| EQUITY
|
|
|
|
|
|
|
|
|
|
Period Ended January 31,
|
|||||||
|
2014
|
2013
|
||||||
|
|
|
||||||
Net income
|
$
|
3,620
|
$
|
160
|
||||
|
||||||||
Weighted average common shares outstanding (Basic)
|
3,623,500
|
2,963,505
|
||||||
|
||||||||
Net income (loss) per share (Basic)
|
$
|
0.00
|
$
|
0.00
|
·
|
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities
|
·
|
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
·
|
Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
|
|
|
|
2014
|
2013
|
||||||
Tractor
|
$
|
19,231
|
$
|
19,231
|
||||
Trailer
|
28,241
|
28,241
|
||||||
Gross equipment at cost
|
47,472
|
47,472
|
||||||
Accumulated depreciation and amortization
|
(10,286
|
)
|
(7,912
|
)
|
||||
Net equipment
|
$
|
37,186
|
$
|
39,560
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 8%, which matures in July 2014. The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
|
$
|
5,077
|
$
|
7,827
|
||||
|
||||||||
On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 10%, which matures in July 2014. The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and
can be repaid before maturity in whole or part, without penalty.
|
3,317
|
5,192
|
||||||
|
||||||||
Total notes receivable
|
$
|
8,394
|
$
|
13,019
|
||||
Less current portion of notes receivable
|
(8,394
|
)
|
(13,019
|
)
|
||||
|
||||||||
Long-term portion of notes receivable
|
$
|
-
|
$
|
-
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
On March 13, 2013 an officer, director, and shareholder of the Company sold his tractor and trailer to the Company for a $25,000 unsecured, non-interest bearing Promissory Note, due March 12, 2014.
|
$
|
24,000
|
$
|
25,000
|
||||
|
||||||||
On January 11, 2013, we issued an eighteen-month, $32,000 fixed rate Promissory Note payable (the "note") to a Director, who is also an Officer and shareholder, with an interest rate of 8%, which matures in June 11, 2014. The note was issued for the financing of a tractor and trailer, to be used for the benefit of the Company. The note calls for monthly payments of $1,829.49, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
|
17,048
|
22,238
|
||||||
|
||||||||
Total notes payable
|
$
|
41,048
|
$
|
47,238
|
||||
Less current portion of notes payable
|
(41,048
|
)
|
(47,238
|
)
|
||||
|
||||||||
Long-term portion of notes payable
|
$
|
-
|
$
|
-
|
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
Income tax (benefit) expense at statutory rate
|
$
|
100
|
$
|
(1,300
|
)
|
|||
Valuation allowance
|
(100
|
)
|
1,300
|
|||||
Income tax expense per books
|
$
|
-
|
$
|
-
|
|
|
|
Period Ended January 31,
|
|||||||
|
2014
|
2013
|
||||||
|
|
|
||||||
Net income
|
$
|
3,620
|
$
|
160
|
||||
|
||||||||
Weighted average common shares outstanding (Basic)
|
3,623,500
|
2,963,505
|
||||||
|
||||||||
Net income (loss) per share (Basic)
|
$
|
0.00
|
$
|
0.00
|
·
|
Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities
|
·
|
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
|
·
|
Level 3 - Inputs that are both significant to the fair value measurement and unobservable.
|
i)
|
Persuasive evidence for an agreement exists;
|
ii)
|
Service has been provided;
|
iii)
|
The fee is fixed or determinable; and
|
iv)
|
Collection is reasonably assured.
|
|
|
Period Ended January 31,
|
|||||||
|
2014
|
2013
|
||||||
|
|
|
||||||
Net income
|
$
|
3,620
|
$
|
160
|
||||
|
||||||||
Weighted average common shares outstanding (Basic)
|
3,623,500
|
2,963,505
|
||||||
|
||||||||
Net income (loss) per share (Basic)
|
$
|
0.00
|
$
|
0.00
|
|
|
2014
|
2013
|
||||||
Tractor
|
$
|
19,231
|
$
|
19,231
|
||||
Trailer
|
28,241
|
28,241
|
||||||
Gross equipment at cost
|
47,472
|
47,472
|
||||||
Accumulated depreciation and amortization
|
(10,286
|
)
|
(7,912
|
)
|
||||
Net equipment
|
$
|
37,186
|
$
|
39,560
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
On July 8, 2013, we issued a one-year, secured $11,000 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 8%, which matures in July 2014. The note was issued for the financing of a tractor and trailer we sold for $22,000. The note calls for weekly payments of $228.46, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
|
$
|
5,077
|
$
|
7,827
|
||||
|
||||||||
On July 8, 2013, we issued a one-year, secured $7,500 fixed rate Promissory Note (the "note") to an independent contractor, with an interest rate of 10%, which matures in July 2014. The note was issued for the financing of a trailer valued at $7,500. The note calls for weekly payments of $144.23, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
|
3,317
|
5,192
|
||||||
|
||||||||
Total notes receivable
|
$
|
8,394
|
$
|
13,019
|
||||
Less current portion of notes receivable
|
(8,394
|
)
|
(13,019
|
)
|
||||
|
||||||||
Long-term portion of notes receivable
|
$
|
-
|
$
|
-
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
On March 13, 2013 an officer, director, and shareholder of the Company sold his tractor and trailer to the Company for a $25,000 unsecured, non-interest bearing Promissory Note, due March 12, 2014.
|
$
|
24,000
|
$
|
25,000
|
||||
|
||||||||
On January 11, 2013, we issued an eighteen-month, $32,000 fixed rate Promissory Note payable (the "note") to a Director, who is also an Officer and shareholder, with an interest rate of 8%, which matures in June 11, 2014. The note was issued for the financing of a tractor and trailer, to be used for the benefit of the Company. The note calls for monthly payments of $1,829.49, until the balance and accrued interest is paid in full, and can be repaid before maturity in whole or part, without penalty.
|
17,048
|
22,238
|
||||||
|
||||||||
Total notes payable
|
$
|
41,048
|
$
|
47,238
|
||||
Less current portion of notes payable
|
(41,048
|
)
|
(47,238
|
)
|
||||
|
||||||||
Long-term portion of notes payable
|
$
|
-
|
$
|
-
|
|
|
January 31, 2014
|
October 31, 2013
|
||||||
Income tax (benefit) expense at statutory rate
|
$
|
100
|
$
|
(1,300
|
)
|
|||
Valuation allowance
|
(100
|
)
|
1,300
|
|||||
Income tax expense per books
|
$
|
-
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|