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mjpi
MJP INTERNATIONAL LTD.
2016-09-30
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<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<b>
NOTE 1 –
<u>NATURE AND CONTINUANCE OF OPERATIONS</u>
</b>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">MJP International Ltd. (“MJP” or the “Corporation”) was incorporated in the state of Nevada, United States on October 24, 2012.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Corporation, through its subsidiaries MJP Lighting Solutions Ltd. (“MJP BVI”) and MJP Holdings Ltd. (“MJP Alberta”) specializes in the sale and distribution of LED lighting and technology solutions and is focused on the North American market. MJP Alberta has set up an agency in Guangzhou, China in search of high quality products offered by reputable manufacturers to be introduced to Canada.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<u>Going Concern</u>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
These condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Corporation and its subsidiaries will be able to meet its obligations and continue its operations for the next fiscal year. Realizable values may be substantially different from carrying values as shown and these condensed interim consolidated financial statements, which do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Corporation be unable to continue as a going concern. At September 30, 2016, the Corporation had not yet achieved profitable operations and has accumulated losses of $284,128
since its inception. The Corporation expects to incur further losses in the development of its business, all of which casts substantial doubt about the Corporation’s ability to continue as a going concern. The Corporation’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations 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 anticipates that additional funding will be in the form of equity financing from the sale of common stock. Management may also seek to obtain short-term loans from the directors of the Corporation. There are no current arrangements in place for equity funding or short-term loans.
</p>
284128
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<b>
NOTE 2 –
<u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>
</b>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">This summary of significant accounting policies is presented to assist in understanding the condensed interim consolidated financial statements. The condensed interim consolidated financial statements and notes are the representations of the Corporation’s management, who is responsible for their integrity and objectivity. The condensed interim consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include all the information necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. These condensed interim consolidated financial statements should be read in conjunction with the annual consolidated financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2016.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<u>Basis of Presentation</u>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
The Corporation’s condensed interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These condensed interim consolidated financial statements include the Corporation’s wholly owned subsidiaries MJP Lighting Solutions Ltd. and MJP Holdings Ltd. and
100
percent of their assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated.
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">While the information presented in the accompanying condensed interim three month consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended September 30, 2016 are not necessarily indicative of the results that can be expected for the year ended June 30, 2017.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<u>Recent Accounting Pronouncements</u>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Corporation adopts new pronouncements relating to generally accepted accounting principles applicable to the Corporation as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying condensed interim consolidated financial statements.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern (''ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), an update to ASU 2014-09. This ASU amends ASU 2014-09 to defer the effective date by one year for annual reporting periods beginning after December 15, 2017 (fiscal 2019). Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. This ASU removes inconsistencies, complexities and allows transparency and comparability of revenue transactions across entities, industries, jurisdictions and capital markets by providing a single comprehensive principles-based model with additional disclosures regarding uncertainties. The principles-based revenue recognition model has a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 (fiscal 2018). In transition, the ASU may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Corporation is evaluating the effect of adopting this new accounting guidance.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740). This ASU simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in a classified statement of financial position. This ASU may be applied either prospectively to all deferred tax assets and liabilities, or retrospectively to all periods presented for annual periods beginning after December 16, 2016 and interim periods thereafter (fiscal 2018), with early adoption permitted, and may require additional disclosure based on the application method selected. The Company prospectively early adopted this ASU in the fourth quarter of 2016. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. This ASU is effective for fiscal years beginning after December 15, 2019 (fiscal 2021), including interim periods within those fiscal years, with early adoption permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2016, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017 (fiscal 2019), and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<u>Basis of Presentation</u>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
The Corporation’s condensed interim consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These condensed interim consolidated financial statements include the Corporation’s wholly owned subsidiaries MJP Lighting Solutions Ltd. and MJP Holdings Ltd. and
100
percent of their assets, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated.
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">While the information presented in the accompanying condensed interim three month consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended September 30, 2016 are not necessarily indicative of the results that can be expected for the year ended June 30, 2017.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<u>Recent Accounting Pronouncements</u>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">The Corporation adopts new pronouncements relating to generally accepted accounting principles applicable to the Corporation as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying condensed interim consolidated financial statements.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2014, the FASB issued amended standards No. 2014-15, Presentation of Financial Statements - Going Concern (''ASU 2014-15"), to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. The amendments (1) provide a definition of the term substantial doubt, (2) require an evaluation for each annual and interim reporting period, (3) provide principles for considering the mitigating effect of management’s plans, (4) require certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) require an express statement and other disclosures when substantial doubt is not alleviated, and (6) require an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606), an update to ASU 2014-09. This ASU amends ASU 2014-09 to defer the effective date by one year for annual reporting periods beginning after December 15, 2017 (fiscal 2019). Subsequently, the FASB has also issued accounting standards updates which clarify the guidance. This ASU removes inconsistencies, complexities and allows transparency and comparability of revenue transactions across entities, industries, jurisdictions and capital markets by providing a single comprehensive principles-based model with additional disclosures regarding uncertainties. The principles-based revenue recognition model has a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Early adoption is permitted for annual reporting periods beginning after December 15, 2016 (fiscal 2018). In transition, the ASU may be applied retrospectively to each prior period presented or retrospectively with the cumulative effect recognized as of the date of adoption. The Corporation is evaluating the effect of adopting this new accounting guidance.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740). This ASU simplifies the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in a classified statement of financial position. This ASU may be applied either prospectively to all deferred tax assets and liabilities, or retrospectively to all periods presented for annual periods beginning after December 16, 2016 and interim periods thereafter (fiscal 2018), with early adoption permitted, and may require additional disclosure based on the application method selected. The Company prospectively early adopted this ASU in the fourth quarter of 2016. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This ASU amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. This ASU is effective for fiscal years beginning after December 15, 2019 (fiscal 2021), including interim periods within those fiscal years, with early adoption permitted. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">In August 2016, the Financial Accounting Standards Board (“FASB) issued Accounting Standards Update (“ASU”) 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017 (fiscal 2019), and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Corporation does not expect the adoption of this guidance will have a material impact on its condensed interim consolidated financial position.</p>
1.00
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<b>
NOTE 3 –
<u>DUE TO RELATED PARTIES</u>
</b>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">As at September 30, 2016, the Corporation was obligated to shareholders for funds advanced to the Corporation for working capital. The advances are unsecured, non-interest bearing and no payback schedule has been established.</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
<b>
NOTE 4 –
<u>CAPITAL STOCK</u>
</b>
</p>
<p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;">
As at September 30, 2016, there were no warrants or options outstanding (2015 -
nil).
</p>
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