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10-K
0001521013
ISOFT INTERNATIONAL INC.
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<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Accounting Basis</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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 Company’s development stage activities.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Development Stage Company</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Basis of Presentation</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Earnings per Share</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The basic earnings (loss) per share
is calculated by dividing the Company’s 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 Company’s 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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not issued any options
or warrants or similar securities since inception.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Dividends</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has not yet adopted any policy regarding payment
of dividends. No dividends have been paid during the periods shown.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash and Bank Accounts</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s cash consists of funds deposited with
its lawyer into the law firm’s trust account.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Cash Equivalents</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company considers all highly liquid investments with
maturity of three months or less when purchased to be cash equivalents.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Foreign Currency Translation</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has adopted the US dollar
as its functional and reporting currency because most of its transactions are denominated in US currency.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair Value of Financial Instruments</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Offering Costs</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Income Taxes</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue Recognition</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company will recognize revenue when
products are fully delivered or services have been provided and collection is reasonably assured.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Use of Estimates</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Recent Accounting Pronouncements</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not expect the adoption
of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial
position or cash flow.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The ability of the Company to emerge
from the development stage is dependent upon the Company’s 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:</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 11%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td>
<td style="width: 3%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">-</td>
<td style="width: 86%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">The Company has cleared a Registration Statement with the SEC and raised initial equity funding through a public offering<i>.</i></td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="width: 11%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify"> </td>
<td style="width: 3%">
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">-</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p></td>
<td style="width: 86%; font: 10pt/115% Times New Roman, Times, Serif; text-align: justify">Management is currently formulating plans to develop an internet based social media online video game to generate future revenues. There can be no assurances, however, that management’s expectations of future revenues will be realized.</td></tr>
</table>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">These factors, among others, raise substantial
doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Authorized</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Issued and Outstanding</i></b></p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s 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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company’s 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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
<p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">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.</p>
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