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Organization, Consolidation and Presentation of Financial Statements
12 Months Ended
Jun. 30, 2011
Organization, Consolidation and Presentation of Financial Statements  
Nature of Operations [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

 

Green & Quality Home Life, Inc. (“Company”) is in the initial development stage and has incurred losses since inception totalling $20,408.  The Company was incorporated on June 1, 2010 in the State of Nevada and established a fiscal year end at June 30.  The Company is a development stage company as defined in FASB ASC 915 organized to offer a portfolio of products and services to provide solutions for every family to automate domestic activities, making them less time consuming, easy to manage and leveraging the quality of life of every member of a family.

 

Going concern

The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern.  This contemplates the realization of assets and the liquidation of liabilities in the normal course of business.  Currently, the Company does not have material assets, nor does it have operations or a source of revenue sufficient to cover its operation costs giving substantial doubt for it to continue as a going concern.  The Company has a deficit accumulated since inception (June 1, 2010) through June 30, 2011 of $20,408.  The Company will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company.  There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The officers and directors have committed to advancing certain operating costs of the Company.

 

The ability of the Company to continue as a going concern is dependent on raising capital to fund its business plan and ultimately to attain profitable operations.  Accordingly, these factors raise substantial doubt as to the Company’s ability to continue as a going concern.  The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amount and classification of liabilities that might cause results from this uncertainty.  The Company is funding its initial operations by way of issuing Founder’s shares.   As of June 30, 2011, the Company had issued 12,000,000 Founder’s shares at $0.001 per share for net funds to the Company of $12,000.