0001726744-19-000004.txt : 20190430 0001726744-19-000004.hdr.sgml : 20190430 20190430073029 ACCESSION NUMBER: 0001726744-19-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190430 DATE AS OF CHANGE: 20190430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EXENT CORP. CENTRAL INDEX KEY: 0001726744 STANDARD INDUSTRIAL CLASSIFICATION: SHEET METAL WORK [3444] IRS NUMBER: 352611667 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-222829 FILM NUMBER: 19778446 BUSINESS ADDRESS: STREET 1: 3773 HOWARD HUGHES PKWY STE 500S CITY: LAS VEGAS STATE: NV ZIP: 89169-6014 BUSINESS PHONE: 996770716988 MAIL ADDRESS: STREET 1: 3773 HOWARD HUGHES PKWY STE 500S CITY: LAS VEGAS STATE: NV ZIP: 89169-6014 10-Q 1 exent10q-march31draftapril30.htm q



UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarter ended: March 31, 2019

OR

[   ] 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: 333-222829

EXENT CORP.

 (Exact name of registrant as specified in its charter)


Nevada

(State or Other Jurisdiction of Incorporation or Organization)


35-2611667

IRS Employer Identification Number

3444

Primary Standard Industrial Classification Code Number


Exent Corp.

Stroitelnaya str. 9-1, Ivanovka

Chui region, Kyrgyzstan 72000

Tel. +996555158151

(Address and telephone number of principal executive offices)




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 past 12 months, and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated 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

Accelerated filer

Non-accelerated filer X

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. YES [ ] NO [ X ]


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

Yes [  ] No [X]


As of April 30, 2019, there were 2,027,000 shares outstanding of the registrant’s common stock.



1 | Page







  

  

Page



PART I

 FINANCIAL INFORMATION:

 

 

 

 

Item 1.

Financial Statements

3

 

 

 

 

Balance Sheets as of March 31, 2019 (unaudited) and December 31, 2018

3

 

 

 

 

Statements of Operations for the three month periods ended March 31, 2019 and 2018 (unaudited)

4

 

 

 

 

Statement of changes in stockholders’ equity for the three months ended march 31, 2019 and 2018 (unaudited)

 

 

 

 

 

Statements of Cash Flows for the three months ended March 31, 2019 and March 31, 2018  (unaudited)

5

 

 

 

 

Notes to the Financial Statements (unaudited)

6

 

 

 

Item 2.


Management’s Discussion and Analysis of Financial Condition and

Results of Operations

10

 

  

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

11

 

 

 

Item 4.

Controls and Procedures

12

 

 

 

PART II

OTHER INFORMATION:

 

 

 

 

Item 1.

Legal Proceedings

13

 

 

 

Item 1A

Risk Factors

13

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

13

 

 

 

Item 3.

Defaults Upon Senior Securities

13

 

 

 

Item 4.

Mine Safety Disclosure.

13

 

 

 

Item 5.

Other Information

13

 

 

 

Item 6.

Exhibits

13

 

 

 

 

 Signatures

13

 

 








2 | Page






PART I – FINANCIAL INFORMATION


Item 1. Financial statements


The accompanying interim financial statements of EXENT CORP. (the “Company”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted principles have been condensed or omitted pursuant to such rules and regulations.


In the opinion of management, the financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.




EXENT CORP.

BALANCE SHEETS

 

March 31, 2019

(Unaudited)

December 31, 2018

(Audited)

ASSETS

 

 

Current Assets

 

 

 

Cash

$        229

$        3,030

 

Total Current assets

229

3,030

 

 

 

 

Capital Assets

 

 

 

Equipment, net of depreciation

20,602

21,254

 

Total Capital assets

20,602

21,254

 

 

 

 

Total Assets                                                         

$      20,831

$       24,284

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current  Liabilities

 

 Loan from related parties

$      29,257

$           23,863

 

Accounts Payable

-

2,198

Total Liabilities

29,257

26,061

 

Commitments and Contingencies

-

-

 

Stockholders’ Equity

  

Common stock, $0.001 par value, 75,000,000 shares authorized;

 

 

2,027,000 and 2,027,000 shares issued and outstanding as of March 31, 2019 and December 31, 2018 respectively

2,027

2,027

 

Additional paid-in-capital

25,823

25,823

 

Accumulated Deficit

(36,276)

(29,627)

Total Stockholders’ Equity

(8,426)

(1,777)

 

 

 

Total Liabilities and Stockholders’ Equity

$  20,831

$        24,284        


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



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EXENT CORP.

STATEMENTS OF OPERATIONS

(Unaudited)

 

For the three months ended March 31, 2019

For the three months ended March 31, 2018

 

 

Revenue

$            -

$                  -

 

 

Cost of sales

-

-

 

 

Gross profit

-

-

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

Professional fees

$              4,450

$                  6,250

 

 

 Rent

1,050

-

 

 

 General and administrative expenses

             1,149

                573

 

 

Net loss from operations

(6,649)

(6,823)

 

 

Loss before taxes

(6,649)

(6,823)

 

 

 

 

 

 

 

Provision for taxes

-

-

 

 

 

 

 

 

 

Net loss

$       (6,649)

$                (6,823)

 

 

 

 

 

 

 

Loss per common share:

 Basic and Diluted

$          (0.00)

$                (0.01)

 

 

 

 

 

 

 

Weighted Average Number of Common Shares  Outstanding:

Basic and Diluted

2,027,000

1,500,000

 

 


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



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EXENT CORP.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2019 AND 2018 (UNAUDITED)

 

Number of

Common

Shares


Amount

Additional

Paid-in-

Capital

Deficit

accumulated



Total


Balances as of December 31, 2017

1,500,000

 1,500

$            -

$      (224)

$     1,276


Net loss for three months ended March 31, 2018

-

-

-

(6,823)

(6,823)

Balances as of March 31, 2018

1,500,000

1,500

-

$   (7,047)

(5,547)


Common Shares issued for cash at $0.05 per share

527,000

527

25,823

-

26,350


Net loss for the year                                                                  

-

-

 

(22,580)

(22,580)


Balances as of December 31, 2018

2,027,000

$  2,027

$   25,823

$   (29,627)

$   (1,777)


Net loss for three months ended March 31, 2019

-

-

-

(6,649)

(6,649)


Balances as of March 31, 2019

2,027,000

$  2,027

$   25,823

$   (36,276)

$  (8,426)





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



5 | Page








EXENT CORP.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

For the three months ended March 31, 2019

For the Three months ended March 31, 2018

 

Operating Activities

 

 

 

 

Net loss

$       (6,649)

$          (6,823)

 

 

Depreciation expense

652

-

 

 

Increase (Decrease) in accounts payable

(2,198)

12,000

 

 

Net cash (used in) provided by operating activities

(8,195)

5,177

 

 

 

 

 

 

Investing  Activities

 

 

 

         Purchase of capital assets

-

(17,000)

 

         Increase in other non-current assets

 

(1,250)

 

Net cash used in investing activities

-

(18,250)

 

 

 

 

 

Financing Activities

 

 

 

 

Proceeds from sale of common stock

-

-

 

 

Proceeds from loan from shareholder

5,394

13,004

 

 

Net cash provided by financing activities

5,394

13,004

 

 

 

 

 

 

Net decrease in cash and equivalents

(2,801)

(69)

 

Cash and equivalents at beginning of the period

3,030

1,500

 

Cash and equivalents at end of the period

$         229

$              1,431

 

 

Supplemental cash flow information:

 

 

 

 

Cash paid for:

 

 

 

 

Interest                                                                                               

$                  -

$                    -

 

 

Taxes                                                                                           

$                  -

$                    -

 



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





6 | Page





EXENT CORP.

NOTES TO FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2019

UNAUDITED


NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

Organization and Description of Business

EXENT CORP. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on February 15, 2017. The Company purchased equipment to manufacture and sell drywall steel studs.


Since inception through March 31, 2019 the Company has generated $8,694 in revenue and has accumulated losses of $36,276.

The accompanying condensed financial statements have been prepared by the Company without audit. Management believes that estimates are proper, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2019 and for the related periods presented. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ending December 31, 2019. These financial statements and footnotes should be read in conjunction with the audited financial statements for the year ended December 31, 2018, filed with the Securities and Exchange Commission.

GOING CONCERN


The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred a loss since Inception (February 15, 2017) resulting in an accumulated deficit of $36,276 as of March 31, 2019 and further losses are anticipated in the development of its business.  Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.  


The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock.  


NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation


The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted December 31 as its fiscal year end.


Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. At March 31, 2019 and 2018, the Company did not have any dilutive securities and other contracts. As a result, diluted loss per share is the same as basic loss per share for the period presented.



7 | Page





Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.


The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2019 the Company's bank deposits did not exceed the insured amounts.


Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.


Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.


Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three months ended March 31, 2019 and for the three months ended March 31, 2018.


Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.


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.


Stock-Based Compensation

As of March 31, 2019 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718).  To date, the Company has not adopted a stock option plan and has not granted any stock options.


Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. The updated guidance, and subsequent clarifications, collectively referred to as ASC 606, require an entity to recognize revenue when it transfers control 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. Previously we recorded revenue based on ASC Topic 605.




8 | Page





We adopted Topic 606 since inception on February 15, 2017. Revenues for reporting periods beginning after February 15, 2017 are presented under Topic 606. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues.


Recent Accounting Pronouncements

The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company.


Property and Equipment Depreciation Policy

The Company purchased a machine for drywall steel studs manufacturing for $17,000. On May 14, 2018, the Company purchased office equipment for $4,900.  Equipment is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 10 years.

Company purchased a computer for $1,250.  It is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 3 years.


Capitalization Policy

A “Capital Asset” is a unit of property with a useful life exceeding one year and a per unit acquisition cost exceeding $1,000. Capital assets will be capitalized and depreciated over their useful lives. All Capital Assets are recorded at historical cost as of the date acquired. Tangible assets costing below the aforementioned threshold amount are recorded as an expense in the accounting records and financial statements of the business. In addition, assets with an economic useful life of 12 months or less must be expensed for both book and financial reporting purposes.

NOTE 3 – CAPITAL STOCK


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

On November 15, 2017 the Company issued 1,500,000 shares of its common stock at $0.001 per share for total proceeds of $1,500. In May and June 2018, the Company sold 527,000 shares of its common stock at $0.05 per share for total proceeds of $26,350.


As of March 31, 2019 the Company had 2,027,000 shares issued and outstanding.


NOTE 4 – 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 15, 2017 (Inception) through March 31, 2019, the Company’s sole officer and director loaned the Company $29,257 to pay for incorporation costs and operating expenses.  As of March 31, 2019, the amount outstanding was $29,257. The loan is non-interest bearing, due upon demand and unsecured.


The Company’s sole officer and director provided services and office space. The Company does not pay any rent to its sole officer and director and there is no agreement to pay any rent in the future.

 


NOTE 5- SUBSEQUENT EVENTS


In accordance with ASC 855-10 the Company has analyzed its operations subsequent to March 31, 2019 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.



9 | Page






Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.


This quarterly report and other reports filed by EXENT CORP. (“we,” “us,” “our,” or the “Company”), from time to time contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company’s management as well as estimates and assumptions made by Company’s management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the filings, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions as they relate to the Company or the Company’s management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.


Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.


Our financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). These accounting principles require us to make certain estimates, judgments, and assumptions. We believe that the estimates, judgments, and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments, and assumptions are made. These estimates, judgments, and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates.


GENERAL DESCRIPTION OF BUSINESS


We were incorporated in the State of Nevada on February 15, 2017.

We manufacture and sell drywall steel studs. Our product is used principally in new developments, commercial and residential construction and in home improvement, remodeling and repair work. A success of our business plan depends on the level of the new construction and the retail sales market. A downturn of commercial and residential new developments as well as a decrease in home improvement activity can adversely affect our intended business.

We distribute our drywall steel studs in the Kyrgyz market to wholesale customers. In the future, when/if we have available resources, operating history and experience, we plan to expand our market to China, Europe and Commonwealth of Independent States (CIS) countries. We believe that there is a demand for our product. However, there is no guarantee that we will be able to sell our drywall steel studs.

Our raw material is galvanized metal with a thickness of 0.5-0.7 millimeters. We buy reels of galvanized metal weighing 5-6 tons.






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


Results of Operations for the three months ended March 31, 2019 compared to the three months ended March 31, 2018:


Operating expenses


Total operating expenses for the three month period ended March 31, 2019 were $6,649 compared to $6,823 for the three month period ended March 31, 2018. The operating expenses for the three month period ended March 31, 2019 included depreciation expense of $652; professional fees of $4,450; rent of $1,050; and general and administrative expenses of $497.


The operating expenses for the three month period ended March 31, 2018 included professional fees $6,250; and general and administrative expenses of $573.


Net Loss


The net loss for the three month period ended March 31, 2019 was $6,649 compared to $6,823 for the three month period ended March 31, 2018.



Liquidity and Capital Resources and Cash Requirements


At March 31, 2019, the Company had total assets of $20,831 ($24,284 as of December 31, 2018). Total assets at March 31, 2019 comprised of $229 in cash and $20,602 in equipment.


During the three month period ended March 31, 2019, the Company used $8,195 of cash in operating activities due to its net loss of $6,649; decrease in accounts payable of $2,198 and depreciation of $652.  

During the three month period ended March 31, 2018, net cash provided by operating activities was $5,177 due to its net loss of $6,823 and increase in accounts payable of $12,000.


During the three month period ended March 31, 2018, the Company used $18,250 cash in investing activities. Cash was used to purchase equipment compared to $-0- during the three month period ended March 31, 2019.


During the three month period ended March 31, 2019, the Company generated $5,394 cash in financing activities, consisted of loans of $5,394 compared to $13,004 during the three month period ended March 31, 2018.


Off-Balance Sheet Arrangements


We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.


Item 3. Quantitative and Qualitative Disclosures about Market Risk.


As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.




11 | Page





Item 4. Controls and Procedures.


Disclosure Controls and Procedures


We maintain disclosure controls and procedures, as defined in Rule 13a15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are 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 Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.


We carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures as of March 31, 2019. Based on the evaluation of these disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures was not effective.


Changes in Internal Controls over Financial Reporting


There has been no change in our internal control over financial reporting occurred during this fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


PART II.  OTHER INFORMATION


Item 1.

LEGAL PROCEEDINGS


During the past ten years, none of the following occurred with respect to the President of the Company: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of any competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting her involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the commodities futures trading commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.




12 | Page





We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions.


Item 1A.

RISK FACTORS


As a “smaller reporting company” as defined by Item 10 of Regulation S-K, we are not required to provide information required by this Item.


Item 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS


No unregistered sales of equity securities took place during the three months ended March 31, 2019.

 

Item 3.

DEFAULTS UPON SENIOR SECURITIES


There were no senior securities issued and outstanding during the three months ended March 31, 2019.



Item 4.

MINE SAFETY DISCLOSURE


Not applicable to our Company.


Item 5.

OTHER INFORMATION


There is no other information required to be disclosed under this item which was not previously disclosed.


Item 6.

EXHIBITS


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


Exhibit No.

 

Description

31.1 

 

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

 

 

32.1 

 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



SIGNATURES


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


 


 

EXENT CORP.

 

 

 

 

 

 

 Dated: April 30, 2019

By:

/s/

Marat Asylbekov

 

 

 

Name:

Marat Asylbekov

 

 

 

Title:

President, Treasurer and Secretary

 

 

 

(Principal Executive, Financial and Accounting Officer)






13 | Page



EX-31.1 2 f10-qcertification31.1.htm Form 10-Q 31.1

Exhibit 31.1


CERTIFICATION


I, Marat Asylbekov, President and Chief Executive Officer and Chief Financial Officer of Exent Corp., certify that:


1.   I have reviewed this Quarterly Report on Form 10-Q of Exent Corp.;


2.   Based on my knowledge, this report does not contain any untrue statement of material  fact or omit to  state a  material  fact  necessary  to make  the statements made, in light of the circumstances  under which such statements  were made, not  misleading  with respect to the period covered by quarterly report;


3.   Based on my  knowledge,  the  financial  statements,  and  other  financial  information included in this Report,  fairly present in all material respects the financial  condition,  results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.   The  registrant's  other  certifying  officer(s) and I are  responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules  13a-15(e) and 15d- 15(e)) and internal  control over financial  reporting  (as  defined  in  Exchange  Act Rules  13a-15(f)  and 15d-15(f)) for the registrant and have:


     a)   designed  such  disclosure  controls  and  procedures,  or caused such  disclosure   control  and   procedures   to  be  designed   under  our  supervision,  to ensure  that  material  information  relating  to the registrant,  including its consolidated subsidiaries, is made known to us by others within those entities,  particularly during the period in which this report is being prepared;

     b)   designed such internal  control over  financial  reporting,  or caused such internal  control over  financial  reporting to be designed under  our  supervision,   to  provide  reasonable  assurance  regarding  the reliability  of financial  reporting and the  preparation of financial statements for external purposes in accordance with generally accepted  accounting principles;

     c)   evaluated the  effectiveness of the registrant's  disclosure  controls and procedures and presented in this report our conclusions  about the  effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

     d)   disclosed  in this  report  any  change in the  registrant's  internal  control over financial reporting that occurred during the registrant's  most recent fiscal quarter (the registrant's  fourth fiscal quarter in the case of an annual  report)  that has  materially  affected,  or is  reasonably  likely to materially  affect,  the  registrant's  internal  control over financial reporting; and


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


     a)   all significant  deficiencies and material weaknesses in the design or operation  of internal  control  over  financial  reporting  which are reasonably  likely to  adversely  affect the  registrant's  ability to record, process summarize and report financial information; and

     b)   any fraud, whether or not material,  that involves management or other employees who have a  significant  role in the  registrant's  internal control over financial reporting.


Date: April 30, 2019



/s/ Marat Asylbekov

____________________________

Marat Asylbekov, President,

Chief Executive Officer and Chief Financial Officer




EX-32.1 3 f10-qcertification32.1.htm Form 10-Q 32.1

Exhibit 32.1


CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002



In  connection  with the  Quarterly  Report of Exent Corp. (the "Company")  on Form 10-Q for the period  ended  March 31, 2019 as filed with the Securities  and  Exchange  Commission  on the date  hereof (the  "Report"),  the undersigned,  in the  capacities  and  on  the  dates  indicated  below,  hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:


     1.   The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


     2.   The  information  contained  in the  Report  fairly  presents,  in all material respects,  the financial  condition and   results of operations  of the Company.


Date: April 30, 2019




/s/ Marat Asylbekov

Marat AsylbekovPresident,

Chief Executive Officer and

Chief Financial Officer




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Company No No No 2019 Q1 <!--egx--><p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'><b>EXENT CORP.</b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'><b>NOTES TO FINANCIAL STATEMENTS</b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'><b>FOR THE THREE MONTHS ENDED MARCH 31, 2019</b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'><b>UNAUDITED</b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='margin:0in 0in 0pt;line-height:normal'><b>NOTE 1&nbsp;&#150; ORGANIZATION AND BASIS OF PRESENTATION</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>&nbsp;</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Organization and Description of Business</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>EXENT CORP. (&#147;the Company&#148;) was incorporated under the laws of the State of Nevada, U.S. on February 15, 2017. The Company purchased equipment to manufacture and sell drywall</b> <b>steel studs.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>Since inception through March 31, 2019 the Company has generated $8,694 in revenue and has accumulated losses of $36,276.</b></p> <p style='text-align:justify;margin:0in 0in 8pt;line-height:normal'><b>The accompanying condensed financial statements have been prepared by the Company without audit. Management believes that estimates are proper, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2019 and for the related periods presented. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ending December 31, 2019. These financial statements and footnotes should be read in conjunction with the audited financial statements for the year ended December 31, 2018, filed with the Securities and Exchange Commission.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>GOING CONCERN</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.&nbsp; The Company has incurred a loss since Inception (February 15, 2017) resulting in an accumulated deficit of $</b><b>36,276 as of March 31, 2019 and further losses are anticipated in the development of its business.&nbsp; Accordingly, there is substantial doubt about the Company&#146;s ability to continue as a going concern.&nbsp; </b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock.&nbsp; </b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>NOTE 2 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'><b><u>Basis of Presentation</u></b></p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'>&nbsp;</p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'><b>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted December 31 as its fiscal year end.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Basic Income (Loss) Per Share</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company computes loss per share in accordance with &#147;ASC-260&#148;, &#147;Earnings per Share&#148; which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.&nbsp; Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. <font style='background:white'>At March 31, 2019 and 2018, the Company did not have any dilutive securities and other contracts. As a result, diluted loss per share is the same as basic loss per share for the period presented.</font></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Cash and Cash Equivalents</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At </b><b>March 31, 2019 </b><b>the Company's bank deposits did not exceed the insured amounts.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Dividends</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Income Taxes</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company follows the liability method of accounting for income taxes.&nbsp; Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).&nbsp; The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </b></p> <p style='margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Advertising Costs</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company&#146;s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three months ended March 31, 2019 and </b><b>for the three months ended March 31, 2018</b><b>.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Impairment of Long-Lived Assets</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Use of Estimates</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>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.&nbsp;&nbsp;Actual results could differ from those estimates.</b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Stock-Based Compensation</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>As of </b><b>March 31, 2019 </b><b>the Company has not issued any stock-based payments to its employees. </b><b>Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718).&nbsp; To date, the Company has not adopted a stock option plan and has not granted any stock options.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><u>Revenue Recognition</u></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>The Company adopted Accounting Standards Codification (&#147;ASC&#148;) Topic 606, &#147;Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. The updated guidance, and subsequent clarifications, collectively referred to as ASC 606, require an entity to recognize revenue when it transfers control 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. Previously we recorded revenue based on ASC Topic 605. </b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>We adopted Topic 606 since inception on February 15, 2017. Revenues for reporting periods beginning after February 15, 2017 are presented under Topic 606. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'><b><u>Recent Accounting Pronouncements</u></b></p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'><b>The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company.</b></p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;line-height:normal;text-autospace:'>&nbsp;</p> <p style='margin:0in 0in 0pt;line-height:15.6pt;text-autospace:'><b><u><font lang="EN">Property and Equipment Depreciation Policy</font></u></b></p> <p style='margin:0in 0in 0pt;line-height:normal;text-autospace:'><b><font lang="EN">The Company purchased</font></b><b><font lang="EN"> </font></b><b>a machine for drywall steel studs manufacturing for $17,000</b><b><font lang="EN">. On May 14, 2018, the Company purchased office equipment for $4,900.&nbsp; Equipment is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 10 years. </font></b></p> <p style='margin:0in 0in 0pt;line-height:normal;text-autospace:'><b><font lang="EN">Company purchased a computer for $1,250.&nbsp; It is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 3 years.</font></b></p> <p style='margin:0in 0in 0pt;line-height:15.6pt;text-autospace:'>&nbsp;</p> <p style='margin:0in 0in 0pt;line-height:15.6pt;text-autospace:'><b><u>Capitalization Policy</u></b></p> <p style='margin:0in 0in 8pt'><b><font style='line-height:107%'>A &#147;Capital Asset&#148; is a unit of property with a useful life exceeding one year and a per unit acquisition cost exceeding $1,000. Capital assets will be capitalized and depreciated over their useful lives. All Capital Assets are recorded at historical cost as of the date acquired. Tangible assets costing below the aforementioned threshold amount are recorded as an expense in the accounting records and financial statements of the business. In addition, assets with an economic useful life of 12 months or less must be expensed for both book and financial reporting purposes.</font></b></p> <p style='margin:0in 0in 0pt;line-height:15.6pt;text-autospace:'><b>NOTE 3 &#150; CAPITAL STOCK</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='margin:0in 0in 0pt;line-height:normal'><b>The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. </b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>On November 15, 2017 the Company issued </b><b>1,500,000</b><b> shares of its common stock at $</b><b>0.001</b><b> per share for total proceeds of $1,500. In May and June 2018, the Company sold 527,000 shares of its common stock at $</b><b>0.05</b><b> per share for total proceeds of $26,350.</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>As of March 31, 2019 the Company had 2,027,000 shares issued and outstanding.</b></p> <!--egx--><p style='margin:0in 0in 0pt;line-height:normal'><b>NOTE 4 &#150; RELATED PARTY TRANSACTIONS</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>&nbsp;</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><font lang="EN-CA">In support of the Company&#146;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.&nbsp; </font></b></p> <p align="center" style='text-align:center;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><font lang="EN-CA">Since February 15, 2017 (I</font></b><b><font lang="X-NONE">nception</font></b><b>)</b><b><font lang="X-NONE"> through </font></b><b>March 31, 2019,</b><b> </b><b><font lang="X-NONE">the</font></b><b> Company&#146;s sole</b><b> </b><b>officer and </b><b><font lang="EN-CA">director</font></b><b><font lang="X-NONE"> loaned the Company $</font></b><b>29,257 </b><b><font lang="EN-CA">to pay for incorporation costs and operating expenses</font></b><b><font lang="X-NONE">.&nbsp; </font></b><b><font lang="X-NONE">As of </font></b><b><font lang="EN-CA">March 31, 2019</font></b><b><font lang="X-NONE">, </font></b><b>the</b><b><font lang="X-NONE"> amount</font></b><b> outstanding</b><b><font lang="X-NONE"> was $</font></b><b><font lang="EN-CA">29,257</font></b><b><font lang="X-NONE">. </font></b><b><font lang="X-NONE">The loan is non-interest bearing, due upon demand and unsecured.</font></b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b><font lang="X-NONE">The</font></b><b> Company&#146;s sole</b><b> </b><b>officer and </b><b><font lang="EN-CA">director provided services and office space. The </font></b><b>Company does not pay any rent to its </b><b>sole</b><b> </b><b>officer and </b><b><font lang="EN-CA">director </font></b><b>and there is no agreement to pay any rent in the future.</b></p> <!--egx--><p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>NOTE 5- SUBSEQUENT EVENTS</b></p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt;line-height:normal'><b>In accordance with ASC 855-10 the Company has analyzed its operations subsequent to March 31, 2019 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.</b></p> 0001726744 2019-01-01 2019-03-31 0001726744 2019-03-31 0001726744 2018-12-31 0001726744 2018-01-01 2018-03-31 0001726744 2017-12-31 0001726744 2018-03-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares EX-101.SCH 9 exent-20190331.xsd 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000010 - Statement - Statement of Financial Position link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statement of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000000 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Statements of Operations link:presentationLink link:definitionLink link:calculationLink 845000 - Disclosure - Related Party Disclosures link:presentationLink link:definitionLink link:calculationLink 870000 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink XML 10 R1.htm IDEA: XBRL DOCUMENT v3.19.1
Document and Entity Information
3 Months Ended
Mar. 31, 2019
shares
Document and Entity Information:  
Entity Registrant Name EXENT CORP.
Document Type 10-Q
Document Period End Date Mar. 31, 2019
Trading Symbol exent
Amendment Flag false
Entity Central Index Key 0001726744
Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 2,027,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status No
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2019
Document Fiscal Period Focus Q1
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.19.1
Statement of Financial Position - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Assets, Current    
Cash and Cash Equivalents, at Carrying Value $ 229 $ 3,030
Assets, Noncurrent    
Property, Plant and Equipment, Gross 20,602 21,254
Assets 20,831 24,284
Liabilities, Noncurrent    
Accounts Payable and Accrued Liabilities, Noncurrent   2,198
Due to Related Parties, Noncurrent 29,257 23,863
Liabilities 29,257 26,061
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest    
Common Stock, Value, Issued 2,027 2,027
Additional Paid in Capital, Common Stock 25,823 25,823
Retained Earnings (Accumulated Deficit) (36,276) (29,627)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ (8,426) $ (1,777)
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures    
Common Stock, Shares Authorized 75,000,000 75,000,000
Common Stock, Shares Issued 2,027,000 2,027,000
Common Stock, Shares Outstanding 2,027,000 2,027,000
Liabilities and Equity $ 20,831 $ 24,284
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.19.1
Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Amortization of Deferred Charges    
Administrative Expense $ 1,050  
Professional Fees 4,450 $ 6,250
General and Administrative Expense 1,149 573
Total Operating Expenses 6,649 6,823
Net loss from operations (6,649) (6,823)
Interest and Debt Expense    
Net Income (Loss) $ (6,649) $ (6,823)
Earnings Per Share    
Weighted Average Number of Shares Outstanding, Basic 2,027,000 1,500,000
Earnings Per Share, Basic and Diluted $ 0 $ 0
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Statement of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Net Cash Provided by (Used in) Operating Activities    
Net loss for the period $ (6,649) $ (6,823)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities    
Depreciation 652  
Increase (Decrease) in Operating Liabilities    
Increase (Decrease) in Accounts Payable (2,198) 12,000
Net Cash Provided by (Used in) Operating Activities (8,195) 5,177
Net Cash Provided by (Used in) Investing Activities    
Payments to Acquire Property, Plant, and Equipment   (17,000)
Payments to Acquire Intangible Assets   (1,250)
Net Cash Provided by (Used in) Investing Activities 0 (18,250)
Net Cash Provided by (Used in) Financing Activities    
Proceeds from director loans 5,394 13,004
Net Cash Provided by (Used in) Financing Activities 5,394 13,004
Cash and Cash Equivalents, Period Increase (Decrease) (2,801) (69)
Cash and Cash Equivalents, at Carrying Value 3,030 1,500
Cash and Cash Equivalents, at Carrying Value $ 229 $ 1,431
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Organization, Consolidation and Presentation of Financial Statements
3 Months Ended
Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements:  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

EXENT CORP.

NOTES TO FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2019

UNAUDITED

 

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

Organization and Description of Business

EXENT CORP. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on February 15, 2017. The Company purchased equipment to manufacture and sell drywall steel studs.

 

Since inception through March 31, 2019 the Company has generated $8,694 in revenue and has accumulated losses of $36,276.

The accompanying condensed financial statements have been prepared by the Company without audit. Management believes that estimates are proper, all adjustments necessary to present fairly the financial position, results of operations, and cash flows at March 31, 2019 and for the related periods presented. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the final results that may be expected for the year ending December 31, 2019. These financial statements and footnotes should be read in conjunction with the audited financial statements for the year ended December 31, 2018, filed with the Securities and Exchange Commission.

GOING CONCERN

 

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred a loss since Inception (February 15, 2017) resulting in an accumulated deficit of $36,276 as of March 31, 2019 and further losses are anticipated in the development of its business.  Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. 

 

The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. 

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company has adopted December 31 as its fiscal year end.

 

Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. At March 31, 2019 and 2018, the Company did not have any dilutive securities and other contracts. As a result, diluted loss per share is the same as basic loss per share for the period presented.

Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At March 31, 2019 the Company's bank deposits did not exceed the insured amounts.

 

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

 

Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three months ended March 31, 2019 and for the three months ended March 31, 2018.

 

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

 

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.

 

Stock-Based Compensation

As of March 31, 2019 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718).  To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) Topic 606, “Revenue from Contracts with Customers, which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers that supersedes most current revenue recognition guidance. The updated guidance, and subsequent clarifications, collectively referred to as ASC 606, require an entity to recognize revenue when it transfers control 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. Previously we recorded revenue based on ASC Topic 605.

 

We adopted Topic 606 since inception on February 15, 2017. Revenues for reporting periods beginning after February 15, 2017 are presented under Topic 606. While Topic 606 requires additional disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, its adoption has not had a material impact on the measurement or recognition of our revenues.

 

Recent Accounting Pronouncements

The Company has reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and does not believe any of these pronouncements will have a material impact on the Company.

 

Property and Equipment Depreciation Policy

The Company purchased a machine for drywall steel studs manufacturing for $17,000. On May 14, 2018, the Company purchased office equipment for $4,900.  Equipment is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 10 years.

Company purchased a computer for $1,250.  It is stated at cost and depreciated on the straight line method over the estimated life of the assets, which is 3 years.

 

Capitalization Policy

A “Capital Asset” is a unit of property with a useful life exceeding one year and a per unit acquisition cost exceeding $1,000. Capital assets will be capitalized and depreciated over their useful lives. All Capital Assets are recorded at historical cost as of the date acquired. Tangible assets costing below the aforementioned threshold amount are recorded as an expense in the accounting records and financial statements of the business. In addition, assets with an economic useful life of 12 months or less must be expensed for both book and financial reporting purposes.

NOTE 3 – CAPITAL STOCK

 

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

On November 15, 2017 the Company issued 1,500,000 shares of its common stock at $0.001 per share for total proceeds of $1,500. In May and June 2018, the Company sold 527,000 shares of its common stock at $0.05 per share for total proceeds of $26,350.

 

As of March 31, 2019 the Company had 2,027,000 shares issued and outstanding.

XML 15 R6.htm IDEA: XBRL DOCUMENT v3.19.1
Related Party Disclosures
3 Months Ended
Mar. 31, 2019
Related Party Disclosures:  
Related Party Transactions Disclosure

NOTE 4 – 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 15, 2017 (Inception) through March 31, 2019, the Company’s sole officer and director loaned the Company $29,257 to pay for incorporation costs and operating expensesAs of March 31, 2019, the amount outstanding was $29,257. The loan is non-interest bearing, due upon demand and unsecured.

 

The Company’s sole officer and director provided services and office space. The Company does not pay any rent to its sole officer and director and there is no agreement to pay any rent in the future.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.19.1
Subsequent Events
3 Months Ended
Mar. 31, 2019
Subsequent Events:  
Subsequent Events

NOTE 5- SUBSEQUENT EVENTS

 

In accordance with ASC 855-10 the Company has analyzed its operations subsequent to March 31, 2019 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.

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