Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-21613 | |
Entity Registrant Name | Ecomax, Inc. | |
Entity Central Index Key | 0001008653 | |
Entity Tax Identification Number | 13-3865026 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 630 Fifth Avenue | |
Entity Address, Address Line Two | Suite 2338 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10111 | |
City Area Code | (929) | |
Local Phone Number | 923-2740 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,380,958 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash | ||
Accounts receivable | 83,907 | |
Inventories | 55,798 | |
Total current assets | 139,705 | |
TOTAL ASSETS | 139,705 | |
Current liabilities: | ||
Accounts payable | 3,890 | 3,250 |
Advances from - related party | $ 392,336 | $ 191,091 |
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Accrued interest related party | $ 17,704 | $ 3,329 |
Accrued expenses | 13,580 | 10,020 |
Total current liabilities | 427,510 | 207,690 |
Stockholders’ deficit: | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized; none issued and outstanding at March 31, 2023 and June 30, 2022. | ||
Common stock, $0.0001 par value; 450,000,000 shares authorized; 2,380,958 issued and outstanding at March 31, 2023 and June 30, 2022. | 238 | 238 |
Additional paid-in capital | 286,524 | 286,524 |
Accumulated deficit | (574,567) | (494,452) |
Total stockholders’ deficit | (287,805) | (207,690) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ 139,705 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 2,380,958 | 2,380,958 |
Common stock, shares outstanding | 2,380,958 | 2,380,958 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue | ||||
Sales | $ 96,221 | $ 96,221 | ||
Cost of goods sold | 71,598 | 71,598 | ||
Gross profit | 24,623 | 24,623 | ||
Cost and expenses: | ||||
Sales expenses | 12,314 | 12,314 | ||
General and administrative | 26,840 | 22,290 | 78,048 | 68,698 |
Total operating expenses | 39,154 | 22,290 | 90,362 | 68,698 |
Other income and expenses | ||||
Interest expenses | 5,761 | 2,385 | 14,375 | 5,829 |
Net loss | $ (20,292) | $ (24,675) | $ (80,114) | $ (74,527) |
Per common share - basic and diluted | ||||
Basic and diluted net loss | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.03) |
Weighted average shares | ||||
Outstanding, basic and diluted | 2,380,958 | 2,380,958 | 2,380,958 | 2,380,958 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||||||
Net loss | $ (20,292) | $ (28,771) | $ (24,675) | $ (24,305) | $ (80,114) | $ (74,527) |
Change in operating assets and liabilities: | ||||||
Accounts receivables | (83,907) | |||||
Inventories | (55,798) | |||||
Accounts payable and accrued liabilities | 18,574 | (645) | ||||
Net cash used by operating activities | (201,245) | (75,172) | ||||
Cash flows from financing activities: | ||||||
Advances from related party | 201,245 | 75,172 | ||||
Net cash provided by financing activities | 201,245 | 75,172 | ||||
Change in cash | ||||||
Cash at beginning of period | ||||||
Cash at end of period |
Statements of Stockholders' Def
Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2021 | $ 238 | $ 286,524 | $ (379,847) | $ (93,085) |
Balance, shares at Jun. 30, 2021 | 2,380,958 | |||
Net loss | (24,305) | (24,305) | ||
Ending balance, value at Sep. 30, 2021 | $ 238 | 286,524 | (404,152) | (117,390) |
Balance, shares at Sep. 30, 2021 | 2,380,958 | |||
Beginning balance, value at Jun. 30, 2021 | $ 238 | 286,524 | (379,847) | (93,085) |
Balance, shares at Jun. 30, 2021 | 2,380,958 | |||
Net loss | (74,527) | |||
Ending balance, value at Mar. 31, 2022 | $ 238 | 286,524 | (454,374) | (167,612) |
Balance, shares at Mar. 31, 2022 | 2,380,958 | |||
Beginning balance, value at Sep. 30, 2021 | $ 238 | 286,524 | (404,152) | (117,390) |
Balance, shares at Sep. 30, 2021 | 2,380,958 | |||
Net loss | (25,547) | (25,547) | ||
Ending balance, value at Dec. 31, 2021 | $ 238 | 286,524 | (429,699) | (142,937) |
Balance, shares at Dec. 31, 2021 | 2,380,958 | |||
Net loss | (24,675) | (24,675) | ||
Ending balance, value at Mar. 31, 2022 | $ 238 | 286,524 | (454,374) | (167,612) |
Balance, shares at Mar. 31, 2022 | 2,380,958 | |||
Beginning balance, value at Jun. 30, 2022 | $ 238 | 286,524 | (494,452) | (207,690) |
Balance, shares at Jun. 30, 2022 | 2,380,958 | |||
Net loss | (28,771) | (28,771) | ||
Ending balance, value at Sep. 30, 2022 | $ 238 | 286,524 | (523,223) | (236,461) |
Balance, shares at Sep. 30, 2022 | 2,380,958 | |||
Beginning balance, value at Jun. 30, 2022 | $ 238 | 286,524 | (494,452) | (207,690) |
Balance, shares at Jun. 30, 2022 | 2,380,958 | |||
Net loss | (80,114) | |||
Ending balance, value at Mar. 31, 2023 | $ 238 | 286,524 | (574,567) | (287,805) |
Balance, shares at Mar. 31, 2023 | 2,380,958 | |||
Beginning balance, value at Sep. 30, 2022 | $ 238 | 286,524 | (523,223) | (236,461) |
Balance, shares at Sep. 30, 2022 | 2,380,958 | |||
Net loss | (31,052) | (31,052) | ||
Ending balance, value at Dec. 31, 2022 | $ 238 | 286,524 | (554,275) | (267,513) |
Balance, shares at Dec. 31, 2022 | 2,380,958 | |||
Net loss | (20,292) | (20,292) | ||
Ending balance, value at Mar. 31, 2023 | $ 238 | $ 286,524 | $ (574,567) | $ (287,805) |
Balance, shares at Mar. 31, 2023 | 2,380,958 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Note 1. Organization and Nature of Business Ecomax, Inc., formerly Ecomat, Inc. (the “Company”), was incorporated on December 14, 1995 pursuant to the laws of the State of Delaware. On February 9, 2007, the Company completed its change in domicile to Nevada. The Company used to operate a wet-cleaning process which was an early alternative to conventional dry-cleaning methods. Currently, the Company is actively engaging in the distribution of personal healthcare products and nutrition supplements. On April 13, 2021 the Board of Directors (the “Board”) of the Company’s Board and a majority of its shareholders approved the following: ● A reverse stock split of common stock of one share for every ten (1-for-10) shares outstanding ● A change in name from Ecomat, Inc. to Ecomax, Inc.; and ● An increase in the authorized number of shares of capital stock from 75,000,000 0.0001 74,000,000 0.0001 1,000,000 0.0001 500,000,000 0.0001 450,000,000 0.0001 50,000,000 0.0001 . All share and per share information, including earnings per share, in this Form 10-Q have been retroactively adjusted to reflect this reverse stock split and certain items in prior period financial statements have been revised to conform to the current presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited Financial Statements of Ecomax, Inc. (“Ecomax,” “we,” “us,” “our,” or the “Company, have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These financial statements should be read in conjunction with the audited financial statements as of and for the year ended June 30, 2022, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended June 30, 2022. Significant Accounting Policies: Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no Accounts Receivable, Net of Allowance for Doubtful Accounts The Company extends unsecured credit to customers in the ordinary course of business but mitigates risk by performing credit checks and by actively pursuing past due accounts. The allowance for doubtful accounts is based on customer historical experience and the aging of the related accounts receivable. At March 31, 2023 and June 30, 2022, the allowance for doubtful accounts was $ 0 0 Property and Equipment New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 Inventories Inventories at March 31, 2023 consist of bottles of Rocitin NMN purchased from our Hong Kong suppliers. Inventories are stated at the lower of cost (first-in, first-out method) or market. The valuation of inventory requires the Company to estimate obsolescence, excess, and slowing-moving inventories. The Company evaluates the recoverability of the inventory based on expected demand and market conditions No inventory write downs were recorded in the periods presented. Valuation of Long-Lived Assets We review the recoverability of our long-lived assets, including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. We use the Black-Scholes option pricing model in valuing options. The inputs for the valuation analysis of the options include the market value of the Company’s common stock, the estimated volatility of the Company’s common stock, the exercise price of the warrants and the risk-free interest rate. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At March 31, 2023 and June 30, 2022, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses) approximates fair value, due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Revenue Recognition It is the Company’s policy that revenues from product sales are recognized in accordance with Accounting Standards Codification (“ASC 606”) “Revenue Recognition.” Five basic steps must be followed to recognize revenue: (1) Identify contract(s) with a customer that creates enforceable rights and obligations; (2) Identify performance obligations in the contract, such as promises to transfer goods or services to a customer; (3) Determine the transaction price (i.e. the amount of consideration in a contract to which an entity believes it is entitled in exchange for transferring promised goods or services to a customer); (4) Allocate the transaction price to the performance obligations in the contract, which requires the Company to allocate the transaction price to each performance obligation on the basis of the relative stand-alone selling price of each distinct good or service promised in the contract; and (5) Recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The amount of revenue recognized is the amount allocated to the satisfied performance obligation. Adoption of ASC 606 has not changed the timing and nature of the Company’s revenue recognition and there has been no material effect on the Company’s consolidated financial statements. Our revenue (referred to in our financial statements as “Sales”) consists primarily of the sale of Rocitin NMN products for cash or otherwise agreed-upon credit terms. Our customers consist primarily of wholesalers. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution, and shipping terms. We have elected to treat shipping as a fulfillment activity. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. The Company has no obligation to accept the return of products sold other than for replacement of damaged products. Other than quantity price discounts negotiated with customers prior to billing and delivery (which are reflected as a reduction in sales), the Company does not offer any sales incentives or other rebate arrangements to customers. Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Income Taxes We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. Uncertain Tax Positions The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This ASC also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Our federal and state income tax returns are open for fiscal years ending on or after June 30, 2007. We are not under examination by any jurisdiction for any tax year. At June 30, 2022, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under ASC 740. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this ASU on July 1, 2021. Upon adoption, there was no effect to the Company. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. At March 31, 2023, the Company had no 287,805 574,567 80,114 74,527 Currently, the Company obtains capital from a significant shareholder to meet its minimal operating expenses. If the current single business model is not successful, we do not believe that we could succeed in raising additional capital from unrelated parties or sustain our operations without some strategic transaction, such as a business combination or merger. If we are unable to generate enough revenues to cover the costs of operation, we expect that we would need to either continue to borrow funds from a related party, or cease all operations and wind down. Although we are currently evaluating our strategic alternatives with respect to all aspects of our business, we cannot assure you that any actions that we take would raise or generate sufficient capital to fully address the uncertainties of our financial position. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4. Related Party Transactions Advances from related party: On March 31, 2021, we entered into a Loan Agreement with New York Listing Management Inc, a significant shareholder of the Company, under which we receive funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8 outstanding balance 392,336 191,091 17,704 3,329 149,377 20,397 5,761 2,385 201,245 75,172 14,375 5,829 |
Inventories
Inventories | 9 Months Ended |
Mar. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories Our inventories consisted of $ 55,798 nil |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Capital Stock | Note 6. Capital Stock On March 18, 2021, the board of directors of the Company, with the written consent of a majority of the holders of the shares of the Company’s common Stock issued and outstanding, authorized the Company to (i) increase the number of authorized shares of common Stock from 74,000,000 450,000,000 1,000,000 50,000,000 On April 13, 2021, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to affect the Authorized Stock Increase, which became effective on May 3, 2021. At March 31, 2023 and June 30, 2022, the Company’s outstanding shares of common stock were 2,380,958 2,380,958 0.0001 no |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7. Subsequent Events The Company’s management has performed subsequent events procedures through the date the financial statements were available to be issued. 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, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Financial Statements of Ecomax, Inc. (“Ecomax,” “we,” “us,” “our,” or the “Company, have been prepared in accordance with generally accepted accounting principles (GAAP) applicable to interim financial information and the requirements of Form 10-Q and Rule 8-03 of Regulation S-X of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosure required by accounting principles generally accepted in the United States of America for complete financial statements. Interim results are not necessarily indicative of results for a full year. In the opinion of management, all adjustments considered necessary for a fair presentation of the financial position and the results of operations and cash flows for the interim periods have been included. These financial statements should be read in conjunction with the audited financial statements as of and for the year ended June 30, 2022, as not all disclosures required by generally accepted accounting principles for annual financial statements are presented. The interim financial statements follow the same accounting policies and methods of computations as the audited financial statements as of and for the year ended June 30, 2022. Significant Accounting Policies: |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no Accounts Receivable, Net of Allowance for Doubtful Accounts The Company extends unsecured credit to customers in the ordinary course of business but mitigates risk by performing credit checks and by actively pursuing past due accounts. The allowance for doubtful accounts is based on customer historical experience and the aging of the related accounts receivable. At March 31, 2023 and June 30, 2022, the allowance for doubtful accounts was $ 0 0 |
Property and Equipment | Property and Equipment New property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 |
Inventories | Inventories Inventories at March 31, 2023 consist of bottles of Rocitin NMN purchased from our Hong Kong suppliers. Inventories are stated at the lower of cost (first-in, first-out method) or market. The valuation of inventory requires the Company to estimate obsolescence, excess, and slowing-moving inventories. The Company evaluates the recoverability of the inventory based on expected demand and market conditions No inventory write downs were recorded in the periods presented. |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets We review the recoverability of our long-lived assets, including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. |
Stock Based Compensation | Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. We use the Black-Scholes option pricing model in valuing options. The inputs for the valuation analysis of the options include the market value of the Company’s common stock, the estimated volatility of the Company’s common stock, the exercise price of the warrants and the risk-free interest rate. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At March 31, 2023 and June 30, 2022, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses) approximates fair value, due to the short-term nature of the instruments or interest rates, which are comparable with current rates. |
Revenue Recognition | Revenue Recognition It is the Company’s policy that revenues from product sales are recognized in accordance with Accounting Standards Codification (“ASC 606”) “Revenue Recognition.” Five basic steps must be followed to recognize revenue: (1) Identify contract(s) with a customer that creates enforceable rights and obligations; (2) Identify performance obligations in the contract, such as promises to transfer goods or services to a customer; (3) Determine the transaction price (i.e. the amount of consideration in a contract to which an entity believes it is entitled in exchange for transferring promised goods or services to a customer); (4) Allocate the transaction price to the performance obligations in the contract, which requires the Company to allocate the transaction price to each performance obligation on the basis of the relative stand-alone selling price of each distinct good or service promised in the contract; and (5) Recognize revenue when (or as) the entity satisfies a performance obligation by transferring a promised good or service to a customer. The amount of revenue recognized is the amount allocated to the satisfied performance obligation. Adoption of ASC 606 has not changed the timing and nature of the Company’s revenue recognition and there has been no material effect on the Company’s consolidated financial statements. Our revenue (referred to in our financial statements as “Sales”) consists primarily of the sale of Rocitin NMN products for cash or otherwise agreed-upon credit terms. Our customers consist primarily of wholesalers. Our revenue generating activities have a single performance obligation and are recognized at the point in time when control transfers and our obligation has been fulfilled, which is when the related goods are shipped or delivered to the customer, depending upon the method of distribution, and shipping terms. We have elected to treat shipping as a fulfillment activity. Revenue is measured as the amount of consideration we expect to receive in exchange for the sale of our product. The Company has no obligation to accept the return of products sold other than for replacement of damaged products. Other than quantity price discounts negotiated with customers prior to billing and delivery (which are reflected as a reduction in sales), the Company does not offer any sales incentives or other rebate arrangements to customers. |
Earnings per Common Share | Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. |
Uncertain Tax Positions | Uncertain Tax Positions The provisions of ASC 740-10-25, “Accounting for Uncertainty in Income Taxes,” prescribe a more-likely-than-not threshold for financial statement recognition and measurement of a tax position taken (or expected to be taken) in a tax return. This ASC also provides guidance on the recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and related disclosures. Our federal and state income tax returns are open for fiscal years ending on or after June 30, 2007. We are not under examination by any jurisdiction for any tax year. At June 30, 2022, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under ASC 740. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this ASU on July 1, 2021. Upon adoption, there was no effect to the Company. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Organization and Nature of Bu_2
Organization and Nature of Business (Details Narrative) - $ / shares | Apr. 13, 2021 | Mar. 31, 2023 | Jun. 30, 2022 | Apr. 12, 2021 | Mar. 18, 2021 | Mar. 17, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Reverse stock split description | A reverse stock split of common stock of one share for every ten (1-for-10) shares outstanding | |||||
Capital stock, shares authorized | 500,000,000 | 75,000,000 | ||||
Common shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | 74,000,000 | 450,000,000 | 74,000,000 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | 1,000,000 | 50,000,000 | 1,000,000 |
Preferred shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Estimated useful lives | 5 years |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Cash | |||||||||
Working capital | 287,805 | 287,805 | |||||||
Accumulated deficit | 574,567 | 574,567 | $ 494,452 | ||||||
Net loss | $ 20,292 | $ 31,052 | $ 28,771 | $ 24,675 | $ 25,547 | $ 24,305 | $ 80,114 | $ 74,527 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember | |||
Advances to related parties | $ 392,336 | $ 392,336 | $ 191,091 | |||
Accrued interest | 17,704 | 17,704 | $ 3,329 | |||
Notes payable, related parties | 201,245 | $ 75,172 | ||||
Interest expense | 5,761 | $ 2,385 | 14,375 | 5,829 | ||
Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Notes payable, related parties | 149,377 | 20,397 | 201,245 | 75,172 | ||
Interest expense | $ 5,761 | $ 2,385 | $ 14,375 | $ 5,829 | ||
New York Listing Management Inc [Member] | Loan Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Interest rate | 8% |
Inventories (Details Narrative)
Inventories (Details Narrative) - USD ($) | Mar. 31, 2023 | Jun. 30, 2022 |
Inventory Disclosure [Abstract] | ||
Inventories | $ 55,798 |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - $ / shares | Mar. 31, 2023 | Jun. 30, 2022 | Apr. 13, 2021 | Apr. 12, 2021 | Mar. 18, 2021 | Mar. 17, 2021 |
Equity [Abstract] | ||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | 74,000,000 | 450,000,000 | 74,000,000 |
Preferred stock, authorized | 50,000,000 | 50,000,000 | 50,000,000 | 1,000,000 | 50,000,000 | 1,000,000 |
Common stock, shares outstanding | 2,380,958 | 2,380,958 | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares outstanding | 0 | 0 |