Balance Sheet Parentheticals (USD $) | Aug. 31, 2011 | Nov. 30, 2010 |
---|---|---|
Parentheticals | ||
Common Stock, par or stated value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 1,750,000,000 | 1,750,000,000 |
Common Stock, shares issued | 80,500,000 | 80,500,000 |
Common Stock, shares outstanding | 80,500,000 | 80,500,000 |
STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | 40 Months Ended | ||
---|---|---|---|---|---|
Aug. 31, 2011 | Aug. 31, 2010 | Aug. 31, 2011 | Aug. 31, 2010 | Aug. 31, 2011 | |
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | |||||
Accounting and legal | 1,750 | 1,750 | 7,754 | 8,172 | 46,724 |
Transfer agent and filing fees | 540 | 0 | 1,815 | 5,009 | 8,593 |
General & administrative expenses | 445 | 3,762 | 867 | 0 | 4,940 |
Write off website development costs | 0 | 0 | 0 | 0 | 15,000 |
Incorporation costs | 0 | 0 | 0 | 0 | 500 |
TOTAL OPERATING EXPENSES | 2,735 | 5,512 | 10,436 | 13,181 | 75,757 |
LOSS BEFORE PROVISION FOR INCOME TAXES | (2,735) | (5,512) | (10,436) | (13,181) | (75,757) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 | 0 |
NET LOSS | $ (2,735) | $ (5,512) | $ (10,436) | $ (13,181) | $ (75,757) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIS AND DILUTED | 80,500,000 | 80,500,000 | 80,500,000 | 80,500,000 |
Document and Entity Information | 9 Months Ended | |
---|---|---|
Aug. 31, 2011 | Oct. 17, 2011 | |
Document and Entity Information | ||
Entity Registrant Name | Orgenesis Inc. | |
Document Type | 10-Q | |
Document Period End Date | Aug. 31, 2011 | |
Amendment Flag | false | |
Entity Central Index Key | 0001460602 | |
Current Fiscal Year End Date | --11-30 | |
Entity Common Stock, Shares Outstanding | 80,500,000 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
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COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
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Aug. 31, 2011 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 - COMMITMENTS AND CONTINGENCIES The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities that become available. They may face a conflict in selecting between the Company and other business interests. The Company has not formulated |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
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Aug. 31, 2011 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DEVELOPMENT STAGE COMPANY The accompanying financial statements have been prepared in accordance with generally accepted accounting principles related to development-stage companies. A development-stage company is one in which planned principal operations have not commenced or if its operations have commenced, and there has been no significant revenues there from. ACCOUNTING BASIS The accompanying unaudited interim financial statements have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's annual report filed with the SEC on Form 10-K. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements as of and for the periods ended November 30, 2010 as reported in Form 10-K, have been omitted. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents. At August 31, 2011 and November 30, 2010, respectively, the Company had $5,125 and $1,464 of unrestricted cash to be used for future business operations The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At times, the Company's bank deposits may exceed the insured amount. Management believes it has little risk related to the excess deposits. FAIR VALUE OF FINANCIAL INSTRUMENTS The Company's financial instruments consist of cash, prepaid expenses, accounts payable, accrued professional fees, and an amount due to a related party. The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. CONCENTRATIONS OF CREDIT RISK The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. REVENUE RECOGNITION The Company is in the development stage and has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. STOCK-BASED COMPENSATION The Company accounts for employee stock-based compensation in accordance with the guidance of FASB ASC Topic 718, COMPENSATION - STOCK COMPENSATION which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the financial statements based on their fair values. There has been no stock-based compensation issued to employees. The Company follows ASC Topic 505-50, formerly EITF 96-18, "ACCOUNTING FOR EQUITY INSTRUMENTS THAT ARE ISSUED TO OTHER THAN EMPLOYEES FOR ACQUIRING, OR IN CONJUNCTION WITH SELLING GOODS AND SERVICES," for stock options and warrants issued to consultants and other non-employees. In accordance with ASC Topic 505-50, these stock options and warrants issued as compensation for services provided to the Company are accounted for based upon the fair value of the services provided or the estimated fair market value of the option or warrant, whichever can be more clearly determined. The fair value of the equity instrument is charged directly to compensation expense and additional paid-in capital over the period during which services are rendered. There has been no stock-based compensation issued to non-employees. INCOME TAXES Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. It is the Company's policy to classify interest and penalties on income taxes as interest expense or penalties expense. As of August 31, 2011, there have been no interest or penalties incurred on income taxes. 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. BASIC INCOME (LOSS) PER SHARE Basic income (loss) per share is calculated by dividing the Company's net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company's net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no such common stock equivalents outstanding as of August 31, 2011. DIVIDENDS The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during the periods shown. RECENT ACCOUNTING PRONOUNCEMENTS Business Outsourcing does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company's results of operations, financial position or cash flows. |
SUBSEQUENT EVENTS | 9 Months Ended |
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Aug. 31, 2011 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS Management has analyzed its operations through the date on which the financial statements were issued, October 17, 2011, and has determined it does not have |
GOING CONCERN | 9 Months Ended |
---|---|
Aug. 31, 2011 | |
GOING CONCERN | |
GOING CONCERN | NOTE 7 - GOING CONCERN The accompanying financial statements have been prepared assuming that the company will continue as a going concern. The Company has no established source of revenue. This raises substantial doubt about the Company's ability to continue as a going concern. Without realization of additional capital, it would be unlikely for the Company to continue as a going concern. The financial statements do not include any adjustments that might result from this uncertainty. The Company's activities to date have been supported by equity financing. It has sustained losses in all previous reporting periods with an inception to date loss of $75,757 as of August 31, 2011. Management continues to seek funding from its shareholders and other qualified investors to pursue its business plan. |
DUE TO RELATED PARTY | 9 Months Ended |
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Aug. 31, 2011 | |
DUE TO RELATED PARTY | |
DUE TO RELATED PARTY | NOTE 3 - DUE TO RELATED PARTY The amount due to a related party is owed to a stockholder, is unsecured, non-interest bearing and has no specific terms of repayment. |
STOCKHOLDERS EQUITY | 9 Months Ended |
---|---|
Aug. 31, 2011 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS EQUITY | NOTE 4 - STOCKHOLDERS' EQUITY The Company has 175,000,000 common shares authorized at a par value of $0.0001 per share. During the period ended November 30, 2008, the company issued 2,300,000 common shares for total proceeds of $55,000. As of August 31, 2011, the Company has no warrants or options outstanding. On August 31, 2011, the Company completed a 35 new to 1 old forward stock split. |
INCOME TAXES | 9 Months Ended |
---|---|
Aug. 31, 2011 | |
INCOME TAXES | |
INCOME TAXES | NOTE 5 - INCOME TAXES For the periods ended August 31, 2011 and 2010, the Company has incurred net losses and, therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is $75,757 at August 31, 2011, and will begin to expire in the year 2028. The provision for Federal income tax consists of the following: August 31, August 31, 2011 2010 -------- -------- Federal income tax benefit attributable to: Current operations $ 3,548 $ 4,481 Less: valuation allowance (3,548) (4,481) -------- -------- Net provision for Federal income taxes $ -- $ -- ======== ======== The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: August 31, November 30, 2011 2010 -------- -------- Deferred tax asset attributable to: Net operating loss carryover $ 25,758 $ 22,210 Less: valuation allowance (25,758) (22,210) -------- -------- Net deferred tax asset $ -- $ -- ======== ======== Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $75,757 for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years. |
STATEMENT OF STOCKHOLDERS DEFICIT (UNAUDITED) (USD $) | Common Stock shares | Common Stock | Additional paid-in capital | Deficit Accumulated During the Development Stage | Total Stockholders' Equity (Deficit) |
---|---|---|---|---|---|
Inception, at Apr. 29, 2008 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Shares issued to founder on June 5, 2008 | 56,000,000 | 5,600 | 14,400 | 0 | 20,000 |
Private placement @ $0.05 per share | 24,500,000 | 2,450 | 32,550 | 0 | 35,000 |
Net loss for the year ended November 30, 2008 | 0 | 0 | (3,500) | (3,500) | |
Balance, at Nov. 30, 2008 | $ 80,500,000 | $ 8,050 | $ 46,950 | $ (3,500) | $ 51,500 |
NATURE OF OPERATIONS | 9 Months Ended |
---|---|
Aug. 31, 2011 | |
NATURE OF OPERATIONS | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS ORGENESIS (formertly Business Outsourcing Services, Inc.) ("the Company"), incorporated in the state of Nevada on June 5, 2008, is engaged in providing online bookkeeping services to small and medium sized companies. |
BALANCE SHEETS (UNAUDITED) (USD $) | Aug. 31, 2011 | Nov. 30, 2010 |
---|---|---|
Current assets | ||
Cash and cash equivalents | $ 5,125 | $ 1,464 |
Prepaid expenses | 0 | 153 |
Total Current Assets | 5,125 | 1,617 |
Total Assets | 5,125 | 1,617 |
Current liabilities | ||
Accounts payable | 7,382 | 6,838 |
Accrued professional fees | 3,000 | 4,600 |
Due to related party | 15,500 | 500 |
Total Liabilities | 25,882 | 11,938 |
Stockholders' Deficit | ||
Common stock, par value $0.0001, 1,750,000,000 shares authorized,80,500,000 shares issued and outstanding | 8,050 | 8,050 |
Additional paid-in capital | 46,950 | 46,950 |
Deficit accumulated during the development stage | (75,757) | (65,321) |
Total Stockholders' Deficit | (20,757) | (10,321) |
Total Liabilities and Stockholders' Deficit | $ 5,125 | $ 1,617 |