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- RELATED PARTY TRANSACTIONS
12 Months Ended
Nov. 30, 2019
Nov. 30, 2019
- RELATED PARTY TRANSACTIONS [Abstract]    
- Determination of the transaction price;

-          Determination of the transaction price;

-          Allocation of the transaction price to the performance obligations in the contract; and

-          Recognition of revenue when, or as, we satisfy performance obligation.

 

The Company has evaluated all the recent accounting pronouncements and determined that there are no other accounting pronouncements that will have a material effect on the Company's financial statements.

 

 

Property and Equipment

Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. The company purchased a computer for $1,250 on December 4, 2017. As of November 30, 2019, depreciation amount was $832 and net of accumulated depreciation was $418.

On April 21, 2018, the Company purchased Embroidery Machine for $15,000. This equipment is stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 5 years. As of November 30, 2019, depreciation amount was $4,835 and net of accumulated depreciation was $10,165.

 

Revenue

The Company has generated $15,284 in revenue to date. The company's revenue source is from its embroidery business. The Company offers embroidery products that include the embroidery not only on cut, but also on finished products such as work wear, pennants, t-shirts, jerseys, sweatshirts, baseball caps, windbreakers, coveralls, uniforms, towels, hats, jackets, linen, blankets, and others.  

 

NOTE 5 - RELATED PARTY TRANSACTIONS

 

In support of the Company's efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. 

 

Since February 10, 2017 (Inception) through November 30, 2019, the Company's sole officer and director loaned the Company $23,524 to pay for incorporation costs and operating expenses.  As of November 30, 2019, the amount outstanding was $23,524. The loan is non-interest bearing, due upon demand and unsecured.