10-Q
2012-11-30
false
HAPYKIDZ.COM
0001532595
--08-31
7900000
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<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt; tab-stops:18.0pt"><b><font lang="EN-US">1. Nature of Operations and Continuance of Business</font></b></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><font lang="EN-US">Hapykidz.com, Inc. (the “Company”) was incorporated in the state of Nevada on July 29, 2011. The Company is a development stage company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 915, <i>Development Stage Entities.</i></font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt; tab-stops:18.0pt"><font lang="EN-GB"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><i><u><font lang="EN-US">Going Concern</font></u></i></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><font lang="EN-US">These financial statements have been prepared on a going concern basis, which implies that the Company will continue to realize its assets and discharge its liabilities in the normal course of business. As of November 30, 2012, the Company has not recognized any revenue, has a working capital deficit of $89,341, and has an accumulated deficit of $</font><font lang="EN-CA">129,341</font><font lang="EN-US">. The continuation of the Company as a going concern is dependent upon the continued financial support from its management, and its ability to identify future investment opportunities and obtain the necessary debt or equity financing, and generating profitable operations from the Company’s future operations. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. </font></p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><b><font lang="EN-US">2. Summary of Significant Accounting Policies</font></b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><b><font lang="EN-US"> </font></b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt"><font lang="EN-US">a)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Basis of Presentation</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is August 31.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt"><font lang="EN-US">b)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Use of Estimates</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The preparation of financial statements in conformity with US GAAP 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 revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">c)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Basic and Diluted Net Loss per Share </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:35.35pt 35.4pt 53.0pt 70.8pt 88.6pt 106.45pt 124.2pt 142.1pt 159.9pt 177.7pt 195.55pt 213.3pt 231.2pt 249.0pt 266.8pt 284.65pt 302.4pt 320.3pt 338.1pt 355.9pt 373.75pt 391.5pt 409.4pt 427.2pt 445.0pt 462.85pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The Company computes net loss per share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. As of November 30, 2012 and August 31, 2012, the Company did not have any potentially dilutive shares.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">d)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Recent Accounting Pronouncements</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt 355.5pt 400.5pt 450.0pt 540.0pt 558.0pt 625.5pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt 355.5pt 400.5pt 450.0pt 540.0pt 558.0pt 625.5pt"><font lang="EN-US">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</font></p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt; tab-stops:18.0pt"><b><font lang="EN-US">3. Related Party Transactions</font></b></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt; tab-stops:18.0pt"><b><font lang="EN-US"> </font></b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">a)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">During the period ended </font><font lang="EN-US">November 30, 2012</font><font lang="EN-US">, the Company had $3,500 of professional fees paid on its behalf by the President and Director of the Company. On November 26, 2012, the Company repaid $16,000 to the President and Director of the Company comprised of $13,000 in accrued management fees and $3,000 of notes payable bearing interest at 10% per annum. As of November 30, 2012, the Company owed $45,500 (August 31, 2012 - $45,000) of notes payable to the President and Director of the Company, comprised of $38,000 (August 31, 2012 - $41,000) which is unsecured, bears interest at 10% per annum, and is due on demand and $7,500 (August 31, 2012 - $4,000) which is unsecured, non-interest bearing, and due on demand. As at November 30, 2012, the Company recorded accrued interest of $4,265 (August 31, 2012 - $3,246) in accounts payable and accrued liabilities.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">b)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">During the periods ended </font><font lang="EN-US">November 30, 2012</font><font lang="EN-US">, the Company incurred $3,000 (November 2011 - $3,000) of management fees payable to the President and Director of the Company. As at November 30, 2012, the Company owes $nil (August 31, 2012 - $13,000) in accrued compensation.</font></p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt; tab-stops:18.0pt"><b><font lang="EN-US">4. Subsequent Events</font></b></p> <p style="MARGIN:0cm 0cm 0pt 18pt; tab-stops:22.5pt 43.2pt 64.8pt 86.4pt 108.0pt 129.6pt 151.2pt 172.8pt 194.4pt 216.0pt 237.6pt 259.2pt 280.8pt 302.7pt 324.0pt 345.6pt 367.2pt 388.8pt 409.7pt 432.0pt 16.0cm 475.2pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 18pt; tab-stops:22.5pt 43.2pt 64.8pt 86.4pt 108.0pt 129.6pt 151.2pt 172.8pt 194.4pt 216.0pt 237.6pt 259.2pt 280.8pt 302.7pt 324.0pt 345.6pt 367.2pt 388.8pt 409.7pt 432.0pt 16.0cm 475.2pt"><font lang="EN-US">We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt -9pt"><font lang="EN-US"> </font></p>
<!--egx--><p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 18pt; tab-stops:18.0pt"><b><font lang="EN-US"> </font></b></p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt"><font lang="EN-US">a)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Basis of Presentation</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) and are expressed in U.S. dollars. The Company’s fiscal year end is August 31.</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"> </font></p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt"><font lang="EN-US">b)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Use of Estimates</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The preparation of financial statements in conformity with US GAAP 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 revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</font></p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">c)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Basic and Diluted Net Loss per Share </font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:35.35pt 35.4pt 53.0pt 70.8pt 88.6pt 106.45pt 124.2pt 142.1pt 159.9pt 177.7pt 195.55pt 213.3pt 231.2pt 249.0pt 266.8pt 284.65pt 302.4pt 320.3pt 338.1pt 355.9pt 373.75pt 391.5pt 409.4pt 427.2pt 445.0pt 462.85pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US">The Company computes net loss per share in accordance with ASC 260, <i>Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive. As of November 30, 2012 and August 31, 2012, the Company did not have any potentially dilutive shares.</font></p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:-18pt; MARGIN:0cm 0cm 0pt 36pt; tab-stops:18.0pt"><font lang="EN-US">d)<font style="FONT:7pt 'Times New Roman'"> </font></font><font lang="EN-US">Recent Accounting Pronouncements</font></p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt 355.5pt 400.5pt 450.0pt 540.0pt 558.0pt 625.5pt"><font lang="EN-US"></font> </p> <p style="TEXT-ALIGN:justify; MARGIN:0cm 0cm 0pt 36pt; tab-stops:36.0pt 355.5pt 400.5pt 450.0pt 540.0pt 558.0pt 625.5pt"><font lang="EN-US">The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.</font></p>
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2012-11-30
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