Blockchain Industries (BCII) 10-Q 31 Aug 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Jul. 31, 2017	Aug. 30, 2017
Document And Entity Information
Entity Registrant Name	Omni Global Technologies, Inc.
Entity Central Index Key	1,084,370
Document Type	10-Q
Document Period End Date	Jul. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		20,368,703
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets - USD ($)	Jul. 31, 2017	Apr. 30, 2017
Current assets
Cash	$ 0	$ 0
Total assets	0	0
Current liabilities
Accounts payable	0	429,679
Due to related parties	36,269	3,981,423
Accrued liabilities	0	63,917
Note payable	0	501,112
Convertible note	0	53,000
Total liabilities	36,269	5,029,131
Shareholders' Deficit
Preferred stock, $0.001 par value, 5,000,000 authorized. None issued	0	0
Common stock; $0.001 par value; 400,000,000 shares authorized 20,368,703 and 20,368,703 shares issued and outstanding as of July 31, 2017 and April 30, 2017, respectively	20,368	20,368
Additional paid-in capital	6,179,489	6,179,489
Accumulated deficit	(6,236,126)	(11,228,988)
Total shareholders' deficit	(36,269)	(5,029,131)
Total liabilities and shareholders' deficit	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2017	Apr. 30, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ .001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ .001
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	20,368,703	20,368,703
Common stock, shares outstanding	20,368,703	20,368,703

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Income Statement [Abstract]
Revenue	$ 0	$ 0
Professional fees	9,890	0
Total operating expenses	9,890	0
(Loss) from operations	(9,890)	0
Other income (expense)
Debt forgiveness	5,003,192	0
Interest expense	(441)	0
Total other income and expense	5,002,752	0
Income from operations	4,992,862	0
Provision for income taxes	0	0
Net income	$ 4,992,862	$ 0
Loss per common share: Basic and diluted	$ .25	$ 0
Weighted average shares outstanding: Basic and diluted	20,368,703	20,368,703

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Jul. 31, 2017	Jul. 31, 2016
Cash flows from operating activities:
Net income	$ 4,992,862	$ 0
Changes in operating assets and liabilities
Forgiveness of debt	(5,003,192)	0
Increase in related party liabilities	10,330	0
Net cash (used in) operating activities	0	0
Cash flows from investing activities:
Net cash (used) provided by investing activities	0	0
Cash flows from financing activities:
Net cash provided by financing activities	0	0
Net increase (decrease) in cash	0	0
Cash, beginning of the period	0	0
Cash, end of the period	$ 0	$ 0

1. Organization and Description

1. Organization and Description of Business	3 Months Ended
	Jul. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	Unless the context otherwise requires, the terms "we", "our", "us", "OMNI", OMGT or "Omni Global Technologies, Inc." refers to Omni Global Technologies Inc. (formerly Business.vn, Inc.) Omni Global Technologies, Inc. (“OMNI” or the "Company") was originally formed on September 15, 1995 as Interactive Processing, Inc., a Nevada corporation, to market high-tech consumer electronics through television home-shopping networks, retail stores, catalog companies and their website remotecontrols.com. In March 1999, the Company changed its name to Worldtradeshow.com, Inc. In April, 1999, the Company acquired intellectual property rights to a database and business plan and significantly changed its business plan to develop tradeshow software and market both physical and virtual tradeshow space through the Company's website. The Company was dormant from October 2008 through May 15, 2016 until it was placed under the control of a Receiver in Nevada’s Eighth Judicial District pursuant to Case #A14-715484-P (“the Case”). On March 23, 2017 we entered into a share purchase agreement described below. On June 13, 2017, pursuant to an order by the judge presiding over this Case, OMNI emerged from receivership and substantially all liabilities that had been outstanding since 2009 were officially discharged. SHARE PURCHASE AGREEMENT From the period from May 15, 2016 through March 22, 2017 we were under the control of a court appointed Receiver. During that period the Receiver ran the Company and incurred expenses to maintain its status as public company and to locate a potential buyer for the Company. On May 23, 2017 the Company entered into a Share Purchase Agreement (“SPA”) with JOJ Holdings (the “Purchaser”, LLC maintaining an address at 53 Calle Palmeras, San Juan Puerto Rico. Under the terms of the SPA, the Purchaser agreed to purchase 20,000,000 of our $0.001 par value common stock; and to assume the liability of a judgement creditor in the amount of $25,690.41. Additionally, and concurrent with the signing of the SPA by the Company; the Receiver resigned from the Company, and the Purchaser elected Olivia Funk as the sole officer and director of the Company. The $150,000 received at closing was distributed by an escrow agent and was used to cover Receiver expenses incurred during the receivership period, and other company expenses. All $150,000 was disbursed prior to April 30, 2017. During the three months ended July 31, 2017, the Purchaser loaned the Company $9,890 to pay certain professional fees to maintain the company’s status as a public company. Reverse Split and Name Change On November 18, 2016, the Company effected a 1 for 150 reverse split and changed its name from Business.vn, Inc., to Omni Global Technologies, Inc., and the Company’s trading symbol changed from “BVNI” to “OMGT”. Under the guidelines of Staff Accounting Bulletin 4c, a capital structure change such as a stock split that occurs after the date of the most recent balance sheet must be given retroactive effect in the balance sheet. Accordingly, all references to the numbers of Common Shares and per share data in the accompanying financial statements have been adjusted to reflect this forward split on a retroactive basis, unless indicated otherwise.

2. Summary of Significant Accou

2. Summary of Significant Accounting Policies	3 Months Ended
	Jul. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses or recognized when incurred. Similarly, management must make estimates of the uncollectibility of accounts receivable. Management specifically analyzes accounts receivable and historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in our customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. Income Taxes The Company utilizes SFAS No. 115, Accounting for Income Taxes Going Concern The Company has an accumulated deficit of $6,236,126 to date. We will need additional working capital for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company is working a strategy to meet future operational goals which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations, however, there can be no assurances that the plan will succeed nor that the Company will be able to execute its plans. Basic and Diluted Net Loss Per Share Net loss per share is calculated in accordance with SFAS No. 128, Earnings Per Share Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Actual results could differ from those estimates. Significant estimates made by management are, among others, realizability of long-lived assets, deferred taxes and stock option valuation. Management reviews its estimates on a quarterly basis and, where necessary, makes adjustments prospectively.

3. Provision for Income Taxes

3. Provision for Income Taxes	3 Months Ended
	Jul. 31, 2017
Income Tax Disclosure [Abstract]
Provision for Income Taxes	As of July 31, 2017 the Company has a federal net operating loss carry forwards of $6,236,126 that can be utilized to reduce future taxable income. The net operating loss carry forward will expire through 2023 if not utilized. Utilization of the net operating loss and tax credit carry forward may be subject to substantial annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating loss and tax credit carry forwards before utilization. The Company has provided a full valuation allowance on the deferred tax asset because of uncertainty regarding realizability.

4. Stockholders' Equity

4. Stockholders' Equity	3 Months Ended
	Jul. 31, 2017
Equity [Abstract]
Stockholders' Equity	Common Stock The Company has 400,000,000 shares of Common Stock authorized with a par value of $0.001 per share and 5,000,000 shares of Preferred Stock authorized, with a par value of $0.001 per share. As of July 31, 2017 and April 30, 2017 there were 20,368,703 and 20,368,703 common shares outstanding, respectively. No shares of Preferred Stock are outstanding. Common Stock Issued in Private Placements During the three- month period ended July 31, 2017, the Company did not accept any subscription agreements for the sale of its common stock.

2. Summary of Significant Acc10

2. Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jul. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses or recognized when incurred. Similarly, management must make estimates of the uncollectibility of accounts receivable. Management specifically analyzes accounts receivable and historical bad debts, customer concentrations, customer credit-worthiness, current economic trends and changes in our customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. If the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required.
Income Taxes	Income Taxes The Company utilizes SFAS No. 115, Accounting for Income Taxes
Going Concern	Going Concern The Company has an accumulated deficit of $6,236,126 to date. We will need additional working capital for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company is working a strategy to meet future operational goals which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations, however, there can be no assurances that the plan will succeed nor that the Company will be able to execute its plans.
Basic and Diluted Net Loss Per Share	Basic and Diluted Net Loss Per Share Net loss per share is calculated in accordance with SFAS No. 128, Earnings Per Share
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Actual results could differ from those estimates. Significant estimates made by management are, among others, realizability of long-lived assets, deferred taxes and stock option valuation. Management reviews its estimates on a quarterly basis and, where necessary, makes adjustments prospectively.

3. Provision for Income Taxes (

3. Provision for Income Taxes (Details Narrative)	3 Months Ended
	Jul. 31, 2017USD ($)
Income Tax Disclosure [Abstract]
Operating loss carryforward	$ 6,236,126
Carryforward expiration date	Dec. 31, 2023