Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Cang Bao Tian Xia International Art Trade Center, Inc. | |
Entity Central Index Key | 0001006840 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Trading Symbol | TXCB | |
Current Fiscal Year End Date | --06-30 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 35,319,245 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,000 | |
Total current assets | 5,000 | |
TOTAL ASSETS | 5,000 | |
CURRENT LIABILITIES: | ||
Accounts Payable and Accrued Expenses | ||
Related party notes payable | 5,000 | |
Loan payable - related party | 15,856 | 14,096 |
Total current liabilities | 15,856 | 19,096 |
Commitments and Contingencies | ||
STOCKHOLDERS' EQUITY | ||
Series A Preferred Stock, 10,000,000 shares authorized at $0.001 per share: 9,992,000 and 10,000,000 shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively | 9,992 | 10,000 |
Common stock, par value $0.001 per share; 500,000,000 shares authorized; 35,319,245 and 3,319,245 shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively | 35,319 | 3,319 |
Additional paid in capital | 20,509,768 | 20,505,314 |
Accumulated deficit | (20,570,935) | (20,532,729) |
Total stockholders' equity | (15,856) | (14,096) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 5,000 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock share authorized | 10,000,000 | 10,000,000 |
Preferred stock share issued | 9,992,000 | 10,000,000 |
Preferred stock share Outstanding | 9,992,000 | 10,000,000 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock share authorized | 500,000,000 | 500,000,000 |
Common stock share issued | 35,319,245 | 3,319,245 |
Common stock share outstanding | 35,319,245 | 3,319,245 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING EXPENSES: | ||||
Legal expense | $ 10,325 | $ 300 | $ 20,325 | $ 300 |
Audit and accounting expense | 3,700 | 12,050 | ||
License and registration fees | 1,181 | 5,181 | ||
Transfer agent | 650 | 650 | ||
TOTAL OPERATING EXPENSE | 15,856 | 300 | 38,206 | 300 |
NET LOSS | $ (15,856) | $ (300) | $ (38,206) | $ (300) |
Net loss per common share - basic and diluted (in dollars per share) | $ 0 | $ 0 | ||
Weighted average common shares outstanding - basic and diluted (in shares) | 8,439,245 | 223,045 | 8,439,245 | 223,045 |
STATEMENT OF STOCKHOLDERS' EQUI
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Series A Preferred Stock | Common Stock | Capital Deficiency | Accumulated Deficit | Total |
Balance at Jun. 30, 2017 | $ 223 | $ 16,515,314 | $ (16,515,537) | ||
Balance, shares at Jun. 30, 2017 | 223,045 | ||||
Shares issued for services, shares | 10,000,000 | 3,096,200 | |||
Shares issued for services, value | $ 10,000 | $ 3,096 | 3,990,000 | 4,003,096 | |
Net loss | (4,017,192) | ||||
Balance at Jun. 30, 2018 | $ 10,000,000 | $ 3,319 | 20,505,314 | (20,532,729) | $ (14,096) |
Balance, shares at Jun. 30, 2018 | 10,000,000 | 3,319,245 | 3,319,245 | ||
Shares issued for services, value | |||||
Forgiveness of related party loan | 36,446 | 36,446 | |||
Conversion of preferred stock into common stock, shares | (8,000) | 32,000,000 | |||
Conversion of preferred stock into common stock, value | $ (8) | $ 32,000 | (31,992) | ||
Net loss | (38,206) | (38,206) | |||
Balance at Mar. 31, 2019 | $ 9,992 | $ 3,327 | $ 20,509,768 | $ (20,570,935) | $ (15,856) |
Balance, shares at Mar. 31, 2019 | 9,992,000 | 35,319,245 | 35,319,245 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES: | ||
Net Income | $ (38,206) | $ (300) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Shares issued for services | ||
Forgiveness of related party loan | 31,446 | |
Forgiveness of related party notes payable | 5,000 | |
Changes in net assets and liabilities - | ||
NET CASH USED IN OPERATING ACTIVITIES | (1,760) | (300) |
FINANCING ACTIVITIES: | ||
Payments on related party notes payable | (5,000) | |
Payments on related party loan | (31,446) | |
Proceeds from related party | 33,206 | 300 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | (3,240) | 300 |
NET INCREASE IN CASH | (5,000) | |
CASH - BEGINNING OF PERIOD | 5,000 | |
CASH - END OF PERIOD | ||
NON CASH INVESTING AND FINANCING ACTIVITIES | ||
Debt forgiveness recorded in additional paid in capital | $ 36,446 |
Organization and basis of accou
Organization and basis of accounting | 9 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and basis of accounting | Note 1 – Organization and basis of accounting Basis of Presentation and Organization Cang Bao Tian Xia International Art Trade Center, Inc., formerly Zhongchai Machinery, Inc., and before that Equicap, Inc., a Nevada corporation (the “Company”, was a manufacturer and distributor of gears and gearboxes and drive axles that were marketed and sold to equipment manufacturers in China. On July 6, 2007, the Board of Directors of Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”), the China based and 75% owned subsidiary of the Company, approved and finalized a Share Purchase Agreement (“Share Purchase Agreement”) with Xinchang Keyi Machinery Co., Ltd., (“Keyi”) a corporation incorporated in the People’s Republic of China. Pursuant to the Share Purchase Agreement, Zhejiang Zhongchai purchased all the outstanding equity of Zhejiang Shengte Transmission Co., Ltd. (“Shengte”) from Keyi, the sole owner of Shengte for approximately $3.7 million On March 7, 2007, the Company and Usunco Automotive, Ltd. (“Usunco”), a British Virgin Islands company, entered into a Share Exchange Agreement (“Exchange Agreement”) which was consummated on March 9, 2007. Under the terms of the Exchange Agreement, the Company acquired all of the outstanding equity securities of Usunco in exchange for 18,323,944 shares of the Company’s common stock. Since the Company had been a public shell company prior to the share exchange, the share exchange was treated as a recapitalization of the Company. As such, the historical financial information prior to the share exchange was that of Usunco and its subsidiaries. Historical share amounts were restated to reflect the effect of the share exchange. On June 18, 2006, Usunco acquired 100% of IBC Automotive Products Inc (“IBC”), a California Corporation as of May 14, 2004 (date of inception), through a Share Exchange Agreement of 28% of Usunco’s shares. IBC was considered a “predecessor” business to Usunco as its operations constituted the business activities of Usunco formed to consummate the acquisition of IBC. The consolidated financial statements at that time reflected all predecessor statements of income and cash flow activities from the inception of IBC in May 2004. On June 15, 2009, IBC was sold to certain management persons of IBC in exchange for the following: (i) the cancellation of an aggregate of 555,994 shares of common stock of the Company which those individuals owned, and (ii) the payment of $60,000 in installments pursuant to the terms of an unsecured promissory note, the final payment of which was made on November 15, 2010. As part of the transaction, the Company cancelled $428,261 through the closing date, of inter-company debt which funds had been used in the business of IBC prior to the transaction. On September 22, 2009, Xinchang Xian Lisheng Machinery Co., Ltd. (“Lisheng”) was incorporated by Zhejiang Zhongchai and two individual investors. Total registered capital of Lisheng was RMB 5 million, of which Zhejiang Zhongchai accounted for 60%. The Company started production of die casting products in 2010 for use in gearboxes, diesel engines and other machinery products. On December 16, 2009, Zhongchai Machinery and its wholly owned subsidiaries, Usunco and Zhongchai Holding (Hong Kong) Limited, a Hong Kong company (“Zhongchai Holding”), took action to approve transfer of the shares of Zhejiang Zhongchai Machinery Co., from Usunco to Zhongchai Holding. The transfer was completed on December 23, 2009. The purpose of the transfer was to take advantage of the tax treaty between the Peoples Republic of China and the Special Administrative Region of Hong Kong which reduces the withholding tax rate of the PRC on payments to entities outside of China. Usunco, which no longer had any assets after transferring all of them to Zhongchai Holding was subsequently dissolved. The consolidated financial statements continued to account for Zhejiang Zhongchai Machinery Co., in the same manner as before the transfer of the ownership. Shareholder approval by the shareholders of Zhongchai Machinery was not required under Nevada law, as there was no sale of all or substantially all the assets of the Company. The shareholder ownership and shareholder rights of Zhongchai Machinery remained the same as before the transaction. On April 26, 2010, Zhongchai Holding (Hong Kong) Limited (“Zhongchai Holding”), which owned 75% of the equity in Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”), executed a Share Purchase Agreement (“Share Purchase Agreement”) with Xinchang Keyi Machinery Co., Ltd., (“Keyi”) a corporation incorporated in the People’s Republic of China. Pursuant to the Share Purchase Agreement, Zhongchai Holding purchased the residual 25% equity of Zhejiang Zhongchai Machinery Co., Ltd. (“Zhejiang Zhongchai”) from Keyi at $2.6 million. The Share Purchase Agreement was approved by the local government agency and a new business license was issued as Wholly Foreign Owned Enterprise. On July 26, 2011, the Company held a Special Meeting of Shareholders. At the special meeting the Company’s shareholders approved an amendment to cease its periodic reporting obligation under the Securities Exchange Act of 1934 and thereby forego many of the expenses associates with operating as a public company subject to SEC reporting obligations. On July 27, 2011, the Company, the Company approved a 1 for 120 reverse stock split of its then outstanding shares of the Company’s Common Stock. On July 29, 2011, the Company terminated its registration with the Securities and Exchange Commission. Following such termination, the Company went private. Therefore, it became unclear when and if the Company ceased conducting business operations, as no further information became publicly available. On May 11, 2018, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for the Company, then known as Zhongchai Machinery, Inc., proper notice having been given to the officers and directors of Zhongchai Machinery, Inc. There was no opposition. On May 16, 2018, the Company filed a certificate of revival with the State of Nevada, appointing David Lazar as, President, Secretary, Treasurer and Director. On June 19, 2018, the Company issued 3,096,200 shares of common stock issued at par value of $0.001, to Custodian Ventures, LLC, for services valued at $3,096.20. On June 19, 2018, the Company issued 10,000,000 shares of Series A Preferred Stock issued at par value of $0.001, to Custodian Ventures, LLC, for services valued at $4,000,000. On July 24, 2018, the Company filed a Form 10 with the Securities and Exchange Commission, to again become a reporting issuer. On December 16, 2018, Custodian Ventures LLC (the “Seller”), entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which the Seller agreed to sell to Xingtao Zhou and Yaqin Fu (together, the “Purchaser”), the 3,096,200 common shares and the 10,000,000 preferred shares of the Company (together, the “Shares”) owned by the Seller, for a total purchase price of $375,000. As a result of the sale, and David Lazar’s resignation as sole officer and director of the Company, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser. On January 8, 2019, the corporate name of the Company was changed to Cang Bao Tian Xia International Art Trade Center, Inc. The accompanying condensed financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2019 | |
Going Concern | |
Going Concern | Note 2- Going Concern The accompanying condensed financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3 – Summary of significant accounting policies Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions As of December 31, 2018, and June 30, 2018, the Company had a loan payable of $0 and $5,000, respectively to David Lazar, Chief Executive Officer. On December 13, 2018, the Company forgave $31,446 of the loan payable to David Lazar. The gain was recorded in additional paid in capital due to its related party nature. As of March 31, 2019, $0 remains outstanding. On June 15, 2018, the company entered into a promissory notes payable with David Lazar, Chief Executive Officer. The note is unsecured, noninterest bearing and due in 12 months from the date of issuance. On December 13, 2018, the Company forgave $5,000 of the entire amounts owed on this promissory note to David Lazar. The gain was recorded in additional paid in capital due to its related party nature. As of March 31, 2019, $0 remains outstanding. On December 16, 2018, Custodian Ventures LLC (the “Seller”), entered into a Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which the Seller agreed to sell to Xingtao Zhou and Yaqin Fu (together, the “Purchaser”), the 3,096,200 common shares and the 10,000,000 preferred shares of the Company (together, the “Shares”) owned by the Seller, for a total purchase price of $375,000. As a result of the sale, and David Lazar’s resignation as sole officer and director of the Company, there was a change of control of the Company. There is no family relationship or other relationship between the Seller and the Purchaser. |
Stockholders Equity
Stockholders Equity | 9 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders Equity | Note 5 – Stockholders Equity Common Stock On June 19, 2018, the Company issued 3,096,200 shares of common stock issued at par value of $0.001, for services valued at $3,096 to Custodian Ventures, LLC, the company controlled by David Lazar. On February 14, 2019, the Company issued 32,000,000 common shares to shareholders pursuant to the conversion of 8,000 shares of Series A Preferred Stock at a conversion price of $0.0000025 per common share. As of March 31, 2019, 35,319,245 shares remain outstanding. Preferred Stock The Company is authorized to issue 10,000,000 shares of $.001 par value preferred shares. On June 19, 2018 the Company created 10,000,000 shares of Series A Preferred Stock, out of the 10,000,000 shares that were already authorized. On that same date, the Company issued 10,000,000 shares of the Series A preferred stock to Custodian Ventures LLC, the company controlled by David Lazar, Chief Executive Officer for services valued at $4,000,000. The following is a description of the material rights of our Series A Preferred Stock: Each share of Series A Preferred Stock shall have a par value of $0.001 per share. The Series A Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1 for one basis. If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, the voting rights of the Series A shall not be subject to adjustment unless specifically authorized. Each share of Series A Preferred Stock shall be convertible at a rate of $0.0000025 per share of Common Stock (“Conversion Ratio”), at the option of a Holder, at any time and from time to time, from and after the issuance of the Series A Preferred Stock. Subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of shares of Series A Preferred Stock shall be entitled to receive dividends, out of any assets legally available therefor, upon any payment of any dividend (payable other than in Common Stock or other securities and rights convertible into or entitling the holder thereof to receive, directly or indirectly, additional shares of Common Stock of the Corporation) on the Common Stock of the Corporation, as and if declared by the Board of Directors, as if the Series A Preferred Stock had been converted into Common Stock. Subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the payment of any dividends on the any series or classes of stock of the Corporation shall be subject to any priority set forth in Paragraph (I)(c)(3) of Article FIFTH of the Articles of Incorporation, as such may from time to time be amended. In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of the Series A Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Corporation to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of the Series A Preferred Stock (each, the “the Original Issue Price”) for each share of Series A Preferred Stock then held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection with a particular sale of Series A Preferred Stock, the Original issue price shall be $0.001 per share for the Series A Preferred Stock. If, upon the occurrence of any liquidation, dissolution or winding up of the Corporation, the assets and funds thus distributed among the holders of the Series A Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, then, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the entire assets and funds of the corporation legally available for distribution shall be distributed ratably among the holders of the each series of Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive. The Series A Preferred Stock shares are nonredeemable other than upon the mutual agreement of the Company and the holder of shares to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s Articles of Incorporation and applicable law. Series A Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price of the Series A Preferred Stock by the Series A Conversion Price applicable to such share, determined as hereafter provided, in effect on the date the certificate is surrendered for conversion. The initial Series A Conversion Price per share shall be $0.0000025 for shares of Series A Preferred Stock. Each share of Series A Preferred Stock shall automatically be converted into shares of Common Stock at the applicable Series A Conversion Price in effect for such share immediately upon the earlier of (i) except as provided below in Section 4(c), the Corporation’s sale of its Common Stock in a public offering pursuant to a registration statement under the Securities Act of 1933, as amended; (ii) a liquidation, dissolution or winding up of the Corporation as defined in section 2(c) above but subject to any liquidation preference required by section 2(a) above; or (iii) the date specified by written consent or agreement of the holders of a majority of the then outstanding shares of Series A Preferred Stock. The holder of each share of Series A Preferred Stock shall have the right to one vote for each share of Series A Preferred Stock, and with respect to such vote, such holder shall have full voting rights and powers equal to the voting rights and powers of the holders of Common Stock, and shall be entitled to notice of any stockholders’ meeting in accordance with the bylaws of the Corporation, and shall be entitled to vote, together with holders of Common Stock, with respect to any question upon which holders of Common Stock have the right to vote. Fractional votes shall not, however, be permitted and any fractional voting rights shall be rounded to the nearest whole number (with one-half being rounded upward). On February 14, 2019, the Company issued 32,000,000 common shares to shareholders pursuant to the conversion of 8,000 shares of Series A Preferred Stock at a conversion price of $0.0000025 per common share. As of March 31, 2019, 10,000,000 preferred shares remain outstanding, which are owned by Xingtao Zhou, CEO. Additional paid in capital Related party debt forgiveness resulted in an increase in additional paid in capital of $36,446. Preferred stock conversion resulted in a $31,992 decrease in additional paid-in capital. |
Operating expenses
Operating expenses | 9 Months Ended |
Mar. 31, 2019 | |
OPERATING EXPENSES: | |
Operating expenses | Note 6 – Operating expenses The Company incurred $20,325 in legal expenses, $12,050 in audit and accounting fees, $5,181 in OTC Market registration and Nevada state license fees and $650 transfer agent fees during the nine months ended March 31, 2019. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7 – Subsequent Events The Company evaluates events that occur after the year-end date through the date the financial statements are available to be issued. Accordingly, management has evaluated subsequent events through May 1, 2019, and has determined that there were no subsequent events, requiring adjustment to, or disclosure in, the financial statements. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Employee Stock-Based Compensation | Employee Stock-Based Compensation The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations. |
Subsequent Event | Subsequent Event The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard. |
Organization and basis of acc_2
Organization and basis of accounting (Details Narrative) | Jun. 19, 2018USD ($)$ / sharesshares | Mar. 07, 2007shares | Jul. 27, 2011 | Nov. 15, 2010USD ($)shares | Jun. 15, 2009shares | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 16, 2018USD ($)shares | Apr. 26, 2010USD ($) | Jul. 06, 2007USD ($) | Jul. 06, 2007CNY (¥) | Jun. 18, 2006 |
Reverse Stock split | 1 for 120 | ||||||||||||
Stock issued for services, Value | $ 4,003,096 | ||||||||||||
Custodian Ventures, LLC [Member] | Common Stock [Member] | |||||||||||||
Stock issued for services, Shares | shares | 3,096,200 | ||||||||||||
Stock issued for services, Value | $ 3,096 | ||||||||||||
Share Price (Per Share) | $ / shares | $ 0.001 | ||||||||||||
Custodian Ventures, LLC [Member] | Series A Preferred Stock [Member] | |||||||||||||
Stock issued for services, Shares | shares | 10,000,000 | ||||||||||||
Stock issued for services, Value | $ 4,000,000 | ||||||||||||
Share Price (Per Share) | $ / shares | $ 0.001 | ||||||||||||
Lisheng [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | |||||||||||
Registered Capital | ¥ | ¥ 5,000,000 | ||||||||||||
Share Exchange Agreement [Member] | Usunco [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 28.00% | ||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 18,323,944 | ||||||||||||
Share Exchange Agreement [Member] | IBC [Member] | |||||||||||||
Cancellation of common stock | shares | 428,261 | 555,994 | |||||||||||
Payment of unsecured promissory note | $ 60,000 | ||||||||||||
Share Purchase Agreement [Member] | Zhongchai Holding [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | ||||||||||||
Equity Method Investment, Ownership Percentage purchased | 25.00% | ||||||||||||
Equity cost | $ 2,600,000 | ||||||||||||
Share Purchase Agreement [Member] | Keyi [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage | 75.00% | 75.00% | |||||||||||
Equity cost | $ 3,700,000 | ||||||||||||
Stock Purchase Agreement [Member] | Xingtao Zhou and Yaqin Fu [Member] | |||||||||||||
Common Stock Purchased, Shares | shares | 3,096,200 | ||||||||||||
Preferred Stock Purchased, shares | shares | 10,000,000 | ||||||||||||
Total Purchase Price | $ 375,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 13, 2018 | Jun. 15, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 16, 2018 | Jun. 30, 2018 |
Loan Payable to related party | $ 15,856 | $ 14,096 | ||||
Promissory notes payable | 5,000 | |||||
Forgiveness of related party loan | 31,446 | |||||
Forgiveness of related party notes payable | 5,000 | |||||
Stock Purchase Agreement [Member] | Xingtao Zhou and Yaqin Fu [Member] | ||||||
Common Stock Purchased, Shares | 3,096,200 | |||||
Preferred Stock Purchased, shares | 10,000,000 | |||||
Total Purchase Price | $ 375,000 | |||||
Promissory notes payable [Member] | David Lazar [Member] | ||||||
Description of Collateral | Loan is unsecured | |||||
Description of interest rate terms | Bears no interest | |||||
Description of repayment terms | Due in 12 months from the date of issuance | |||||
Promissory notes payable | 0 | |||||
Forgiveness of related party notes payable | $ 5,000 | |||||
Loans Payable [Member] | David Lazar [Member] | ||||||
Loan Payable to related party | $ 0 | $ 5,000 | ||||
Forgiveness of related party loan | $ 31,446 |
Stockholders Equity (Details Na
Stockholders Equity (Details Narrative) - USD ($) | Feb. 14, 2019 | Jun. 19, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 |
Stock issued for services, Value | $ 4,003,096 | ||||
Common stock outstanding | 35,319,245 | 3,319,245 | |||
Preferred Stock Authorized | 10,000,000 | 10,000,000 | |||
Preferred Stock Par value | $ 0.001 | $ 0.001 | |||
Preferred Stock, Voting Rights | 1 for one basis | ||||
Conversion Price | $ 0.0000025 | ||||
Preferred Stock Outstanding | 9,992,000 | 10,000,000 | |||
Debt forgiveness recorded in additional paid in capital | $ 36,446 | ||||
Conversion of preferred stock resulted in a decrease in additional paid-in capital | $ 31,992 | ||||
Common Stock [Member] | |||||
Common stock issued pursuant to conversion of preferred stock, shares | 32,000,000 | ||||
Series A Preferred Stock [Member] | |||||
Conversion of preferred stock into common stock, shares | 8,000 | ||||
Custodian Ventures, LLC [Member] | Common Stock [Member] | |||||
Stock issued for services, Shares | 3,096,200 | ||||
Stock issued for services, Value | $ 3,096 | ||||
Share Price (Per Share) | $ 0.001 | ||||
Custodian Ventures, LLC [Member] | Series A Preferred Stock [Member] | |||||
Stock issued for services, Shares | 10,000,000 | ||||
Stock issued for services, Value | $ 4,000,000 | ||||
Share Price (Per Share) | $ 0.001 |
Operating expenses (Details Nar
Operating expenses (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING EXPENSES: | ||||
Legal expense | $ 10,325 | $ 300 | $ 20,325 | $ 300 |
Audit and accounting expense | 3,700 | 12,050 | ||
OTC Market registration and Nevada state license fees | 1,181 | 5,181 | ||
Transfer agent | $ 650 | $ 650 |