0001657564-16-000005.txt : 20160928 0001657564-16-000005.hdr.sgml : 20160928 20160928121413 ACCESSION NUMBER: 0001657564-16-000005 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 21 CONFORMED PERIOD OF REPORT: 20160831 FILED AS OF DATE: 20160928 DATE AS OF CHANGE: 20160928 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Gabbit Corp. CENTRAL INDEX KEY: 0001657564 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 371790061 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-210573 FILM NUMBER: 161906301 BUSINESS ADDRESS: STREET 1: GYMNASIUMSTRASSE 19-21 CITY: VIENNA STATE: C4 ZIP: 1180 BUSINESS PHONE: 43720816770 MAIL ADDRESS: STREET 1: GYMNASIUMSTRASSE 19-21 CITY: VIENNA STATE: C4 ZIP: 1180 10-Q 1 f10qgabbitaugust312016.htm FORM 10-Q Form 10-Q


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


 

 

[X]

QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED AUGUST 31, 2016

 

 

 

OR

 

 

 

[ ]

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


COMMISSION FILE NO. 333-210573


GABBIT CORP.

 (Exact name of registrant as specified in its charter)



 

 

Nevada

(State or Other Jurisdiction of

Incorporation or Organization)

 

37-1790061

IRS Employer Identification Number

 

7990

Primary Standard Industrial

Classification Code Number

 

Gymnasiumstrasse 19-21,

Vienna, Austria 1180

Tel.  +43-720-816-770





 (Address and telephone number of principal executive offices)


Check whether the issuer (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 required to file such reports), and (2) has been subject to such filing requirements for the last 90 days.
YES [] NO [X ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer, “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


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 [  ] NO [X]


State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 9,180,000 as of September 28, 2016.




1



 

TABLE OF CONTENTS




PART I FINANCIAL INFORMATION

 

ITEM 1

FINANCIAL STATEMENTS

3

   

 CONDENSED BALANCE SHEETS

3

      

 CONDENSED STATEMENTS OF OPERATIONS (unaudited)

4

 

 CONDENSED STATEMENTS OF CASH FLOWS (unaudited)

5

 

 NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS

6

ITEM 2.   

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

8

ITEM 3.   

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

10

ITEM 4.

CONTROLS AND PROCEDURES

10


PART II OTHER INFORMATION

 

ITEM 1   

LEGAL PROCEEDINGS

11

ITEM 2.  

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

11

ITEM 3   

DEFAULTS UPON SENIOR SECURITIES

11

ITEM 4      

MINE SAFETY DISCLOSURES

11

ITEM 5  

OTHER INFORMATION

11

ITEM 6      

EXHIBITS

11

 

SIGNATURES

12




2



 

GABBIT CORP.

BALANCE SHEETS

 

AUGUST 31, 2016

(Unaudited)

FEBRUARY 29, 2016

(Audited)

ASSETS

 

 

Current Assets

 

 

 

Cash

$        7,543  

$        9,493

 

Total Current assets

7,543

9,493

 

 

 

 

Non- Current assets

1,666

2,000

   

Computer

1,666

2,000

 

Total Non-Current Assets

 

 

Total Assets                                                         

$       9,209

$       11,493

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current  Liabilities

 

 Loan from related parties

$        942

$           942

 

Deferred Revenue

0

2,500

 

Total current liabilities

942

3,442

Total Liabilities

942

3,442

 

Stockholders’ Equity

  

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

 

 

9,000,000 shares issued and outstanding

9,180

9,000

 

Additional paid-in-capital

1,620

-

 

Deficit

(2,533)

(949)

Total Stockholders’ Equity

8,267

8,051

 

 

 

Total Liabilities and Stockholders’ Equity

$      9,209

$        11,493        



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



3




GABBIT CORP.

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

Three months

ended August 31, 2016

 

Six months

ended August 31, 2016

For the Period From Inception (August 16, 2015) to August 31, 2015


 

 

 

 

Revenue

$               -

 

$     5,000

$           -

 

 

 

 

 

Operating expenses

 

 

 

 

 General and administrative expenses

1,471

 

6,584

192

Net loss from operations

(1,471)

 

(1,584)

(192)

Loss before taxes

(1,471)

 

(1,584)

(192)

 

 

 

 

 

Provision for taxes

-

 

-

-

 

 

 

 

 

Net loss

$     (1,471)

 

$     (1,584)

$       (192)

 

 

 

 

 

Loss per common share:

 Basic and Diluted

$      (0.00)

 

$       (0.00)

$        (0.00)

 

 

 

 

 

Weighted Average Number of Common Shares  Outstanding:

Basic and Diluted

9,041,304

 

9,020,652

-


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



4





GABBIT CORP.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

Six months

ended August 31, 2016

For the Period From Inception (August 16, 2015) to August 31, 2015

 

Operating Activities

 

 

 

 

Net loss

$      (1,584)

$          (192)

 

 

Deferred Revenue

(2,500)

-

 

 

Amortization

334

-

 

 

Net cash used in operating activities

(3,750)

(192)

 

 

 

 

 

 

Investing Activities

 

 

 

 

Computer

$            -

    $                 -

 

 

Net cash used in investing activities

-

-

 

 

 

 

 

 

Financing Activities

 

 

 

 

Proceeds from sale of common stock

1,800

-

 

 

Proceeds from loan from shareholder

-

192

 

 

Net cash provided by financing activities

1,800

192

 

 

 

 

 

 

Net increase in cash and equivalents

(1,950)

-

 

Cash and equivalents at beginning of the period

9,493

-

 

Cash and equivalents at end of the period

7,543

$                -

 

 

Supplemental cash flow information:

 

 

 

 

Cash paid for:

 

 

 

 

Interest                                                                                               

$          -

$                -

 

 

Taxes                                                                                           

$         -

$                -

 



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




5



GABBIT CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED AUGUST 31,2016


NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

GABBIT CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on August 16, 2015.


The Company intends to commence operations in the business of providing individual and group extremal tour to Austrian Alps.


The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan.


The Company has adopted February 29 fiscal year end.


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.


NOTE 2 - 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 (August 16, 2015) resulting in an accumulated deficit of $2,533 as of August 31, 2016 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 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Use of Estimates


Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.


Cash and Cash Equivalents


For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2016 the Company's bank deposits did not exceed the insured amounts.




6



Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period from inception (August 16, 2015) to August 31, 2016.


Basic and Diluted Loss Per Share


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.


Stock-Based Compensation


As of August 31, 2016, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.  To date, the Company has not adopted a stock option plan and has not granted any stock options.


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.


New Accounting Pronouncements


There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.


Subsequent Events


The Company has evaluated all transactions from August 31, 2016 through the financial statement issuance date for subsequent event disclosure consideration.


NOTE 4 – CAPTIAL STOCK


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


  

NOTE 5 – RELATED PARTY TRANSACTIONS


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




7



Since August 16, 2015 (inception) through August 31, 2016, the Company’s sole officer and director loaned the Company $942 to pay for incorporation costs and operating expenses.  As of August 31, 2016, the amount outstanding was $942. The loan is non-interest bearing, due upon demand and unsecured.

 

NOTE 6 – INCOME TAX


As of August 31, 2016 the Company had net operating loss carry forwards of $2,533 that may be available to reduce future years’ taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.


 

 


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION


FORWARD LOOKING STATEMENTS


Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.


GENERAL


We intend to provide group leisure tours in the Austrian Alps with extreme activities aimed at general public. We seek to plan the tours in such a way, that they might be experienced by an experienced tourist, as well as an average person. The key objectives that we plan to pursue are as follows: quality and diversity of the activities, safety of our customers.

 

We plan to target general worldwide public to promote tourism in the mentioned area. We choose this mountain area proceeding from our own touristic experience in this region.

 

Our principal office address is located at Gymnasiumstrasse 19-21, Vienna, Austria 1180. Our telephone number is +43-720-816-770. Our plan of operation is forward-looking and there is no assurance that we will ever reach profitable operations. We are a development stage company and have generated $5,000 in revenues as of today. We were incorporated in Nevada on August 16, 2015. On February 20, 2016 we signed the Agreement with EcoFur&Ris, LLC.

 




8



RESULTS OF OPERATION


We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.


THREE MONTH PERIOD ENDED AUGUST 31, 2016



OPERATING EXPENSES


During the three month period ended August 31, 2016, we incurred general and administrative expenses of $1,471.  General and administrative expenses incurred during the three month period ended August 31, 2016 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.



NET LOSS


Our net loss for the three month period ended August 31, 2016 was $1,471 due to the factors discussed above.


SIX MONTH PERIOD ENDED AUGUST 31, 2016


REVENUE


During the six month period ended August 31, 2016 we have generated $5,000 revenue.


OPERATING EXPENSES


During the six month period ended August 31, 2016, we incurred general and administrative expenses of $6,584.  General and administrative expenses incurred during the six month period ended August 31, 2016 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.



NET LOSS


Our net loss for the six month period ended August 31, 2016 was $1,584 due to the factors discussed above.



LIQUIDITY AND CAPITAL RESOURCES


SIX MONTH PERIOD ENDED AUGUST 31, 2016


As of August 31, 2016, our total assets were $9,209 compared to $11,493 in total assets at February 29, 2016. Total assets as of August 31, 2016 comprised cash of $7,543 and $1,666 in net fixed assets while as at February 29, 2016 total assets comprised cash of $9,493 and fixed assets of $2,000. As of August 31, 2016, our current liabilities were $942, comprising of $942 a loan from shareholder.  As of February 29, 2016, our current liabilities were $2,942 comprising of $942 a loan form shareholder and $2,500 deferred revenue.


Stockholders’ equity was $8,051 as of February 29, 2016 compared to Stockholders’ equity of $8,267 as of August 31, 2016.   





CASH FLOWS FROM OPERATING ACTIVITIES


We have not generated positive cash flows from operating activities. For the six month period ended August 31, 2016, net cash flows used in operating activities were $3,750 consisting of a net loss of $1,584, reduced for cash flow purposes by non-cash depreciation expense of $334 and decrease in deferred revenue of $2,500.


CASH FLOWS FROM INVESTING ACTIVITIES

For the six month period ended August 31, 2016, we have not provided any cash flows by investing activities.


CASH FLOWS FROM FINANCING ACTIVITIES

For the six month period ended August 31, 2016, net cash provided from financing activities was $1,800 received from sale of common stock issued for cash.


PLAN OF OPERATION AND FUNDING


We expect that working capital requirements will continue to be funded through a combination of our existing funds, further issuances of securities and loans from our principal shareholder. Our working capital requirements are expected to increase in line with the growth of our business.




9



Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.


MATERIAL COMMITMENTS


As of August 31, 2016, we had no material commitments.


PURCHASE OF SIGNIFICANT EQUIPMENT


We do not intend to purchase any significant equipment during the next twelve months.


OFF-BALANCE SHEET ARRANGEMENTS


As of the date of this Quarterly Report, we do not have any 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 that are material to investors.


GOING CONCERN


The independent auditors' audit report accompanying our February 29, 2016 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.


Not applicable for smaller reporting companies. 


ITEM 4. CONTROLS AND PROCEDURES


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





10



An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of August 31, 2016. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended August 31, 2016 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


Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.


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


No sale of unregistered equity securities was completed during the three and three months ended August 31, 2016.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES


No senior securities were issued of outstanding during the three and three months ended August 31, 2016.


ITEM 4. MINE SAFETY DISLOSURES


No applicable to our Company.


ITEM 5. OTHER INFORMATION


None.

 

ITEM 6. EXHIBITS


Exhibits:



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.


101 Interactive data files pursuant to Rule 405 of Regulation S-T. 







11



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.


 

GABBIT CORP.

Dated: September 28, 2016

By: /s/ Vladimir Karelin

 

Vladimir Karelin

President and Chief Executive Officer and Chief Financial Officer







12



EX-31 2 f10qcertification311.htm FORM 10Q Form 10Q

Exhibit 31.1


CERTIFICATION


I, Vladimir Karelin, President and Chief Executive Officer and Chief Financial Officer of GABBIT CORP., certify that:


1.   I have reviewed this Quarterly Report on Form 10-Q of GABBIT 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: September 28, 2016



/s/ Vladimir Karelin

____________________________

Vladimir Karelin,

President, Chief Executive Officer and Chief Financial Officer




EX-32 3 f10qcertification321.htm FORM 10Q Form 10Q

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 GABBIT CORP.(the "Company")  on Form 10-Q for the period  ended  August 31, 2016  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: September 28, 2016




/s/ Vladimir Karelin

Vladimir Karelin

President, Chief Executive Officer and

Chief Financial Officer




EX-101.CAL 4 gabbit-20160831_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 5 gabbit-20160831_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.INS 6 gabbit-20160831.xml XBRL INSTANCE DOCUMENT 1666 2000 9209 11493 2500 942 942 942 3442 9180 9000 1620 -2533 -949 8267 8051 75000000 75000000 9180000 9000000 9180000 9000000 9209 11493 5000 0 5000 0 0 0 0 0 5000 0 1471 6584 192 1471 6584 192 -1471 -1584 -192 -1471 -1584 -192 9041304 9020652 0 0 0 -1584 -192 334 -2500 -3750 -192 0 0 1800 192 1800 192 -1950 0 9493 0 7543 0 10-Q 2016-08-31 false Gabbit Corp. 0001657564 gabbit --02-29 9180000 Smaller Reporting Company No No No 2017 Q2 <!--egx--><p align="center" style='text-align:center;margin:0in 0in 0pt'>GABBIT CORP.</p> <p align="center" style='text-align:center;margin:0in 0in 0pt'><font lang="X-NONE">NOTES TO THE </font>UNAUDITED <font lang="X-NONE">FINANCIAL STATEMENTS</font> </p> <p align="center" style='text-align:center;margin:0in 0in 0pt'>FOR THE THREE MONTHS PERIOD ENDED AUGUST 31,2016</p> <p align="center" style='text-align:center;margin:0in 0in 0pt'>&nbsp;</p> <p style='margin:0in 0in 0pt'>NOTE 1&nbsp;&#150; ORGANIZATION AND BASIS OF PRESENTATION</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>GABBIT CORP. (the &#147;Company&#148;) is a corporation established under the corporation laws in the State of Nevada on August 16, 2015.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company intends to commence operations in the business of providing individual and group extremal tour to Austrian Alps.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company&#146;s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company&#146;s business plan.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company has adopted&nbsp;February 29&nbsp;fiscal year end.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Basis of Presentation</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>NOTE 2 - GOING CONCERN</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>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 (August 16, 2015) resulting in an accumulated deficit of $2,533 as of August 31, 2016 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; </p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>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; </p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>NOTE 3 &#150; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Use of Estimates</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management&#146;s estimates and assumptions.</p> <p style='text-align:justify;margin:0in 35.8pt 0pt 0in;text-autospace:'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Cash and Cash Equivalents</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2016 the Company's bank deposits did not exceed the insured amounts.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Advertising Costs</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company&#146;s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period from inception (August 16, 2015) to August 31, 2016.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;margin:0in 0in 0pt'><u>Basic and Diluted Loss Per Share</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>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;&nbsp;Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Stock-Based Compensation</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>As of August 31, 2016, the Company has not issued any stock-based payments to its employees.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.&nbsp;&nbsp;To date, the Company has not adopted a stock option plan and has not granted any stock options.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Income Taxes</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company follows the liability method of accounting for income taxes.&nbsp;&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;&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.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>New Accounting Pronouncements</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'><u>Subsequent Events</u></p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>The Company has evaluated all transactions from August 31, 2016 through the financial statement issuance date for subsequent event disclosure consideration.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;margin:0in 0in 0pt'>NOTE 4 &#150; CAPTIAL STOCK</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;margin:0in 0in 0pt'>The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. </p> <!--egx--><p style='background:white;margin:0in 0in 0pt'>&nbsp;INCOME TAX</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>As of August 31, 2016 the Company had net operating loss carry forwards of $2,533 that may be available to reduce future years&#146; taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.</p> <!--egx--><p style='background:white;margin:0in 0in 0pt'>RELATED PARTY TRANSACTIONS</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>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.</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>&nbsp;</p> <p style='background:white;text-align:justify;margin:0in 0in 0pt'>Since August 16, 2015 (inception) through August 31, 2016, the Company&#146;s sole officer and director loaned the Company $942 to pay for incorporation costs and operating expenses.&nbsp;&nbsp;As of August 31, 2016, the amount outstanding was $942. The loan is non-interest bearing, due upon demand and unsecured.</p> 0001657564 2016-03-01 2016-08-31 0001657564 2016-08-31 0001657564 2016-02-29 0001657564 2016-06-01 2016-08-31 0001657564 2015-08-16 2015-08-31 0001657564 2015-08-15 0001657564 2015-08-31 iso4217:USD shares iso4217:USD shares EX-101.LAB 7 gabbit-20160831_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT Proceeds from (Repurchase of) Redeemable Preferred Stock Proceeds from (Repayments of) Debt Payments for (Proceeds from) Businesses and Interest in Affiliates Payments to Acquire Held-to-maturity Securities Payments for Software Increase (Decrease) in Operating Liabilities Increase (Decrease) in Accrued Taxes Payable Paid-in-Kind Interest Other Revenue, Net Interest Income, Operating Real Estate Revenue, Net Liabilities and Equity Liabilities and Equity Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest {1} Stockholders' Equity, Including Portion Attributable to Noncontrolling 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Document and Entity Information
6 Months Ended
Aug. 31, 2016
shares
Document and Entity Information:  
Entity Registrant Name Gabbit Corp.
Document Type 10-Q
Document Period End Date Aug. 31, 2016
Trading Symbol gabbit
Amendment Flag false
Entity Central Index Key 0001657564
Current Fiscal Year End Date --02-29
Entity Common Stock, Shares Outstanding 9,180,000
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status No
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2017
Document Fiscal Period Focus Q2
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Statement of Financial Position - USD ($)
Aug. 31, 2016
Feb. 29, 2016
Assets, Current    
Cash and Cash Equivalents, at Carrying Value $ 7,543 $ 9,493
Assets, Noncurrent    
Property, Plant and Equipment, Gross 1,666 2,000
Assets 9,209 11,493
Liabilities, Noncurrent    
Deferred Revenue and Credits, Noncurrent   2,500
Due to Related Parties, Noncurrent 942 942
Liabilities 942 3,442
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest    
Common Stock, Value, Issued 9,180 9,000
Additional Paid in Capital, Common Stock 1,620  
Retained Earnings (Accumulated Deficit) (2,533) (949)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest $ 8,267 $ 8,051
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures    
Common Stock, Shares Authorized 75,000,000 75,000,000
Common Stock, Shares Issued 9,180,000 9,000,000
Common Stock, Shares Outstanding 9,180,000 9,000,000
Liabilities and Equity $ 9,209 $ 11,493
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.5.0.2
Statement of Operations (Unaudited) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Aug. 31, 2015
Aug. 31, 2016
Aug. 31, 2016
Revenues      
Sales Revenue, Services, Net     $ 5,000
Revenues $ 0 $ 0 5,000
Cost of Revenue      
Cost of Revenue 0 0 0
Gross Profit 0 0 5,000
Amortization of Deferred Charges      
Administrative Expense 192 1,471 6,584
Total Operating Expenses 192 1,471 6,584
Net loss from operations (192) (1,471) (1,584)
Interest and Debt Expense      
Net Income (Loss) $ (192) $ (1,471) $ (1,584)
Earnings Per Share      
Weighted Average Number of Shares Outstanding, Basic   9,041,304 9,020,652
Earnings Per Share, Basic and Diluted $ 0 $ 0 $ 0
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.5.0.2
Statements of Cash Flows (unaudited) - USD ($)
1 Months Ended 6 Months Ended
Aug. 31, 2015
Aug. 31, 2016
Net Cash Provided by (Used in) Operating Activities    
Net loss for the period $ (192) $ (1,584)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities    
Amortization   334
Increase (Decrease) in Operating Liabilities    
Increase (Decrease) in Deferred Revenue   (2,500)
Net Cash Provided by (Used in) Operating Activities (192) (3,750)
Net Cash Provided by (Used in) Investing Activities    
Net Cash Provided by (Used in) Investing Activities 0 0
Net Cash Provided by (Used in) Financing Activities    
Proceeds from Issuance of Common Stock   1,800
Proceeds from director loans 192  
Net Cash Provided by (Used in) Financing Activities 192 1,800
Cash and Cash Equivalents, Period Increase (Decrease) 0 (1,950)
Cash and Cash Equivalents, at Carrying Value 0 9,493
Cash and Cash Equivalents, at Carrying Value $ 0 $ 7,543
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.5.0.2
Organization, Consolidation and Presentation of Financial Statements
6 Months Ended
Aug. 31, 2016
Organization, Consolidation and Presentation of Financial Statements:  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

GABBIT CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED AUGUST 31,2016

 

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

 

GABBIT CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on August 16, 2015.

 

The Company intends to commence operations in the business of providing individual and group extremal tour to Austrian Alps.

 

The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan.

 

The Company has adopted February 29 fiscal year end.

 

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.

 

NOTE 2 - 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 (August 16, 2015) resulting in an accumulated deficit of $2,533 as of August 31, 2016 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 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

 

Use of Estimates

 

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At August 31, 2016 the Company's bank deposits did not exceed the insured amounts.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the period from inception (August 16, 2015) to August 31, 2016.

 

Basic and Diluted Loss Per Share

 

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.

 

Stock-Based Compensation

 

As of August 31, 2016, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

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.

 

New Accounting Pronouncements

 

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.

 

Subsequent Events

 

The Company has evaluated all transactions from August 31, 2016 through the financial statement issuance date for subsequent event disclosure consideration.

 

NOTE 4 – CAPTIAL STOCK

 

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

XML 15 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
Income Taxes
6 Months Ended
Aug. 31, 2016
Income Taxes:  
Income Tax Disclosure

 INCOME TAX

 

As of August 31, 2016 the Company had net operating loss carry forwards of $2,533 that may be available to reduce future years’ taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

XML 16 R7.htm IDEA: XBRL DOCUMENT v3.5.0.2
Related Party Disclosures
6 Months Ended
Aug. 31, 2016
Related Party Disclosures:  
Related Party Transactions Disclosure

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 August 16, 2015 (inception) through August 31, 2016, the Company’s sole officer and director loaned the Company $942 to pay for incorporation costs and operating expenses.  As of August 31, 2016, the amount outstanding was $942. The loan is non-interest bearing, due upon demand and unsecured.

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