GOING CONCERN
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12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Mar. 31, 2012
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|||||||
Notes to Financial Statements | |||||||
NOTE 3. GOING CONCERN | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The Company has net losses for the period from inception to March 31, 2012 of $(9,734). The Company intends to fund its expenditures through equity financing arrangements, which may be insufficient to fund its proposed development expenditures, working capital and other cash requirements through the next fiscal year ending March 31, 2013.
The ability of the Company to emerge from the development stage is dependent upon the Companys successful efforts to raise sufficient capital for its business plans and then attaining profitable operations. In response to these issues, management has planned the following actions:
These factors, among others, raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES
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12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES | Accounting Basis The accounting and reporting policies of the Company conform to U.S. generally accepted accounting principles applicable to development stage enterprises. In the opinion of management, all adjustments considered necessary for fair presentation have been included in the financial statements. All losses accumulated since inception has been considered as part of the Companys development stage activities.
Development Stage Company The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.
Basis of Presentation The financial statements of the Company have been prepared using the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America and are presented in U.S. dollars. The Company has adopted a March 31 fiscal year end.
Earnings per Share The basic earnings (loss) per share is calculated by dividing the Companys net income available to common shareholders by the weighted average number of common shares during the year. The diluted earnings (loss) per share is calculated by dividing the Companys net income (loss) available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity.
The Company has not issued any options or warrants or similar securities since inception.
Dividends The Company has not yet adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown.
Cash and Bank Accounts The Companys cash consists of funds deposited with its lawyer into the law firms trust account.
Cash Equivalents The Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents.
Foreign Currency Translation The Company has adopted the US dollar as its functional and reporting currency because most of its transactions are denominated in US currency.
Fair Value of Financial Instruments The Company estimates the fair value of financial instruments using the available market information and valuation methods. Considerable judgment is required in estimating fair value. Accordingly, the estimates of fair value may not be indicative of the amounts the Company could realize in a current market exchange. As of March 31, 2012, the carrying value of prepaid expenses and accrued liabilities approximated fair value due to the short-term nature and maturity of these instruments.
Offering Costs The Company charges public offering costs consisting of legal, accounting and filing fees, to stockholders' equity upon the issuance of shares under the public offering.
Income Taxes A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carryforwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured.
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 and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow.
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BALANCE SHEETS (USD $)
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Mar. 31, 2012
|
Mar. 31, 2011
|
---|---|---|
Current assets | ||
Cash and bank accounts | $ 45,729 | $ 14,720 |
Prepaid expense | 350 | |
Total current assets | 46,079 | 14,720 |
Total assets | 46,079 | 14,720 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable and accrued liabilities | 160 | 160 |
Total current liabilities | 160 | 160 |
Stockholders' equity (Note 4,5) | ||
Common stock, $0.001 par value, 75,000,000 common shares authorized; 6,000,000 common shares issued and outstanding (2011 - 5,000,000) | 6,000 | 5,000 |
Additional paid-in capital | 49,653 | 10,000 |
Deficit accumulated during the development stage | (9,734) | (440) |
Total stockholders' equity | 45,919 | 14,560 |
Total liabilities and stockholders' equity | $ 46,079 | $ 14,720 |
STATEMENTS OF CASH FLOWS (USD $)
|
1 Months Ended | 12 Months Ended | 13 Months Ended |
---|---|---|---|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2012
|
|
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss for the period | $ (440) | $ (9,294) | $ (9,734) |
Changes in operating assets and liabilities: | |||
Prepaid expense | (350) | (350) | |
Accounts payable | 160 | 160 | |
Net cash used for operating activities | (280) | (9,644) | (9,924) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Payment of offering costs | (10,247) | (10,247) | |
Contributed capital | 900 | 900 | |
Proceeds from issuance of common stock | 15,000 | 50,000 | 65,000 |
Net cash provided by financing activities | 15,000 | 40,653 | 55,653 |
Increase in cash during the period | 14,720 | 31,009 | 45,729 |
Cash, beginning of the period | 14,720 | ||
Cash, end of the period | 14,720 | 45,729 | 45,729 |
Supplemental disclosure with respect to cash flows: | |||
Cash paid for income taxes | |||
Cash paid for interest |
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GENERAL ORGANIZATION AND BUSINESS
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12 Months Ended |
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Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 1. GENERAL ORGANIZATION AND BUSINESS | The Company was originally incorporated under the laws of the state of Nevada on March 9, 2011. The Company is devoting substantially all of its present efforts to establish a new business. It is considered a development stage company, and has had no revenues from operations to date.
Initial operations have included organization and capital formation. Management is planning to develop and then market an internet based, social media online video game to prospective users. |
BALANCE SHEETS (Parenthetical) (USD $)
|
Mar. 31, 2012
|
Mar. 31, 2011
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock Par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 75,000,000 | 75,000,000 |
Common stock, Issued | 6,000,000 | 5,000,000 |
Common stock, outstanding | 6,000,000 | 5,000,000 |
Document and Entity Information (USD $)
|
12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Document And Entity Information | |
Entity Registrant Name | ISOFT INTERNATIONAL INC. |
Entity Central Index Key | 0001521013 |
Document Type | 10-K |
Document Period End Date | Mar. 31, 2012 |
Amendment Flag | false |
Current Fiscal Year End Date | --03-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Entity Public Float | $ 0 |
Entity Common Stock, Shares Outstanding | 6,000,000 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2012 |
STATEMENTS OF OPERATIONS (USD $)
|
1 Months Ended | 12 Months Ended | 13 Months Ended |
---|---|---|---|
Mar. 31, 2011
|
Mar. 31, 2012
|
Mar. 31, 2012
|
|
Income Statement [Abstract] | |||
REVENUE | |||
OPERATING EXPENSES | |||
General & administrative | 160 | 2,353 | 2,513 |
Organization | 280 | 325 | 605 |
Professional fees | 6,616 | 6,616 | |
Loss before income taxes | (440) | (9,294) | (9,734) |
Provision for income taxes | |||
Net loss | $ (440) | $ (9,294) | $ (9,734) |
Basic and diluted loss per Common share (1) | $ 0.00 | $ 0.00 | |
Weighted average number of common shares outstanding (Note 4) | 5,000,000 | 5,171,339 |
INCOME TAXES
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12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 6. INCOME TAXES | Net deferred tax assets are $nil. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry-forwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a 100% valuation allowance. Management believes it is likely that any deferred tax assets will not be realized.
The Company has a net operating loss carry forward of approximately $440 which will expire by March 31, 2031 and $9,734 which will expire by March 31, 2032. |
RELATED PARTY TRANSACTIONS
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12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 5. RELATED PARTY TRANSACTIONS | The Companys officer and director provides office space free of charge. The Company has recorded the estimated value of the office space of $75 per month (2012 - $900, 2011- $nil) as a contribution to capital.
The Companys officer and director is involved in other business activities and may, in the future, become involved in other business opportunities. If a specific business opportunity becomes available, such persons may face a conflict in selecting between the Company and their other business interests. The Company has not formulated a policy for the resolution of such conflicts.
On March 9, 2011, the Company issued 5,000,000 shares of its common stock to its President, Secretary Treasurer and Director for cash of $15,000. See Note 4. |
SUBSEQUENT EVENTS
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12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 7. SUBSEQUENT EVENTS | In accordance with ASC 855-10, the Company has analyzed its operations subsequent to March 31, 2012 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
|
Common Stock
|
Additional Paid in Capital
|
Deficit Accumulated During the Development Stage
|
Total
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---|---|---|---|---|
Beginning Balance, Amount at Mar. 08, 2011 | ||||
Beginning Balance, Shares at Mar. 08, 2011 | ||||
Initial capitalization, sale of common stock to Director on March 9, 2011, Amount | 5,000 | 10,000 | 15,000 | |
Initial capitalization, sale of common stock to Director on March 9, 2011, Shares | 5,000,000 | |||
Net loss for the year | (440) | (440) | ||
Ending Balance, Amount at Mar. 31, 2011 | 5,000 | 10,000 | (440) | 14,560 |
Ending Balance, Shares at Mar. 31, 2011 | 5,000,000 | |||
Common stock issued for cash, net of offering costs, Amount | 1,000 | 38,753 | 39,753 | |
Common stock issued for cash, net of offering costs, Shares | 1,000,000 | |||
Capital contribution | 900 | 900 | ||
Net loss for the year | (9,294) | (9,294) | ||
Ending Balance, Amount at Mar. 31, 2012 | $ 6,000 | $ 49,653 | $ (9,734) | $ 45,919 |
Ending Balance, Shares at Mar. 31, 2012 | 6,000,000 |
STOCKHOLDERS' EQUITY
|
12 Months Ended |
---|---|
Mar. 31, 2012
|
|
Notes to Financial Statements | |
NOTE 4. STOCKHOLDERS' EQUITY | Authorized The Company is authorized to issue 75,000,000 shares of $0.001 par value common stock. All common stock shares have equal voting rights, are non-assessable and have one vote per share. Voting rights are not cumulative and, therefore, the holders of more than 50% of the common stock could, if they choose to do so, elect all of the directors of the Company.
Issued and Outstanding On March 9, 2011 (inception), the Company issued 5,000,000 common shares to its President, Secretary Treasurer and Director for cash of $15,000. See Note 5.
During the current fiscal year, the Company accepted subscriptions for 1,000,000 shares of common stock under its registered offering for gross proceeds of $50,000, or $0.05 per share. Subsequent to offsetting offering costs of $10,247 against capital, net proceeds were $39,753. |