0001552946-14-000004.txt : 20140114 0001552946-14-000004.hdr.sgml : 20140114 20140113184748 ACCESSION NUMBER: 0001552946-14-000004 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20131130 FILED AS OF DATE: 20140114 DATE AS OF CHANGE: 20140113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENVIRO CLEANSE INC. CENTRAL INDEX KEY: 0001552946 STANDARD INDUSTRIAL CLASSIFICATION: HAZARDOUS WASTE MANAGEMENT [4955] IRS NUMBER: 331224051 STATE OF INCORPORATION: NV FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55086 FILM NUMBER: 14525269 BUSINESS ADDRESS: STREET 1: 1516 E. TROPICANA AVE, STE 155 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: (702)7890552 MAIL ADDRESS: STREET 1: 1516 E. TROPICANA AVE, STE 155 CITY: LAS VEGAS STATE: NV ZIP: 89119 10-Q 1 ec10qnov2013.htm EC10QNOV2013

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 quarterly period ended November 30, 2013

or

[     ]     TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

For the transition period from to

Commission File Number 333-182808

 

ENVIRO CLEANSE, INC.

(Exact name of registrant as specified in its charter)

 

   
Nevada 33-1224051
(State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.)
organization)  
   
   
   

1516 Tropicana Ave, Suite 155

Las Vegas, Nevada

89119
(Address of principal executive offices)

(Zip Code)

 

Telephone: (702)789-0552
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) /of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X] No [  ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

 

       
Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [ X ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes [X] No [  ]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  [ ] Yes [ ] No

APPLICABLE ONLY TO CORPORATE ISSUERS:


25,000,000 common shares issued and outstanding as of November 30, 2013

  

1


TABLE OF CONTENTS

       
PART I – FINANCIAL INFORMATION 3
  Item 1.

Financial Statements

Condensed Balance Sheets (unaudited)

Condensed Statements of Operations (unaudited)

Condensed Statements of Cash Flows (unaudited)

Notes to the Condensed Financial Statements

 

4

5

6

7

 

  Item 2. Management Discussion And Analysis Of Financial Condition and Results of  Operations 9
  Item 4T. Controls And Procedures 11
       
PART II – OTHER INFORMATION 11
  Item 1. Legal Proceedings: 11
  Item 2. Unregistered Sales Of Equity Securities 11
  Item 4. Submission Of Matters To A Vote Security Holders: 11
  Item 5. Other Information: 11
  Item 6. Exhibits 11
  Item 7.   Signature 11

2

 

  

PART I – FINANCIAL INFORMATION

 

ITEM 1.  FINANCIAL STATEMENTS

The financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the period presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our audited financial statements filed therewith the U.S. Securities and Exchange Commission (SEC) on July 23, 2012 and can be found on the SEC website at www.sec.gov. 

 

 

3

 

ENVIRO CLEANSE, INC.

(A Development Stage Company)

Condensed Financial Statements

(Expressed in US dollars)

November 30, 2013

(Unaudited)

 

 

 

 

 

November 30,2013

$

May 31,

2013

$

  (Unaudited) (Audited)
ASSETS    
     
     
     

 

Current Assets 

   
Cash 170 2,560
     
Total Assets 170 2,560
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
     
Current Liabilities    
Loan Payable - Stockholder 5,800 3,500 
Accounts payable and accrued liabilities 0 0
     
Total Liabilities 5,800 3,500
     
STOCKHOLDERS’ DEFICIT    
     
Common Stock    
Authorized: 200,000,000 common shares with a par value of $0.001 per share    
Issued and outstanding: 25,000,000 and 25,000,000 common shares, respectively 25,000 25,000
     
Additional paid-in capital 0 0
     
Accumulated deficit during the development stage (30,630) (25,940)
     
Total Stockholders’ Deficit (5,630) (940)
     
Total Liabilities and Stockholders’ Deficit 170 2,560
     

 

 

4

ENVIRO CLEANSE, INC.

(A Development Stage Company)

Condensed Statement of Operations

(Unaudited)

 

 

 

For the Three Months Ended

November 30, 2013

$

For the Three Months Ended

November 30, 2012

$

For the Six Months Ended

November 30, 2013

$

For the Six Months Ended

November 30, 2012

$

Accumulated from April 17, 2012 (date of inception) to

November 30, 2013

$

             
Revenue $        0 $        0 $        0 $        0 $        0  
             
Operating Expenses            
 Bank Fees 43  45 56 81 537   
Computer & Internet Expense 0 0 0 0 9  
Incorporation Fees 0 0 0 0 273  
Office & Operating Supplies 23 114 34 114 534  
Professional Fees 700 9,700 4,600 12,450 29,277  
             
Total Operating Expenses 766 9,859 4,690 12,645 30,630  
             
Loss from operations (766) (9,859) (4,690) (12,645) (30,630)  
             
             
Other Income and Expense 0 0 0 0 0  
             
             
Net Loss (766) (9,859) (4,690) (12,645) (30,630)  

 

Net Loss per Share – Basic and Diluted

0 0

 

 

0

 

 

0

 
             
Weighted Average Shares Outstanding – Basic and Diluted             

 

 

25,000,000

                    8,032,787

 

 

25,000,000

                         14,248,640    
                     

 

 

5

 

ENVIRO CLEANSE, INC.

(A Development Stage Company)

Condensed Statement of Cash Flows

(Unaudited)

 

   

 

 

For the Six Months Ended

November 30,

2013

$

From the Six Months Ended

November 30,

2012

$

Accumulated from April 17, 2012 (date of inception) to

November 30,

2013

$

         
Operating Activities        
         
Net (loss) for the period   (4,690) (12,645) (30,630)
Changes in operating assets and liabilities:        
Accounts payable and accrued liabilities   0 0 0
         
Net Cash Used In Operating Activities   (4,690) (12,645) (30,630)
         

Financing Activities

 

       
Loan Payable - Director   2,300  0  5,800
Proceeds from sale of common stock   0 0 25,000
         
Net Cash Provided by Financing Activities   2,300 0 30,800
         
Cash increase (decrease) during the Period   (2,390) (12,645) 170
         
Cash – Beginning of Period   2,560 23,680 0
         
Cash – End of Period   170 11,035 170
         
         
Supplemental Disclosures        
         
Interest paid   0 0 0
Income tax paid   0 0 0
Non-Cash Activities   0 0 0
         

 

 

 

 

6

  

 

Enviro Cleanse Inc.

(A Development Stage Company)

Notes to The Financial Statements

November 30, 2013

 

 

1. ORGANIZATION AND BUSINESS OPERATIONS

 

Enviro Cleanse Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on April 17, 2012.  The Company is in the development stage as defined under Statement on Financial Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.”  The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise.  As of November 30, 2013 the Company has $170 in cash.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) 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.  

 

b) 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 losses since inception and further losses are anticipated in the development of its business raising 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.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

 

c) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

 

d) Use of Estimates and Assumptions

The  preparation  of  financial  statements  in conformity with accounting principles generally  accepted  in  the  United States 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  of  the  financial  statements  and the reported amounts of  revenues  and    expenses  during  the  reporting  period.  Actual results could differ from those estimates.

 

e) Foreign Currency Translation

The Company's functional currency and its reporting currency is the United States dollar.

 

f) Financial Instruments

The carrying value of the Company’s financial instruments approximates their fair value because of the short maturity of these instruments.

 

g) Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method.  The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

h) Income Taxes

Income taxes are accounted for under the assets and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

 

i) Basic and Diluted Net Loss per Share

The Company follows ASC Topic 260 to account for the earnings per share.  Basic earnings per common share (“EPS”) calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.  During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 

j) Fiscal Periods

 

The Company's fiscal year end is May 31.

 

 

7

3. COMMON STOCK

 

The authorized capital of the Company is 200,000,000 common shares with a par value of $ 0.001 per share.

 

During the period between April 2012 and May 2012, the Company issued 15,000,000 shares of common stock at a price of $0.001 per share for a value of $15,000 to Mi Ok Cho, its President. The Company relied on Section 4(2) of the Securities Act for this issuance.

 

During the period between April 2012 and May 2012, Company issued 10,000,000 shares of common stock under the private placements agreement to various investors at $0.001 per share. Company received a total of $10,000 net of offering proceeds.

 

There were no further issuances of stock as at November 30, 2013.

 

4. RELATED PARTY TRANSACTIONS

 

Mrs. Mi Ok Cho has advanced funds to the Company to pay any costs incurred by it. These funds are unsecured, non-interest bearing and due on demand.  The balance due Mrs. Mi Ok Cho was $5,800 as on November 30, 2013.

5. INCOME TAXES

 

For the quarter ended  November 30,  2013 and from inception (April 17, 2012) to November 30, 2013,  the Company  incurred  net operating  losses  and,  accordingly,  no  provision  for income  taxes has been recorded.  In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets.  At November 30, 2013, the Company had approximately $30,630 of federal and state net operating losses. The net operating loss carry forwards, if not utilized, will begin to expire in 2032.  

 

6. SUBSEQUENT EVENTS

We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.

 

8

 

ITEM 2.  MANAGEMENT DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward Looking Statements

This report on Form 10-Q contains certain forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.

 

Business Overview

 

Enviro Cleanse Inc. is a new Nevada-based company developing a soil remediation business in the area of Fort McMurray, Alberta. Our mission is to become a soil remediation and site assessment firm in Fort McMurray and within a 20 mile radius. Our soil remediation firm is targeted towards Oil and Mining Operations, Municipalities, and Government Agencies looking for Soil Remediation and Land Reclamation Assessment Services. The principal customers for its services will be small to medium-sized companies working the western Canadian oil and gas sectors; drilling contractors, well operators, environmental and exploration companies.

 

The main market sectors we will penetrate are to offer soil remediation services to:  

  • Oil and Mining Operations
  • Municipalities
  • Government Agencies

 

Core Product Offerings

We will have two main product revenue streams: 

  • Soil Remediation Services
  • Land Reclamation Assessment Services

 

9

 

Liquidity and Capital Resources

             

 

Cash Flows

 

           
   

 

Six months ended
November 30,
2013

  Six months ended
November 30,
2012
 

Since inception (April 17, 2012) to
November 30,
2013

 

             
Net Cash From Used in Operating Activities $  (4,690) $  (12,645)  $ (30,630)
Net Cash Used From Sale of Common Stock $  0 $  0  $  25,000
Net Cash From Financing Activities $  2,300 $  0  $  5,800
Net Increase (Decrease) in Cash During the Period   $ (2,390) $  (12,645)  $ 170

 

Through November 30, 2013, the Company had not carried on any significant operations and had not generated any significant revenues. The Company has incurred losses since inception aggregating $30,630. We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through its financing activities. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. However, as a result of its lack of operating success, the Company may not be able to raise additional financing to cover operating deficits.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has accumulated deficit since inception (April 17, 2012) to the quarter ended November 30, 2013 and is dependent on its ability to raise capital from shareholders or other sources to sustain operations.  However, these conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Results of Operations for the Three Months Ended November 30, 2013 and 2012

Revenues

Revenues for the three months ended November 30, 2013, and November 30, 2012 were $0 and $0, respectively.

Net Loss

For the three months ended November 30, 2013 and November 30, 2012 we incurred net losses of $766 and $9,859, respectively.

Expenses

Our total expenses for the three months ended November 30, 2013 were $766 which consisted of $700 of professional fees and $66 of general and administrative expenses.  Our general and administrative expenses consist of bank charges, phone and postage expenses, and other miscellaneous expenses. Since inception (April 17, 2012) to November 30, 2013, we incurred total expenses of $30,630, which consisted of $29,277 of professional fees and $1,353 of general and administrative expenses.
  

Inflation

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position.  The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

 

Off-Balance Sheet Arrangements

 

As of November 30, 2013, we had no off balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

  

10

ITEM 4T.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as defined in Rule 13a-15(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 sole officer, as appropriate to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our sole officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2013. Based on the evaluation of these disclosure controls and procedures, our sole officer concluded that our disclosure controls and procedures are ineffective.

 

Changes in internal controls

 

There were no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended November 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II – OTHER INFORMATION

 

ITEM 1.  LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party against us.  None of our directors, officers or affiliates are (i) a party adverse to us in any legal proceedings, or (ii) have an adverse interest to us in any legal proceedings.  Management is not aware of any other legal proceedings that have been threatened against us.

 

 

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  MINE SAFETY DISCLOSURES

N/A.

ITEM 5.  OTHER INFORMATION

None.

 

Exhibit Exhibit
Number Description
31.1 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.2 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
EX-101.LAB XBRL Taxonomy Extension Label Linkbase
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.


 

Date: January 13, 2014

       
       
/s/ Mi Ok Cho
Mi Ok Cho      

Chief Executive Officer, Chief Financial Officer,

President, Treasurer and Director

     

 

 

 

EX-31 2 ec10qnov2013ex31.htm EC10QNOV2013EX31

CERTIFICATION PURSUANT TO

RULE 13A-14(a) OR 15D-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 200

 

 

I, Mi Ok Cho, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Enviro Cleanse Inc.;

 

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;a

 

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. I am 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 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 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. I have disclosed, based on my 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.

 

 

       
Dated: January 13, 2014
 

 

/s/ Mi Ok Cho

 
Mi Ok Cho
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 

EX-32 3 ec10qnov2013ex32.htm EC10QNOV2013EX32

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 Report of Enviro Cleanse, Inc. (the “Company”) on Form 10-Q for the period ended November 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Mi Ok Cho, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that:

 

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.

   



Dated: January 13, 2014

 

 

/s/ Mi Ok Cho

 
Mi Ok Cho
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

 

 

 

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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Current Assets Cash and Cash Equivalents TOTAL ASSETS Liabilities Director Loan Accounts Payable and Accrued Liabilities TOTAL LIABILITIES Stockholders' Deficit Common Stock Authorized: 200,000,000 common shares at $0.001 per share Issued and outstanding: 25,000,000 common shares Additional paid-in capital (Deficit) accumulated during the development stage Total Stockholders' Deficit Total Liabilities and Stockholder's Equity Common Stock par value Common Stock Authorized Common Stock Issued and Outstanding Income Statement [Abstract] Revenue Operating Expenses Bank Fees Computer & Internet Expenses Incorporation Fees Office & Operating Supplies Professional Fees Total Operating Expenses Loss from operations Net (loss) for the period Net loss per share - Basic and Diluted Weighted Average Number of Common Shares Outstanding Statement of Cash Flows [Abstract] Operating Activities Net (loss) for the period Changes in non-cash working capital items Accounts Payable and Accrued Liaiblities Cash used in operating activities Financing Activities Loan payable - Director Cash received from shares issued Cash provided by financing activities Cash increase (decrease) during the Period Cash, Beginning of Period Cash, End of Period Accounting Policies [Abstract] Organization and Business Operations Summary of Significant Accounting Policies Equity [Abstract] Common Stock Related Party Transactions [Abstract] Related Party Transactions Income Tax Disclosure [Abstract] Income Tax Subsequent Events 1. ORGANIZATION AND BUSINESS OPERATIONS 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Basis of Presentation b) Going Concern c) Cash and Cash Equivalents d) Use of Estimates and Assumptions e) Foreign Currency Translation f) Financial Instruments g) Stock-based Compensation i) Basic and Diluted Net Loss per Share j) Fiscal Periods 3. COMMON STOCK 4. RELATED PARTY TRANSACTIONS 5. INCOME TAXES 6. SUBSEQUENT EVENTS [us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax] [us-gaap:CommonStockSharesAuthorized] [us-gaap:StockIssuedDuringPeriodValueOther] [us-gaap:CommonStockSharesIssued] [us-gaap:CommonStockNumberOfSharesParValueAndOtherDisclosuresAbstract] [us-gaap:SharesIssuedPricePerShare] [us-gaap:SaleOfStockConsiderationReceivedPerTransaction] [us-gaap:LoansAndLeasesReceivableRelatedPartiesDescription] [us-gaap:OperatingIncomeLoss] Net Cash Provided by (Used in) Financing Activities EX-101.PRE 9 evce-20131130_pre.xml XBRL PRESENTATION FILE EXCEL 10 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0`!@`(````(0!CDA+4IP$``"H.```3``@"6T-O;G1E;G1?5'EP97-= M+GAM;""B!`(HH``"```````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M```````````````````````````````````````````````````````````` M``````````````````````````````````````#,EUU/PC`4AN]-_`]+;PWK MBHIH&%SX<:DDX@^HZQE;V-JF+0C_WJY\Q)`)(9)X;M9L[3GOLW/QIN]@M*RK M:`'&EDJFA,4)B4!F2I1RFI*/R4NG3R+KN!2\4A)2L@)+1L/+B\%DI<%&OEK: ME!3.Z0=*;59`S6VL-$B_DRM3<^=?S91JGLWX%&@W27HT4]*!=!W7]"##P1/D M?%ZYZ'GI/Z])#%261(_K@XU62KC659EQYTGI0HH]E$F+90JS\L,A,KFM9]` M;+4!+FP!X.HJ#FM<\U)NN0_HA\.6AH6=&:3YO]#X1(XN$HYK)!PW2#AND7#T MD'#<(>'H(^&X1\+!$BP@6!R58;%4AL53&19395A_T8^-TM9G M&P.G3V$;7IKJCO:-P+@2=O&E+0;L%'TN.EUP+X=`D[P$B!9M&I+>\!L``/__ M`P!02P,$%``&``@````A`+55,"/U````3`(```L`"`)?]=J>*V?5@^@8B)G:13'&HX<85?=WFQ?>*24FV+7^ZBRBXL:NI3\(V(T'4\4 M"_'L)MI<3_3_MCAQ M(DN)T$C@\SS?BG-`Z^N!+I]HJ?B]SCSBIX3A363X8<'%#U1?````__\#`%!+ M`P04``8`"````"$`,=XF:WX!``"[#```&@`(`7AL+U]R96QS+W=O]L\/\Q88JR0I6B5 MQ)SMT;#5\OYN\8*ML.XE4S>]25P6:7)66]L_"^*G:B09VDZX?H\!UM>Y$S69<[TNG3U-_O>5;Z=6VVW38%/JGCO4-HK)?BG MTCM3(UJ75.@*;4&,@BJX&,E!,;#I!T8L.AV4QB6S6AK,K< M@1#N^VO=N8"G'CXL^>$)E(B@H^P'YZ3#AXZS1(J)[0]I#T1'0[(9AVP6[\K? 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Related Party Transactions
3 Months Ended
Nov. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions

4. RELATED PARTY TRANSACTIONS

 

Mrs. Mi Ok Cho has advanced funds to the Company to pay any costs incurred by it. These funds are unsecured, non-interest bearing and due on demand.  The balance due Mrs. Mi Ok Cho was $5,800 as on November 30, 2013.

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Common Stock
3 Months Ended
Nov. 30, 2013
Equity [Abstract]  
Common Stock

3. COMMON STOCK

 

The authorized capital of the Company is 200,000,000 common shares with a par value of $ 0.001 per share.

 

During the period between April 2012 and May 2012, the Company issued 15,000,000 shares of common stock at a price of $0.001 per share for a value of $15,000 to Mi Ok Cho, its President. The Company relied on Section 4(2) of the Securities Act for this issuance.

 

During the period between April 2012 and May 2012, Company issued 10,000,000 shares of common stock under the private placements agreement to various investors at $0.001 per share. Company received a total of $10,000 net of offering proceeds.

 

There were no further issuances of stock as at November 30, 2013.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
Balance Sheets (Unaudited) (USD $)
Nov. 30, 2013
May 31, 2013
Current Assets    
Cash and Cash Equivalents $ 170 $ 2,560
TOTAL ASSETS 170 2,560
Liabilities    
Director Loan 5,800 3,500
TOTAL LIABILITIES 5,800 3,500
Issued and outstanding: 25,000,000 common shares 25,000 25,000
(Deficit) accumulated during the development stage (30,630) (25,940)
Total Stockholders' Deficit (5,630) (940)
Total Liabilities and Stockholder's Equity $ 170 $ 2,560
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Organization and Business Operations
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
Organization and Business Operations

1. ORGANIZATION AND BUSINESS OPERATIONS

 

Enviro Cleanse Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on April 17, 2012.  The Company is in the development stage as defined under Statement on Financial Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.”  The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise.  As of November 30, 2013 the Company has $170 in cash.

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Summary of Significant Accounting Policies
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

a) 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.  

 

b) 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 losses since inception and further losses are anticipated in the development of its business raising 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.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

 

c) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

 

d) Use of Estimates and Assumptions

The  preparation  of  financial  statements  in conformity with accounting principles generally  accepted  in  the  United States 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  of  the  financial  statements  and the reported amounts of  revenues  and    expenses  during  the  reporting  period.  Actual results could differ from those estimates.

 

e) Foreign Currency Translation

The Company's functional currency and its reporting currency is the United States dollar.

 

f) Financial Instruments

The carrying value of the Company’s financial instruments approximates their fair value because of the short maturity of these instruments.

 

g) Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method.  The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

h) Income Taxes

Income taxes are accounted for under the assets and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

 

i) Basic and Diluted Net Loss per Share

The Company follows ASC Topic 260 to account for the earnings per share.  Basic earnings per common share (“EPS”) calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.  During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

 

j) Fiscal Periods

 

The Company's fiscal year end is May 31.

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Balance Sheets (Parenthetical) (USD $)
Nov. 30, 2013
May 31, 2013
Statement of Financial Position [Abstract]    
Common Stock par value $ 0.001 $ 0.001
Common Stock Authorized 200,000,000 200,000,000
Common Stock Issued and Outstanding 25,000,000 25,000,000
XML 21 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events (Policies)
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
6. SUBSEQUENT EVENTS

6. SUBSEQUENT EVENTS

We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.

XML 22 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information (USD $)
3 Months Ended
Nov. 30, 2013
Document And Entity Information  
Entity Registrant Name ENVIRO CLEANSE INC.
Entity Central Index Key 0001552946
Document Type 10-Q
Document Period End Date Nov. 30, 2013
Amendment Flag false
Current Fiscal Year End Date --05-31
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? No
Entity Filer Category Smaller Reporting Company
Entity Public Float $ 25,000,000
Entity Common Stock, Shares Outstanding 25,000,000
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2013
XML 23 R18.htm IDEA: XBRL DOCUMENT v2.4.0.8
Common Stock (Details Narrative)
Nov. 30, 2013
May 31, 2013
Equity [Abstract]    
[us-gaap:CommonStockSharesAuthorized] 200,000,000 200,000,000
[us-gaap:CommonStockSharesIssued] 25,000,000 25,000,000
XML 24 R4.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Operations (Unaudited) (USD $)
3 Months Ended 6 Months Ended 19 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Income Statement [Abstract]          
Revenue $ 0 $ 0 $ 0 $ 0 $ 0
Bank Fees 43 45 56 81 53
Computer & Internet Expenses 0 0 0 0 9
Incorporation Fees 0 0 0 0 273
Office & Operating Supplies 23 114 34 114 534
Professional Fees 700 9,700 4,600 12,450 29,277
Total Operating Expenses 766 9,859 4,690 12,645 30,630
Loss from operations 766 9,859 4,690 12,645 30,630
Net (loss) for the period $ (766) $ (9,859) $ (4,690) $ (12,645) $ (30,630)
Net loss per share - Basic and Diluted $ 0 $ 0 $ 0 $ 0 $ 0
Weighted Average Number of Common Shares Outstanding 25,000,000 8,032,787 25,000,000 14,248,640  
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Organization and Business Operations (Policies)
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
1. ORGANIZATION AND BUSINESS OPERATIONS

1. ORGANIZATION AND BUSINESS OPERATIONS

 

Enviro Cleanse Inc. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on April 17, 2012.  The Company is in the development stage as defined under Statement on Financial Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.”  The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise.  As of November 30, 2013 the Company has $170 in cash.

XML 26 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
Subsequent Events

6. SUBSEQUENT EVENTS

We have evaluated subsequent events through the date of issuance of the financial statements, and did not have any material recognizable subsequent events.

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Income Tax (Details Narrative) (USD $)
6 Months Ended 19 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Income Tax Disclosure [Abstract]      
[us-gaap:OperatingIncomeLoss] $ (4,690) $ 12,645 $ (30,630)
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Related Party Transactions (Policies)
3 Months Ended
Nov. 30, 2013
Related Party Transactions [Abstract]  
4. RELATED PARTY TRANSACTIONS

4. RELATED PARTY TRANSACTIONS

 

Mrs. Mi Ok Cho has advanced funds to the Company to pay any costs incurred by it. These funds are unsecured, non-interest bearing and due on demand.  The balance due Mrs. Mi Ok Cho was $5,800 as on November 30, 2013.

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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Nov. 30, 2013
Accounting Policies [Abstract]  
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a) Basis of Presentation

a) 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.  

b) Going Concern

b) 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 losses since inception and further losses are anticipated in the development of its business raising 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.  These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

c) Cash and Cash Equivalents

c) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

d) Use of Estimates and Assumptions

d) Use of Estimates and Assumptions

The  preparation  of  financial  statements  in conformity with accounting principles generally  accepted  in  the  United States 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  of  the  financial  statements  and the reported amounts of  revenues  and    expenses  during  the  reporting  period.  Actual results could differ from those estimates.

e) Foreign Currency Translation

e) Foreign Currency Translation

The Company's functional currency and its reporting currency is the United States dollar.

f) Financial Instruments

f) Financial Instruments

The carrying value of the Company’s financial instruments approximates their fair value because of the short maturity of these instruments.

g) Stock-based Compensation

g) Stock-based Compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards.  This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method.  The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

h) Income Taxes

Income taxes are accounted for under the assets and liability method.  Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.  Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

i) Basic and Diluted Net Loss per Share

i) Basic and Diluted Net Loss per Share

The Company follows ASC Topic 260 to account for the earnings per share.  Basic earnings per common share (“EPS”) calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year.  Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.  During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

j) Fiscal Periods

j) Fiscal Periods

 

The Company's fiscal year end is May 31.

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Common Stock (Policies)
3 Months Ended
Nov. 30, 2013
Equity [Abstract]  
3. COMMON STOCK

3. COMMON STOCK

 

The authorized capital of the Company is 200,000,000 common shares with a par value of $ 0.001 per share.

 

During the period between April 2012 and May 2012, the Company issued 15,000,000 shares of common stock at a price of $0.001 per share for a value of $15,000 to Mi Ok Cho, its President. The Company relied on Section 4(2) of the Securities Act for this issuance.

 

During the period between April 2012 and May 2012, Company issued 10,000,000 shares of common stock under the private placements agreement to various investors at $0.001 per share. Company received a total of $10,000 net of offering proceeds.

 

There were no further issuances of stock as at November 30, 2013.

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Income Tax (Policies)
3 Months Ended
Nov. 30, 2013
Income Tax Disclosure [Abstract]  
5. INCOME TAXES

5. INCOME TAXES

 

For the quarter ended  November 30,  2013 and from inception (April 17, 2012) to November 30, 2013,  the Company  incurred  net operating  losses  and,  accordingly,  no  provision  for income  taxes has been recorded.  In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets.  At November 30, 2013, the Company had approximately $30,630 of federal and state net operating losses. The net operating loss carry forwards, if not utilized, will begin to expire in 2032.  

XML 32 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended 19 Months Ended
Nov. 30, 2013
Nov. 30, 2012
Nov. 30, 2013
Operating Activities      
Net (loss) for the period $ (4,690) $ 12,645 $ (30,630)
Changes in non-cash working capital items      
Accounts Payable and Accrued Liaiblities 0 0 0
Cash used in operating activities (4,690) (12,645) (30,630)
Financing Activities      
Loan payable - Director 2,300 0 5,800
Cash received from shares issued 0 0 25,000
Cash provided by financing activities 2,300 0 30,800
Cash increase (decrease) during the Period (2,390) (12,645) 170
Cash, Beginning of Period 2,560 23,680 0
Cash, End of Period $ 170 $ 11,035 $ 170
XML 33 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Tax
3 Months Ended
Nov. 30, 2013
Income Tax Disclosure [Abstract]  
Income Tax

5. INCOME TAXES

 

For the quarter ended  November 30,  2013 and from inception (April 17, 2012) to November 30, 2013,  the Company  incurred  net operating  losses  and,  accordingly,  no  provision  for income  taxes has been recorded.  In addition, no benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets.  At November 30, 2013, the Company had approximately $30,630 of federal and state net operating losses. The net operating loss carry forwards, if not utilized, will begin to expire in 2032.  

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