Document and Entity Information
Document and Entity Information - USD ($) | Dec. 31, 2019 | Jun. 30, 2020 | Apr. 30, 2021 |
Details | |||
Registrant CIK | 0001067873 | ||
Fiscal Year End | --06-30 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 000-27881 | ||
Entity Registrant Name | AS-IP TECH INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 52-2101695 | ||
Entity Address, Address Line One | 2/1 Contour Close | ||
Entity Address, City or Town | Research | ||
Entity Address, Postal Zip Code | 3095 | ||
Entity Address, Country | AU | ||
Country Region | +1 | ||
City Area Code | 424 | ||
Local Phone Number | 888-2212 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Listing, Par Value Per Share | $ 0.10 | ||
Entity Public Float | $ 20,477,554 | ||
Entity Common Stock, Shares Outstanding | 240,893,414 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Current Assets | ||
Cash | $ 8,958 | $ 192 |
Accounts receivable - related parties, net | 0 | 11,963 |
Total current assets | 8,958 | 12,155 |
Intangible assets, net | 13,737 | 54,953 |
Total assets | 22,695 | 67,108 |
Current Liabilities | ||
Accounts payable and accrued expenses | 179,267 | 57,604 |
Related party payables | 826,716 | 562,564 |
Due to related parties | 228,811 | 228,811 |
Loans payable, current | 711,043 | 716,390 |
Deferred revenue, current | 1,892 | 8,235 |
Subscription for capital payable | 361,646 | 15,000 |
Total current liabilities | 2,309,375 | 1,588,604 |
Total liabilities | 2,309,375 | 1,588,604 |
Stockholders' Deficit | ||
Preferred stock $0.0001 par value; 50,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value, 500,000,000 authorized, and 182,112,766 and 182,112,766 were issued and outstanding as of June 30, 2020 and 2019, respectively | 18,213 | 18,213 |
Additional paid-in capital | 10,493,216 | 10,493,216 |
Subscriptions payable | 26,186 | 26,186 |
Treasury stock, value | (5) | (5) |
Accumulated deficit | (12,824,290) | (12,059,106) |
Total stockholders' deficit | (2,286,680) | (1,521,496) |
Total liabilities and stockholders' deficit | $ 22,695 | $ 67,108 |
BALANCE SHEETS - Parenthetical
BALANCE SHEETS - Parenthetical - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Details | ||
Accumulated amortization | $ 322,431 | $ 281,215 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock, Shares, Outstanding | 182,112,766 | 182,112,766 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | ||
Revenues | $ 36,205 | $ 51,099 |
Operating expenses | ||
Selling, general and administrative expenses | 171,591 | 168,784 |
Marketing fees and expenses - related party | 216,065 | 177,471 |
Engineering services - related party | 161,210 | 179,637 |
Amortization of intangibles | 41,216 | 41,216 |
Freight costs - related party | 1,085 | 2,523 |
Communications and data - related party | 13,618 | 16,702 |
Components - related party | 0 | 1,189 |
Office expenses - related party | 1,056 | 0 |
Technical service support - related party | 48,000 | 48,700 |
Trade shows - related party | 0 | 3,197 |
Total operating expenses | 653,841 | 639,419 |
Loss from operations | (617,636) | (588,320) |
Other (income) expense | ||
Interest expense | 131,154 | 133,102 |
Interest expense - related party | 16,394 | 18,320 |
Capital raising fees | 0 | 12,837 |
Total other (income) expense | 147,548 | 164,259 |
Net income (loss) | $ (765,184) | $ (752,579) |
Net loss per share - (basic and diluted) | $ 0 | $ 0 |
Weighted average number of common shares outstanding - (basic and diluted) | 182,112,766 | 171,760,747 |
BizjetMobile system sales - related parties | ||
Revenue | ||
Revenues | $ 16,818 | $ 21,725 |
BizjetMobile service fees - related parties | ||
Revenue | ||
Revenues | $ 19,387 | $ 29,374 |
STATEMENTS OF STOCKHOLDERS' DEF
STATEMENTS OF STOCKHOLDERS' DEFICIT - USD ($) | Common Stock | Additional Paid-in Capital | Subscriptions Stock Payable | Treasury Stock | Retained Earnings | Total |
Equity Balance at Jun. 30, 2018 | $ 16,197 | $ 10,102,337 | $ 26,186 | $ (5) | $ (11,306,527) | $ (1,161,812) |
Equity Balance, Shares at Jun. 30, 2018 | 161,960,376 | |||||
Issue of shares for cash, value | $ 1,506 | 280,802 | 0 | 0 | 0 | 282,308 |
Issue of shares for cash, shares | 15,056,001 | |||||
Issue of shares for interest, value | $ 196 | 35,054 | 0 | 0 | 0 | $ 35,250 |
Issue of shares for interest, shares | 1,958,333 | 1,958,333 | ||||
Issue of shares for services, value | $ 64 | 12,773 | 0 | 0 | 0 | $ 12,837 |
Issue of shares for services, shares | 638,056 | |||||
Issue of shares for debt, value | $ 250 | 62,250 | 0 | 0 | 0 | $ 62,500 |
Issue of shares for debt, shares | 2,500,000 | 2,500,000 | ||||
Net income (loss) | $ 0 | 0 | 0 | 0 | (752,579) | $ (752,579) |
Equity Balance, Shares at Jun. 30, 2019 | 182,112,766 | |||||
Equity Balance at Jun. 30, 2019 | $ 18,213 | 10,493,216 | 26,186 | (5) | (12,059,106) | (1,521,496) |
Net income (loss) | $ 0 | 0 | 0 | 0 | (765,184) | (765,184) |
Equity Balance, Shares at Jun. 30, 2020 | 182,112,766 | |||||
Equity Balance at Jun. 30, 2020 | $ 18,213 | $ 10,493,216 | $ 26,186 | $ (5) | $ (12,824,290) | $ (2,286,680) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (765,184) | $ (752,579) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Stock compensation for interest | 0 | 97,750 |
Stock compensation for service | 0 | 12,837 |
Amortization of intangibles | 41,216 | 41,216 |
Changes in operating assets and liabilities | ||
Increase (Decrease) in accounts payable | 121,663 | 42,304 |
Increase (Decrease) in deferred revenue | (6,343) | 5,300 |
Increase (Decrease) in related party payables | 264,152 | 211,545 |
Decrease (Increase) in accounts receivable | 11,963 | (11,963) |
Net cash used in operating activities | (332,533) | (353,590) |
Cash flows from investing activities: | ||
Net cash used by investing activities | 0 | 0 |
Cash flows from financing activities: | ||
Proceeds from loans | 0 | 19,517 |
Payments on loans | (5,347) | 0 |
Proceeds from issuance of common stock | 0 | 282,308 |
Funds received pending issuance of common stock | 346,646 | 11,500 |
Net cash provided by financing activities | 341,299 | 313,325 |
Net Increase/(Decrease) in cash | 8,766 | (40,265) |
Cash, beginning of period | 192 | 40,457 |
Cash, end of period | 8,958 | 192 |
Supplemental schedule of non-cash activities: | ||
Cash paid for interest | 5,564 | 52,756 |
Stock issued for payable conversion | $ 0 | $ 62,500 |
Organization, Operations and Su
Organization, Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Organization, Operations and Summary of Significant Accounting Policies | NOTE 1 - ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: AS-IP Tech, Inc. (“AS-IP”, the “Company”) formerly ASI Entertainment, Inc., was incorporated in the State of Delaware on April 29, 1998. The Company owns intellectual property from which two product lines called BizjetMobile and fflya have been developed. The products deliver inflight connectivity for business aviation (BizjetMobile) and commercial airlines (fflya) respectively. Basis of Presentation The financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America. The financial statements are expressed in United States dollars. The Company’s fiscal year ends June 30. Going Concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has recurring operating losses, limited funds and has accumulated deficits. These factors, among others, raise substantial doubt that the Company will be unable to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions. The Company expects to generate revenue in the future from the BizjetMobile and fflya businesses from the sale of hardware and provision of on-going services. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of assets and/or liabilities that might be necessary should the Company be unable to continue as a going concern. The continuation as a going concern is dependent upon the ability of the Company to meet our obligations on a timely basis, and, ultimately to attain profitability. 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 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents The Company considers investments with an original maturity of three months or less as cash equivalents. Accounts Receivable, net Accounts receivable are recognized at invoiced amounts and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews its allowance for doubtful accounts receivable on an ongoing basis. In establishing the required allowance, management considers any historical losses, the customer’s financial condition, the accounts receivable aging, and the customer’s payment patterns. After all attempts to collect a receivable have failed and the potential for recovery is remote, the receivable is written off against the allowance. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS As of June 30, 2020 and 2019, the allowance for doubtful account balances are $0 and $0, respectively. The bad debt expense, including the direct written-off accounts receivables, incurred for the years ended June 30, 2020 and 2019 are $0 and $0, respectively. Financial instruments The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 provides a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one - Quoted market prices in active markets for identical assets or liabilities; Level two - Inputs other than level one inputs that are either directly or indirectly observable; and Level three - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. All of the Company’s financial instruments are level one and are carried at fair value, requiring no adjustment to book value. The financial instruments were deemed to qualify as that classification because their value was determined by the price of identical instruments traded on an active exchange. Intangible Assets In accordance with ASC 350, “Intangibles - Goodwill and Other”, we classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. For intangible assets with definite lives, tests for impairment must be performed if conditions exist that indicate the carrying value may not be recoverable. For intangible assets with indefinite lives and goodwill, tests for impairment must be performed at least annually or more frequently if events or circumstances indicate that assets might be impaired. When facts and circumstances indicate that the carrying value of intangible assets determined to have definite lives may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of future undiscounted cash flows. If the sum of the expected future cash flows is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value which is estimated and calculated by discounted cash flow method. The Company has determined that an impairment charge is not required 2020 and 2019. Income tax The Company accounts for income taxes under FASB ASC 740 “Income Taxes”. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS At June 30, 2020 the Company had net operating loss carryforwards of $11,530,547 which started to expire in 2019. The deferred tax asset created by the U.S. net operating losses has been offset by a 100% valuation allowance for those with a 20 year life of $2,102,685 in 2020, compared to $2,532,412 in 2019 and an 80% allowance for those with an indefinite life of $254,984 in 2020, compared to $126,433 in 2019. The change in the valuation allowance for U.S. tax purposes in 2020 and 2019 was $128,551 and $126,433, respectively. On December 22, 2017, the U.S. Tax Cuts and Jobs Act was enacted. U.S. tax reform introduced many changes, including lowering the U.S. corporate tax rate to 21 percent, changes in incentives, provisions to prevent U.S. base erosion and significant changes in the taxation of international income, including provisions which allow for the repatriation of foreign earnings without U.S. tax. The enactment of U.S. tax reform had no impact on our income taxes for the year ended June 30, 2020. Share-based payments The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. Stock Options We estimate the fair value of stock option awards on the date of grant using the Black-Scholes-Merton pricing model, which is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, risk free interest rates and expected dividends. Earnings (Loss) Per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by FASB, ASC Topic 260, “Earnings per Share”. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Revenue recognition The Company recognizes revenue from the sales of goods and services under ASC 606 by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company has adopted the modified retrospective method for recording revenue. The Company recognizes revenue net of direct costs, such as commissions and hardware costs. The Company sells its hardware and services through related party distributors. Revenue is recognized on an accrual basis as earned under contract or license agreements. Communication services are provided on the basis of non refundable monthly prepayment and revenue is recognized using the output method. In cases where customers negotiate to pay for services over longer periods, the additional prepayment is taken up as deferred revenue and then revenue is recognized over the agreed term. Hardware sales require payment before delivery of the equipment. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS Deferred revenue The Company receives payment for services in advance before the subscription service is provided. The company recognizes the revenue as being earned as the services are provided. Deferred revenue of $21,696 and $6,079 was recognized in the 2020 and 2019 years respectively. Reclassification Certain amounts in the prior period presented, have been reclassified to conform to the current period financial statement presentation. These reclassification have no effect on previously reported net income. Recent Accounting Pronouncements The company has evaluated the recent accounting pronouncements and believes that none of them have a material effect on the Company’s financial statements. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Related Party Transactions Disclosure | NOTE 2 - RELATED PARTY TRANSACTIONS As of June 30, 2020 and 2019, the Company has incurred “related parties payables”, $826,716 and $562,564 respectively. The main component is advances made by the CFO to pay for operating expenses. From July 1, 2016, interest has accrued on amounts due to the CFO calculated quarterly at a rate of 6.5% per annum. Interest accrued for the advance in the years ended June 30, 2020 and 2019 was $16,395 and $18,320. The loan and accumulated interest will be repaid from surplus operating cash, when funds are available. As of June 30, 2020 and 2019, the Company had “due to related parties” of $228,811 which are advances made by related parties to provide operating funds. The “due to related parties” balances are non-interest bearing and unsecured. Due to the short term structure of these notes the company does not impute interest expense or recognize a discount on the face value of the notes. As of June 30, 2020 and 2019, the Company had “Accounts receivable -related parties” of $0 and $11,963 due from entities affiliated through common stockholders and directors, which operate as distributors for the Company’s products and services. In 2016, the Company acquired the BizjetMobile intellectual property from a related party for $450,000. In 2020 and 2019, the Company provided $41,216 and $41,216 respectively for amortization of the value of the intellectual property. In 2020 and 2019, the Company recorded net revenue of $16,818 and $21,725 respectively from entities affiliated through common stockholders and directors for BizjetMobile system sales after deduction of commission and hardware costs of $16,151 and $21,235 respectively. In 2020 and 2019, the Company recorded revenue of $19,387 and $29,374 respectively from entities affiliated through common stockholders and directors for BizjetMobile service fees after deduction of commissions of $3,706 and $9,333 respectively. In 2020 and 2019, the Company incurred expenses of $82,600 and $93,900 respectively to entities affiliated through common stockholders and directors for management expenses. In 2020 and 2019, the Company incurred expense of $216,065 and $177,471 to entities affiliated through common stockholders and directors for marketing expenses. This includes fees of $96,000 and $96,000 paid to the President, Ron Chapman in 2020 and 2019. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS In 2020 and 2019, the Company incurred expense of $161,210 and $179,637 to entities considered related parties for engineering services. In 2020 and 2019, the Company incurred expense of $48,000 and $48,700 to entities affiliated through common stockholders and directors for technical service support. In 2020 and 2019, the Company incurred cost of sales, comprising commissions and hardware costs, of $21,653 and $30,568 to entities affiliated through common stockholders and directors. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Commitments and Contingencies Disclosure | NOTE 3 - COMMITMENTS AND CONTINGENCIES The Company does not have any arrangements to lease premises for its operations. The Company does not have any legal matters outstanding. |
Stockholders' Equity Disclosure
Stockholders' Equity Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Stockholders' Equity Disclosure | NOTE 4 - STOCKHOLDERS' EQUITY Common stock The Company has authorized capital of 500,000,000 shares of common stock with a par value of $0.0001. During the year ended June 30, 2019, the Company issued a total of 5,650,000 shares for $113,000 cash at $0.020 per share. During the year ended June 30, 2019, the Company issued a total of 9,406,001 shares for $169,308 cash at $0.018 per share. During the year ended June 30, 2019, the Company issued a total of 338,056 shares for services valued at $7,437 at $0.022 per share. During the year ended June 30, 2019, the Company issued a total of 300,000 shares for services valued at $5,400 at $0.018 per share. During the year ended June 30, 2019, the Company issued a total of 1,958,333 shares in lieu of $35,250 interest at $0.018 per share. During the year ended June 30, 2019, the Company issued a total of 2,500,000 shares for $62,500 reduction of related party accounts payable valued at $0.025 per share. The Company as of June 30, 2020 had 182,112,766 shares issued and outstanding, and 50,000 shares in treasury. Treasury shares are accounted for by the par value method. Preferred stock As of June 30, 2020, the Company had 50,000,000 shares of authorized preferred stock, $0.0001 par value, with no shares issued and outstanding. Subscription for capital As of June 30, 2020 and June 30, 2019, the Company had received $361,646 and $15,000 respectively, representing funds received to purchase the Company’s common stock. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS Subscriptions payable As of June 30, 2020, the Company has a total of 1,422,389 shares payable to an individual with a net value of $26,186. The shares have subsequently been issued. Stock Options During the year ended June 30, 2017, the Company issued stock options to acquire 341,500 shares of the Company’s common stock at a price of $0.10 per share. The term of the options is 5 years from the date of issue. The options were issued in return for capital raising services and the accounts reflect an option cost of $7,360. Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregated Intrinsic Value Outstanding at June 30, 2018 341,500 $0.10 3.17 $0 Granted - - Exercised - - Expired - - Forfeited - - Outstanding at June 30, 2019 341,500 $0.10 2.17 $0 Granted - - Exercised - - Expired - - Forfeited - - Outstanding at June 30, 2020 341,500 $0.10 1.17 $0 |
Intangible Assets Disclosure
Intangible Assets Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Intangible Assets Disclosure | NOTE 5 - INTANGIBLE ASSETS In the year ended June 30, 2016, the Company took up Intangible Assets of $450,000 which represented the termination fee negotiated with the licensee of the Company’s technology. In the year ended June 30, 2018, the Company took up an impairment charge of $113,832 to reflect a lower value of the technology. On the basis that the technology has a useful life of 5 years, and that the Company had taken up amortization to that date of $240,000, the Company provided for amortization of $41,216 in the years ended June 30, 2020 and 2019 respectively. |
Loans, Debt Disclosure
Loans, Debt Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Loans, Debt Disclosure | NOTE 6 - LOANS Loans in the Company’s balance sheets are made up of: 1. The Company has an unsecured loan from a third party with balance outstanding at June 30, 2020 of $20,335 (June 30, 2019 $30,170). Interest is calculated at a rate of 20% per annum with interest of $5,165 and $7,443 taken up in the years ended June 30, 2020 and 2019 respectively. The Company is making principal and interest payments for the loan when funds are available. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS 2. The Company has outstanding unsecured loans totaling $70,295 from shareholders at June 30, 2020 and 2019. The terms of the loans provide that if they are not repaid by the loan anniversary (December 31 each year), the Company will issue 16,667 shares of common stock for each $5,000 of the loan outstanding in lieu of interest. At June 30, 2020 and 2019, the Company had accumulated interest on the loans of $12,901 and $8,425 calculated at the Company’s prevailing share price. The interest will be converted, in due course, by the issue of shares of common stock. 3. In 2018, the Company issued Convertible Notes which totaled $607,500, to fund the development of its fflya systems. Two issues were made as follows: The first convertible note for $337,500. Terms of the issue are: - - - A second convertible note issue for $270,000, on the following terms: - - - In return for providing the funding, investors will receive commissions on Viator tours and attractions for the first 27 system installations. Each investor will receive a commission for three years on terms to be agreed, based on the net revenue received once the systems commence operation,. To date, no systems have been installed and no commissions have been paid. None of the Notes have been converted to shares to date. |
Subsequent Events Disclosure
Subsequent Events Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Subsequent Events Disclosure | NOTE 7 - SIGNIFICANT SUBSEQUENT EVENTS Since June 30, 2020, the Company has continued to raise capital to fund its operations through the sale of shares, and has received a total of $450,787 up to the date of this report. |
Risks and Uncertainties, Disclo
Risks and Uncertainties, Disclosure | 12 Months Ended |
Jun. 30, 2020 | |
Notes | |
Risks and Uncertainties, Disclosure | NOTE 8 - RISKS & UNCERTAINTIES Impact from the New Coronavirus Global Pandemic (“COVID-19”) - The current outbreak of COVID-19 could have a material and adverse effect on the Company’s business operations. These could include disruptions or restrictions on the Company’s ability to distribute its products, as well as temporary closures of its facilities or the facilities of the suppliers or customers. Any disruption or delay of the Company’s suppliers or customers would likely impact the Company’s sales and operating results. In addition, COVID-19 has resulted in a widespread health crisis that could adversely affect global economies and financial markets, resulting in an economic downturn that could significantly impact our operating results. |
Organization, Operations and _2
Organization, Operations and Summary of Significant Accounting Policies: Basis of Presentation, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Basis of Presentation, Policy | Basis of Presentation The financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America. The financial statements are expressed in United States dollars. The Company’s fiscal year ends June 30. |
Organization, Operations and _3
Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Use of Estimates, Policy | 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 statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Organization, Operations and _4
Organization, Operations and Summary of Significant Accounting Policies: Cash and cash equivalents, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Cash and cash equivalents, Policy | Cash and cash equivalents The Company considers investments with an original maturity of three months or less as cash equivalents. |
Organization, Operations and _5
Organization, Operations and Summary of Significant Accounting Policies: Accounts Receivable, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Accounts Receivable, Policy | Accounts Receivable, net Accounts receivable are recognized at invoiced amounts and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. The Company reviews its allowance for doubtful accounts receivable on an ongoing basis. In establishing the required allowance, management considers any historical losses, the customer’s financial condition, the accounts receivable aging, and the customer’s payment patterns. After all attempts to collect a receivable have failed and the potential for recovery is remote, the receivable is written off against the allowance. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS As of June 30, 2020 and 2019, the allowance for doubtful account balances are $0 and $0, respectively. The bad debt expense, including the direct written-off accounts receivables, incurred for the years ended June 30, 2020 and 2019 are $0 and $0, respectively. |
Organization, Operations and _6
Organization, Operations and Summary of Significant Accounting Policies: Financial instruments, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Financial instruments, Policy | Financial instruments The Company has adopted the provisions of ASC Topic 820, Fair Value Measurements, which defines fair value, establishes a framework for measuring fair value in GAAP, and expands disclosures about fair value measurements. ASC 820 provides a fair value hierarchy used to classify the source of the information. The fair value hierarchy distinguishes between assumptions based on market data (observable inputs) and an entity’s own assumptions (unobservable inputs). The hierarchy consists of three levels: Level one - Quoted market prices in active markets for identical assets or liabilities; Level two - Inputs other than level one inputs that are either directly or indirectly observable; and Level three - Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. All of the Company’s financial instruments are level one and are carried at fair value, requiring no adjustment to book value. The financial instruments were deemed to qualify as that classification because their value was determined by the price of identical instruments traded on an active exchange. |
Organization, Operations and _7
Organization, Operations and Summary of Significant Accounting Policies: Intangible Assets, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Intangible Assets, Policy | Intangible Assets In accordance with ASC 350, “Intangibles - Goodwill and Other”, we classify intangible assets into three categories: (1) intangible assets with definite lives subject to amortization; (2) intangible assets with indefinite lives not subject to amortization; and (3) goodwill. For intangible assets with definite lives, tests for impairment must be performed if conditions exist that indicate the carrying value may not be recoverable. For intangible assets with indefinite lives and goodwill, tests for impairment must be performed at least annually or more frequently if events or circumstances indicate that assets might be impaired. When facts and circumstances indicate that the carrying value of intangible assets determined to have definite lives may not be recoverable, management assesses the recoverability of the carrying value by preparing estimates of future undiscounted cash flows. If the sum of the expected future cash flows is less than the carrying amount, we recognize an impairment loss. The impairment loss recognized is the amount by which the carrying amount exceeds the fair value which is estimated and calculated by discounted cash flow method. The Company has determined that an impairment charge is not required 2020 and 2019. |
Organization, Operations and _8
Organization, Operations and Summary of Significant Accounting Policies: Income tax, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Income tax, Policy | Income tax The Company accounts for income taxes under FASB ASC 740 “Income Taxes”. Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. AS-IP TECH, INC. NOTES TO FINANCIAL STATEMENTS At June 30, 2020 the Company had net operating loss carryforwards of $11,530,547 which started to expire in 2019. The deferred tax asset created by the U.S. net operating losses has been offset by a 100% valuation allowance for those with a 20 year life of $2,102,685 in 2020, compared to $2,532,412 in 2019 and an 80% allowance for those with an indefinite life of $254,984 in 2020, compared to $126,433 in 2019. The change in the valuation allowance for U.S. tax purposes in 2020 and 2019 was $128,551 and $126,433, respectively. On December 22, 2017, the U.S. Tax Cuts and Jobs Act was enacted. U.S. tax reform introduced many changes, including lowering the U.S. corporate tax rate to 21 percent, changes in incentives, provisions to prevent U.S. base erosion and significant changes in the taxation of international income, including provisions which allow for the repatriation of foreign earnings without U.S. tax. The enactment of U.S. tax reform had no impact on our income taxes for the year ended June 30, 2020. |
Organization, Operations and _9
Organization, Operations and Summary of Significant Accounting Policies: Share-based payments, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Share-based payments, Policy | Share-based payments The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. Stock Options We estimate the fair value of stock option awards on the date of grant using the Black-Scholes-Merton pricing model, which is affected by our stock price, as well as assumptions regarding a number of complex and subjective variables. These variables include our expected stock price volatility over the term of the awards, risk free interest rates and expected dividends. |
Organization, Operations and_10
Organization, Operations and Summary of Significant Accounting Policies: Earnings (Loss) Per Share, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Earnings (Loss) Per Share, Policy | Earnings (Loss) Per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by FASB, ASC Topic 260, “Earnings per Share”. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Organization, Operations and_11
Organization, Operations and Summary of Significant Accounting Policies: Revenue recognition, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Revenue recognition, Policy | Revenue recognition The Company recognizes revenue from the sales of goods and services under ASC 606 by applying the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in the contract; and (5) recognize revenue when each performance obligation is satisfied. The Company has adopted the modified retrospective method for recording revenue. The Company recognizes revenue net of direct costs, such as commissions and hardware costs. The Company sells its hardware and services through related party distributors. Revenue is recognized on an accrual basis as earned under contract or license agreements. Communication services are provided on the basis of non refundable monthly prepayment and revenue is recognized using the output method. In cases where customers negotiate to pay for services over longer periods, the additional prepayment is taken up as deferred revenue and then revenue is recognized over the agreed term. Hardware sales require payment before delivery of the equipment. |
Organization, Operations and_12
Organization, Operations and Summary of Significant Accounting Policies: Deferred revenue, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Deferred revenue, Policy | Deferred revenue The Company receives payment for services in advance before the subscription service is provided. The company recognizes the revenue as being earned as the services are provided. Deferred revenue of $21,696 and $6,079 was recognized in the 2020 and 2019 years respectively. |
Organization, Operations and_13
Organization, Operations and Summary of Significant Accounting Policies: Reclassification, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Reclassification, Policy | Reclassification Certain amounts in the prior period presented, have been reclassified to conform to the current period financial statement presentation. These reclassification have no effect on previously reported net income. |
Organization, Operations and_14
Organization, Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements, Policy (Policies) | 12 Months Ended |
Jun. 30, 2020 | |
Policies | |
Recent Accounting Pronouncements, Policy | Recent Accounting Pronouncements The company has evaluated the recent accounting pronouncements and believes that none of them have a material effect on the Company’s financial statements. |
Stockholders' Equity Disclosu_2
Stockholders' Equity Disclosure: Schedule of Stock Option Activity (Tables) | 12 Months Ended |
Jun. 30, 2020 | |
Tables/Schedules | |
Schedule of Stock Option Activity | Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregated Intrinsic Value Outstanding at June 30, 2018 341,500 $0.10 3.17 $0 Granted - - Exercised - - Expired - - Forfeited - - Outstanding at June 30, 2019 341,500 $0.10 2.17 $0 Granted - - Exercised - - Expired - - Forfeited - - Outstanding at June 30, 2020 341,500 $0.10 1.17 $0 |
Organization, Operations and_15
Organization, Operations and Summary of Significant Accounting Policies: Income tax, Policy (Details) - USD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Details | ||
Net operating loss carryforwards | $ 11,530,547 | |
Deferred tax assets, operating loss carryforwards | 254,984 | $ 126,433 |
Valuation Allowance, operating loss carryforwards | $ 128,551 | $ 126,433 |
Organization, Operations and_16
Organization, Operations and Summary of Significant Accounting Policies: Deferred revenue, Policy (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Details | ||
Deferred revenue recognized | $ 21,696 | $ 6,079 |
Related Party Transactions Di_2
Related Party Transactions Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Related party payables | $ 826,716 | $ 562,564 |
Interest expense - related party | 16,394 | 18,320 |
Due to related parties | 228,811 | 228,811 |
Accounts receivable - related parties, net | 0 | 11,963 |
Accumulated amortization | 322,431 | 281,215 |
Revenues | 36,205 | 51,099 |
Management expenses | 82,600 | 93,900 |
Marketing fees and expenses - related party | 216,065 | 177,471 |
Engineering services - related party | 161,210 | 179,637 |
Technical service support - related party | 48,000 | 48,700 |
President | ||
Marketing fees and expenses - related party | 96,000 | 96,000 |
Advances from CFO for operating expenses | ||
Related party payables | 826,716 | 562,564 |
Interest expense - related party | 16,395 | 18,320 |
Advances by related parties for operations | ||
Due to related parties | 228,811 | 228,811 |
BizjetMobile intellectual property | ||
Accumulated amortization | 41,216 | 41,216 |
BizjetMobile system sales - related parties | ||
Revenues | 16,818 | 21,725 |
Costs and expenses | 16,151 | 21,235 |
BizjetMobile service fees - related parties | ||
Revenues | 19,387 | 29,374 |
Costs and expenses | 3,706 | 9,333 |
Cost of sales of commissions | ||
Cost of sales | $ 21,653 | $ 30,568 |
Stockholders' Equity Disclosu_3
Stockholders' Equity Disclosure (Details) - USD ($) | 10 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2020 | |
Common stock authorized | 500,000,000 | 500,000,000 | ||
Common Par Value | $ 0.0001 | $ 0.0001 | ||
Issue of shares for cash, value | $ 450,787 | $ 282,308 | ||
Issue of shares for services, value | $ 12,837 | |||
Issue of shares for interest, shares | 1,958,333 | |||
Issue of shares for interest, value | $ 35,250 | |||
Issue of shares for debt, shares | 2,500,000 | |||
Issue of shares for debt, value | $ 62,500 | |||
Common stock issued and outstanding | 182,112,766 | 182,112,766 | ||
Treasury stock shares | 50,000 | |||
Preferred Shares Authorized | 50,000,000 | 50,000,000 | ||
Preferred Par Value | $ 0.0001 | $ 0.0001 | ||
Subscription for capital payable | $ 15,000 | $ 361,646 | ||
Common stock shares payable | 1,422,389 | |||
Subscriptions payable | $ 26,186 | $ 26,186 | ||
Stock options issued, share amount | 341,500 | |||
Stock options issued, exercise price | $ 0.10 | |||
Stock options for services | $ 7,360 | |||
At $0.02 per share | ||||
Issue of shares for cash, shares | 5,650,000 | |||
Issue of shares for cash, value | $ 113,000 | |||
Price per share | $ 0.020 | |||
At $0.018 per share | ||||
Issue of shares for cash, shares | 9,406,001 | |||
Issue of shares for cash, value | $ 169,308 | |||
Price per share | $ 0.018 | |||
Issue of shares for services, shares | 300,000 | |||
Issue of shares for services, value | $ 5,400 | |||
At $0.022 per share | ||||
Price per share | $ 0.022 | |||
Issue of shares for services, shares | 338,056 | |||
Issue of shares for services, value | $ 7,437 |
Stockholders' Equity Disclosu_4
Stockholders' Equity Disclosure: Schedule of Stock Option Activity (Details) - $ / shares | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 |
Details | |||
Options outstanding | 341,500 | 341,500 | 341,500 |
Options outstanding, Weighted avergare exercise price | $ 0.10 | $ 0.10 | $ 0.10 |
Intangible Assets Disclosure (D
Intangible Assets Disclosure (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2016 | |
Intangibles assets aquired, gross | $ 450,000 | |||
Intangibles assets aquired, impairment charge | $ 113,832 | |||
Accumulated amortization | $ 322,431 | $ 281,215 | ||
BizjetMobile intellectual property | ||||
Accumulated amortization | $ 41,216 | $ 41,216 |
Loans, Debt Disclosure (Details
Loans, Debt Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Loans payable, current | $ 711,043 | $ 716,390 |
Interest expense | 131,154 | 133,102 |
Convertible notes payable | 607,500 | |
Unsecured loan from a third party | ||
Loans payable, current | $ 20,335 | 30,170 |
Interest rate per annum | 20.00% | |
Interest expense | $ 5,165 | 7,443 |
Unsecured loans from shareholders | ||
Loans payable, current | 70,295 | |
Interest expense | 12,901 | $ 8,425 |
First convertible note | ||
Convertible notes payable | $ 337,500 | |
Interest rate, convertible notes | 20.00% | |
Conversion price per share, convertible notes | $ 0.03 | |
Second convertible note | ||
Convertible notes payable | $ 270,000 | |
Interest rate, convertible notes | 20.00% | |
Conversion price per share, convertible notes | $ 0.05 |
Subsequent Events Disclosure (D
Subsequent Events Disclosure (Details) - USD ($) | 10 Months Ended | 12 Months Ended |
Apr. 30, 2021 | Jun. 30, 2019 | |
Details | ||
Issue of shares for cash, value | $ 450,787 | $ 282,308 |