, depreciation expense was $8,499 and $0, respectively.

 

Net Income (Loss) Per Share of Common Stock

 

The Company follows ASC 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation. In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

 

The following table sets forth the computation of basic and diluted earnings per share, for the periods ended July 31, 2013 and 2012:


 

 

Three Months Ended July 31

Nine Months Ended July 31,

2013

2012

2013

2012

Net income (loss)

$

(712)

$

55

$

1,387

$

(147)

Weighted average common shares outstanding (Basic and Diluted)

3,147,500

2,325,000

3,085,495

2,325,000

Net income (loss) per share, Basic and Diluted

$

(0.00)

$

0.00

$

0.00

$

(0.00)

 

The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.

 

Concentrations of Credit Risk

 

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At
times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

 

Financial Instruments

 

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

 

ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

 

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

 

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

 

Level 1

 

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2

 

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3

 

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The Company’s financial instruments consist principally of cash, accounts receivable; related party notes payable; and, accounts payable and accrued liabilities.
 

 

Revenue Recognition

 

The Company recognizes revenue from the sale of services in accordance with ASC 605, “Revenue Recognition.” The Company recognizes revenue only when all of the following criteria have been met:

 

i) Persuasive evidence for an agreement exists;

ii) Service has been provided;

iii) The fee is fixed or determinable; and

iv) Collection is reasonably assured.

 

Recent Accounting Pronouncements

 

Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.
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GOING CONCERN AND LIQUIDITY CONSIDERATIONS
9 Months Ended
Jul. 31, 2013
Going Concern and Liquidity Considerations [Abstract]
GOING CONCERN AND LIQUIDITY CONSIDERATIONS

NOTE 3 -      GOING CONCERN AND LIQUIDITY CONSIDERATIONS                

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business.  As of July 31, 2013, the Company has a loss from operations of $1,968, negative cash flows from operations of $6,601, and is still in the development stage.  The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending October 31, 2013.

 

The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan.  In response to these problems, management intends to raise additional funds through public or private placement offerings and through loans from officers and directors.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.  The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. There can be no assurance that management's plan will be successful.

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RELATED PARTY TRANSACTIONS
9 Months Ended
Jul. 31, 2013
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS

NOTE 4 - RELATED PARTY TRANSACTIONS

 

Note Receivable - Related Party

 

Note receivable, from a related party, at July 31, 2013 and October 31, 2012 consisted of:

 

July 31, 2013

October 31, 2012

On March 31, 2011, we issued a three-year, secured $15,000 fixed rate Promissory Note (the “note”) to a shareholder, with an interest rate of 6%, which matures in March 2014. The note was originally issued for the financing of a trailer of a contractor, to be used for the benefit of the Company. The note calls for monthly payments of $456.33, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

$

-

$

9,574

Less current portion of note receivable

-

5,038

Long-term portion of note receivable

$

-

$

4,536

 

 

During the period ended July 31, 2013 and 2012, the Company earned interest revenue of $304 and $496, respectively. During February 2013, the note was paid in full.

 

Notes Payable – Related Party

 

Notes payable, from related parties, at July 31, 2013 and October 31, 2012 consisted of:

July 31, 2013

October 31, 2012

On March 13, 2013 an officer, director, and shareholder of the Company sold his tractor and trailer to the Company for a $25,000 unsecured, non-interest bearing Promissory Note, due March 12, 2014.

$

25,000

$

-

On January 11, 2013, we issued an eighteen-month, $32,000 fixed rate Promissory Note payable (the “note”) to a Director, who is also an Officer and shareholder, with an interest rate of 8%, which matures in June 2014. The note was issued for the financing of a tractor and trailer, to be used for the benefit of the Company. The note calls for monthly payments of $1,829.49, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

27,523

-

Total notes payable

$

52,523

$

-

Less current portion of notes payable

(52,523)

-

Long-term portion of notes payable

$

-

$

-

 

During the period ended July 31, 2013, the Company recorded interest expense of $1,523 and made $6,000 in payments on the notes.

 

Other

 

The officers and directors of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.

 

The Company does not own or lease property or lease office space. The office space used by the Company was arranged by the founder of the Company to use at no charge.

 

The Company does not have employment contracts with its two key employees, the controlling shareholders, who are officers and directors of the Company.

 

The amounts and terms of the below transactions may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties.
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NOTES RECEIVABLE
9 Months Ended
Jul. 31, 2013
Receivables [Abstract]
NOTES RECEIVABLE

NOTE 5 - NOTES RECEIVABLE

 

July 31, 2013

October 31, 2012

On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the “note”) to an independent contractor, with an interest rate of 8%, which matures in July 2014. The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

$

10,366

$

-

On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the “note”) to an independent contractor, with an interest rate of 10%, which matures in July 2014. The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

7,067

-

Total notes receivable

$

17,433

$

-

Less current portion of notes receivable

(17,433)

-

Long-term portion of notes receivable

$

-

$

-

 

During the period ended July 31, 2013 and 2012, the Company earned interest revenue of $94 and $0, respectively. 
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EQUIPMENT
9 Months Ended
Jul. 31, 2013
Property, Plant and Equipment [Abstract]
EQUIPMENT

NOTE 6 - EQUIPMENT

 

The following table shows the Company’s equipment detail as of July 31, 2013 and October 31, 2012:

 

 

2013

2012

Tractor

$

19,230

$

-

Trailer

28,241

-

Gross equipment at cost

47,471

-

Accumulated depreciation and amortization

(5,538)

-

Net equipment

$

41,933

$

-

 

Depreciation expense totaled $8,499 and $0 at July 31, 2013 and 2012, respectively.
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EQUITY
9 Months Ended
Jul. 31, 2013
Equity [Abstract]
EQUITY

NOTE 7 - EQUITY

 

Preferred Stock

 

The Company has authorized 20,000,000 preferred shares with a par value of $0.001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. No rights or preferences have been adopted and there are no dividend or liquidation rights.

 

There were no preferred shares issued and outstanding as of July 31, 2013 and October 31, 2012.

 

Common Stock

 

The Company has authorized 100,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. Holders have equal ratable rights to dividends from funds legally available and are entitled to share in assets available for distribution upon liquidation. Holders do not have preemptive, subscriptive, conversion or cumulative voting rights, and there are no redemption or sinking find provisions or rights. Holders of common stock have the right to approve any amendment of the Articles of Incorporation, elect directors, approve any plan of merger and approve a plan for the sale, lease or exchange of all of the Company’s assets as proposed by the Board of Directors.

 

Since March 16, 2011 (Inception) to July 31, 2013, the Company has issued 3,147,500 common shares for $62,900 in cash.

 

There were 3,147,500 and 2,527,500 common shares issued and outstanding at July 31, 2013 and October 31, 2012, respectively.

 

The Company has no stock option plan, warrants or other dilutive securities.
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PROVISION FOR INCOME TAXES
9 Months Ended
Jul. 31, 2013
Income Tax Disclosure [Abstract]
PROVISION FOR INCOME TAXES

NOTE 8 - PROVISION FOR INCOME TAXES

 

The Company follows ASC 740, Income Taxes. ASC 740 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax basis of assets and liabilities and the tax rates in effect when these differences are expected to reverse. ASC 740 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 34% to the net income before provision for income taxes for the following reasons:

 

 

July 31, 2013

October 31, 2012

Income tax expense at statutory rate

$

588

$

1,623

Valuation allowance

(246)

(1,377)

Income tax expense per books

$

342

$

246

 

The net operating loss of $4,050 begins expiring in 2031.
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SUBSEQUENT EVENTS
9 Months Ended
Jul. 31, 2013
Subsequent Events [Abstract]
SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through the date the financial statements were issued and determined there are no additional items to disclose.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Jul. 31, 2013
Accounting Policies [Abstract]
Development Stage Company

Development Stage Company

 

The Company is a development stage company, as defined by ASC 915, “Development Stage Entities.” The Company is devoting substantially all of its efforts to development of its business plans.
Basis of Consolidation

Basis of Consolidation

 

These financial statements include the accounts of the Company and the wholly-owned subsidiary, LGT, Inc. All material intercompany balances and transactions have been eliminated.
Basis of Presentation

Basis of Presentation

 

The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America.  The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the Company’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine-month period ended July 31, 2013 are not necessarily indicative of the results for the full years. While management of the Company believes that the disclosures presented herein are adequate and not misleading, these interim financial statements should be read in conjunction with the audited combined financial statements and the footnotes thereto for the period ended October 31, 2012 filed in its Prospectus on Form 424(B)(2).

Use of Estimates

Use of Estimates

 

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 of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of three months or less.  The Company had $37,151 and $26,404 in cash and cash equivalents as of July 31, 2013 and October 31, 2012, respectively.

Start-Up Costs

Start-Up Costs

 

In accordance with ASC 720, “Start-up Activities,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.

Accounts Receivable

Accounts Receivable

 

The Company extends credit to its customers in the normal course of business.  The Company performs ongoing credit evaluations and generally does not require collateral.  Trade accounts receivable are recorded at their invoiced amounts, net of allowance for doubtful accounts.  The Company evaluates the adequacy of its allowance for doubtful accounts quarterly.  Accounts outstanding longer than contractual payment terms are considered past due and are reviewed individually for collectability.  The Company maintains reserves for potential credit losses based upon its loss history and specific receivables aging analysis.  Receivable balances are written off when collection is deemed unlikely.

Equipment

Equipment 

 
Equipment is recorded at cost and consists solely of a tractor and trailer. For financial reporting purposes, the cost of tractors and trailers is depreciated using the straight-line method and estimated useful lives of 3 - 5 years. During the nine months ended July 31, 2013 and 2012, depreciation expense was $8,499 and $0, respectively.
Net Income (Loss) Per Share of Common Stock

Net Income (Loss) Per Share of Common Stock

 

The Company follows ASC 260, “Earnings per Share,” (“EPS”) which requires presentation of basic EPS on the face of the income statement for all entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic EPS computation.  In the accompanying financial statements, basic earnings (loss) per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period.

 

The following table sets forth the computation of basic and diluted earnings per share, for the periods ended July 31, 2013 and 2012:

 

 

Three Months Ended July 31

 

Nine Months Ended July 31,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(712)

$

55

$

1,387

$

(147)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding (Basic and Diluted)

 

3,147,500

 

2,325,000

 

3,085,495

 

2,325,000

 

 

 

 

 

 

 

 

 

Net income (loss) per share, Basic and Diluted

 

$

 

(0.00)

 

$

 

0.00

 

$

 

0.00

 

$

(0.00)

 

The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding.

Concentrations of Credit Risk

Concentrations of Credit Risk

 

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents and related party payables it will likely incur in the near future.  The Company places its cash and cash equivalents with financial institutions of high credit worthiness.  At
times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits.  The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

Financial Instruments

Financial Instruments

 

The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

 

ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

·         Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

 

·         Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 

·         Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

 

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of July 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

 

Level 1

 

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

Level 2

 

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3

 

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The Company’s financial instruments consist principally of cash, accounts receivable; related party notes payable; and, accounts payable and accrued liabilities.

Revenue Recognition

Revenue Recognition

 

The Company recognizes revenue from the sale of services in accordance with ASC 605, “Revenue Recognition.”  The Company recognizes revenue only when all of the following criteria have been met:

 

i)         Persuasive evidence for an agreement exists;

ii)        Service has been provided;

iii)       The fee is fixed or determinable; and

iv)       Collection is reasonably assured.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company.  We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
9 Months Ended
Jul. 31, 2013
Accounting Policies [Abstract]
Schedule of computation of basic and diluted earnings per share

 

 

Three Months Ended July 31

 

Nine Months Ended July 31,

 

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Net income (loss)

$

(712)

$

55

$

1,387

$

(147)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding (Basic and Diluted)

 

3,147,500

 

2,325,000

 

3,085,495

 

2,325,000

 

 

 

 

 

 

 

 

 

Net income (loss) per share, Basic and Diluted

 

$

 

(0.00)

 

$

 

0.00

 

$

 

0.00

 

$

(0.00)

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RELATED PARTY TRANSACTIONS (Tables)
9 Months Ended
Jul. 31, 2013
Related Party Transactions [Abstract]
Schedule of notes receivable

 

 

 

July 31, 2013

 

October 31, 2012

On March 31, 2011, we issued a three-year, secured $15,000 fixed rate Promissory Note (the “note”) to a shareholder, with an interest rate of 6%, which matures in March 2014. The note was originally issued for the financing of a trailer of a contractor, to be used for the benefit of the Company. The note calls for monthly payments of $456.33, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

 

$

-

 

$

9,574

 

 

 

 

 

 

 

Less current portion of note receivable

 

 

-

 

 

5,038

 

 

 

 

 

 

 

Long-term portion of note receivable

 

$

-

 

$

4,536

 
Schedule of notes payable

 

 

 

July 31, 2013

 

October 31, 2012

On March 13, 2013 an officer, director, and shareholder of the Company sold his tractor and trailer to the Company for a $25,000 unsecured, non-interest bearing Promissory Note, due March 12, 2014.

 

$

25,000

 

$

-

 

 

 

 

 

 

 

On January 11, 2013, we issued an eighteen-month, $32,000 fixed rate Promissory Note payable (the “note”) to a Director, who is also an Officer and shareholder, with an interest rate of 8%, which matures in June 2014. The note was issued for the financing of a tractor and trailer, to be used for the benefit of the Company. The note calls for monthly payments of $1,829.49, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

 

 

 

 

27,523

 

 

 

 

-

 

 

 

 

 

 

 

Total notes payable

 

$

52,523

 

$

-

Less current portion of notes payable

 

 

(52,523)

 

 

-

 

 

 

 

 

 

 

Long-term portion of notes payable

 

$

-

 

$

-

 

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NOTES RECEIVABLE (Tables)
9 Months Ended
Jul. 31, 2013
Receivables [Abstract]
Schedule of notes receivable

 

July 31, 2013

October 31, 2012

On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the “note”) to an independent contractor, with an interest rate of 8%, which matures in July 2014. The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

$

10,366

$

-

On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the “note”) to an independent contractor, with an interest rate of 10%, which matures in July 2014. The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.

7,067

-

Total notes receivable

$

17,433

$

-

Less current portion of notes receivable

(17,433)

-

Long-term portion of notes receivable

$

-

$

-

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EQUIPMENT (Tables)
9 Months Ended
Jul. 31, 2013
Property, Plant and Equipment [Abstract]
Schedule of equipment

2013

2012

Tractor

$

19,230

$

-

Trailer

28,241

-

Gross equipment at cost

47,471

-

Accumulated depreciation and amortization

(5,538)

-

Net equipment

$

41,933

$

-

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PROVISION FOR INCOME TAXES (Tables)
9 Months Ended
Jul. 31, 2013
Income Tax Disclosure [Abstract]
Schedule of statutory federal income tax rate to the net income before provision for income taxes

 

July 31, 2013

October 31, 2012

Income tax expense at statutory rate

$

588

$

1,623

Valuation allowance

(246)

(1,377)

Income tax expense per books

$

342

$

246

 

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Computation of basic and diluted earnings per share (Details) (USD $)
3 Months Ended 7 Months Ended 9 Months Ended 12 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Oct. 31, 2011
Jul. 31, 2013
Jul. 31, 2012
Oct. 31, 2012
Jul. 31, 2013
Accounting Policies [Abstract]
Net income (loss) $ (712) $ 55 $ (4,050) $ 1,387 $ (147) $ 4,509 $ 1,846
Weighted average common shares outstanding (Basic and Diluted) (in shares) 3,147,500 2,325,000 3,085,495 2,325,000
Net income (loss) per share, Basic and Diluted (in dollars per share) $ 0 $ 0 $ 0 $ 0
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $)
9 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Oct. 31, 2012
Oct. 31, 2011
Accounting Policies [Abstract]
Cash and cash equivalents $ 37,151 $ 13,082 $ 26,404 $ 10,075
Depreciation method straight-line method
Estimated useful lives of equipment 3 - 5 years
Depreciation expense $ 8,499 $ 0
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GOING CONCERN AND LIQUIDITY CONSIDERATIONS (Detail Textuals) (USD $)
3 Months Ended 9 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Going Concern and Liquidity Considerations [Abstract]
Loss from operations $ 744 $ (93) $ (1,968) $ (643) $ (2,444)
Cash flows from operations $ (6,601) $ 403 $ (8,723)
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RELATED PARTY TRANSACTIONS - Note Receivable (Details) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Related Party Transactions [Abstract]
On March 31, 2011, we issued a three-year, secured $15,000 fixed rate Promissory Note (the "note") to a shareholder, with an interest rate of 6%, which matures in March 2014. The note was originally issued for the financing of a trailer of a contractor, to be used for the benefit of the Company. The note calls for monthly payments of $456.33, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.    $ 9,574
Less current portion of note receivable    5,038
Long-term portion of note receivable    $ 4,536
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RELATED PARTY TRANSACTIONS- Note Receivable (Parentheticals) (Details) (Contractor, Notes Receivable, USD $)
1 Months Ended
Mar. 31, 2011
Contractor | Notes Receivable
Related Party Transaction [Line Items]
Maturity period of note receivable 3 years
Promissory note receivable fixed rate $ 15,000
Notes receivable interest rate 6.00%
Notes receivable monthly payments $ 456.33
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RELATED PARTY TRANSACTIONS - Notes Payable (Details 1) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Related Party Transaction [Line Items]
Total notes payable $ 52,523   
Less current portion of notes payable (52,523)   
Long-term portion of notes payable      
Promissory Note | Officer, Director and Shareholder
Related Party Transaction [Line Items]
Total notes payable 25,000   
Promissory Note | Director
Related Party Transaction [Line Items]
Total notes payable $ 27,523   
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RELATED PARTY TRANSACTIONS- Notes Payable (Parentheticals) (Details 1) (Promissory Note, USD $)
Mar. 13, 2013
Officer, Director and Shareholder
Jan. 11, 2013
Director
Related Party Transaction [Line Items]
Promissory note payable $ 25,000 $ 32,000
Note payable interest rate 8.00%
Repayment period of promissory note 18 months
Frequency of payments Monthly
Note payable monthly payments $ 1,829.49
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RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $)
3 Months Ended 9 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Related Party Transactions [Abstract]
Interest income related party $ 304 $ 496
Interest expense (662) (1,523) (1,523)
Repayments of notes payable $ 6,000
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NOTES RECEIVABLE (Details) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable $ 17,433   
Less current portion of notes receivable (17,433)   
Long-term portion of notes receivable      
8% Secured Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable 10,366   
10% Secured Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable $ 7,067   
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NOTES RECEIVABLE (Parentheticals) (Details) (Independent Contractor, USD $)
0 Months Ended
Jul. 08, 2013
8% Secured Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity period of note receivable 1 year
Promissory note receivable fixed rate $ 11,000
Notes receivable interest rate 8.00%
Notes received for sale of equipment 22,000
Notes receivable weekly payments 228.46
10% Secured Promissory Note
Accounts, Notes, Loans and Financing Receivable [Line Items]
Maturity period of note receivable 1 year
Promissory note receivable fixed rate 7,500
Notes receivable interest rate 10.00%
Notes received for sale of equipment 7,500
Notes receivable weekly payments $ 144.23
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NOTES RECEIVABLE (Detail Textuals) (USD $)
3 Months Ended 9 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Jul. 31, 2012
Jul. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income $ 94 $ 148 $ 398 $ 496 $ 1,579
Notes Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income $ 94 $ 0
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EQUIPMENT (Details) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Property, Plant and Equipment [Line Items]
Gross equipment at cost $ 47,471   
Accumulated depreciation and amortization (5,538)   
Net equipment 41,933   
Tractor
Property, Plant and Equipment [Line Items]
Gross equipment at cost 19,230   
Trailer
Property, Plant and Equipment [Line Items]
Gross equipment at cost $ 28,241   
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EQUIPMENT (Detail textuals) (USD $)
Jul. 31, 2013
Oct. 31, 2012
Property, Plant and Equipment [Abstract]
Depreciation expense totaled $ 5,538   
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EQUITY (Detail Textuals) (USD $)
29 Months Ended
Jul. 31, 2013
Oct. 31, 2012
Equity [Abstract]
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares issued      
Preferred stock, shares outstanding      
Common stock, shares authorized 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Votes entitled to common shareholders one vote
Common stock issued from date of inception 3,147,500
Common shares issued for cash $ 62,900
Common stock, shares issued 3,147,500 2,527,500
Common stock, shares outstanding 3,147,500 2,527,500
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PROVISION FOR INCOME TAXES - Income tax reconciliation (Details) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended 29 Months Ended
Jul. 31, 2013
Jul. 31, 2013
Oct. 31, 2012
Jul. 31, 2013
Income Tax Disclosure [Abstract]
Income tax expense at statutory rate $ 588 $ 1,623
Valuation allowance (246) (1,377)
Income tax expense per books $ (796) $ 342 $ 246 $ 588
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PROVISION FOR INCOME TAXES (Detail Textuals) (USD $)
9 Months Ended
Jul. 31, 2013
Income Tax Disclosure [Abstract]
Statutory federal income tax rate 34.00%
Net operating loss expiring in 2031 $ 4,050
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