0001692981-19-000009.txt : 20190221 0001692981-19-000009.hdr.sgml : 20190221 20190221141835 ACCESSION NUMBER: 0001692981-19-000009 CONFORMED SUBMISSION TYPE: 10-K/A PUBLIC DOCUMENT COUNT: 34 CONFORMED PERIOD OF REPORT: 20181031 FILED AS OF DATE: 20190221 DATE AS OF CHANGE: 20190221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Aura Energy Inc. CENTRAL INDEX KEY: 0001692981 STANDARD INDUSTRIAL CLASSIFICATION: LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400] IRS NUMBER: 000000000 STATE OF INCORPORATION: NV FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-215459 FILM NUMBER: 19621297 BUSINESS ADDRESS: STREET 1: LEI FENG VILLAGE,UNIT4,NO.20 STREET 2: HUNAN PROVINCE, LONGHUI COUNTY CITY: YANG GU AO TOWN STATE: F4 ZIP: 4 BUSINESS PHONE: 14245321540 MAIL ADDRESS: STREET 1: LEI FENG VILLAGE,UNIT4,NO.20 STREET 2: HUNAN PROVINCE, LONGHUI COUNTY CITY: YANG GU AO TOWN STATE: F4 ZIP: 4 FORMER COMPANY: FORMER CONFORMED NAME: Arcom DATE OF NAME CHANGE: 20161222 10-K/A 1 arcom10kamendment.htm 10-K AMENDMENT 1

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

 

Form 10-K/A

( Amendment No.1)

 

[X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended October 31, 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 number 333-215459

 

Aura Energy Inc.

(Exact name of registrant as specified in its charter)

 

 

Nevada

(State or other jurisdiction of incorporation or organization)

 

2400

(Primary Standard Industrial Classification Code Number)

 

 

32-0507158

(I.R.S. Employer Identification Number)

 

Yanggu’ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

(424) 532-15-40

arc@arcomcorp.com

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

 

 

None

Securities registered under Section 12(b) of the Exchange Act

 

None

Securities registered under Section 12(g) of the Exchange Act

 

 

 

 

EXPLANATORY NOTE

 

Aura Energy Inc. is filing this Amendment No. 1 to our Form 10-K for the fiscal year ended October 31, 2018 originally filed with the Securities and Exchange Commission on February 11, 2019, for the purpose of providing the Report of Independent Registered PublicAccounting Firm “Thayer O’Neal Company, LLC”.

 

Except as described above, this Form 10-K/A does not amend, modify or otherwise update any other information in the Original Form 10-K. Except as reflected herein, this Form 10-K/A speaks as of the original filing date of the Original Form 10-K. Accordingly, this Form 10-K/A should be read in conjunction with the Original Form 10-K and with our filings with the SEC subsequent to the filing of the Original Form 10-K.


1


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o      No x

 

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

 

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 of 1934 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 o

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. o  No x

 

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”, “non-accelerated filer”, “emerging growth company” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer o

 

Accelerated filer o

Non-accelerated filer o

Emerging growth company x

Smaller reporting company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o       Nox

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:   4,440,000 common shares issued and outstanding as of February 11, 2019.


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TABLE OF CONTENTS

 

 

 

 

 

 

Page

 

 

 

PART I

 

 

 

 

 

Item 1.

Business.

4

Item 1A.

Risk Factors.

7

Item 1B.

Unresolved Staff Comments.

7

Item 2

Properties.

7

Item 3.

Legal proceedings.

8

Item 4.

Mine Safety Disclosures.

8

 

 

 

PART II

 

 

 

 

 

Item 5.

Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

8

Item 6.

Selected Financial Data.

9

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

9

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

10

Item 8.

Financial Statements and Supplementary Data.

10

Item 9.

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.

19

Item 9A.

Controls and Procedures

19

Item 9B.

Other Information.

20

 

 

 

PART III

 

 

 

 

 

Item 10

Directors, Executive Officers and Corporate Governance.

20

Item 11.

Executive Compensation.

21

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

22

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

22

Item 14.

Principal Accounting Fees and Services.

22

 

 

 

PART IV

 

 

 

 

 

Item 15.

Exhibits

23

 

 

 

Signatures

 


3


PART I

 

Item 1. Business

 

Forward-looking statements

 

Statements made in this Form 10-K 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.

 

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

 

Corporate History

 

Aura Energy Inc. formerly known as Arcom (the “Company”) was incorporated as “Arcom” under the laws of the State of Nevada on September 26, 2016. Arcom has only one officer and director who is Hui Liu Ping. We are engaged in the production of wood-manufactured bow ties in China, Hunan Province.

 

On October 26, 2016, the Company issued 3,000,000 shares of restricted common stock to Hui Liu Ping. The value of these shares is $3,000 based on the par value of $0.001 per share of common stock.

 

On October 27, 2016, we consummated an agreement with CNC MACHINERY CHINA CO., LTD for the purchase of equipment to be used in our bow tie production. The Company has purchased Engraving Cnc Machine, Model STO CNC 6090 from above mentioned vendor.

 

Our bow ties are accessories created for a daring new generation of men set to express themselves with originality and flair. The idea was developed in China. Looking to fill a void in men’s accessories, we developed handcrafted bow ties that fuse old school craftsmanship with modern style. The efforts resulted in a product that uses wood as a distinctive material in the fashion industry.  The bow ties are made from a variety of rare and exotic pieces of hardwood. A range of diverse patterns such as argyle, plaid, polka dot, and more are laser etched into the wood making them both increasingly unique and attractive.  Each bow tie also incorporates an array of fine fabrics, resulting in a truly special accessory.

 

As a Nevada corporation with operations in the People’s Republic of China (“PRC”), we are considered a foreign-invested enterprise (“FIE”) under Chinese law.  As such, we are subject to PRC regulations, which are generally lengthy, and our expected future expenses associated with complying with those regulations will be substantial.  Even though a recent change in PRC law allows FIEs to establish operations in China without governmental preapproval, we are still required to file periodically regarding the establishment of our operations in China, increasing or decreasing our capital, selling equities or terminating operations in China, and we have not yet done so.  Please see our Risk Factors beginning on Page 15, particularly the risk factor entitled, “Chinese regulations restrict foreign involvement in companies with China-based operations, and compliance with Chinese regulations will be costly.”

 

Industry Overview

 

This report includes market and industry data that we have developed from publicly available information, various industry publications and other published industry sources and our internal data and estimates. Although we believe the publications and reports are reliable, we have not independently verified the data. Our internal data, estimates and forecasts are based upon information obtained from trade and business organizations and other contacts in the market in which we operate, and our management understands of industry conditions.

 

Bow Ties

 

There are three types of bow ties: self-tie, pre-tied, and clip-on.


4


Self-Tie Bow Tie

 

Sometimes known as "freestyle," the self-tie bow tie is the classic style and has an organic look when tied. It can be challenging to tie a self-tie bow tie the first few times, but the payoff is well worth the effort.

 

Pre-Tied Bow Tie

 

At the name suggests, a pre-tied bow tie comes pre-tied and the knot is sewn in place. It is easy to put on but any bow tie aficionado will be able to spot the difference.

 

Clip-on Bow Tie

 

Clip-on bow ties clip directly onto the collar of your shirt. This style is the least convincing and is most appropriate for small children. There are several types of bow tie shapes, including butterfly, big butterfly, batwing, diamond point, and club round.

 

Arcom plans to focus its attention first of all on the clip-on bow tie in various shapes. This type of bow tie has a lot of advantages, as it is easy to fit on different neck sizes, and also easy to wear, because of the clip, which all of our initial ties will have. We believe that this unique unisex accessory has the potential to become popular in the near future.

 

Equipment and Raw Materials

 

We use a milling and engraving CNC machine, model STO CNC 6090. This machine is important to our production, as it has excellent speed and accuracy and can perform a variety of tasks. Thanks to a convenient NcStudio management system, accurate mechanical structure, high speed copying, and 3D carving, this CNC machine is everything we need in one unit for our bow tie manufacturing process.

 

Arcom has purchased raw materials from the same vendor as CNC machine. The materials primarily consist the following oak wood, elastic band, craft paper, fabric, needle and thread and wood varnish. These materials, together with walnut, rosewood, oak, and maple are sourced from CNC MACHINERY CHINA CO., LTD. We are checking the availability of raw materials while ordering the materials. The above-mentioned raw materials are all necessary for our bow ties production and distribution. We also purchased different kinds of wrapping paper from another vendor, Bag & Box Packaging Company, Ltd.

 

Manufacturing Process

 

Our manufacturing process in general can be described as below:

 

The most important stage is to choose the wood from which the bow ties will be manufactured. We use walnut, rosewood, oak, and maple in the beginning of our operations. After we choose the wood, the layout is drawn. Next, the wood is cut in accordance with the layout that was drawn previously.  Further, when the billet is ready it is sanded, to prevent irregularities and make the surface smooth. If requested we can provide a special design on the bow tie, though this step adds to production time. The final step is applying a fabric in the middle and as a rim for the ties. We also use leather, denim, and cotton as a main fabric for our bow ties.

 

 

Webpage and Marketing

 

We plan to distribute our products via several distribution channels simultaneously. With regards to the fashion segment, we plan to cooperate with retailers (wedding accessory, celebration present, etc.) and wholesalers (fashion expeditions, designer companies and style magazines). We seek to attract individual and corporate clients through our website. In the case of large corporate clients, we also plan to focus on personal contacts with public relations departments of large companies, presentations of our products, distribution of promotional leaflets, free samples, and other measures to facilitate brand awareness.

 

Among others, we also intend to use such marketing strategies as web advertisements, direct mailing, and phone calls to acquire potential customers. We have a website to market and display our products.

We also plan to attend some trade shows and fashion exhibitions to show our products with a view to find new customers. We intend to continue our marketing efforts during the life of our operations. We spent approximately $4,600 in our fiscal year ended October 31, 2018 on advertising. There is no guarantee that we will be able to attract or retain enough customers to justify our expenditures. If we are unable to generate a significant amount of revenue and successfully protect ourselves against those risks, then it would materially affect our financial condition and our business could be harmed.


5


Office Facilities

 

The Company leases a 37-square meter office space located at Hezhou N Rd 12, Hecheng Qu, Huaihua Shi, Hunan Sheng, China, 418000. The lease contract was signed for a one-year term with the option of expansion for an additional one-year term. Our rent expense was approximately $2,800 in our fiscal year ended October 31, 2018.

 

Competitors

 

There are many well-established manufacturing, distribution and wholesale sales companies in our industry like Bow Tie House TM, Shengzhou Handsome Textiles Co., Ltd., and Yiwu Eco Baoyu E-Business Firm. We face the same difficulty that a lot of competitors in our same field are present on such sites as Tao Bao, Ali Express and others. We expect to face medium to high levels of resistance when we enter the market, where it will be up to our marketing efforts and negotiation skills to acquire new customers. Most of our competitors have greater financial resources than we do and will be able to withstand sales or price decreases better than we can. We also expect to continue to face competition from new market entrants. We may be unable to continue to compete effectively with these existing or new competitors, which could have a material adverse effect on our financial condition and results of operations.

 

Risks We May Face and Other Information

 

Under Paragraph 2 of Article 2 of the People’s Republic of China Corporate Income Tax Law (the “Corporate Income Law”), any foreign enterprise which shall constitute a resident enterprise shall meet both of the following requirements: (i) such enterprise was established under the laws of foreign countries or regions; and (ii) the actual management of such enterprise must be located within China. Further, under relevant provisions of the Circular of the State Administration of Taxation Regarding the Issues Relevant to the Identification of Chinese-controlled Enterprises Registered Abroad as Resident Enterprises by Actual Management (Guo Shui Fa [2009] No. 82, “Circular No. 82”) issued by the State Administration of Taxation on April 22, 2009 and based upon our no-name inquiry to the People’s Republic of China State Administration for Taxation, any Chinese-controlled enterprise whose actual management is held to be located within China shall satisfy all of the following requirements: (i) the site, where the management of such enterprise responsible for the daily operation of such enterprise performs its duties, is located within China; (ii) the financial decisions (such as borrowings, extending loans, financing or financial risks management) and HR policies (such as appointment, dismissal or remunerations) shall be made or approved by the institution or personnel of such enterprise staying within China; (iii) 1/2 or more of the directors with voting rights or of the management of such enterprise live within China permanently; and (iv) the main assets, accounting books and stamps of and the minutes and files of the board of directors of and of shareholders’ meeting of such enterprise exist and will be maintained within China.

 

We believe that we are not considered a “resident enterprise” for PRC enterprise income tax purposes. We have no subsidiaries within China. We have our executive office in China, which were unincorporated entities under Chinese laws, and all of our management is located within China. We make or approve the financial decisions (such as borrowing, extending loans, financing or financial risks management) and human resource policies (such as employees’ appointment, dismissal and remunerations) within China, and half or more of our directors with voting rights are also located within China. Our main assets, accounting books, stamps and minutes of our directors’ board and of our shareholders’ meetings exist and will be maintained in outside the USA, so we are consistent with Item (iv) of the above four requirements under Circular No. 82 although our present conditions satisfy Items (i) to (iii) of the above requirements under Circular No. 82. Therefore, we are an enterprise established under the laws of Nevada, and our management team is located within China, we believe that we shall not be held to be a “resident enterprise” for PRC under the Corporate Income Tax Law.

 

Nevertheless, we cannot fully exclude the possibility that there is a difference or discrepancy between the interpretation of the Chinese authorities and our understanding as set forth above, nor can we assure that the statements or interpretations of the Chinese government officials will remain unchanged. Furthermore, we cannot exclude the possibility that the Chinese government will promulgate any new laws, regulations or provisions that will be in conflict with our understanding. If so, we may be classified as a ‘‘resident enterprise’’ for PRC enterprise income tax purposes, which could result in unfavorable tax consequences to our non-PRC shareholders and us.

 

If the PRC tax authorities determine that we are a resident enterprise for PRC enterprise income tax purposes, we may be subject to the enterprise income tax at a rate of 25% on our worldwide taxable income, as well as PRC enterprise income tax reporting obligations.

 

If we are considered a resident enterprise, this could result in a situation in which a 10% withholding tax is imposed on dividends we pay to our non-PRC enterprise shareholders and with respect to gains derived by our non-PRC enterprise shareholders from transferring our shares and a 20% withholding tax on dividends we pay to our non-PRC individual stockholders and with respect to gains derived by our non-PRC individual stockholders from transferring our shares. If we are required under PRC law to withhold


6


PRC income tax on dividends payable to our non-PRC investors or if you are required to pay PRC income tax on the transfer of our shares, the value of your investment in our shares may be materially and adversely affected.

 

Government policies are subject to rapid change and the government of China may adopt policies that have the effect of hindering private economic activity and greater economic decentralization. There is no assurance that the government of China will not significantly alter its policies from time to time without notice in a manner with reduces or eliminates any benefits from its present policies of economic reform. In addition, a substantial portion of productive assets in China remains government-owned. For instance, all lands are state owned and government state-owned lands grant use rights to business entities or individuals.

 

The granting process is typically based on government policies at the time of granting, which could be lengthy and complex. This process may adversely affect our business. The government of China also exercises significant control over China’s economic growth through the allocation of resources, controlling payment of foreign currency and providing preferential treatment to particular industries or companies. Uncertainties may arise with changing of governmental policies and measures. In addition, changes in laws and regulations, or their interpretation, or the imposition of confiscatory taxation, restrictions on currency conversion, imports and sources of supply, devaluations of currency, the nationalization or other expropriation of private enterprises, as well as adverse changes in the political, economic or social conditions in China, could have a material adverse effect on our business, results of operations and financial condition.

 

We are subject to the United States Foreign Corrupt Practices Act, which generally prohibits United States companies from engaging in bribery or other prohibited payments to foreign officials for the purpose of obtaining or retaining business. Foreign companies, including some that may compete with us, are not subject to these prohibitions. Corruption, extortion, bribery, pay- offs, theft and other fraudulent practices occur from time-to-time in China. We can make no assurance, however, that our employees or other agents will not engage in such conduct for which we might be held responsible. If our employees or other agents are found to have engaged in such practices, we could suffer severe penalties and other consequences that may have a material adverse effect on our business, financial condition and results of operations.

 

We may experience barriers to conducting business and trade in our targeted emerging markets in the form of delayed customs clearances, customs duties and tariffs. In addition, we may be subject to repatriation taxes levied upon the exchange of income from local currency into foreign currency, substantial taxes of profits, revenues, assets and payroll, as well as value-added tax.

 

The markets in which we plan to operate may impose onerous and unpredictable duties, tariffs and taxes on our business and products, and there can be no assurance that this will not reduce the level of sales that we achieve in such markets, which would reduce our revenues and profits.

 

RESEARCH AND DEVELOPMENT EXPENDITURES

 

We have not incurred any research expenditures since our incorporation.

  

BANKRUPTCY OR SIMILAR PROCEEDINGS

  

There has been no bankruptcy, receivership or similar proceeding entered into either voluntarily by the Company and involuntarily against the Company.

  

REORGANIZATIONS, PURCHASE OR SALE OF ASSETS

  

There have been no material reclassifications, mergers, consolidations, or purchase or sale of a significant amount of assets not in the ordinary course of business.

  

COMPLIANCE WITH GOVERNMENT REGULATION

  

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the construction and operation of any facility in any jurisdiction which we would conduct activities.

  

We do not believe that any existing or probable government regulation on our business, including any applicable export or import regulation or control imposed by China will have a material impact on the way we conduct our business.

  


7


EMPLOYEES AND EMPLOYMENT AGREEMENTS

  

We have no employees, except our chief executive officer and sole director Hui Liu Ping, as of the date of this report. Hui Liu Ping currently devotes approximately 20 hours per week to company matters. As our business and operations increase, we will assess the need for full-time management and administrative support personnel.

  

Item 1A.  Risk Factors

 

Not applicable to smaller reporting companies.

 

Item 1B. Unresolved Staff Comments

 

Not applicable to smaller reporting companies.

 

Item 2.  Description of Property

 

We do not own any real estate or other properties.  

Item 3.  Legal Proceedings

 

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.

Item 4.  Mine Safety Disclosures

 

Not applicable.

 

PART II

 

Item 5. Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

     

Market Information

 

There is a limited public market for our common shares.  Our common shares are not quoted on the OTC Bulletin Board at this time.  Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.

 

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

 

Our shares are quoted on the Pink Sheets market operated by the OTC Market Group Inc., but as of February 11, 2019, no shares of our common stock have traded.

 

Number of Holders

 

As of February 11, 2019, the 4,440,000 issued and outstanding shares of common stock were held by a total of 41 shareholder of record.

 

Dividends

 

No cash dividends were paid on our shares of common stock during the fiscal year ended October 31, 2018 and 2017. 

 

Recent Sales of Unregistered Securities

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.


8


On October 26, 2016, the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share.

 

In June 2017, the Company issued 10,000 shares of common stock for cash proceeds of $198 at approximately $0.02 per share.

 

In July 2017, the Company issued 1,265,000 shares of common stock for cash proceeds of $25,019 at approximately $0.02 per share.

 

In August 2017, the Company issued 165,000 shares of common stock for cash proceeds of $3,263 at approximately $0.02 per share.

 

There were 4,440,000 shares of common stock issued and outstanding as of February 11, 2019.

 

Purchase of our Equity Securities by Officers and Directors

 

On October 26, 2016, the Company offered and sold 3,000,000 restricted shares of common stock to our president and director, Hui Liu Ping, for a purchase price of $0.001 per share, for aggregate offering proceeds of $3,000, pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.

 

Other Stockholder Matters

 

None.

 

Item 6. Selected Financial Data                                       

 

Not applicable to smaller reporting companies.

 

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward-looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.

 

Results of Operations for the year ended October 31, 2018 and October 31, 2017:

 

Revenue and cost of goods sold

 

For the year ended October 31, 2018 and October 31, 2017 the Company generated total revenue of $21,161 and $21,430 from selling products to the customer. The cost of goods sold for the year ended October 31, 2018 and October 31, 2017 was $8,551 and $644, which represent the cost of raw materials.

 

Operating expenses

 

Total operating expenses for the year ended October 31, 2018 and October 31, 2017 were $33,908 and $37,855. The operating expenses for the year ended October 31, 2018 included gain/loss on asset sale of $155; inventory loss of $479; advertising expense of $4,556; website of $49; bank charges of $586; depreciation expense of $3,514; legal fees of $600; audit fees of $12,000; professional fees of $6,070; rent expense of $2,820; video surveillance expense of $1,079; miscellaneous of $2,000. The operating expenses for the year ended October 31, 2017 included advertising expense of $5,000; bank charges of $1,305; depreciation expense of $1,415; legal fees of $4,817; audit fees of $11,831; office supplies of $3,500; professional fees of $7,617; rent expense of $2,160.

 

Net Loss

 

The net loss for the year ended October 31, 2018 and October 31, 2017 was $21,298 and $17,069 accordingly.

 

Liquidity and Capital Resources and Cash Requirements

 

At year ended October 31, 2018, the Company had cash of $5,719 ($7,415 as of October 31, 2017). The Company had a working capital deficit of $9,758 (deficit of $1,864 as of October 31, 2017).


9


During the year ended October 31, 2018, the Company used $7,163 of cash in operating activities due to its net loss, decrease in inventory of $10,621 and depreciation of $3,514.  This compares to cash used in operations of $26,275 in 2017.

 

During the year ended October 31, 2018 the Company used $533 of cash in investing activities. This compares to cash used in investing activities of $12,610 in 2017.

 

During the year ended October 31, 2018, the Company generated $6,000 of cash in financing activities. This compares to cash provided by financing activities of $45,280 in 2017.

 

We cannot guarantee that we will raise sufficient funds to continue our business. We will attempt to raise the necessary funds to proceed with all phases of our plan of operation.  

 

As of the date of this report, the current funds available to the Company will not be sufficient to continue maintaining a reporting status. The Company’s Chief Executive Officer and director, Hui Liu Ping, has concluded a verbal agreement with Arcom in order to fund completion of the registration process and to maintain the reporting status with SEC.

 

Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital. Our only sources for cash at this time are investments by others in this offering, selling our paper dung products and loans from our director. We must raise cash to implement our plan and stay in business.

 

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan and impede the speed of its operations.

Limited operating history; need for additional capital

 

There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and have generated limited revenues since inception. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

 

Off-Balance Sheet Arrangements

 

The Company does not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk   

 

Not applicable to smaller reporting companies.

 

Item 8. Financial Statements and Supplementary Data   


10


ARCOM

FINANCIAL STATEMENTS

 

Table of Contents

 

 

 

 

 

 

Page

Report of Independent Registered Public Accounting Firm- YE 2018

 

12

 

 

 

Report of Independent Registered Public Accounting Firm- YE 2017

 

14

 

Balance Sheets as of October 31, 2018 and October 31, 2017

 

 

15

 

Statements of Operations for the Year Ended October 31, 2018 and October 31, 2017

 

 

16

 

Statements of Changes in Stockholders’ Equity for the Year Ended October 31, 2018 and October 31, 2017

 

 

17

 

Statements of Cash Flows for the Year Ended October 31, 2018 and October 31, 2017

 

 

18

 

Notes to the Financial Statements

 

19


 

 

 

 

 

 

 

 

11


Report of Independent Registered Public Accounting Firm

 

To the Shareholders and the Board of Directors Aura Energy Inc. (formerly Arcom Corp.)

Opinion on the Financial Statements

We have audited the accompanying balance sheet of Aura Energy Inc. (formerly Arcom Corp.) (the "Company") as of October 31, 2018, the related statement of operations, changes in stockholders' equity (deficit) and cash flows, and the related notes [and schedules] (collectively referred to as the "financial statements"). The financial statements of the Company for the year ended October 31, 2017 were audited by other auditors whose report dated January 31, 2018 expressed an unqualified opinion on those financial statements. Our opinion, in so far as it relates to the year end October 31, 2017, is based solely on the report of other auditors. In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of October 31, 2018 and the results of its operations and its cash flows for the period ended October 31, 2018, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

There are no critical audit matters.

The Company's financial statements are prepared using the generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has an accumulated deficit of $38,487 and a negative cash flow from operations amounting to $21,298 for the year ended October 31, 2018. These factors as


12


discussed in Note 2 of the financial statements raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

Albert Garcia, CPA

DylanFloyd Accounting & Consulting

We have served as the Company's auditor since 2019.

Newhall, California February 11, 2019

 

 

 

 

 

 

 

 

 

 

 

 


13


Report of Independent Registered Public Accounting Firm

 

 

 

To the Board of Directors and Stockholders of Aura Energy Inc. (formerly Arcom Corp.)

 

We have audited the accompanying balances sheet of Aura Energy Inc. formerly known as Arcom (the “Company”) as of October 31, 2017 and the related statements of operations, stockholder’s equity, and cash flows for the year then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Aura Energy as of October 31, 2017 and the related statements of operations, stockholder’s equity, and cash flows for the year then ended, in conformity accounting principles generally accepted in the United States of America.

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has suffered losses from operations, which raise substantial doubt about its ability to continue as a going concern.  Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

 

 

Thayer O’Neal Company LLC

 

Sugar Land, Texas

 

January 31, 2018


14


Aura Energy Inc.

(Formerly Arcom)

BALANCE SHEETS

October 31, 2018 and 2017

(Audited)

 

ASSETS

 

October 31, 2018

 

October 31, 2017

Current Assets

 

 

 

 

Cash and cash equivalents

$

5,719

$

7,415

Prepaid expense

 

4,338

 

-

Inventory

 

-

 

10,621

Total Current Assets

 

10,057

 

18,036

Fixed Assets

 

 

 

 

Equipment, net

 

8,836

 

16,155

Total Non-current Assets

 

8,836

 

16,155

Total Assets

$

18,893

$

34,191

 

 

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

 

 

Liabilities

 

 

 

 

Current Liabilities

 

 

 

 

   Related Party Loans

$

25,900

$

19,900

Total Current Liabilities

 

25,900

 

19,900

 

 

 

 

 

Total Liabilities

 

25,900

 

19,900

 

 

 

 

 

Stockholder’s Equity

 

 

 

 

Common stock, par value $0.001; 75,000,000 shares authorized, 4,440,000 and 4,440,000 shares issued and outstanding

 

4,440

 

4,440

Additional paid in capital

 

27,040

 

27,040

Retained earnings (accumulated deficit)

 

(38,487)

 

(17,189)

Total Stockholder’s Equity (Deficit)

 

(7,007)

 

14,291

 

 

 

 

 

Total Liabilities and Stockholder’s Equity

$

18,893

$

34,191

 

 

 

 

 

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements


15


Aura Energy Inc.

(Formerly Arcom)

STATEMENTS OF OPERATIONS

Years ended October 31, 2018 and 2017

(Audited)

 

 

 

 

 

Years Ended October 31,

 

 

2018

 

2017

Revenue

 

$

                                 21,161

$

21,430

Cost of goods sold

 

8,551

 

644

Gross Profit

 

12,610

 

20,786

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

General and Administrative Expenses

$

33,908

 

37,855

TOTAL OPERATING EXPENSES

 

33,908

 

37,855

 

 

 

 

 

LOSS FROM OPERATIONS

 

(21,298)

 

 

(17,069)

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

-

 

-

 

 

 

 

 

NET LOSS

$

(21,298)

$

(17,069)

 

 

 

 

 

NET LOSS PER SHARE: BASIC AND DILUTED

 

$

(0.00)

 

$

(0.00)

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

4,440,000

 

3,358,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements


16


Aura Energy Inc.

(Formerly Arcom)

STATEMENTS OF CHANGES IN STOCKHOLDER’S EQUITY

Years Ended October 31, 2018 and October 31, 2017

 

 

 

 

 

Common Stock

 

 

 

Additional Paid-in

 

Accumulated Deficit

 

Total Stockholders’

 

Shares

Amount

 

Capital

 

 

 

Equity

Balance, October 31, 2016

3,000,000

 

   3,000

 

         -

 

     (120)

 

    2,880

 

Shares issued for cash

1,440,000

 

1,440

 

27,040

 

-

 

28,480

Net loss for the year ended October 31, 2017

-

 

-

 

-

 

(17,069)

 

(17,069)

 

 

 

 

 

 

 

 

 

 

Balance, October 31, 2017

4,440,000

$

    4,440

$

               27,040

$

                (17,189)

$

           14,291

 

Shares issued for cash

-

 

-

 

-

 

-

 

-

Net loss for the year ended October 31, 2018

-

 

-

 

-

 

(21,298)

 

(21,298)

Balance, October 31, 2018

4,440,000

$

   4,440

$

       27,040

$

    (38,487)

$

   (7,007)

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements


17

 

 


Aura Energy Inc.

(Formerly Arcom)

STATEMENTS OF CASH FLOWS

Years ended October 31, 2018 and 2017

(Audited)

 

 

Years Ended October 31,

 

 

2018

 

2017

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

Net loss

$

             (21,298)

$

(17,069)

Depreciation expense

 

3,514

 

1,415

Adjustments to reconcile net loss to net cash (used in) operating activities:

 

 

 

 

Inventory

 

10,621

 

(10,621)

CASH FLOWS USED IN OPERATING ACTIVITIES

 

(7,163)

 

 

(26,275)

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

Purchase of Fixed Assets

 

3,805

 

(17,570)

Deposits

 

(4,338)

 

4,960

CASH FLOWS USED IN INVESTING ACTIVITIES

 

(533)

 

(12,610)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

Proceeds from sale of common stock

 

-

 

28,480

Related Party Loans

 

6,000

 

16,800

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

6,000

 

 

45,280

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH

 

(1,696)

 

6,395

 

 

 

 

 

Cash, beginning of period

 

7,415

 

1,020

 

 

 

 

 

Cash, end of period

$

5,719

$

7,415

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

Interest paid

$

                         -

$

-

Income taxes paid

$

                        -

$

-

 

 

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements


18


Aura Energy Inc.

(Formerly Arcom)

NOTES TO THE FINANCIAL STATEMENTS

October 31, 2018

(Audited)

 

Note 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Arcom (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on September 26, 2016. Arcom is an innovative company that has reinvented the classic bow tie. Derived from a collaboration of creative and tasteful minds, the bow tie is an accessory created for a daring new generation of men set to express themselves with originality and flair.  The efforts resulted in an innovative and superior product that established wood as a new and distinctive material in the fashion industry. Each of our bow ties also incorporates an array of fine fabrics resulting in a truly special accessory.

 

Note 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  The Company had $21,161 in revenues for the year ended October 31, 2018.  The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

Note 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

 

Basis of presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is October 31.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017. The Company plans to adopt the standard after evaluating the effect of the standard on its financial statements and related disclosures.

 

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity


19


expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

 

 

Aura Energy Inc.

(Formerly Arcom)

NOTES TO THE FINANCIAL STATEMENTS

October 31, 2018

(Audited)

 

Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.

 

Note 4 – INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. As of October 31, 2018, the Company had net operating loss carry forwards of approximately $38,487 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The valuation allowance at October 31, 2018 was approximately $8,082. The net change in valuation allowance during the year ended October 31, 2018 was $4,473. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. 

The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of October 31, 2018.  All tax years since inception remains open for examination by taxing authorities.

 

The provision for Federal income tax consists of the following for the year ended October 31, 2018 and October 31, 2017:

 

 

 

2018

 

2017

 

Tax provision at expected tax rate (21%)

$

(8,082)

$

(3,585)

Increase (decrease) to valuation allowance

 

8,082

 

3,585

Income tax provision

$

-

$

-

 

 

Note 5 – SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to October 31, 2018 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.


20


Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 

None

 

Item 9A. Controls and Procedures

 

Management’s Report on Internal Controls over Financial Disclosure Controls and Procedures

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of October 31, 2018 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of October 31, 2018, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities. 

 

2.We did not maintain appropriate cash controls – As of October 31, 2018, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts. 

 

3.We did not implement appropriate information technology controls – As at October 31, 2018, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.  

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of October 31, 2018 based on criteria established in Internal Control- Integrated Framework issued by COSO.

 

System of Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal


21

 


executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2018. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

Changes in Internal Control over Financial Reporting

 

There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Item 9B. Other Information.

 

None.

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance.

 

Our executive officer's and director's and their respective ages are as follows:

  

Name

Age

Positions

Hui Liu Ping

Yanggu’ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

 

39

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director

Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.

  

Hui Liu Ping

  

Ms. Hui Liu Ping has served as our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director since September 26, 2016. For the past five years the director worked in the fashion industry. Ms. Hui Liu Ping’s desire to found our company led to our conclusion that Ms. Hui Liu Ping should be serving as a member of our board of directors in light of our business and structure.

 

For the period from May 2010 to October 2014 Ms. Hui Liu Ping worked for Alimo Accessory Co., Ltd, wholesale imitation jewelry company, as a senior manager of marketing team. At her responsibilities were organizing of the advertising exhibitions, managing was of several employees, preparation of the weekly, monthly and year reports regarding sales quantity and customers database development. From November 2014 till August 2016 our Chief Executive Officer and director worked for Silou Ma Textile Co., Ltd, clothing company, as a head of customers department manager. She fulfilled the work of finding new customer, communication with excising customers, composing orders for the customers, managing and controlling customers database. She is not working for Silou Ma Textile Co., Ltd currently. Ms. Hui Liu Ping is only involved in activities of Arcom.

  

TERM OF OFFICE

  

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company's Bylaws provide that the Board of Directors will consist of a minimum of one member. Officers are elected by and serve at the discretion of the Board of Directors.

  


22


DIRECTOR INDEPENDENCE

  

Our board of directors is currently composed of one member, and she does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (the Company has no plans to list on the NASDAQ Global Market). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of her family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by directors and us with regard to our director's business and personal activities and relationships as they may relate to our management and us.

  

SIGNIFICANT EMPLOYEES AND CONSULTANTS

  

We currently have one employee, our Chief Executive Officer, Hui Liu Ping.

 

AUDIT COMMITTEE AND CONFLICTS OF INTEREST

  

Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is a start-up stage company and has only one director, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

  

Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.

  

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

  

No director, person nominated to become a director, executive officer, promoter or control person of our company has, during the last ten years: (i) been convicted in or is currently subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to any federal or state securities or banking or commodities laws including, without limitation, in any way limiting involvement in any business activity, or finding any violation with respect to such law, nor (iii) any bankruptcy petition been filed by or against the business of which such person was an executive officer or a general partner, whether at the time of the bankruptcy or for the two years prior thereto.

 

Item 11. Executive Compensation

 

The following table sets forth information regarding each element of compensation that we paid or awarded to our named executive officers for fiscal 2018 and 2017:

  

Name and

Principal

Position

Period

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

2017-2018

0

0

0

0

0

0

0

0

  

Our Chief Executive Officer and director has not received monetary compensation since our inception to the date of this report. We currently do not pay any compensation to any officer or any member of our board of directors.


23


EMPLOYMENT AGREEMENTS

 

The Company is not a party to any employment agreement and has no compensation agreement with any officer or director.

  

DIRECTOR COMPENSATION

  

The following table sets forth director compensation for fiscal 2018 and 2017:

  

Name

Fees Earned or

Paid in Cash

($)

Stock

Awards

($)

Opinion

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

Earnings

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

0

0

0

0

0

0

0

  

We have not compensated our directors for their service on our Board of Directors since our inception. There are no arrangements pursuant to which directors will be compensated in the future for any services provided as a director.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following table lists, as of the date of this report, the number of shares of common stock of our Company that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal shareholders and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

  

The percentages below are calculated based on 4,440,000 shares of our common stock issued and outstanding as of the date of this report. We do not have any outstanding warrants, options or other securities exercisable for or convertible into shares of our common stock.

  

Title of class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Ownership

Percent of Common Stock

Common Stock

Hui Liu Ping

Yanggu’ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

3,000,000

67.57%

All directors and executive officers as a group (1 person)

 

3,000,000

67.57%

 

The shareholders of the company have entered into subscription agreements with the corporation. The agreements stated that the investors irrevocably subscribed for and agreed to purchase a stated amount of shares of the common stock of Arcom, a Nevada corporation at a stated price. The undersigned acknowledged that they had received a copy of the prospectus of the Company, dated May 3, 2017, read and understood the information disclosed, understood that an investment in the shares was


24

 


a speculative investment, which involved a high degree of risk and potential loss of their entire investment. The undersigned understood that the stated price of the stock purchased beared no relation to the assets, book value or net worth of the Company and was determined arbitrarily by the Company.

 

Item 13. Certain Relationships and Related Transactions

 

Ms. Hui Liu Ping is considered to be a promoter, and currently does the Securities and Exchange Commission as that term is defined in the rules and regulations promulgate the only promoter, of Arcom.

  

On October 26, 2016, we offered and sold 3,000,000 shares of common stock to Hui Liu Ping, our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a Director, at a purchase price of $0.001 per share, for aggregate proceeds of $3,000.

  

Since October 26, 2016, Hui Liu Ping has loaned us $25,900 pursuant to the $40,000 loan agreement. The loan does not have any term, carries no interest and is not secured.

 

Item 14. Principal Accountant Fees and Services 

During fiscal year ended October 31, 2017, we incurred approximately $11,831 in fees to our principal independent accountants for professional services rendered in connection with the audit of our October 31, 2016 financial statements and for the reviews of our financial statements for the quarters ended January 31, 2017, April 30, 2017, and July 31, 2017.

 

During fiscal year ended October 31, 2018, we incurred approximately $12,000 in fees to our principal independent accountants for professional services rendered in connection with the audit of our October 31, 2017 financial statements and for the reviews of our financial statements for the quarters ended January 31, 2018, April 30, 2018, and July 31, 2018.

 

PART IV

 

Item 15. Exhibits

 

The following exhibits are included as part of this report by reference:

 

 

 

 

31.1 

 

Certification of Chief Executive 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.

 

 

 

 

 

SIGNATURES

  

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in China on February 21, 2019.

  

  

Aura Energy Inc.

  

  

  

  

By:

/s/

Hui Liu Ping

  

  

  

Name:

Hui Liu Ping

  

  

  

Title:

President, Treasurer, Secretary and Director

  

  

  

(Principal Executive, Financial and Accounting Officer)

  


25

 

EX-31.1 2 exhibit31.htm EXHIBIT31.1 Converted by EDGARwiz


Exhibit 31.1


CERTIFICATION PURSUANT TO

18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002



I, Hui Liu Ping, certify that:


1. I have reviewed this annual report on Form 10-K/A of  Arcom;

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. The registrants other certifying officer 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 we 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 registrants 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 registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and

 



5.

 

The registrants other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants 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 registrants 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 registrants internal control over financial reporting.


February 21, 2019   

                                          

 By:            /s/    Hui Liu Ping

 Name:               Hui Liu Ping

 Title:                 President, Treasurer, Secretary and Director

                          (Principal Executive, Financial and Accounting Officer)


 

 

 

 

 


 


 




EX-32.1 3 exhibit32.htm EXHIBIT32.1 Converted by EDGARwiz

Exhibit 32.1



CERTIFICATION PURSUANT TO

18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002





In connection with the Annual Report of Arcom (the Company) on Form 10-K/A for the year ended October 31, 2018, as filed with the Securities and Exchange Commission I, Hui Liu Pin, Principal Executive, Financial and Accounting Officer, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

(1)

the Annual Report on Form 10-K/A of Arcom for the year ended October 31, 2018 (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 Arcom.



February 21, 2019    

                                          

 By:            /s/    Hui Liu Ping

 Name:               Hui Liu Ping

 Title:                 President, Treasurer, Secretary and Director

                          (Principal Executive, Financial and Accounting Officer)
















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align="center"> <table border="0" cellpadding="0" cellspacing="0" style="width:987.149963pt;"> <tr> <td valign="top" width="46%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Age</font></p> </td> <td valign="top" width="47%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Positions</font></p> </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font 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width="47%" style="border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director</font></p> </td> </tr> </table> </div> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Ms. Hui Liu Ping has served as our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director since September 26, 2016. For the past five years the director worked in the fashion industry. Ms. Hui Liu Ping&#39;s desire to found our company led to our conclusion that Ms. Hui Liu Ping should be serving as a member of our board of directors in light of our business and structure.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">For the period from May 2010 to October 2014 Ms. Hui Liu Ping worked for Alimo Accessory Co., Ltd, wholesale imitation jewelry company, as a senior manager of marketing team. At her responsibilities were organizing of the advertising exhibitions, managing was of several employees, preparation of the weekly, monthly and year reports regarding sales quantity and customers database development. From November 2014 till August 2016 our Chief Executive Officer and director worked for Silou Ma Textile Co., Ltd, clothing company, as a head of customers department manager. She fulfilled the work of finding new customer, communication with excising customers, composing orders for the customers, managing and controlling customers database. She is not working for Silou Ma Textile Co., Ltd currently. Ms. Hui Liu Ping is only involved in activities of Arcom. </font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">TERM OF OFFICE</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company&#39;s Bylaws provide that the Board of Directors will consist of a minimum of one member. Officers are elected by and serve at the discretion of the Board of Directors.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">DIRECTOR INDEPENDENCE</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Our board of directors is currently composed of one member, and she does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (the Company has no plans to list on the NASDAQ Global Market). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of her family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by directors and us with regard to our director&#39;s business and personal activities and relationships as they may relate to our management and us.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">SIGNIFICANT EMPLOYEES AND CONSULTANTS</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">We currently have one employee, our Chief Executive Officer, Hui Liu Ping.</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">AUDIT COMMITTEE AND CONFLICTS OF INTEREST</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is a start-up stage company and has only one director, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">No director, person nominated to become a director, executive officer, promoter or control person of our company has, during the last ten years: (i) been convicted in or is currently subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to any federal or state securities or banking or commodities laws including, without limitation, in any way limiting involvement in any business activity, or finding any violation with respect to such law, nor (iii) any bankruptcy petition been filed by or against the business of which such person was an executive officer or a general partner, whether at the time of the bankruptcy or for the two years prior thereto.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Item 11. 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style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name&#160;and</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Principal</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Position</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Period</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Salary</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Bonus</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" 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style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Our Chief Executive Officer and director has not received monetary compensation since our inception to the date of this report. 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<p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid 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There are no arrangements pursuant to which directors will be compensated in the future for any services provided as a director.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font color="black" lang="EN-CA" style="font-family:Times New Roman,serif;font-size:10.0pt;">Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-CA" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table lists, as of the date of this report, the number of shares of common stock of our Company that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal shareholders and management is based upon information furnished by each person using &quot;beneficial ownership&quot; concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The percentages below are calculated based on 4,440,000 shares of our common stock issued and outstanding as of the date of this report. 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Roman,serif;font-size:10.0pt;">Common Stock</font></p> </td> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Yanggu&#39;ao Town, Lei Feng Village, Unit 4, No. 20</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hunan Province, Longhui County</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">422200</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">China</font></p> </td> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-right:solid 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lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The shareholders of the company have entered into subscription agreements with the corporation. The agreements stated that the investors irrevocably subscribed for and agreed to purchase a stated amount of shares of the common stock of Arcom, a Nevada corporation at a stated price. The undersigned acknowledged that they had received a copy of the prospectus of the Company, dated May 3, 2017, read and understood the information disclosed, understood that an investment in the shares was a speculative investment, which involved a high degree of risk and potential loss of their entire investment. 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An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.</font><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;"> </font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Aura Energy Inc. </font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Formerly Arcom)</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">NOTES TO THE FINANCIAL STATEMENTS</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">October 31, 2018 </font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">(Audited)</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font color="black" lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Specifically, Section 606-10-50 requires an entity to provide information about: a. 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valign="bottom" width="59%" style="height:12.55pt;padding:0in 0in 0in 0in;"></td> <td valign="top" width="2%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2018</font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2017</font></p> </td> </tr> <tr style="height:12.55pt;"> <td valign="bottom" width="59%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Tax provision at expected tax rate (21%)</font></p> </td> <td valign="top" width="2%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="17%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;margin-right:2.0pt;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(8,082)</font></p> </td> <td valign="top" width="4%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="height:12.55pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">(3,585)</font></p> </td> </tr> <tr style="height:13.0pt;"> <td valign="bottom" width="59%" style="height:13.0pt;padding:0in 0in 1.5pt 0in;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Increase (decrease) to valuation allowance</font></p> </td> <td valign="top" width="2%" style="height:13.0pt;padding:0in 0in 0in 0in;"> <p style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" width="17%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;margin-right:2.0pt;margin-top:0in;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">8,082</font></p> </td> <td valign="top" width="4%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></p> </td> <td valign="bottom" width="18%" style="border-bottom:solid windowtext 1.0pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font 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style="margin:0in;margin-bottom:.0001pt;margin-left:0pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">$</font></p> </td> <td valign="bottom" width="18%" style="border-bottom:double windowtext 2pt;height:13.0pt;padding:0in 0in 0in 0in;"> <p align="right" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">-</font></p> </td> </tr> </table> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">Our executive officer&#39;s and director&#39;s and their respective ages are as follows:</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <table border="0" cellpadding="0" cellspacing="0" style="width:987.149963pt;"> <tr> <td valign="top" width="46%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Age</font></p> </td> <td valign="top" width="47%" style="border-bottom:solid black 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Positions</font></p> </td> </tr> <tr> <td valign="top" width="46%" style="padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Yanggu&#39;ao Town, Lei Feng Village, Unit 4, No. 20</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hunan Province, Longhui County</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">422200</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">China</font></p> </td> <td valign="top" width="7%" style="border-bottom:solid white 1.0pt;border-left:solid white 1.0pt;border-right:solid white 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">39</font></p> </td> <td valign="top" width="47%" style="border-bottom:solid white 1.0pt;border-right:solid white 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director</font></p> </td> </tr> </table> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table sets forth information regarding each element of compensation that we paid or awarded to our named executive officers for fiscal 2018 and 2017:</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;"> <tr style="height:49.45pt;"> <td valign="bottom" style="border:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name&#160;and</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Principal</font></b></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Position</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Period</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 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1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">All&#160;Other</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Compensation</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;height:49.45pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total</font></b></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></b></p> </td> </tr> <tr style="height:45.15pt;"> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping, President</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">2017-2018</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="background:white;border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;height:45.15pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> </tr> </table> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The following table sets forth director compensation for fiscal 2018 and 2017:</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;"> <tr> <td valign="bottom" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 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Roman,serif;font-size:10.0pt;">Deferred</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Compensation</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Earnings</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">All Other</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Compensation</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Total</font></p> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">($)</font></p> </td> </tr> <tr> <td style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping, President</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> <td style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">0</font></p> </td> </tr> </table> <!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" --><p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">The percentages below are calculated based on 4,440,000 shares of our common stock issued and outstanding as of the date of this report. We do not have any outstanding warrants, options or other securities exercisable for or convertible into shares of our common stock.</font></p> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font lang="EN-US" style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;&#160;</font></p> <table border="1" cellpadding="0" cellspacing="0" style="border:none;border-collapse:collapse;"> <tr> <td valign="bottom" style="border:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Title of class</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Name and Address of Beneficial Owner</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Amount and Nature of Beneficial Ownership</font></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Percent of Common Stock</font></p> </td> </tr> <tr> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="justify" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Common Stock</font></p> </td> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hui Liu Ping</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Yanggu&#39;ao Town, Lei Feng Village, Unit 4, No. 20</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">Hunan Province, Longhui County</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">422200</font></p> <p style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">China</font></p> </td> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,000,000</font></p> </td> <td valign="top" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><font style="font-family:Times New Roman,serif;font-size:10.0pt;">67.57%</font></p> </td> </tr> <tr> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">All directors and executive officers as a group (1 person)</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">&#160;</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">3,000,000</font></b></p> </td> <td valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-right:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;"> <p align="center" style="margin:0in;margin-bottom:.0001pt;"><b><font style="font-family:Times New Roman,serif;font-size:10.0pt;">67.57%</font></b></p> </td> </tr> </table> 21161 0 -8082 -3585 8082 3585 38487 8082 4473 3000000 67.57 3000000 25900 11831 EX-101.SCH 5 none-20181031.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 01001 - 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Amendment Description Amendment Flag Current Fiscal Year End Date Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Document Type Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Filer Category Entity Public Float Entity Registrant Name Entity Voluntary Filers Entity Well-known Seasoned Issuer Cost_ Of Goods Sold Cost of goods sold Cost of goods sold Going Concern Details_ [Abstract] - GOING CONCERN [Abstract] GOING CONCERN - GOING CONCERN [Abstract] GOING CONCERN [Abstract] Income Taxes Details_ [Abstract] - INCOME TAXES [Abstract] INCOME TAXES [Abstract] Net_ Loss Net loss Net loss Our Executive Officers And Directors Text Block Our executive officer's and director's Our executive officer's and director's Percent Of Common Stock Percent of Common Stock Percent of Common Stock: Common Stock Shares [Member] Shares Shares Subsequent Events Abstract_ [Abstract] - SUBSEQUENT EVENTS [Abstract] SUBSEQUENT EVENTS [Abstract] Subsequent Events Details_ [Abstract] - SUBSEQUENT EVENTS [Abstract] SUBSEQUENT EVENTS [Abstract] - SUBSEQUENT EVENTS (Tables) [Abstract] SUBSEQUENT EVENTS (Tables) [Abstract] - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] Summary Of Signifcant Accounting Policies Details_ [Abstract] - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] The Company In The Fiscal Year Beginning 1 November 2018 With An Option To Adopt The Standard For The Fiscal Year Beginning November 2017 Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017 Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017 The Company_ Had In Revenues For The Year Ended October 2018 The Company had $21,161 in revenues for the year ended October 31, 2018 The Company had $21,161 in revenues for the year ended October 31, 2018 The Following Table_ Sets Forth Information Regarding Each Element Of Compensation_ That We Paid Text Block The following table sets forth information regarding each element of compensation that we paid The following table sets forth information regarding each element of compensation that we paid Total Stockholders Equity_ [Member] Total Stockholders' Equity Total Stockholders' Equity Accounting Changes and Error Corrections [Text Block] Recent Accounting Pronouncements Significant Accounting Policies (Policies) [Abstract] Accrued Liabilities [Abstract] Liabilities Additional Paid in Capital Additional paid in capital Additional Paid-in Capital [Member] Additional Paid-in Capital Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net loss to net cash (used in) operating activities: Assets Total Non-current Assets Assets, Current Total Current Assets Assets, Current [Abstract] Current Assets Assets, Noncurrent Total Assets - ORGANIZATION AND NATURE OF BUSINESS [Abstract] Business Description and Basis of Presentation [Text Block] Basis of presentation Cash Cash, end of period Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash, Cash Equivalents, and Short-term Investments Cash, beginning of period Cash, Period Increase (Decrease) NET INCREASE (DECREASE) IN CASH Common Stock [Member] Common Stock Amount Common Stock, Other Value, Outstanding On October 26, 2016, we offered and sold 3,000,000 shares of common stock to Hui Liu Ping, our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a Director, at a purchase price of $0.001 per share, for aggregate proceeds of $3,000. 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Document and Entity Information - USD ($)
12 Months Ended
Oct. 31, 2018
Feb. 11, 2019
Document and Entity Information [Abstract]    
Document Type 10-K  
Amendment Flag true  
Document Period End Date Oct. 31, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus FY  
Entity Registrant Name Aura Energy Inc.  
Entity Central Index Key 0001692981  
Current Fiscal Year End Date --10-31  
Entity Filer Category Smaller Reporting Company  
Entity Public Float $ 0  
Entity Common Stock, Shares Outstanding   4,440,000
Amendment Description Aura Energy Inc. is filing this Amendment No. 1 to our Form 10-K for the fiscal year ended October 31, 2018 originally filed with the Securities and Exchange Commission on February 11, 2019, for the purpose of providing the Report of Independent Registered PublicAccounting Firm “Thayer O’Neal Company LLC”.  
Entity Well-known Seasoned Issuer No  
Entity Voluntary Filers No  
Entity Current Reporting Status Yes  
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BALANCE SHEETS - USD ($)
Oct. 31, 2018
Oct. 31, 2017
Current Assets    
Cash and cash equivalents $ 5,719 $ 7,415
Prepaid expense 4,338 0
Inventory 0 10,621
Total Current Assets 10,057 18,036
Fixed Assets    
Equipment, net 8,836 16,155
Total Non-current Assets 8,836 16,155
Total Assets 18,893 34,191
Current Liabilities    
Related Party Loans 25,900 19,900
Total Current Liabilities 25,900 19,900
Total Liabilities $ 25,900 $ 19,900
Stockholder's Equity    
Common stock, par value $0.001; 75,000,000 shares authorized, 4,440,000 and 4,440,000 shares issued and outstanding 4,440 4,440
Additional paid in capital $ 27,040 $ 27,040
Retained earnings (accumulated deficit) (38,487) (17,189)
Total Stockholder's Equity (Deficit) (7,007) 14,291
Total Liabilities and Stockholder's Equity $ 18,893 $ 34,191
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
BALANCE SHEETS (Parenthetical) - USD ($)
Oct. 31, 2018
Oct. 31, 2017
Statement of Financial Position [Abstract]    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 75,000,000 75,000,000
Common stock shares issued $ 4,440,000 $ 4,440,000
Common stock shares outstanding 4,440,000 4,440,000
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENTS OF OPERATIONS - USD ($)
12 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Income Statement [Abstract]    
Revenue $ 21,161 $ 21,430
Cost of goods sold 8,551 644
Gross Profit 12,610 20,786
OPERATING EXPENSES    
General and Administrative Expenses 33,908 37,855
TOTAL OPERATING EXPENSES 33,908 37,855
LOSS FROM OPERATIONS (21,298) (17,069)
PROVISION FOR INCOME TAXES 0 0
NET LOSS $ (21,298) $ (17,069)
NET LOSS PER SHARE: BASIC AND DILUTED $ (0.00) $ (0.00)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED 4,440,000 3,358,219
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENTS OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($)
Total
Shares
Common Stock Amount
Additional Paid-in Capital
Accumulated Deficit
Total Stockholders' Equity
Balance, October 31, 2018   $ 3,000,000 $ 3,000   $ (120) $ 2,880
Balance, October 31, 2016 at Oct. 31, 2016   $ 3,000,000 $ 3,000   (120) $ 2,880
Shares issued for cash for the year ended October 31, 2017   1,440,000 1,440 27,040   28,480
Net loss for the year ended October 31, 2017         (17,069) $ (17,069)
Balance, October 31, 2017 at Oct. 31, 2017 $ 14,291 $ 4,440,000 $ 4,440 $ 27,040 (17,189) 14,291
Balance, October 31, 2018 14,291 3,000,000 3,000 27,040 (120) 2,880
Balance, October 31, 2018 14,291 4,440,000 4,440 27,040 (17,189) 14,291
Balance, October 31, 2017 at Oct. 31, 2018 (7,007) 4,440,000 4,440 27,040 (38,487) (7,007)
Net loss for the year ended October 31, 2018         (21,298) (21,298)
Balance, October 31, 2018 (7,007) 4,440,000 4,440 27,040 (17,189) 14,291
Balance, October 31, 2018 $ (7,007) $ 4,440,000 $ 4,440 $ 27,040 $ (38,487) $ (7,007)
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Oct. 31, 2018
Oct. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (21,298) $ (17,069)
Depreciation expense 3,514 1,415
Adjustments to reconcile net loss to net cash (used in) operating activities:    
Inventory 10,621 (10,621)
CASH FLOWS USED IN OPERATING ACTIVITIES (7,163) (26,275)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of Fixed Assets 3,805 (17,570)
Deposits (4,338) 4,960
CASH FLOWS USED IN INVESTING ACTIVITIES (533) (12,610)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock 0 28,480
Related Party Loans 6,000 16,800
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 6,000 45,280
NET INCREASE (DECREASE) IN CASH (1,696) 6,395
Cash, beginning of period 7,415 1,020
Cash, end of period 5,719 7,415
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid 0 0
Income taxes paid $ 0 $ 0
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
- ORGANIZATION AND NATURE OF BUSINESS
12 Months Ended
Oct. 31, 2018
- ORGANIZATION AND NATURE OF BUSINESS [Abstract]  
- ORGANIZATION AND NATURE OF BUSINESS

Note 1 - ORGANIZATION AND NATURE OF BUSINESS

 

Arcom (“the Company”, “we”, “us” or “our”) was incorporated in the State of Nevada on September 26, 2016. Arcom is an innovative company that has reinvented the classic bow tie. Derived from a collaboration of creative and tasteful minds, the bow tie is an accessory created for a daring new generation of men set to express themselves with originality and flair.  The efforts resulted in an innovative and superior product that established wood as a new and distinctive material in the fashion industry. Each of our bow ties also incorporates an array of fine fabrics resulting in a truly special accessory.

 

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
- GOING CONCERN
12 Months Ended
Oct. 31, 2018
- GOING CONCERN [Abstract]  
- GOING CONCERN

Note 2 - GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  The Company had $21,161 in revenues for the year ended October 31, 2018.  The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
12 Months Ended
Oct. 31, 2018
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract]  
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

Note 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

 

Basis of presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's year-end is October 31.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017. The Company plans to adopt the standard after evaluating the effect of the standard on its financial statements and related disclosures.

 

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Aura Energy Inc.

(Formerly Arcom)

NOTES TO THE FINANCIAL STATEMENTS

October 31, 2018

(Audited)

 

Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.

 

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
- INCOME TAXES
12 Months Ended
Oct. 31, 2018
- INCOME TAXES (Tables) [Abstract]  
- INCOME TAXES

Note 4 - INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. As of October 31, 2018, the Company had net operating loss carry forwards of approximately $38,487 that may be available to reduce future years' taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

The valuation allowance at October 31, 2018 was approximately $8,082. The net change in valuation allowance during the year ended October 31, 2018 was $4,473. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. 

The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of October 31, 2018.  All tax years since inception remains open for examination by taxing authorities.

 

The provision for Federal income tax consists of the following for the year ended October 31, 2018 and October 31, 2017:

 

 

2018

 

2017

 

Tax provision at expected tax rate (21%)

$

(8,082)

$

(3,585)

Increase (decrease) to valuation allowance

 

8,082

 

3,585

Income tax provision

$

-

$

-


 

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUBSEQUENT EVENTS
12 Months Ended
Oct. 31, 2018
- SUBSEQUENT EVENTS [Abstract]  
- SUBSEQUENT EVENTS

Note 5 - SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to October 31, 2018 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 

None

 

Item 9A. Controls and Procedures

 

Disclosure Controls and Procedures.

 

The Company maintains disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) that are designed to ensure that information required to be disclosed in the Company's Securities Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to the Company's management, as appropriate, to allow timely decisions regarding required disclosure.

 

The Company's management, with the participation of our principal executive and principal financial officer evaluated the effectiveness of the Company's disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, our principal executive and principal financial officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were not effective.

 

Management's Report on Internal Controls over Financial Disclosure Controls and Procedures

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of October 31, 2018 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of October 31, 2018, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.       We do not have an Audit Committee - While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's activities.

 

2.       We did not maintain appropriate cash controls - As of October 31, 2018, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company's bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.

 

3.       We did not implement appropriate information technology controls - As at October 31, 2018, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company's data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company's internal controls.

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of October 31, 2018 based on criteria established in Internal Control- Integrated Framework issued by COSO.

 

System of Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2018. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

Changes in Internal Control over Financial Reporting

 

There was no change in the Company's internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

 

Item 9B. Other Information.

 

None.

 

PART III

 

Item 10. Directors, Executive Officers and Corporate Governance.

 

Our executive officer's and director's and their respective ages are as follows:

  

Name

Age

Positions

Hui Liu Ping

Yanggu'ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

39

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director

Set forth below is a brief description of the background and business experience of our executive officers and directors for the past five years.

  

Hui Liu Ping

  

Ms. Hui Liu Ping has served as our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director since September 26, 2016. For the past five years the director worked in the fashion industry. Ms. Hui Liu Ping's desire to found our company led to our conclusion that Ms. Hui Liu Ping should be serving as a member of our board of directors in light of our business and structure.

 

For the period from May 2010 to October 2014 Ms. Hui Liu Ping worked for Alimo Accessory Co., Ltd, wholesale imitation jewelry company, as a senior manager of marketing team. At her responsibilities were organizing of the advertising exhibitions, managing was of several employees, preparation of the weekly, monthly and year reports regarding sales quantity and customers database development. From November 2014 till August 2016 our Chief Executive Officer and director worked for Silou Ma Textile Co., Ltd, clothing company, as a head of customers department manager. She fulfilled the work of finding new customer, communication with excising customers, composing orders for the customers, managing and controlling customers database. She is not working for Silou Ma Textile Co., Ltd currently. Ms. Hui Liu Ping is only involved in activities of Arcom.

  

TERM OF OFFICE

  

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company's Bylaws provide that the Board of Directors will consist of a minimum of one member. Officers are elected by and serve at the discretion of the Board of Directors.

  

DIRECTOR INDEPENDENCE

  

Our board of directors is currently composed of one member, and she does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (the Company has no plans to list on the NASDAQ Global Market). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of her family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to our director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by directors and us with regard to our director's business and personal activities and relationships as they may relate to our management and us.

  

SIGNIFICANT EMPLOYEES AND CONSULTANTS

  

We currently have one employee, our Chief Executive Officer, Hui Liu Ping.

 

AUDIT COMMITTEE AND CONFLICTS OF INTEREST

  

Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is a start-up stage company and has only one director, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

  

Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.

  

INVOLVEMENT IN CERTAIN LEGAL PROCEEDINGS

  

No director, person nominated to become a director, executive officer, promoter or control person of our company has, during the last ten years: (i) been convicted in or is currently subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (ii) been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to any federal or state securities or banking or commodities laws including, without limitation, in any way limiting involvement in any business activity, or finding any violation with respect to such law, nor (iii) any bankruptcy petition been filed by or against the business of which such person was an executive officer or a general partner, whether at the time of the bankruptcy or for the two years prior thereto.

 

Item 11. Executive Compensation

 

The following table sets forth information regarding each element of compensation that we paid or awarded to our named executive officers for fiscal 2018 and 2017:

  

Name and

Principal

Position

Period

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

2017-2018

0

0

0

0

0

0

0

0

  

Our Chief Executive Officer and director has not received monetary compensation since our inception to the date of this report. We currently do not pay any compensation to any officer or any member of our board of directors.

 

 

 

EMPLOYMENT AGREEMENTS

 

The Company is not a party to any employment agreement and has no compensation agreement with any officer or director.

  

DIRECTOR COMPENSATION

  

The following table sets forth director compensation for fiscal 2018 and 2017:

  

Name

Fees Earned or

Paid in Cash

($)

Stock

Awards

($)

Opinion

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

Earnings

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

0

0

0

0

0

0

0

  

We have not compensated our directors for their service on our Board of Directors since our inception. There are no arrangements pursuant to which directors will be compensated in the future for any services provided as a director.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following table lists, as of the date of this report, the number of shares of common stock of our Company that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal shareholders and management is based upon information furnished by each person using "beneficial ownership" concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

  

The percentages below are calculated based on 4,440,000 shares of our common stock issued and outstanding as of the date of this report. We do not have any outstanding warrants, options or other securities exercisable for or convertible into shares of our common stock.

  

Title of class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Ownership

Percent of Common Stock

Common Stock

Hui Liu Ping

Yanggu'ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

3,000,000

67.57%

All directors and executive officers as a group (1 person)

 

3,000,000

67.57%

 

The shareholders of the company have entered into subscription agreements with the corporation. The agreements stated that the investors irrevocably subscribed for and agreed to purchase a stated amount of shares of the common stock of Arcom, a Nevada corporation at a stated price. The undersigned acknowledged that they had received a copy of the prospectus of the Company, dated May 3, 2017, read and understood the information disclosed, understood that an investment in the shares was a speculative investment, which involved a high degree of risk and potential loss of their entire investment. The undersigned understood that the stated price of the stock purchased beared no relation to the assets, book value or net worth of the Company and was determined arbitrarily by the Company.

 

Item 13. Certain Relationships and Related Transactions

 

Ms. Hui Liu Ping is considered to be a promoter, and currently does the Securities and Exchange Commission as that term is defined in the rules and regulations promulgate the only promoter, of Arcom.

  

On October 26, 2016, we offered and sold 3,000,000 shares of common stock to Hui Liu Ping, our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a Director, at a purchase price of $0.001 per share, for aggregate proceeds of $3,000.

  

Since October 26, 2016, Hui Liu Ping has loaned us $25,900 pursuant to the $40,000 loan agreement. The loan does not have any term, carries no interest and is not secured.

 

Item 14. Principal Accountant Fees and Services 

During fiscal year ended October 31, 2017, we incurred approximately $11,831 in fees to our principal independent accountants for professional services rendered in connection with the audit of our October 31, 2016 financial statements and for the reviews of our financial statements for the quarters ended January 31, 2017, April 30, 2017, and July 31, 2017.

 

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Significant Accounting Policies (Policies)
12 Months Ended
Oct. 31, 2018
Significant Accounting Policies (Policies) [Abstract]  
Basis of presentation

Basis of presentation

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company's year-end is October 31.

 

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

 

In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017. The Company plans to adopt the standard after evaluating the effect of the standard on its financial statements and related disclosures.

 

Revenue Recognition

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Aura Energy Inc.

(Formerly Arcom)

NOTES TO THE FINANCIAL STATEMENTS

October 31, 2018

(Audited)

 

Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.

 

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
- INCOME TAXES (Tables)
12 Months Ended
Oct. 31, 2018
- INCOME TAXES (Tables) [Abstract]  
The provision for Federal income

The provision for Federal income tax consists of the following for the year ended October 31, 2018 and October 31, 2017:

 

 

2018

 

2017

 

Tax provision at expected tax rate (21%)

$

(8,082)

$

(3,585)

Increase (decrease) to valuation allowance

 

8,082

 

3,585

Income tax provision

$

-

$

-

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUBSEQUENT EVENTS (Tables)
13 Months Ended
Oct. 31, 2018
- SUBSEQUENT EVENTS (Tables) [Abstract]  
Our executive officer's and director's

Our executive officer's and director's and their respective ages are as follows:

  

Name

Age

Positions

Hui Liu Ping

Yanggu'ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

39

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director

The following table sets forth information regarding each element of compensation that we paid

The following table sets forth information regarding each element of compensation that we paid or awarded to our named executive officers for fiscal 2018 and 2017:

  

Name and

Principal

Position

Period

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

2017-2018

0

0

0

0

0

0

0

0

The following table sets forth director compensation

The following table sets forth director compensation for fiscal 2018 and 2017:

  

Name

Fees Earned or

Paid in Cash

($)

Stock

Awards

($)

Opinion

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

Nonqualified

Deferred

Compensation

Earnings

($)

All Other

Compensation

($)

Total

($)

Hui Liu Ping, President

0

0

0

0

0

0

0

The percentages below are calculated

The percentages below are calculated based on 4,440,000 shares of our common stock issued and outstanding as of the date of this report. We do not have any outstanding warrants, options or other securities exercisable for or convertible into shares of our common stock.

  

Title of class

Name and Address of Beneficial Owner

Amount and Nature of Beneficial Ownership

Percent of Common Stock

Common Stock

Hui Liu Ping

Yanggu'ao Town, Lei Feng Village, Unit 4, No. 20

Hunan Province, Longhui County

422200

China

3,000,000

67.57%

All directors and executive officers as a group (1 person)

 

3,000,000

67.57%

XML 24 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
- GOING CONCERN (Details Text)
Oct. 31, 2018
USD ($)
Going Concern Details_ [Abstract]  
The Company had $21,161 in revenues for the year ended October 31, 2018 $ 21,161
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text)
Oct. 31, 2018
USD ($)
Summary Of Signifcant Accounting Policies Details_ [Abstract]  
Accordingly, the standard will be effective for the Company in the fiscal year beginning November 1, 2018, with an option to adopt the standard for the fiscal year beginning November 1, 2017 $ 0
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
- INCOME TAXES (Details 1) - USD ($)
12 Months Ended
Oct. 31, 2018
Oct. 31, 2017
Income Taxes Details_ [Abstract]    
Tax provision at expected tax rate (21%) $ (8,082) $ (3,585)
Increase (decrease) to valuation allowance 8082 3585
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
- INCOME TAXES (Details Text)
Oct. 31, 2018
USD ($)
Income Taxes Paid, Net [Abstract]  
As of October 31, 2018, the Company had net operating loss carry forwards of approximately $38,487 that may be available to reduce future years' taxable income in varying amounts through 2031 $ 38,487
The valuation allowance at October 31, 2018 was approximately $8,082 8,082
The net change in valuation allowance during the year ended October 31, 2018 was $4,473 $ 4,473
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUBSEQUENT EVENTS (Details 1)
Oct. 31, 2018
USD ($)
Subsequent Events Abstract_ [Abstract]  
Amount and Nature of Beneficial Ownership: Hui Liu Ping $ 3,000,000
Percent of Common Stock $ 67.57
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
- SUBSEQUENT EVENTS (Details Text) - USD ($)
24 Months Ended
Oct. 31, 2018
Oct. 26, 2016
Subsequent Events Details_ [Abstract]    
On October 26, 2016, we offered and sold 3,000,000 shares of common stock to Hui Liu Ping, our President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and a Director, at a purchase price of $0.001 per share, for aggregate proceeds of $3,000.   $ 3,000,000
Since October 26, 2016, Hui Liu Ping has loaned us $25,900 pursuant to the $40,000 loan agreement   $ 25,900
During fiscal year ended October 31, 2017, we incurred approximately $11,831 in fees to our principal independent accountants for professional services rendered in connection with the audit of our October 31, 2016 financial statements and for the reviews of our financial statements for the quarters ended January 31, 2017, April 30, 2017, and July 31, 2017. $ 11,831  
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