NOTES
TO UNAUDITED FINANCIAL STATEMENTS
September
30, 2016
NOTE
A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A
summary of significant accounting policies of JobLocationMap (the Company) is presented to assist in understanding the Company’s
financial statements. The accounting policies presented in these footnotes conform to accounting principles generally accepted
in the United States of America and have been consistently applied in the preparation of the accompanying financial statements.
These financial statements and notes are representations of the Company’s management who are responsible for their integrity
and objectivity. The Company has not realized revenues from its planned principal business purpose.
Organization,
Nature of Business and Trade Name
JobLocationMap
(the Company) was incorporated in the State of Nevada on June 15, 2010. JobLocationMap’s principal business objective of
developing and marketing an online map application.
The
Company’s activities are subject to significant risks and uncertainties including failing to secure additional funding to
operationalize the Company’s online map application before another company develops a similar app.
Basis
of Presentation
The
unaudited financial statements for the period ended September 30, 2016 have been prepared in accordance with accounting principles
generally accepted in the United States for interim financial information in accordance with Securities and Exchange Commission
(SEC) Regulation S-X rule 8-03. In the opinion of management, the unaudited financial statements have been prepared on the same
basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary
to present fairly the financial position as of September 30, 2016 and the results of operations and cash flows for the period
then ended. The financial data and other information disclosed in these notes to the interim financial statements related to the
period are unaudited. The results for the nine months ended September 30, 2016, are not necessarily indicative of the results
to be expected for any subsequent quarters or for the entire year ending December 31, 2016. The balance sheet at December 31,
2015 has been derived from the audited financial statements at that date.
Cash
and Cash Equivalents
For
purposes of the statement of cash flows, the Company considers all short-term debt securities purchased with maturity of three
months or less to be cash equivalents.
Property
and Equipment
Property
and equipment are carried at cost. Expenditures for maintenance and repairs are charged against operations. Renewals and betterments
that materially extend the life of the assets are capitalized. When assets are retired or otherwise disposed of, the cost and
related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in income for the
period.
Depreciation
is computed for financial statement purposes on a straight-line basis over estimated useful lives of the related assets. The estimated
useful lives of depreciable assets are:
|
|
Estimated
|
|
|
Useful Lives
|
Office Equipment
|
|
5-10 years
|
Copier
|
|
5-7 years
|
Vehicles
|
|
5-10 years
|
For
federal income tax purposes, depreciation is computed under the modified accelerated cost recovery system. For financial statements
purposes, depreciation is computed under the straight-line method.
The
Company has been in the developmental stage since inception and has no operations to date. The Company currently does not have
any property and equipment. The above accounting policies will be adopted upon the Company maintains property and equipment.
Recent
Accounting Pronouncements
On
June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities
(Topic 915). Amongst other things, the amendments in this update removed the definition of development stage
entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US
GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date
information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a
development stage entity; (3) disclose a description of the development stage activities in which the entity is engaged
and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been
in the development stage. The amendments are effective for annual reporting periods beginning after December 15, 2014 and
interim reporting periods beginning after December 15, 2014, however entities are permitted to early adopt for any annual or interim
reporting period for which the financial statements have yet to be issued.
Revenue
recognition
The
Company’s revenue recognition policies are in compliance with FASB ASC 605-35 “Revenue Recognition”. Revenue
is recognized when a formal arrangement exists, the price is fixed or determinable, all obligations have been performed pursuant
to the terms of the formal arrangement and collectability is reasonably assured. The Company recognizes revenues on sales
of its services, based on the terms of the customer agreement. The customer agreement takes the form of either a contract
or a customer purchase order and each provides information with respect to the service being sold and the sales price. If
the customer agreement does not have specific delivery or customer acceptance terms, revenue is recognized at the time the service
is provided to the customer.
Fair
Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and non-financial assets and liabilities that
are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as
the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required
to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact
and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such
as risks inherent in valuation techniques, transfer restrictions and credit risk. Fair value is estimated by applying the following
hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy
upon the lowest level of input that is available and significant to the fair value measurement:
Level
1
– Quoted prices in active markets for identical assets or liabilities.
Level
2
– Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices
for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.
Level
3
– Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market
participants would use in pricing the asset or liability.
In
accordance with the fair value accounting requirements, companies may choose to measure eligible financial instruments and certain
other items at fair value. The Company has not elected the fair value option for any eligible financial instruments.
As
of September 30, 2016 and December 31, 2015 the carrying value of accounts payable and loans that are required to be measured
at fair value, approximated fair value due to the short-term nature and maturity of these instruments.
Advertising
Advertising
expenses are recorded as general and administrative expenses when they are incurred.
Use
of Estimates
The
preparation of financial statements in accounting principles generally accepted in the United States of America 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. A change in managements’ estimates or assumptions could have a material impact on JobLocationMap’s financial
condition and results of operations during the period in which such changes occurred. Actual results could differ from those estimates.
JobLocationMap’s financial statements reflect all adjustments that management believes are necessary for the fair presentation
of their financial condition and results of operations for the periods presented.
Capital
Stock
The
Company has authorized One Hundred Million (100,000,000) shares of common stock with a par value of $0.0001 and Fifty Million
(50,000,000) shares of preferred stock with a par value of $0.0001. Nine Million Five Hundred Thousand (9,500,000) shares of common
stock were issued and outstanding as of September 30, 2016 and December 31, 2015.
Income
Taxes
The
Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net
income, regardless of when reported for tax purposes.
NOTE
B – GOING CONCERN
The
Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable
to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business.
However, the Company does not have an established source of revenues sufficient to cover its operating costs and to allow it to
continue as a going concern.
Under
the going concern assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither
the intention nor the necessity of liquidation, ceasing trading, or seeking protection from creditors pursuant to laws or regulations.
Accordingly, assets and liabilities are recorded on the basis that the entity will be able to realize its assets and discharge
its liabilities in the normal course of business.
The
ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plan described
in the Nature of Business and Trade Name paragraph and eventually attain profitable operations. The accompanying financial statements
do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.
During
the next year, the Company’s foreseeable cash requirements will relate to continual development of the operations of its
business, maintaining its good standing and making the requisite filings with the Securities and Exchange Commission, and the
payment of expenses associated with research and development. The Company may experience a cash shortfall and be required to raise
additional capital.
Historically,
it has mostly relied upon internally generated funds and funds from the sale of shares of stock to finance its operations and
growth. Management may raise additional capital through future public or private offerings of the Company’s stock or through
loans from private investors, although there can be no assurance that it will be able to obtain such financing. The Company’s
failure to do so could have a material and adverse effect upon it and its shareholders.
In
the past year, the Company funded operations by using cash proceeds received through the issuance of common stock and loan from
related party. For the coming year, the Company plans to continue to fund the Company through debt and securities sales and issuances
until the company generates enough revenues through the operations as stated above.
NOTE
C – COMMON STOCK
On
or about August 29, 2012, Related Party Directors, Omri Morchi and Eden Shoua each purchased 4,000,000 common shares of the company’s
common stock for $12,000 each or $0.003 per share.
On
September 26, 2014, Company issued 1,500,000 Common Shares of the company at $0.04 per share for cash proceeds of $60,000.
NOTE
D – INCOME TAXES
For
the period ended September 30, 2016, the Company has incurred net losses and, therefore, has no tax liability. The net deferred
tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is $91,573
at September 30, 2016, and will expire beginning in the year 2032.
The
provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate
of 34% to the net loss before provision for income taxes for the period ended September 30, 2016 and 2015 are as follows:
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|
September 30, 2016
|
|
September 30, 2015
|
Income tax expense (benefit) at statutory rate
|
|
$
|
(3,658
|
)
|
|
$
|
(15,355
|
)
|
Change in valuation allowance
|
|
|
3,658
|
|
|
|
15,355
|
|
Income tax expense
|
|
$
|
0
|
|
|
$
|
0
|
|
Net
deferred tax assets consist of the following components as of September 30, 2016 and December 31, 2015:
|
|
September 30, 2016
|
|
December 31, 2015
|
NOL Carryover
|
|
$
|
31,135
|
|
|
$
|
27,477
|
|
Valuation allowance
|
|
|
(31,135
|
)
|
|
|
(27,477
|
)
|
Net deferred tax asset
|
|
$
|
0
|
|
|
$
|
0
|
|
Due
to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $91,573 for federal
income tax reporting purposes could be subject to annual limitations. Should a change in ownership occur, net operating loss carry
forwards may be limited as to use in future years.
The
Company has no uncertain tax positions that require the Company to record a liability.
The
Company had no accrued penalties and interest related to taxes as of September 30, 2016
NOTE
E – RELATED TRANSACTIONS
During
the nine months ended September 30, 2016, the Company received a loan from a Director, totaling $4,329 towards operating expenses.
The loan is unsecured, non-interest bearing and due on demand.
As
of September 30, 2016, related party loan payable outstanding to the Director is $8,273.
NOTE
F – SUBSEQUENT EVENT
The
Company evaluated all events or transactions that occurred after September 30, 2016 through the date of this filing. The Company
determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period
ended September 30, 2016.