XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies and Organization (Policies)
9 Months Ended
Oct. 31, 2020
Accounting Policies [Abstract]  
Organization, Basis of Presentation and Liquidity Organization, Basis of Presentation and liquidity
Multi Solutions II, Inc.'s (the "Company") business purpose is to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company's business objective for the next 12 months and beyond will be to achieve long-term growth potential through a combination with a business, rather than immediate, short-term earnings. The Company's search for a business opportunity will not be limited to any particular geographical area or industry, including both domestic and international companies.

The Company does not have any revenues from operations and, absent a merger or other combination with an operating company, or a public or private sale of the Company's equity or debt securities, the occurrence of either of which cannot be assured, the Company will be dependent upon future loans or equity investments from the Company's present shareholders or management, for which there is no existing commitment. Although the Company has no present commitment from any such parties to provide funding aside from a credit facility agreement (the "Credit Facility") with its majority shareholder, if the Company reaches the point where the Company needs funds to remain in operation, the Company will attempt to raise funds from the Company's present shareholders or management in the form of equity or debt. If, in such situation, the Company is unable to raise funds from those parties, it is likely that the Company's business would cease operations. As of October 31, 2020, our cash balance and available borrowing capacity provides us with sufficient capital for the next twelve months from the issuance of this report.

The unaudited interim condensed financial statements of the Company as of October 31, 2020 and for the three and nine months ended October 31, 2020 and 2019 included herein have been prepared in accordance with generally accepted accounting principles for interim financial information, the instructions for Form 10-Q and Article 8 of Regulation S-X. Certain information and note disclosures normally included in complete financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations relating to interim condensed financial statements. In the opinion of management, the accompanying unaudited interim condensed financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at October 31, 2020 and the results of its operations and its cash flows for the three and nine months ended October 31, 2020 and 2019. The results of operations and cash flows for such periods are not necessarily indicative of results expected for the full year or for any future period. These condensed financial statements should be read in conjunction with the financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 31, 2020 filed with the Securities and Exchange Commission.
Financial Instruments Financial InstrumentsThe carrying amounts of cash and accounts payable approximate their fair values due to their short term nature and that they are receivable or payable upon demand.
Use of Estimates Use of Estimates
 
In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and expenses during the reported period.  Actual results could differ from those estimates.
Cash Equivalents Cash Equivalents The Company considers all highly liquid investments with an original maturity, when purchased, of three months or less to be cash equivalents.
Loss Per Share Loss Per Share Basic loss per share is calculated based on loss available to common shareholders and the weighted-average number of shares outstanding during the reporting period. Diluted loss per share is calculated based on losses attributable to common shareholders and the weighted-average number of common and potential common shares outstanding during the reporting period.
Recently Issued Accounting Standards Recently Issued Accounting Standards
Management does not believe that any recently issued, but not effective, accounting standards, if currently adopted,
would have a material effect on the Company's financial statements.