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U.S. SECURITIES AND EXCHANGE COMMISSION FORM 10-Q |
Mark One
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended November 30, 2018
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No. 333-213996
TEMIR CORP.
(Exact name of registrant as specified in its charter)
Nevada
(State or Other Jurisdiction of Incorporation or Organization)
98-1321204 IRS Employer Identification Number | 7999 Primary Standard Industrial Classification Code Number |
Temir Corp.
54 Fruktovaya Street
Bishkek, Kyrgyzstan 720027
Tel. 996-558414146
Email: temircorp@yandex.com
(Address and telephone number of principal executive offices)
Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer [ ]
Accelerated filer [ ]
Non-accelerated filer [ ]
Smaller reporting company [X]
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A
Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes [ ] No [ ]
Applicable Only to Corporate Registrants
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the most practicable date:
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Class | Outstanding as of December 10, 2018 |
Common Stock, $0.001 | 2,574,000 |
1 | Page
| TEMIR CORP. |
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Part I | FINANCIAL INFORMATION |
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Item 1 | Financial Statements (Unaudited) | 3 |
Item 2 | Managements Discussion And Analysis Of Financial Condition And Results Of Operations | 9 |
Item 3 | Quantitative And Qualitative Disclosures About Market Risk | 11 |
Item 4 | Controls And Procedures | 11 |
Part II | OTHER INFORMATION |
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Item 1 | Legal Proceedings | 11 |
Item 2 | 11 | |
Item 3 | Defaults Upon Senior Securities | 11 |
Item 4 | Mine Safety Disclosures | 12 |
Item 5 | Other Information | 12 |
Item 6 | Exhibits | 12 |
| Signatures | 12 |
2 | Page
PART I. FINANCIAL INFORMATION
TEMIR CORP. BALANCE SHEETS (Unaudited) | |||
NOVEMBER 30, 2018 | AUGUST 31, 2018 | ||
ASSETS |
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Current Assets |
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| Cash | $ 52 | $ 2,873 |
| Total current assets | 52 | 2,873 |
Other Assets |
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| Equipment | 616 | 783 |
Total Assets | $ 668 | $ 3,656 | |
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LIABILITIES AND STOCKHOLDERS EQUITY | |||
Current Liabilities | |||
| Loan from related parties | $ 5,503 | $ 3,753 |
| Total current liabilities | 5,503 | 3,753 |
Total Liabilities | 5,503 | 3,753 | |
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Stockholders Deficit | |||
| Common stock, $0.001 par value, 78,500,000 shares authorized; |
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| 2,574,000 shares issued and outstanding | 2,574 | 2,574 |
| Additional Paid-in-Capital | 28,126 | 28,126 |
| Retained Deficit | (35,535) | (30,797) |
Total Stockholders Deficit | (4,835) | (97) | |
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Total Liabilities and Stockholders equity | $ 668 | $ 3,656 |
The accompanying notes are an integral part of these financial statements.
3 | Page
TEMIR CORP. STATEMENTS OF OPERATIONS (UNAUDITED) | |||
THREE MONTHS ENDED NOVEMBER 30, 2018 | THREE MONTHS ENDED NOVEMBER 30, 2017 | ||
Revenue | $ - | $ 3,200 | |
Cost of good sold | - | - | |
Gross profit | - | 3,200 | |
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Operating expenses |
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General and administrative expenses | 4,738 | 4,163 | |
Net income (loss) from operations | (4,738) | (963) | |
Income (Loss) before provision for income taxes | (4,738) | (963) | |
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Provision for income taxes | - | - | |
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Net income (loss) | $ (4,738) | $ (963) | |
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Income (loss) per common share: Basic and Diluted | $ (0.00) | $ (0.00) | |
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Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 2,574,000 | 2,574,000 |
The accompanying notes are an integral part of these financial statements.
4 | Page
TEMIR CORP. STATEMENTS OF CASH FLOWS (UNAUDITED) | |||
THREE MONTHS ENDED NOVEMBER 30, 2018 | THREE MONTHS ENDED NOVEMBER 30, 2017 | ||
Cash flows from Operating Activities |
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| Net income (loss) | $ (4,738) | $ (963) |
| Amortization expenses | 167 | 167 |
| Prepaid expenses | - | 297 |
| Net cash provided by (used in) operating activities | (4,571) | (499) |
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Cash flows from Financing Activities |
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| Proceeds of loan from shareholder | 1,750 | - |
| Net cash provided by financing activities | 1,750 | - |
Net increase in cash and equivalents | (2,821) | (499) | |
Cash and equivalents at beginning of the period | 2,873 | 35,061 | |
Cash and equivalents at end of the period | $ 52 | $ 34,562 | |
| Supplemental cash flow information: |
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| Cash paid for: |
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| Interest | $ - | $ - |
| Taxes | $ - | $ - |
The accompanying notes are an integral part of these financial statements.
5 | Page
TEMIR CORP.
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
NOVEMBER 30, 2018
NOTE 1 ORGANIZATION AND BUSINESS
TEMIR CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on May 19, 2016. The Company commences operations in tourism. Temir Corp. is a travel agency that organizes individual and group tours in Kyrgyzstan, such as cultural, recreational, sport, business, ecotours and other travel tours. The companys principal executive offices are located at 54 Frukovaya Street, Bishkek, Kyrgyzstan 720027.
The Company has adopted August 31 fiscal year end.
NOTE 2 GOING CONCERN
The Companys financial statements as of November 30, 2018 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated deficit from inception (May 19, 2016) to November 30, 2018 of $35,535. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The results for the three months ended November 30, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Companys Annual Report on Form 10K for the year ended AUGUST 31, 2018, filed with the Securities and Exchange Commission.
The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2018 and for the related periods presented.
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Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At November 30, 2018 the Company's bank deposits did not exceed the insured amounts.
Use of Estimates
Preparing 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, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions.
Stock-Based Compensation
As of November 30, 2018, the Company has not issued any stock-based payments to its employees.
Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Revenue Recognition
The Company follows the guidance of the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured.
Property and Equipment
Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years.
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
New Accounting Pronouncements
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
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NOTE 4 CAPITAL STOCK
The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.
As of November 30, 2018, the Company had 2,574,000 shares issued and outstanding.
NOTE 5 RELATED PARTY TRANSACTIONS
In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since May 19, 2016 (Inception) through November 30, 2018, the Companys sole officer and director loaned the Company $5,503 to pay for incorporation costs and operating expenses. As of November 30, 2018, the amount outstanding was $5,503. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 6 - SUBSEQUENT EVENTS
The Company has evaluated subsequent events from November 30, 2018 to December 10, 2018 the date the financial statements were issued and has determined that there are no items to disclose.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
General
We were incorporated in the State of Nevada on May 19, 2016. We commence operations in tourism. Our principal office address is located at 54 Fruktovaya Street, Bishkek, Kyrgyzstan 720027.
Temir Corp. is a travel agency that organizes individual and group tours in Kyrgyzstan, such as cultural, recreational, sport, business, ecotours and other travel tours. Services and products provided by our company include custom packages according to the clients specifications. We develop and offer our own tours in Kyrgyzstan as well as third-party suppliers.
RESULTS OF OPERATION
As of November 30, 2018, our deficit were $35,535. Our financial statements have been prepared assuming that we will continue as a going concern. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
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Three Month Period Ended November 30, 2018 compared to Three Month period ended November 30, 2017
Revenue
During the three months ended November 30, 2018, the Company did not generated any revenue compared to $3,200 during the three months ended November 30, 2017.
Operating Expenses
During the three month period ended November 30, 2018, we incurred total expenses and professional fees of $4,738, compared to $4,163 during the three months ended November 30, 2017. General and administrative and professional fee expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.
Our net loss for the three month period ended November 30, 2018 was $4,738 compared to net loss of $963 during the three months ended November 30, 2017.
LIQUIDITY AND CAPITAL RESOURCES
As at November 30, 2018 our current assets were $52 compared to $2,873 in current assets at August 31, 2018. As at November 30, 2018 our total assets were $668 compared to $3,656 in total assets at August 31, 2018. As at November 30, 2018, our current liabilities were $5,503 compared to $3,753 as at August 31, 2018.
Stockholders deficit was $97 as of AugustT 31, 2018 compared to $4,835 as of November 30, 2018.
Cash Flows from Operating Activities
For the three-month period ended November 30, 2018, net cash flows used in operating activities were $4,571, consisting of net loss of $4,738 and amortization expenses of $167. For the three-month period ended November 30, 2017, net cash flows provided by operating activities were $499, consisting of net loss of $963, increase in prepaid expenses of $297 and amortization expenses of $167.
Cash Flows from Financing Activities
Cash flows provided by financing activities during the three-month period ended November 30, 2018 were $1,750, consisting of loan from shareholder compared to $-0- during the three-month period ended November 30, 2017.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
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GOING CONCERN
The independent auditors' report accompanying our AUGUST 31, 2018 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a "smaller reporting company" as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.
ITEM 4. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
Our disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Our principal executive officer and principal financial and accounting officer have reviewed the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13(a)-15(e) and 15(d)-15(e)) within the end of the period covered by this Quarterly Report on Form 10-Q and have concluded that the disclosure controls and procedures were not effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner.
Changes in Internal Controls over Financial Reporting
There have been no changes in the Company's internal control over financial reporting during the last quarterly period covered by this report 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
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No equity securities were sold during the three-month period ended November 30, 2018.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No senior securities were issued and outstanding during the three-month period ended November 30, 2018.
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ITEM 4. MINE SAFETY DISCLOSURES
Not applicable to our Company.
ITEM 5. OTHER INFORMATION
None.
ITEM 6. EXHIBITS
Exhibits:
31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)
32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
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.
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| TEMIR CORP. |
Dated: December 10, 2018 | By: /s/ Stanislav Pak |
| Stanislav Pak, President and Chief Executive Officer and Chief Financial Officer |
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Exhibit 31.1
CERTIFICATION
I, Stanislav Pak, President and Chief Executive Officer and Chief Financial Officer of TEMIR CORP., certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of TEMIR CORP.;
2. Based on my knowledge, this report does not contain any untrue statement of 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 quarterly 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. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d- 15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure control 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;
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. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the 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.
Date: December 10, 2018
/s/ Stanislav Pak
____________________________
Stanislav Pak,
President, Chief Executive Officer
and Chief Financial Officer
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 of TEMIR CORP.(the "Company") on Form 10-Q for the period ended November 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:
1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: December 10, 2018
/s/ Stanislav Pak
Stanislav Pak
President, Chief Executive Officer and
Chief Financial Officer
Document and Entity Information |
3 Months Ended |
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Nov. 30, 2018
shares
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Document and Entity Information: | |
Entity Registrant Name | TEMIR CORP. |
Document Type | 10-Q |
Document Period End Date | Nov. 30, 2018 |
Trading Symbol | temir |
Amendment Flag | false |
Entity Central Index Key | 0001685237 |
Current Fiscal Year End Date | --08-31 |
Entity Common Stock, Shares Outstanding | 2,574,000 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Statement of Financial Position - USD ($) |
Nov. 30, 2018 |
Aug. 31, 2018 |
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Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 52 | $ 2,873 |
Assets, Noncurrent | ||
Property, Plant and Equipment, Gross | 616 | 783 |
Assets | 668 | 3,656 |
Liabilities, Noncurrent | ||
Due to Related Parties, Noncurrent | 5,503 | 3,753 |
Liabilities | 5,503 | 3,753 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
Common Stock, Value, Issued | 2,574 | 2,574 |
Additional Paid in Capital, Common Stock | 28,126 | 28,126 |
Retained Earnings (Accumulated Deficit) | (35,535) | (30,797) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (4,835) | $ (97) |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 2,574,000 | 2,574,000 |
Common Stock, Shares Outstanding | 2,574,000 | 2,574,000 |
Liabilities and Equity | $ 668 | $ 3,656 |
Statements of Operations (unaudited) - USD ($) |
3 Months Ended | |
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Nov. 30, 2018 |
Nov. 30, 2017 |
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Revenues | ||
Sales Revenue, Services, Net | $ 3,200 | |
Revenues | $ 0 | 3,200 |
Cost of Revenue | ||
Cost of Revenue | 0 | 0 |
Gross Profit | 0 | 3,200 |
Amortization of Deferred Charges | ||
Administrative Expense | 4,738 | 4,163 |
Total Operating Expenses | 4,738 | 4,163 |
Net loss from operations | (4,738) | (963) |
Interest and Debt Expense | ||
Net Income (Loss) | $ (4,738) | $ (963) |
Earnings Per Share | ||
Weighted Average Number of Shares Outstanding, Basic | 2,574,000 | 2,574,000 |
Earnings Per Share, Basic and Diluted | $ 0 | $ 0 |
Statements of Cash Flows (unaudited) - USD ($) |
3 Months Ended | |
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Nov. 30, 2018 |
Nov. 30, 2017 |
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Net Cash Provided by (Used in) Operating Activities | ||
Net loss for the period | $ (4,738) | $ (963) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Amortization | 167 | 167 |
Increase (Decrease) in Operating Assets | ||
Increase (Decrease) in Prepaid Expense and Other Assets | 297 | |
Increase (Decrease) in Operating Liabilities | ||
Net Cash Provided by (Used in) Operating Activities | (4,571) | (499) |
Net Cash Provided by (Used in) Investing Activities | ||
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from director loans | 1,750 | |
Net Cash Provided by (Used in) Financing Activities | 1,750 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | (2,821) | (499) |
Cash and Cash Equivalents, at Carrying Value | 2,873 | 35,061 |
Cash and Cash Equivalents, at Carrying Value | $ 52 | $ 34,562 |
Organization, Consolidation and Presentation of Financial Statements |
3 Months Ended |
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Nov. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements: | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | NOTE 1 ORGANIZATION AND BUSINESS TEMIR CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on May 19, 2016. The Company commences operations in tourism. Temir Corp. is a travel agency that organizes individual and group tours in Kyrgyzstan, such as cultural, recreational, sport, business, ecotours and other travel tours. The companys principal executive offices are located at 54 Frukovaya Street, Bishkek, Kyrgyzstan 720027. The Company has adopted August 31 fiscal year end. NOTE 2 GOING CONCERN
The Companys financial statements as of November 30, 2018 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated deficit from inception (May 19, 2016) to November 30, 2018 of $35,535. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The results for the three months ended November 30, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Companys Annual Report on Form 10K for the year ended AUGUST 31, 2018, filed with the Securities and Exchange Commission. The accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at November 30, 2018 and for the related periods presented. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At November 30, 2018 the Company's bank deposits did not exceed the insured amounts. Use of Estimates Preparing 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, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions. Stock-Based Compensation As of November 30, 2018, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification (ASC) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured. Property and Equipment Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
NOTE 4 CAPITAL STOCK The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. As of November 30, 2018, the Company had 2,574,000 shares issued and outstanding. |
Related Party Disclosures |
3 Months Ended |
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Nov. 30, 2018 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 5 RELATED PARTY TRANSACTIONS In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since May 19, 2016 (Inception) through November 30, 2018, the Companys sole officer and director loaned the Company $5,503 to pay for incorporation costs and operating expenses. As of November 30, 2018, the amount outstanding was $5,503. The loan is non-interest bearing, due upon demand and unsecured. |
Subsequent Events |
3 Months Ended |
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Nov. 30, 2018 | |
Subsequent Events: | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS The Company has evaluated subsequent events from November 30, 2018 to December 10, 2018 the date the financial statements were issued and has determined that there are no items to disclose. |
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