0001493152-18-007484.txt : 20180521 0001493152-18-007484.hdr.sgml : 20180521 20180518183311 ACCESSION NUMBER: 0001493152-18-007484 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 35 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180521 DATE AS OF CHANGE: 20180518 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FAH MAI HOLDINGS, INC. CENTRAL INDEX KEY: 0001681306 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 813361351 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55678 FILM NUMBER: 18848028 BUSINESS ADDRESS: STREET 1: 1000/196, 1000/199 LIBERTY BUILDING, STREET 2: 3RD FLOOR, SUKHUMVIT 55 ROAD, CITY: KLONGTON NUA, WATTANA, BANGKOK STATE: W1 ZIP: 10110 BUSINESS PHONE: 66 90 8070617 MAIL ADDRESS: STREET 1: 1000/196, 1000/199 LIBERTY BUILDING, STREET 2: 3RD FLOOR, SUKHUMVIT 55 ROAD, CITY: KLONGTON NUA, WATTANA, BANGKOK STATE: W1 ZIP: 10110 FORMER COMPANY: FORMER CONFORMED NAME: Finch Street Acquisition Corp DATE OF NAME CHANGE: 20160802 10-Q 1 form10-q.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: MARCH 31, 2018

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

COMMISSION FILE NUMBER 000-55678

 

FAH MAI HOLDINGS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

Delaware   81-3361351
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)
     
1000/196,199 Liberty Buildings, 3rd Floor,    
Sukhumvit 55 Road, Klongton Nua,    
Wattana, Bangkok   10110
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: +66 807 0617

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE EXCHANGE ACT: NONE

 

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE EXCHANGE ACT: NONE

 

Indicate by check mark if the registrant is a well-known seasoned issuer. [  ] Yes [X] No

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. [  ] Yes [X] No

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [  ] Yes [X] No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [  ] No.

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act

 

Large accelerated filer [  ] Accelerated filer [  ] Non-accelerated filer [  ] Smaller Reporting Company [X]

 

Emerging Growth Company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). [X] Yes [  ] No

 

As of May 18, 2018, 41,995,481 shares of the Registrant’s common stock, par value $0.0001 per share, were issued and outstanding.

 

 

 

 

 

 

Fah Mai Holdings, Inc.

 

Quarterly Report on Form 10-Q

Period Ended March 31, 2018

 

Table of Contents

 

  Page
PART I. FINANCIAL INFORMATION  
   
Item 1. Consolidated Financial Statements:  
   
Condensed Consolidated Balance Sheets as of March 31, 2018 (Unaudited) and December 31, 2017 1
   
Condensed Consolidated Statements of Operation for the three months ended March 31, 2018 and 2017 (Unaudited) 2
   
Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2018 and 2017 (Unaudited) 3
   
Notes to Unaudited Condensed Consolidated Financial Statements 4-7
   
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations & Plan of Operations 8
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk 9
   
Item 4. Controls and Procedures 9
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings 9
   
Item 1A. Risk Factors 9
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 9
   
Item 3. Defaults Upon Senior Securities 9
   
Item 4. Mine Safety Disclosures 9
   
Item 5. Other Information 9
   
Item 6. Exhibits 9
   
SIGNATURES 10

 

 

 

 

FAH MAI HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

 

   March 31, 2018   December 31, 2017 
ASSETS          
CURRENT ASSETS          
Cash  $6,179   $81,118 
Inventory   51,729    10,201 
Total Current Assets   57,908    91,319 
           
Advance to Related Entity - in anticipation of merger   395,752    266,430 
TOTAL ASSETS  $453,660   $357,749 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)          
CURRENT LIABILITIES          
Total Current Liabilities  $-   $- 
           
STOCKHOLDERS’ EQUITY (DEFICIT)          
Preferred Stock; $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding   -    - 
Common stock; $0.0001 par value, 100,000,000 shares authorized; 41,580,120 and 41,290,970 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively   4,158    4,129 
Additional Paid-in Capital   528,456    397,649 
Accumulated Deficit   (81,916)   (43,249)
Accumulated Other Comprehensive Income ( Loss)   2,962    (780)
Total Stockholders’ Equity (Deficit)   453,660    357,749 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)  $453,660   $357,749 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 1 

 

 

FAH MAI HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

 

   For the Three Months Ended 
   March 31, 2018   March 31, 2017 
         
REVENUES  $-   $- 
           
OPERATING EXPENSES          
General and Administrative Expenses   39,063    1,000 
Total Operating Expenses   (39,063)   (1,000)
           
OPERATING LOSS   (39,063)   (1,000)
           
Other Income (Expense)   396    - 
           
NET LOSS BEFORE INCOME TAXES   (38,667)   (1,000)
Provision for Income Taxes   -    - 
NET LOSS  $(38,667)  $(1,000)
           
BASIC AND DILUTED LOSS PER SHARE  $(0.00)  $(0.00)
           
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING   41,412,711    27,072,222 
           
Other Comprehensive Loss          
Exchange Differences arising on transactions from Foreign Operations   3,742    - 
Total Comprehensive Loss  $(34,925)  $(1,000)

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 2 

 

 

FAH MAI HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

 

   For the Three Months Ended 
   March 31, 2018   March 31, 2017 
OPERATING ACTIVITIES          
Net loss  $(38,667)  $(1,000)
Adjustments to reconcile net loss to net cash used in operating activities:          
Expenses paid by stockholder and contributed as capital   -    1,000 
Changes in operating assets and liabilities          
Inventory   (41,528)   - 
Net Cash Used in Operating Activities   (80,195)   - 
           
INVESTING ACTIVITIES          
Issuance of funds to related party   (129,322)   - 

Net Cash Used in Investing Activities

   (129,322)   - 
           
FINANCING ACTIVITIES          
Proceeds from sale of common stock   130,836    - 
Net Cash Provided by Financing Activities   130,836    - 
Effect of Exchange Rate Changes on Cash   3,742    - 
NET DECREASE IN CASH   (74,939)   - 
CASH AT BEGINNING OF PERIOD   81,118    - 
           
CASH AT END OF PERIOD  $6,179   $- 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:          
CASH PAID FOR:          
Interest  $-   $- 
Income taxes  $-   $- 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 3 

 

 

FAH MAI HOLDINGS, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

March 31, 2018

 

NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

 

Nature of Operations

 

Fah Mai Holdings, Inc. (formerly Finch Street Acquisition Corporation) (“Fah Mai” or the “Company”) was incorporated on July 22, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception but has begun selling shares of common stock to foreign investors and acquiring an inventory of rare and collectible whisky. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances, the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. The Company is contemplating a combination with a related entity as discussed in Note 4, which should be completed during the second quarter of 2018. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. On November 7, 2017, the Company acquired all outstanding shares of Fah Mai Holdings Limited and Platinum Cask Limited from Louis Haseman at his cost and they became wholly owned subsidiaries of the Company. These companies had no operations and neither assets nor liabilities.

 

Basis of Presentation

 

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company has not earned any revenue from operations since inception. The Company chose December 31st as its fiscal year end.

 

The accompanying unaudited condensed consolidated financial statements have been prepared by Fah Mai Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018.

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of Fah Mai Holdings, Inc. and its wholly owned subsidiaries, Fah Mai Holdings Limited and Platinum Cask Limited (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.

 

Basis of Valuing Whisky Inventory

 

The Company purchases rare Scotch whisky for collection and possible marketing and re-sale. The inventory is recorded at the lower of cost (purchase price including fees) or market.

 

 4 

 

 

NOTE 2 – GOING CONCERN

 

The Company has not yet generated any revenue since inception to date and has sustained an operating loss of $38,667 for the three months ended March 31, 2018 compared to an operating loss of $1,000 for the three months ended March 31, 2017. The Company had a working capital surplus of $57,908 and an accumulated deficit of $81,916 as of March 31, 2018 compared to a working capital surplus of $91,319 and an accumulated deficit of $43,249 as of December 31, 2017. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations and from stockholders to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required.

 

The Company’s independent auditors have issued a report raising substantial doubt about the Company’s ability to continue as a going concern. At present, the Company has no operations and the continuation of Fah Mai Holdings Inc. as a going concern is dependent upon financial support from its stockholders and its ability to obtain necessary equity financing to continue operations.

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 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.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $6,179 and $81,118 held in cash as of as of March 31, 2018 and December 31, 2017, respectively.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2018 or December 31, 2017.

 

Foreign Currency Translation

 

The Company has functional currencies in the United States dollar and British Pounds Sterling and its reporting currency is the United States dollar. Management has adopted ASC 830-20, Foreign Currency Matters – Foreign Currency Transactions. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation of foreign currency denominated items are included in Other Comprehensive Income (Loss), while gains and losses on foreign currency transactions are recorded in the period of settlement as Other Income (Expense).

 

Other Comprehensive Loss

 

ASC 220, Other Comprehensive Loss, establishes standards for the reporting and display of other comprehensive loss and its components in the consolidated financial statements. At March 31, 2018 and December 31, 2017, respectively, the Company had $2,962 and ($780) of accumulated other comprehensive income (loss), relating to foreign currency translation.

 

 5 

 

 

Fair Value of Financial Instruments

 

In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

 

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.

 

The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments.

 

Income Taxes

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

 

Net Loss per Share

 

The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the consolidated financial statements. The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. As of March 31, 2018 and December 31, 2017, there are no potentially dilutive common stock equivalents.

 

NOTE 4 – ADVANCE TO RELATED ENTITY

 

As of March 31, 2018 and December 31, 2017, the Company had issued funds to a related party entity in the amount of $395,752 and $266,430, respectively in anticipation of acquiring or merging the entity with the Company. Between January 1, 2018 and March 31, 2018, the Company received $130,836 from 21 individuals for the issuance of 289,150 shares of common stock at $0.30 - $0.65 per share. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd. (“Fah Mai Thailand”), a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. Fah Mai Thailand is not considered a variable interest entity because it is not dependent upon financial support from the Company. The Company has recorded a receivable from a related entity on its books for these funds.

 

NOTE 5 – WHISKY INVENTORY

 

As of March 31, 2018 and December 31, 2017, the Company had a whisky inventory of $51,729 and $10,201, respectively. The inventory is recorded at the lower of cost (purchase price plus fees) or market. The inventory is made up of rare or special whisky that the Company is acquiring to collect, market, and sell.

 

NOTE 6 – ADVANCES FROM RELATED ENTITY

 

During the three months ended March 31, 2018 and 2017, a shareholder paid expenses in the Company’s behalf totaling $0 and $1,000, respectively, which have been recorded as additional paid-in capital.

 

 6 

 

 

NOTE 7 – COMMON STOCK

 

Between January 1, 2018 and March 31, 2018, the Company issued 289,150 shares of common stock to 21 individuals at $0.30 - $0.65 per share and received $130,836 in cash.

 

The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of March 31, 2018 and December 31, 2017, respectively, 41,580,120 and 41,290,970 shares of common stock and no preferred stock were issued and outstanding.

 

NOTE 8 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through May 18, 2018, the date which the consolidated financial statements were available to be issued and there are no material subsequent events, except as detailed below:

 

From April 1, 2018 through May 18, 2018, the Company issued 415,361 shares of common stock to 9 unaffiliated individuals at $.30 - $.65 per share for net proceeds of $207,889. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd., a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. The Company has recorded a note receivable from a related party on its books for these funds.

 

 7 

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read in conjunction with the financial statements and notes thereto included in this report. Except for the historical information contained herein, the discussion in this report contains certain forward-looking statements that involve risk and uncertainties, such as statements of the Company’s plans, objectives, expectations and intentions as of the date of this filing. The cautionary statements made in this document should be read as being applicable to all related forward-looking statements wherever they appear in this document. The Company’s actual results could differ materially from those discussed here. Factors that could cause differences include those discussed in the “Risk Factors” section as well as discussed elsewhere herein.

 

Results of Operations

 

Three months ended March 31, 2018

 

For the three-months ended March 31, 2018, Fah Mai Holdings Inc. had not generated revenues and had no income or cash flows from operations since inception. Fah Mai Holdings Inc. sustained a net loss of $38,667 in the three months ended March 31, 2018. The loss is largely attributed to operating expenses incurred by the Company, for the purposes of paying for accounting, legal and audit fees.

 

The Company’s independent auditors have issued a report raising substantial doubt about the Company’s ability to continue as a going concern. At present, the Company has no operations and the continuation of Fah Mai Holdings Inc. as a going concern is dependent upon financial support from its stockholders and its ability to obtain necessary equity financing to continue operations.

 

Liquidity and Capital Resources

 

As of March 31, 2018, the Company had $6,179 in cash.

 

The Company issued funds to a related party entity in the amount of $395,752 in anticipation of effecting a merger with it, and has a receivable recorded on its books as of March 31, 2018.

 

Between January 1, 2018 and March 31, 2018, the Company issued 289,150 shares of common stock to 21 accredited individuals at $0.30 -$0.65 per share and received $130,836 in cash.

 

Going Concern Consideration

 

As reflected in the accompanying unaudited condensed financial statements, the Company has an accumulated deficit of $81,916 as of March 31, 2018 and $43, 249 as of December 31, 2018. This raises substantial doubt about its ability to continue as a going concern, which is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Operating Activities

 

The Company used $80,195 and $0 in cash during the three months ended March 31, 2018 and 2017, respectively, for operating activities.

 

Investing Activities

 

The Company issued a note receivable from a related party in the amount of $129,322 and $0 during the three months ended March 31, 2018 and 2017.

 

Financing Activities

 

The Company received $130,836 in cash for the issuance of 289,150 shares of common stock during the three months ended March 31, 2018, and $0 from financing activities for the three months ended March 31, 2017.

 

 8 

 

 

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not required.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

As of March 31, 2018, the Company’s management evaluated, with participation of its principal executive officer and its principal financial officer, the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15 of the Securities Exchange Act of 1934, as amended (the Exchange Act). Based on that evaluation, the Company’s principal executive officer and its principal financial officer concluded that the Company’s disclosure controls and procedures were ineffective as of March 31, 2018.

 

Management assessed the effectiveness of our internal control over financial reporting as of the Evaluation Date based on criteria for effective internal control over financial reporting described in Internal Control—Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission. The material weaknesses identified during management’s assessment were (i) a lack of sufficient internal accounting resources; and (ii) a lack of segregation of duties to ensure adequate review of financial statement preparation. In light of these material weaknesses, management has concluded that we did not maintain effective internal control over financial reporting at the Evaluation Date.

 

Change in Internal Control over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting, or in any other factors that could significantly affect these controls, during the Company’s quarter ended March 31, 2018 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

As of the date of this Quarterly Report on Form 10-Q, we are not a party to any legal proceedings.

 

Item 1A. Risk Factors

 

In accordance with the requirements of Form 10-Q, the Company, as a smaller reporting company, is not required to make disclosure under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

During January 1, 2018 through the present, the Company issued 704,511 shares of common stock for net proceeds of $338,725 through 30 stock subscription agreements, which are all unrelated parties.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits.

 

  31 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
     
  32 Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 9 

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 18, 2018 FAH MAI HOLDINGS, INC.
   
  By: /s/ Louis J Haseman
    Chief Executive Officer

 

 10 

 

 

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Louis J Haseman, Chief Executive Officer (principal executive officer of Fah Mai Holdings Inc. certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Fah Mai Holdings Inc.;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

 

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: May 18, 2018 FAH MAI HOLDINGS, INC.
   
  By: /s/ Louis J Haseman
    Louis J Haseman, Chief Executive Officer

 

 

 

EX-32.1 3 ex32-1.htm

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO

 

18 U.S.C. SECTION 1350,

 

AS ADOPTED PURSUANT TO SECTION 906

 

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report on Form 10-Q for the period ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Louis J Haseman, Chief Executive Officer and Chief Financial Officer of Fah Mai Holdings Inc. (the “Company”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(a) The Quarterly Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
   
(b) The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: May 18, 2018 FAH MAI HOLDINGS, INC.
     
  By: /s/ Louis J Haseman
    Louis J Haseman, Chief Executive Officer

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Fah Mai Holdings Inc. and will be retained by Fah Mai Holdings Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

 

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Gains and losses arising on translation of foreign currency denominated items are included in Other Comprehensive Income (Loss), while gains and losses on foreign currency transactions are recorded in the period of settlement as Other Income (Expense).</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><u>Other Comprehensive Loss</u></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">ASC 220, <i>Other Comprehensive Loss, </i>establishes standards for the reporting and display of other comprehensive loss and its components in the consolidated financial statements. At March 31, 2018 and December 31, 2017, respectively, the Company had $2,962 and ($780) of accumulated other comprehensive income (loss), relating to foreign currency translation.</p> <p style="margin: 0pt"></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>NOTE 6 &#8211; ADVANCES FROM RELATED ENTITY</b></p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&#160;</p> <p style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">During the three months ended March 31, 2018 and 2017, a shareholder paid expenses in the Company&#8217;s behalf totaling $0 and $1,000, respectively, which have been recorded as additional paid-in capital.</p> 0.0001 0.0001 20000000 20000000 100000000 100000000 41290970 41580120 91319 57908 2018 EX-101.SCH 5 fmhi-20180331.xsd XBRL SCHEMA FILE 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Description of Business and Basis of Presentation link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Going Concern link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Advance to Related Entity link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Whisky Inventory link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Advances from Related Entity link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Common Stock link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Going Concern (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - Summary of Significant Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - Advance to Related Entity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - Whisky Inventory (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - Advances from Related Entity (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - Common Stock (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - Subsequent Events (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 fmhi-20180331_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 fmhi-20180331_def.xml XBRL DEFINITION FILE EX-101.LAB 8 fmhi-20180331_lab.xml XBRL LABEL FILE Subsequent Event Type [Axis] Subsequent Event [Member] Title of Individual [Axis] 9 Unaffiliated Individuals [Member] Range [Axis] Minimum [Member] Maximum [Member] Related Party [Axis] 21 Individuals [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash Inventory Total Current Assets Advance to Related Entity - in anticipation of merger TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Total Current Liabilities STOCKHOLDERS' EQUITY (DEFICIT) Preferred Stock; 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Document and Entity Information - shares
3 Months Ended
Mar. 31, 2018
May 18, 2018
Document And Entity Information    
Entity Registrant Name FAH MAI HOLDINGS, INC.  
Entity Central Index Key 0001681306  
Document Type 10-Q  
Document Period End Date Mar. 31, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   41,995,481
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2018  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash $ 6,179 $ 81,118
Inventory 51,729 10,201
Total Current Assets 57,908 91,319
Advance to Related Entity - in anticipation of merger 395,752 266,430
TOTAL ASSETS 453,660 357,749
CURRENT LIABILITIES    
Total Current Liabilities
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred Stock; $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding
Common stock; $0.0001 par value, 100,000,000 shares authorized; 41,580,120 and 41,290,970 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively 4,158 4,129
Additional Paid-in Capital 528,456 397,649
Accumulated Deficit (81,916) (43,249)
Accumulated Other Comprehensive Income ( Loss) 2,962 (780)
Total Stockholders' Equity (Deficit) 453,660 357,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 453,660 $ 357,749
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
Mar. 31, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 41,580,120 41,290,970
Common stock, shares outstanding 41,580,120 41,290,970
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Statement [Abstract]    
REVENUES
OPERATING EXPENSES    
General and Administrative Expenses 39,063 1,000
Total Operating Expenses (39,063) (1,000)
OPERATING LOSS (39,063) (1,000)
Other Income (Expense) 396
NET LOSS BEFORE INCOME TAXES (38,667) (1,000)
Provision for Income Taxes
NET LOSS $ (38,667) $ (1,000)
BASIC AND DILUTED LOSS PER SHARE $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 41,412,711 27,072,222
Other Comprehensive Loss    
Exchange Differences arising on transactions from Foreign Operations $ 3,742
Total Comprehensive Loss $ (34,925) $ (1,000)
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
OPERATING ACTIVITIES    
Net loss $ (38,667) $ (1,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Expenses paid by stockholder and contributed as capital 1,000
Changes in operating assets and liabilities    
Inventory (41,528)
Net Cash Used in Operating Activities (80,195)
INVESTING ACTIVITIES    
Issuance of funds to related party (129,322)
Net Cash Used in Investing Activities (129,322)
FINANCING ACTIVITIES    
Proceeds from sale of common stock 130,836
Net Cash Provided by Financing Activities 130,836
Effect of Exchange Rate Changes on Cash 3,742
NET DECREASE IN CASH (74,939)
CASH AT BEGINNING OF PERIOD 81,118
CASH AT END OF PERIOD 6,179
CASH PAID FOR:    
Interest
Income taxes
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Description of Business and Basis of Presentation
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Description of Business and Basis of Presentation

NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

 

Nature of Operations

 

Fah Mai Holdings, Inc. (formerly Finch Street Acquisition Corporation) (“Fah Mai” or the “Company”) was incorporated on July 22, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception but has begun selling shares of common stock to foreign investors and acquiring an inventory of rare and collectible whisky. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances, the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. The Company is contemplating a combination with a related entity as discussed in Note 4, which should be completed during the second quarter of 2018. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. On November 7, 2017, the Company acquired all outstanding shares of Fah Mai Holdings Limited and Platinum Cask Limited from Louis Haseman at his cost and they became wholly owned subsidiaries of the Company. These companies had no operations and neither assets nor liabilities.

 

Basis of Presentation

 

The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company has not earned any revenue from operations since inception. The Company chose December 31st as its fiscal year end.

 

The accompanying unaudited condensed consolidated financial statements have been prepared by Fah Mai Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018.

 

Principles of Consolidation

 

The accompanying unaudited condensed consolidated financial statements include the accounts of Fah Mai Holdings, Inc. and its wholly owned subsidiaries, Fah Mai Holdings Limited and Platinum Cask Limited (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation.

 

Basis of Valuing Whisky Inventory

 

The Company purchases rare Scotch whisky for collection and possible marketing and re-sale. The inventory is recorded at the lower of cost (purchase price including fees) or market.

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Going Concern
3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

NOTE 2 – GOING CONCERN

 

The Company has not yet generated any revenue since inception to date and has sustained an operating loss of $38,667 for the three months ended March 31, 2018 compared to an operating loss of $1,000 for the three months ended March 31, 2017. The Company had a working capital surplus of $57,908 and an accumulated deficit of $81,916 as of March 31, 2018 compared to a working capital surplus of $91,319 and an accumulated deficit of $43,249 as of December 31, 2017. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations and from stockholders to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required.

 

The Company’s independent auditors have issued a report raising substantial doubt about the Company’s ability to continue as a going concern. At present, the Company has no operations and the continuation of Fah Mai Holdings Inc. as a going concern is dependent upon financial support from its stockholders and its ability to obtain necessary equity financing to continue operations.

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Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 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.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $6,179 and $81,118 held in cash as of as of March 31, 2018 and December 31, 2017, respectively.

 

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2018 or December 31, 2017.

 

Foreign Currency Translation

 

The Company has functional currencies in the United States dollar and British Pounds Sterling and its reporting currency is the United States dollar. Management has adopted ASC 830-20, Foreign Currency Matters – Foreign Currency Transactions. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation of foreign currency denominated items are included in Other Comprehensive Income (Loss), while gains and losses on foreign currency transactions are recorded in the period of settlement as Other Income (Expense).

 

Other Comprehensive Loss

 

ASC 220, Other Comprehensive Loss, establishes standards for the reporting and display of other comprehensive loss and its components in the consolidated financial statements. At March 31, 2018 and December 31, 2017, respectively, the Company had $2,962 and ($780) of accumulated other comprehensive income (loss), relating to foreign currency translation.

  

Fair Value of Financial Instruments

 

In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

 

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.

 

The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments.

 

Income Taxes

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

 

Net Loss per Share

 

The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the consolidated financial statements. The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. As of March 31, 2018 and December 31, 2017, there are no potentially dilutive common stock equivalents.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Advance to Related Entity
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Advance to Related Entity

NOTE 4 – ADVANCE TO RELATED ENTITY

 

As of March 31, 2018 and December 31, 2017, the Company had issued funds to a related party entity in the amount of $395,752 and $266,430, respectively in anticipation of acquiring or merging the entity with the Company. Between January 1, 2018 and March 31, 2018, the Company received $130,836 from 21 individuals for the issuance of 289,150 shares of common stock at $0.30 - $0.65 per share. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd. (“Fah Mai Thailand”), a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. Fah Mai Thailand is not considered a variable interest entity because it is not dependent upon financial support from the Company. The Company has recorded a receivable from a related entity on its books for these funds.

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Whisky Inventory
3 Months Ended
Mar. 31, 2018
Inventory Disclosure [Abstract]  
Whisky Inventory

NOTE 5 – WHISKY INVENTORY

 

As of March 31, 2018 and December 31, 2017, the Company had a whisky inventory of $51,729 and $10,201, respectively. The inventory is recorded at the lower of cost (purchase price plus fees) or market. The inventory is made up of rare or special whisky that the Company is acquiring to collect, market, and sell.

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Advances from Related Entity
3 Months Ended
Mar. 31, 2018
Related Party Transactions [Abstract]  
Advances from Related Entity

NOTE 6 – ADVANCES FROM RELATED ENTITY

 

During the three months ended March 31, 2018 and 2017, a shareholder paid expenses in the Company’s behalf totaling $0 and $1,000, respectively, which have been recorded as additional paid-in capital.

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Common Stock
3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Common Stock

NOTE 7 – COMMON STOCK

 

Between January 1, 2018 and March 31, 2018, the Company issued 289,150 shares of common stock to 21 individuals at $0.30 - $0.65 per share and received $130,836 in cash.

 

The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of March 31, 2018 and December 31, 2017, respectively, 41,580,120 and 41,290,970 shares of common stock and no preferred stock were issued and outstanding.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

NOTE 8 – SUBSEQUENT EVENTS

 

Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through May 18, 2018, the date which the consolidated financial statements were available to be issued and there are no material subsequent events, except as detailed below:

 

From April 1, 2018 through May 18, 2018, the Company issued 415,361 shares of common stock to 9 unaffiliated individuals at $.30 - $.65 per share for net proceeds of $207,889. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd., a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. The Company has recorded a note receivable from a related party on its books for these funds.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
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 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.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $6,179 and $81,118 held in cash as of as of March 31, 2018 and December 31, 2017, respectively.

Concentration of Credit Risk

Concentration of Credit Risk

 

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2018 or December 31, 2017.

Foreign Currency Translation

Foreign Currency Translation

 

The Company has functional currencies in the United States dollar and British Pounds Sterling and its reporting currency is the United States dollar. Management has adopted ASC 830-20, Foreign Currency Matters – Foreign Currency Transactions. All assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. For revenues and expenses, the weighted average exchange rate for the period is used. Gains and losses arising on translation of foreign currency denominated items are included in Other Comprehensive Income (Loss), while gains and losses on foreign currency transactions are recorded in the period of settlement as Other Income (Expense).

Other Comprehensive Loss

Other Comprehensive Loss

 

ASC 220, Other Comprehensive Loss, establishes standards for the reporting and display of other comprehensive loss and its components in the consolidated financial statements. At March 31, 2018 and December 31, 2017, respectively, the Company had $2,962 and ($780) of accumulated other comprehensive income (loss), relating to foreign currency translation.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows:

 

Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date.

 

Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data.

 

Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information.

 

The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments.

Income Taxes

Income Taxes

 

Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.

Net Loss Per Share

Net Loss per Share

 

The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the consolidated financial statements. The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. As of March 31, 2018 and December 31, 2017, there are no potentially dilutive common stock equivalents.

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Going Concern (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Operating loss, net $ 38,667 $ 1,000  
Working capital surplus 57,908   $ 91,319
Accumulated deficit $ 81,916   $ 43,249
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2018
Dec. 31, 2017
Mar. 31, 2017
Dec. 31, 2016
Accounting Policies [Abstract]        
Cash $ 6,179 $ 81,118
Cash balances in FDIC corp    
Accumulated other comprehensive income (loss) 2,962 (780)    
Deferred taxes due    
Outstanding dilutive common stock equivalents    
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Advance to Related Entity (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Advance to related entity in anticipation of merger $ 395,752   $ 266,430
Proceeds from sale of common stock 130,836  
21 Individuals [Member]      
Proceeds from sale of common stock $ 130,836    
Number of common shares issued during period, shares 289,150    
21 Individuals [Member] | Minimum [Member]      
Shares issued, price per share $ 0.30    
21 Individuals [Member] | Maximum [Member]      
Shares issued, price per share $ 0.65    
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Whisky Inventory (Details Narrative) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Inventory Disclosure [Abstract]    
Whisky inventory $ 51,729 $ 10,201
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Advances from Related Entity (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Related Party Transactions [Abstract]    
Expenses paid by stockholder and contributed as capital $ 1,000
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Common Stock (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Proceeds from sale of common stock $ 130,836  
Common stock shares authorized 100,000,000   100,000,000
Preferred stock, shares authorized 20,000,000   20,000,000
Common stock, shares issued 41,580,120   41,290,970
Common stock, shares outstanding 41,580,120   41,290,970
Preferred stock, shares issued  
Preferred stock, shares outstanding  
21 Individuals [Member]      
Number of common shares issued during period, shares 289,150    
Proceeds from sale of common stock $ 130,836    
21 Individuals [Member] | Minimum [Member]      
Shares issued, price per share $ 0.30    
21 Individuals [Member] | Maximum [Member]      
Shares issued, price per share $ 0.65    
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events (Details Narrative) - USD ($)
2 Months Ended 3 Months Ended
May 18, 2018
Mar. 31, 2018
Mar. 31, 2017
Proceeds from issuance of common stock   $ 130,836
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member]      
Number of common shares issued during period, shares 415,361    
Proceeds from issuance of common stock $ 207,889    
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member] | Minimum [Member]      
Shares issued, price per share $ .30    
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member] | Maximum [Member]      
Shares issued, price per share $ 0.65    
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