Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Sep. 13, 2021 | Dec. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | GHST World Inc. | ||
Entity Central Index Key | 0001121795 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Emerging Growth | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | NV | ||
Entity Public Float | $ 2,095,599 | ||
Entity File Number | 00-31705 | ||
Entity Common Stock, Shares Outstanding | 529,483,071 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Current Assets | ||
Cash | $ 7,350 | $ 292 |
Total Current Assets | 7,350 | 292 |
Other assets | 115,000 | 115,000 |
Patent costs | 39,181 | 31,786 |
Total Assets | 161,531 | 147,078 |
Current Liabilities | ||
Accounts payable and accrued expenses | 14,528 | 7,092 |
Advances from related parties | 16,241 | 8,336 |
Common stock payable | 217,784 | 240,715 |
Total Current Liabilities | 248,553 | 256,143 |
Stockholders' Deficit | ||
Common stock, $0.001 par value, 700,000,000 shares authorized; 523,908,071 and 397,942,449 shares issued at June 30, 2021 and 2020, respectively | 523,908 | 397,943 |
Additional paid-in-capital | 8,656,124 | 8,608,680 |
Accumulated deficit | (9,267,062) | (9,115,696) |
Total Stockholders' Deficit | (87,022) | (109,065) |
Total Liabilities and Stockholders' Deficit | 161,531 | 147,078 |
Series A Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock value | 6 | 6 |
Series B Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock value | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 523,908,071 | 397,942,449 |
Common stock, shares outstanding | 523,908,071 | 397,942,449 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 6,000 | 6,000 |
Preferred stock, shares outstanding | 6,000 | 6,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 2,200 | 2,200 |
Preferred stock, shares outstanding | 2,200 | 2,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses: | ||
General and administrative expenses | 151,366 | 37,656 |
Stock based compensation | ||
Total operating expenses | 151,366 | 37,656 |
Net loss | $ (151,366) | $ (37,656) |
Net loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic and diluted | 476,053,434 | 397,942,449 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Deficit - USD ($) | Preferred Stock Series A | Preferred Stock Series B | Common Stock | Treasury Stock, Common [Member] | Additional Paid-In Capital | Stock Subscription Receivable | Accumulated Deficit | Total |
Beginning Balance at Jun. 30, 2019 | $ 6 | $ 2 | $ 397,943 | $ 8,608,680 | $ (9,078,040) | $ (71,409) | ||
Beginning Balance, shares at Jun. 30, 2019 | 6,000 | 2,200 | 397,942,449 | |||||
Net loss | (37,656) | (37,656) | ||||||
Ending Balance at Jun. 30, 2020 | $ 6 | $ 2 | $ 397,943 | 8,608,680 | (9,115,696) | (109,065) | ||
Ending Balance, shares at Jun. 30, 2020 | 6,000 | 2,200 | 397,942,449 | |||||
Issuance of common stock for cash, net of issuance costs | $ 100,966 | 47,512 | 148,478 | |||||
Issuance of common stock for cash, net of issuance costs, shares | 100,965,622 | |||||||
Issuance of common stock in exchange for debt | $ 25,000 | (69) | 24,931 | |||||
Issuance of common stock in exchange for debt, shares | 25,000,000 | |||||||
Net loss | (151,366) | (151,366) | ||||||
Ending Balance at Jun. 30, 2021 | $ 6 | $ 2 | $ 523,909 | $ 8,656,123 | $ (9,267,062) | $ (87,022) | ||
Ending Balance, shares at Jun. 30, 2021 | 6,000 | 2,200 | 523,908,071 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (151,366) | $ (37,656) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 329 | |
Accounts payable and accrued expenses | 7,436 | 752 |
Net Cash Used In Operating Activities | (143,930) | (36,575) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Patent costs | (7,395) | (19,096) |
Net Cash Used In Investing Activities | (7,395) | (19,096) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances to related parties | 7,905 | 24,930 |
Increase in common stock payable | 2,000 | 28,948 |
Issuance of common stock for cash | 148,478 | |
Net Cash Provided By Financing Activities | 158,383 | 53,878 |
Net increase (decrease) in cash | 7,058 | (1,793) |
Cash - beginning of period | 292 | 2,085 |
Cash - end of period | 7,350 | 292 |
Cash paid during the year/period for: | ||
Interest | ||
Taxes | ||
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Issuance of common stock in exchange for debt | $ 24,931 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1- ORGANIZATION AND DESCRIPTION OF BUSINESS Background GHST World Inc. (“the Company”), formerly GHST International, Inc., Ghost Technology, Inc and IA Europe Group Inc. (“IAEG”), is a Delaware corporation that was incorporated on November 12, 1999. The Company previously filed U.S. Securities and Exchange Commission (“SEC”) filings as General Telephony.com, Inc. (“GTI”) prior to its name change. On December 6, 2002, IAEG merged with GTI in a transaction treated as a reverse acquisition and recapitalization. The Company is a holding company for various technology and other activities. The Company has acquired and is developing several patents in the technology sector |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had a net loss of $151,366 for the year ended June 30, 2021. The Company has an accumulated deficit of $9,267,062 and a stockholders’ deficit of $87,022 as of June 30, 2021 and used $143,930 in cash flow from operating activities for the year then ended. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. Management intends to raise money through investors as needed to support its working capital needs.. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT world Inc. All intercompany balances and transactions have been eliminated in consolidation. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. 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 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 revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: the fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. Cash Cash are amounts held at local banks. The Company had no cash equivalents at June 30, 2021 or 2020. Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets consist primarily of property, plant and equipment Intangible Assets The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining and defending patents subsequent to their issuance in the period incurred. The Company will amortize capitalized patent costs for internally generated patents on a straight-line basis over ten years, which represents the estimated useful lives of the patents. The ten-year estimated useful life for internally generated patents is based on management’s assessment of such factors as the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The Company assesses the potential impairment to all capitalized net patent cost when events or changes in circumstances indicate that the carrying amount of its patent portfolio may not be recoverable. For the years ended June 30, 2021 and 2020 the Company has capitalized $7,395, and $19,096 of patent costs. As of June 30, 2021 total patent cost totaled $39,181. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. 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. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company’s tax returns are subject to examination by federal and state taxing authorities for the years ended June 30, 2017 through 2021. However, the Company's federal net operating losses for tax years ending June 30, 2020 and 2021 will remain subject to examination until the losses are utilized or expire. Under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017, Net Operating Losses (“NOLs”) incurred for tax years beginning before January 1, 2018, will be able to be carried forward for 20 years. For NOLs incurred in tax years beginning after December 31, 2017, these NOLs will be subject to the new limitations imposed by TCJA. Under the new law, an NOL can offset only 80% of taxable income in any given tax year. Furthermore, NOLs can no longer be carried back, they must be carried forward. The 20-year carryforward period has been replaced with an indefinite carryforward period for NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL for the year ended June 30, 2021 will be subject to the 20-year carryforward period and would be utilized before any NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL incurred for the year ended June 30, 2019 and 2020 are subject to the new rules of TCJA. The NOL carryforwards for the periods ended June 30, 2021 and 2020 are approximately $151,000 and $38,000, respectively and the total NOL carryforward to the year ended June 30, 2021 is approximately $2.7 million. Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, formerly Statement of Financial Accounting Standards ("SFAS") No. l23R "Accounting for Stock Based Compensation", Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” On July 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The adoption of ASU 2018-13 did not have a material effect on our consolidated financial statements and disclosures. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
PATENTS
PATENTS | 12 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PATENTS | NOTE 3 – PATENTS The Company obtained a patent dated June 30, 2020, which is a protection device used in sporting activity with the capability to monitor data from the device. The Company has capitalized the patent costs totaling $39,181 and $31,786, respectively at June 30, 2021 and 2020. The Company will amortize the patent over the useful life of the patent once it is placed in service. No amortization was recorded for the years ended June 30, 2021 and 2020. |
COMMON STOCK PAYABLE
COMMON STOCK PAYABLE | 12 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
COMMON STOCK PAYABLE | NOTE 4 – COMMON STOCK PAYABLE The Company has an agreement with certain investors to convert their investment into common stock of the Company at a price equal to the average value of the stock over the previous six months. The conversion is contingent on the Company effectuating a 1-for-100 reverse stock split and upon a change in the Company’s name. As of June 30, 2021, and 2020, the Company has a total of $217,784 and $240,715, respectively that has not been converted to common stock. During the year ended June 30, 2021 certain investors agreed to accept a total of 25,000,000 shares at an average price of approximately $0.001 in exchange for $24,931 of previously paid as subscriptions. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS At June 30, 2021 and 2020, the Company owed related parties a total of 16,241 and $8,336, respectively. These shareholder loans are unsecured, non-interest bearing and are due on demand. See Note 4 as these amounts that will be converted to common stock are from related parties. As shown in Note 4, the Company has committed to converting certain debts to equity. Included in the debts is $94,552 as of June 30, 2021 and 2020 of amounts due from related parties that will also be converted as described in Note 4. These transactions were in the normal course of operations and were measured at a value that represents the amount of consideration established and agreed to by the related parties. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY The Company has authorized 700,000,000 shares of common stock, $0.001 par value, of which 523,908,071 and 397,942,449 shares are issued and outstanding as of June 30, 2021 and 2020, respectively. Common Stock Issuances During the year ended June 30, 2021 the Company issued 25,000,000 shares at a average price of approximately $0.001 for previously paid stock subscriptions of $24,931 and issued 100,965,622 shares at an average price $0.0015 for net cash proceeds received of $148,478. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7- INCOME TAXES The Company has accumulated losses of approximately $9.3 million since its inception. For income tax purposes, the Company has operating loss carryforwards of approximately $2.7 million from tax years beginning before January 1, 2021, that begin to expire in 2027. These operating losses are subject to the limitations which were enacted in the Tax Cuts and Jobs Act (“TCJA”). These operating losses can offset only 80% of taxable income in any given tax year. The carryover period for these operating losses is indefinite. No federal or state tax asset has been reported in the financial statements, because the Company believes there is a 50% or greater chance that the carryforwards will expire unused. Accordingly, the potential tax benefits of the loss carryforwards (approximately $700,000) have been offset by a valuation allowance of the same amount. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 -SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial statements were issued for potential recognition or disclosure. The Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had a net loss of $151,366 for the year ended June 30, 2021. The Company has an accumulated deficit of $9,267,062 and a stockholders’ deficit of $87,022 as of June 30, 2021 and used $143,930 in cash flow from operating activities for the year then ended. Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. Management intends to raise money through investors as needed to support its working capital needs.. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT world Inc. All intercompany balances and transactions have been eliminated in consolidation. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. |
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 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 revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: the fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. |
Cash | Cash Cash are amounts held at local banks. The Company had no cash equivalents at June 30, 2021 or 2020. |
Risks and Uncertainties | Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets consist primarily of property, plant and equipment |
Intangible Assets | Intangible Assets The Company capitalizes external costs, such as filing fees and associated attorney fees, incurred to obtain issued patents and patent license rights. The Company expenses costs associated with maintaining and defending patents subsequent to their issuance in the period incurred. The Company will amortize capitalized patent costs for internally generated patents on a straight-line basis over ten years, which represents the estimated useful lives of the patents. The ten-year estimated useful life for internally generated patents is based on management’s assessment of such factors as the integrated nature of the portfolios being licensed, the overall makeup of the portfolio over time, and the length of license agreements for such patents. The Company assesses the potential impairment to all capitalized net patent cost when events or changes in circumstances indicate that the carrying amount of its patent portfolio may not be recoverable. For the years ended June 30, 2021 and 2020 the Company has capitalized $7,395, and $19,096 of patent costs. As of June 30, 2021 total patent cost totaled $39,181. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. 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. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company measures and recognizes the tax implications of positions taken or expected to be taken in its tax returns on an ongoing basis. The Company’s tax returns are subject to examination by federal and state taxing authorities for the years ended June 30, 2017 through 2021. However, the Company's federal net operating losses for tax years ending June 30, 2020 and 2021 will remain subject to examination until the losses are utilized or expire. Under the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017, Net Operating Losses (“NOLs”) incurred for tax years beginning before January 1, 2018, will be able to be carried forward for 20 years. For NOLs incurred in tax years beginning after December 31, 2017, these NOLs will be subject to the new limitations imposed by TCJA. Under the new law, an NOL can offset only 80% of taxable income in any given tax year. Furthermore, NOLs can no longer be carried back, they must be carried forward. The 20-year carryforward period has been replaced with an indefinite carryforward period for NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL for the year ended June 30, 2021 will be subject to the 20-year carryforward period and would be utilized before any NOLs incurred for tax years beginning after December 31, 2017. The Company’s NOL incurred for the year ended June 30, 2019 and 2020 are subject to the new rules of TCJA. The NOL carryforwards for the periods ended June 30, 2021 and 2020 are approximately $151,000 and $38,000, respectively and the total NOL carryforward to the year ended June 30, 2021 is approximately $2.7 million. |
Stock Based Compensation | Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, formerly Statement of Financial Accounting Standards ("SFAS") No. l23R "Accounting for Stock Based Compensation", |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, “Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract” On July 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The adoption of ASU 2018-13 did not have a material effect on our consolidated financial statements and disclosures. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | |||
Net loss | $ (151,366) | $ (37,656) | |
Accumulated deficit | (9,267,062) | (9,115,696) | |
Stockholders' Deficit | (87,022) | (109,065) | $ (71,409) |
Cash Used In Operating Activities | (143,930) | (36,575) | |
Cash equivalents | 0 | 0 | |
Impairment losses | 0 | 0 | |
Patent costs | (7,395) | (19,096) | |
Total Patent costs | 39,181 | 31,786 | |
Net loss carryforwards | 151,000 | $ 38,000 | |
Total NOL carryforward | $ 2,700,000 |
PATENTS (Detaila Narrative)
PATENTS (Detaila Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Patent costs | $ 39,181 | $ 31,786 |
Amortization of intangible assets | $ 0 | $ 0 |
COMMON STOCK PAYABLE (Details N
COMMON STOCK PAYABLE (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Notes to Financial Statements | ||
Reverse stock split | 1-for-100 reverse stock split | |
Common stock received | $ 217,784 | $ 240,715 |
Stock issued for previously paid stock subscriptions, shares | 25,000,000 | |
Stock issued for previously paid stock subscriptions, value | $ 24,931 | |
Share price | $ 0.001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Related Party Transactions [Abstract] | ||
Advances from related parties | $ 16,241 | $ 8,336 |
Common stock payable - related parties | $ 94,552 | $ 94,552 |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 700,000,000 | 700,000,000 |
Common stock, shares issued | 523,908,071 | 397,942,449 |
Common stock, shares outstanding | 523,908,071 | 397,942,449 |
Stock issued for previously paid stock subscriptions, shares | 25,000,000 | |
Stock issued for previously paid stock subscriptions, value | $ 24,931 | |
Share price | $ 0.001 | |
Proceeds from issuance of stock | $ 148,478 | |
Share issued price per share | $ 0.0015 | |
Common Stock | ||
Shares issued for cash, shares | 100,965,622 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Accumulated losses | $ (9,267,062) | $ (9,115,696) |
Operating loss carryforwards valuation allowance | 700,000 | |
Operating loss carryforwards | $ 2,700,000 |