Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Aug. 13, 2020 | Oct. 31, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | PREVENTION INSURANCE COM INC | ||
Entity Central Index Key | 0001134982 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Apr. 30, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 7,642,211 | ||
Entity Public Float | $ 1,341,312 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Current assets | ||
Cash | $ 0 | $ 0 |
Prepayments and deposits | 0 | 4,000 |
Total current assets | 0 | 4,000 |
Other Assets | ||
Equity investment | 100 | 0 |
Total assets | 100 | 4,000 |
Current liabilities | ||
Fees drawn in excess of bank balance | 16 | 0 |
Accounts payable and accrued liabilities | 36,701 | 2,501 |
Due to related parties | 43,757 | 348,920 |
Total current liabilities | 80,474 | 351,421 |
Total liabilities | 80,474 | 351,421 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, $0.0001 par value; 200,000,000 shares authorized; 7,234,474 and 2,234,474 shares issued and 7,234,473 and 2,234,473 shares outstanding, respectively | 723 | 223 |
Additional paid-in capital | 5,020,835 | 4,642,362 |
Treasury stock, 1 share, at cost | (52,954) | (52,954) |
Accumulated deficit | (5,048,978) | (4,937,052) |
Total stockholders' deficit | (80,374) | (347,421) |
Total liabilities and stockholders' deficit | $ 100 | $ 4,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 04, 2018 | Oct. 03, 2018 |
Stockholders' deficit | ||||
Preferred stock, shares par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 100,000,000 |
Common stock, shares issued | 7,234,474 | 2,234,474 | 2,234,474 | 22,340,081 |
Common stock, shares outstanding | 7,234,474 | 2,234,474 | 2,234,474 | 22,340,081 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenue | $ 0 | $ 0 |
General and administrative expenses | 111,926 | 87,009 |
Operating loss | (111,926) | (87,009) |
Net loss | $ (111,926) | $ (87,009) |
Loss per common share - basic and dilutive | $ (0.02) | $ (0.04) |
Weighted average number of common shares outstanding - basic and diluted | 5,220,775 | 2,234,474 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS DEFICIT - USD ($) | Total | Preferred Stock [Member] | Common Shares [Member] | Additional Paid-In Capital | Treasury Stock | Retained Earnings (Accumulated Deficit) |
Balance, shares at Apr. 30, 2018 | 2,234,474 | |||||
Balance, amount at Apr. 30, 2018 | $ (260,412) | $ 0 | $ 223 | $ 4,642,362 | $ (52,954) | $ (4,850,043) |
Net loss | $ (87,009) | $ 0 | $ 0 | 0 | 0 | (87,009) |
Shares issued in settlement of related party debt, shares | ||||||
Balance, shares at Apr. 30, 2019 | 2,234,474 | |||||
Balance, amount at Apr. 30, 2019 | $ (347,421) | $ 0 | $ 223 | 4,642,362 | (52,954) | (4,937,052) |
Net loss | (111,926) | 0 | 0 | 0 | 0 | (111,926) |
Capital contribution by previous principal shareholder | $ 6,150 | $ 0 | $ 0 | 6,150 | 0 | 0 |
Shares issued in settlement of related party debt, shares | 372,823 | 5,000,000 | ||||
Shares issued in settlement of related party debt, amount | $ 372,823 | $ 0 | $ 500 | 372,323 | 0 | 0 |
Balance, shares at Apr. 30, 2020 | 7,234,474 | |||||
Balance, amount at Apr. 30, 2020 | $ (80,374) | $ 0 | $ 723 | $ 5,020,835 | $ (52,954) | $ (5,048,978) |
CONDENSED UNAUDITED STATEMENTS
CONDENSED UNAUDITED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (111,926) | $ (87,009) |
Changes in operating assets and liabilities: | ||
Prepayments and deposits | 4,000 | (667) |
Accounts payable and accrued liabilities | 34,200 | (6,219) |
Net cash flows used in operating activities | (73,726) | (93,895) |
Cash flows from investment activities: | ||
Subscription for equity investment | (100) | 0 |
Net cash flows used in investing activities | (100) | 0 |
Cash flows from financing activities: | ||
Fees drawn in excess of bank balance | 16 | 0 |
Capital contribution from previous principal shareholder | 6,150 | 0 |
Proceeds from due to related parties | 67,660 | 93,895 |
Net cash flows provided by financing activities | 73,826 | 93,895 |
Net change in cash | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 0 | 0 |
Supplemental cash flow disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Shares issued in settlement of related party debt | 372,823 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | |
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | Nature of Business Prevention Insurance.Com (the ”Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com. The Company’ s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company. Effective June 28, 2019 (“Closing Date”), a further change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company and (ii) a promissory note of the Company totaling $355,323. The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the Closing Date. On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company. On September 19, 2019, the Company formed a new subsidiary, Paramount Capital, Inc (“Paramount”), a Wyoming corporation. Paramount has not commenced operations as of this date. Basis of Presentation The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied. Consolidated Financial Statements These consolidated statements include the financial statements of the Company and its subsidiary company, Paramount Capital, Inc., from the date of its incorporation on September 20, 2019. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) 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. Actual results could differ from those estimates. Fair Value of Financial Instruments The fair value of prepayments and deposits, fees drawn in excess of bank balance, accounts payable and accrued liabilities and balances due to related parties approximate the carrying amount of these financial instruments due to their short-term maturity. Related Party Transactions A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 5, 7 and 8 below for details of related party transactions in the period presented. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in the Company’s balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases don’t provide an implicit rate, the Company generally uses the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term. The Company is not party to any lease transactions during the year ended April 30, 2020 or 2019. Income Taxes The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Uncertain Tax Positions The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. Revenue Recognition: Revenues are recognized when control of promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation At this time, the Company has not identified specific planned revenue streams. During the years ended April 30, 2020 and 2019, the Company did not recognize any revenue. Advertising Costs The Company expenses advertising costs when advertisements occur. No advertising costs were incurred during the years ended April 30, 2020 and 2019. Stock-Based Compensation The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued. Net Loss per Share Calculation Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted earnings per share is not presented when their effect is anti-dilutive. No potential dilutive securities were issued and outstanding during the year ended April 30, 2020 or 2019. COVID-19 Uncertainties The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time. Recently Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows due to our status as a shell corporation. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 2020 | |
GOING CONCERN | |
NOTE 2. GOING CONCERN | The Company’s financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. For the year ended April 30, 2020, the Company reported a net loss of $111,926, negative working capital of $80,474 and an accumulated deficit of $5,048,978 as of April 30, 2020. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company and ultimately achieve profitable operations. In the interim, the Company intends to rely upon continued advances from the Company’s majority shareholder to funds its working capital needs. No assurances can be given that the Company will be successful in locating or negotiating with any target company or that the majority shareholder will continue to fund the Company’s working capital needs. As a result, there is substantial doubt about the Company’s ability to continue as a going concern. |
PREPAYMENTS AND DEPOSITS
PREPAYMENTS AND DEPOSITS | 12 Months Ended |
Apr. 30, 2020 | |
PREPAYMENTS AND DEPOSITS | |
NOTE 3- PREPAYMENTS AND DEPOSITS | As of April 30, 2020 and 2019, the balance of prepayments and deposits was $0 and $4,000, respectively, which related to the annual membership fee for OTC Markets which was amortized monthly over the course of the year. The Company elected not to renew its annual OTC Markets membership fee for fiscal year 2020. |
EQUITY INVESTMENT
EQUITY INVESTMENT | 12 Months Ended |
Apr. 30, 2020 | |
EQUITY INVESTMENT | |
NOTE 4. EQUITY INVESTMENT | On August 26, 2019, the Company acquired 33.33% of the issued and outstanding common shares of Australian Gold Commodities Ltd (“ACG”), an Australian company, for $100. At the time, the remaining 66.67% of the issued and outstanding common shares of ACG were beneficially owned by our principal shareholder, Copper Hill Assets, Inc. Mr. Anthony Lococo, our sole director, was appointed as a director of ACG. ACG has not commenced operations as of April 30, 2020. As further discussed below in Note 8 Subsequent Events, |
ADVANCES DUE TO RELATED PARTIES
ADVANCES DUE TO RELATED PARTIES | 12 Months Ended |
Apr. 30, 2020 | |
ADVANCES DUE TO RELATED PARTIES | |
NOTE 5. ADVANCES DUE TO RELATED PARTIES | As of April 30, 2019, Metrowork Equity Sdn. Bhd, a company owned by the Company’s then-sole officer and director (“Metrowork”), had advanced funds totaling $348,920 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. During the period from May 1, 2019 to June 28, 2019, Metrowork advanced an additional $6,403 to the Company to meet its working capital requirements. Total advances as of June 28, 2019 from Metrowork totaled $355,323. Effective June 28, 2019, pursuant to the Securities Purchase Agreement entered into by and among the Company, Metrowork, and Copper Hill, Metrowork transferred and conveyed to Copper Hill a promissory note of the Company totaling $355,323. The terms under which the advances had been made to the Company remained unchanged on assignment of the note by Metrowork to Copper Hill. The advances are unsecured, interest free and due on demand. Mr. Anthony Lococo, our current sole officer and director, is a controlling party of Copper Hill. During the period from June 29, 2019 to September 25, 2019, Copper Hill further advanced the sum of $17,500 to the Company to meet its working capital requirements. The promissory note for advances made by Copper Hill as of September 25, 2019 totaled $372,823. Effective September 25, 2019, the Company entered into a Loan Conversion Agreement with Copper Hill under which Copper Hill converted its outstanding debt of $372,823 with the Company into 5,000,000 shares of the Company’s common stock. During the period from August 1, 2019 to April 30, 2020, Copper Hill advanced an additional $13,349 to the Company to meet its working capital requirements. During the period from August 1, 2019 to April 30, 2020, Apple ISports, Inc., a company owned by Copper Hill, advanced $30,408 to the Company to meet its working capital requirements. The advances were unsecured, interest free and due on demand. As of April 30, 2020, the balances owed to Copper Hill and Apple ISports, Inc. totaled $43,757. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2020 | |
INCOME TAXES | |
NOTE 6. INCOME TAXES | Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company’s U.S. Federal income tax rate is 21%. Deferred tax assets and valuation allowance at April 30, 2020 and 2019: As of April 30, 2020 2019 Net loss carry forward $ 332,206 $ 308,702 Valuation allowance (332,206 ) (308,702 ) Total $ - $ - A provision for income taxes has not been made due to net operating loss carry-forwards (“NOLs”) of approximately $1,582,000 (2019 - $1,470,000.) This carryforward is limited due to the changes in control of the Company that took place in the years ended April 30, 2008, 2016 and 2019 in accordance with the provisions under Internal Revenue Code Section 381. The NOLs expire, if not utilized, in the years through 2037, however, NOLs generated subsequent to December 31, 2017 do not expire but may only be used against taxable income to 80%. In response to the novel coronavirus COVID-19, the Coronavirus Aid, Relief, and Economic Security Act temporarily repealed the 80% limitation for NOLs arising in 2018, 2019 and 2020. No tax benefit has been reported in the financial statements. The actual provision for income tax differs from the amount using the statutory U.S. Federal income tax rate of 21% for the years ended April 30, 2020 and 2019 as follows: Year Ended April 30, 2020 2019 Benefit at U.S. Federal income tax rate $ 23,504 $ 18,272 Increase in valuation allowance (23,504 ) (18,272 ) Total $ - $ - The Company's income tax returns are currently open to audit by federal and state jurisdictions for the years ending April 30, 2018 through 2020. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 12 Months Ended |
Apr. 30, 2020 | |
STOCKHOLDERS DEFICIT | |
NOTE 7. STOCKHOLDERS DEFICIT | Preferred Stock As of April 30, 2020, the Company was authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001. No shares of preferred stock were issued or outstanding during the years ended April 30, 2020 and 2019. Common Stock Effective October 4, 2018, the Company: - increased the number of its authorized shares of $0.0001 par value common stock from 100,000,000 to 200,000,000, and - effected a reverse split of its outstanding shares of common stock, $0.0001 par value, on a one (1) post-split share for ten (10) pre-split shares basis As a result of the reverse stock split, the number of issued and outstanding shares of the Company’s common stock was reduced from 22,340,081 to 2,234,474. All share numbers in this Form 10-K have been retrospectively restated to reflect the impact of this reverse stock split. Effective September 25, 2019, the Company entered into a Loan Conversion Agreement with its principal shareholder, Copper Hill, under which Copper Hill converted its outstanding debt of $372,823 with the Company into 5,000,000 shares of the Company’s common stock. The fair value of the shares issued was determined using an enterprise valuation approach. As of April 30, 2020, 7,234,474 shares of common stock were issued, and 7,234,473 shares of common stock were outstanding. As of April 30, 2019, 2,234,474 shares of common stock were issued, and 2,234,473 shares of common stock were outstanding. Additional Paid in Capital Under the terms of the Purchase Agreement described above, the Company’s former principal shareholder, Metrowork, paid off all of the Company’s outstanding liabilities at June 28, 2019, totaling $6,150. As these payments did not represent either a loan to the Company or an equity investment in the Company, they have been accounted for as a capital contribution by Metrowork to the Company. Treasury Stock The Company’s treasury stock comprised one share of common stock acquired at a cost of $52,954. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 8. SUBSEQUENT EVENTS | The Company evaluated subsequent events after April 30, 2020, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements, and has determined there have been no subsequent events for which disclosure is required other than as set out below: On May 5, 2020, Locman Superannuation Fund (“Fund”) paid the Company the sum of $14,975 to acquire 200,737 shares of common stock of the Company pursuant to a subscription agreement between the parties. Anthony Lococo, the Company’s controlling shareholder and sole officer and director, is the control person of the Fund. On July 27, 2020, the Fund paid the Company the sum of $15,000 to acquire 207,000 shares of common stock of the Company pursuant to a subscription agreement between the parties. Effective June 30, 2020, Australian Gold Commodities Ltd, a company in which the Company had previously a 33.33% ownership interest, completed a fund raising after which the Company’s ownership interest was diluted to less than 1%. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | |
Nature of Business | Prevention Insurance.Com (the ”Company”) was incorporated under the laws of the State of Nevada in 1975 as Vita Plus Industries, Inc. In March 1999, the Company sold its remaining inventory and changed its name to Prevention Insurance.Com. The Company’ s business is to pursue a business combination through acquisition, or merger with, an existing company. No assurances can be given that the Company will be successful in locating or negotiating with any target company. Effective June 28, 2019 (“Closing Date”), a further change of control occurred with respect to the Company. Pursuant to a Securities Purchase Agreement entered into by and among the Company, Metrowork Equity Sdn. Bhd (“Seller”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company and (ii) a promissory note of the Company totaling $355,323. The total consideration paid by Buyer was $375,000, and Seller assumed all of the liabilities of the Company as of the Closing Date. On the closing of the above transaction, Mr. Chee Chau Ng, the sole officer of Seller, resigned in all officer capacities from the Company and Anthony Lococo was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Lococo was appointed a director of the Company. On September 19, 2019, the Company formed a new subsidiary, Paramount Capital, Inc (“Paramount”), a Wyoming corporation. Paramount has not commenced operations as of this date. |
Basis of Presentation | The summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied. |
Consolidated Financial Statements | These consolidated statements include the financial statements of the Company and its subsidiary company, Paramount Capital, Inc., from the date of its incorporation on September 20, 2019. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) 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. Actual results could differ from those estimates. |
Fair Values of Financial Instruments | The fair value of prepayments and deposits, fees drawn in excess of bank balance, accounts payable and accrued liabilities and balances due to related parties approximate the carrying amount of these financial instruments due to their short-term maturity. |
Related party Transactions | A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person’s immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 5, 7 and 8 below for details of related party transactions in the period presented. |
Leases | The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in the Company’s balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases don’t provide an implicit rate, the Company generally uses the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over the lease term. The Company is not party to any lease transactions during the year ended April 30, 2020 or 2019. |
Income Taxes | The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Uncertain tax Position | The Company evaluates tax positions in a two-step process. The Company first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company classifies gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. |
Revenue Recognition | Revenues are recognized when control of promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation At this time, the Company has not identified specific planned revenue streams. During the years ended April 30, 2020 and 2019, the Company did not recognize any revenue. |
Advertising Costs | The Company expenses advertising costs when advertisements occur. No advertising costs were incurred during the years ended April 30, 2020 and 2019. |
Stock Based Compensation | The cost of equity instruments issued to non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued. The cost of employee services received in exchange for equity instruments is based on the grant date fair value of the equity instruments issued. |
Net Loss per Share Calculation | Basic net loss per common share (“EPS”) is computed by dividing loss available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Diluted earnings per share is not presented when their effect is anti-dilutive. No potential dilutive securities were issued and outstanding during the year ended April 30, 2020 or 2019. |
Covid-19 Uncertainties | The COVID-19 pandemic could have an impact on our ability to obtain financing to fund the operations. The Company is unable to predict the ultimate impact at this time. |
Recently Accounting Pronouncements | There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows due to our status as a shell corporation. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | |
Schedule of deferred tax assets | As of April 30, 2020 2019 Net loss carry forward $ 332,206 $ 308,702 Valuation allowance (332,206 ) (308,702 ) Total $ - $ - |
Schedule of federal tax rate | Year Ended April 30, 2020 2019 Benefit at U.S. Federal income tax rate $ 23,504 $ 18,272 Increase in valuation allowance (23,504 ) (18,272 ) Total $ - $ - |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative)) - USD ($) | 1 Months Ended | ||||
Jun. 28, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 04, 2018 | Oct. 03, 2018 | |
Common stock shares issued | 7,234,474 | 2,234,474 | 2,234,474 | 22,340,081 | |
Securities Purchase Agreement [Member] | |||||
Prommisory note issued | $ 355,323 | ||||
Consideration transferred to related parties | $ 375,000 | ||||
Common stock shares issued | 1,563,809 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
GOING CONCERN | ||
Net loss | $ (111,926) | $ (87,009) |
Working capital deficit | (80,474) | |
Accumulated deficit | $ (5,048,978) | $ (4,937,052) |
PREPAYMENTS AND DEPOSITS (Detai
PREPAYMENTS AND DEPOSITS (Details Narrative) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
PREPAYMENTS AND DEPOSITS (Details Narrative) | ||
Prepayments and deposits | $ 0 | $ 4,000 |
EQUITY INVESTMENT (Details Narr
EQUITY INVESTMENT (Details Narrative) - Australian Gold Commodities Ltd [Member] - USD ($) | 1 Months Ended | |
Jun. 30, 2020 | Aug. 26, 2019 | |
Common stock shares owned by shareholder, percentage | 66.67% | |
Business acquisition, shares acquired, percentage | 33.33% | |
Acquisition costs , shares price | $ 100 | |
Subsequent Event [Member] | ||
Business acquisition, shares acquired, percentage | 33.33% | |
Percentage of ownership diluted, description | Completed a fund raising after which the Company’s ownership interest was diluted to less than 1% |
ADVANCES DUE TO RELATED PARTI_2
ADVANCES DUE TO RELATED PARTIES (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 25, 2019 | Jun. 28, 2019 | Sep. 25, 2019 | Apr. 30, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | |
Due to related parties | $ 43,757 | $ 43,757 | $ 348,920 | |||
Proceeds from Related Party Debt | $ 67,660 | $ 93,895 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 372,823 | |||||
Apple ISports Inc [Member] | ||||||
Proceeds from Related Party Debt | 30,408 | |||||
Due to related parties | 43,757 | $ 43,757 | ||||
Copper Hill [Member] | ||||||
Promissory note | $ 372,823 | $ 355,323 | $ 372,823 | |||
Due to related parties | 43,757 | $ 43,757 | ||||
Proceeds from Related Party Debt | $ 17,500 | $ 13,349 | ||||
Copper Hill Assets [Member] | Loan Conversion Agreement [Member] | Outstanding debt [Member] | ||||||
Debt Conversion, Converted Instrument, Amount | $ 372,823 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 5,000,000 | |||||
Metrowork [Member] | ||||||
Proceeds from Related Party Debt | 6,403 | |||||
Advance from related party | $ 355,323 | $ 348,920 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
INCOME TAXES (Details) | ||
Net loss carry forward | $ 332,206 | $ 308,702 |
Valuation allowance | (332,206) | (308,702) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
INCOME TAXES (Details) | ||
Benefit at U.S. Federal income tax rate | $ 23,504 | $ 18,272 |
Change in valuation allowance | (23,504) | (18,272) |
Total | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
INCOME TAXES (Details) | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |
Net loss carry forward | $ 1,582,000 | $ 1,470,000 |
Operating loss carry forward expire year | The NOLs expire, if not utilized, in the years through 2037 |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Sep. 25, 2019 | Jun. 28, 2019 | Oct. 04, 2018 | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 03, 2018 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | ||||
Preferred Stock, Shares Issued | 0 | 0 | ||||
Preferred Stock, Shares outstanding | 0 | 0 | ||||
Common stock, shares par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 | 100,000,000 | ||
Common stock, shares issued | 2,234,474 | 7,234,474 | 2,234,474 | 22,340,081 | ||
Common stock, shares outstanding | 2,234,474 | 7,234,474 | 2,234,474 | 22,340,081 | ||
Stockholder Equity, Reverse stock split | one (1) post-split share for ten (10) pre-split shares basis | |||||
Debt Conversion, Converted Instrument, Shares Issued | 372,823 | |||||
Securities Purchase Agreement [Member] | ||||||
Common stock, shares issued | 1,563,809 | |||||
Payment of accrued liabilities | $ 6,150 | |||||
Loan Conversion Agreement [Member] | Outstanding debt [Member] | Copper Hill Assets [Member] | ||||||
Debt Conversion, Converted Instrument, Amount | $ 372,823 | |||||
Debt Conversion, Converted Instrument, Shares Issued | 5,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | May 05, 2020 | Apr. 30, 2020 | Apr. 30, 2019 | Aug. 26, 2019 | |
Proceeds from related party | $ 67,660 | $ 93,895 | |||
Australian Gold Commodities Ltd [Member] | |||||
Ownership interest | 33.33% | ||||
Subsequent Event [Member] | Locman Superannuation Fund [Member] | |||||
Proceeds from related party | $ 14,975 | ||||
Number of shares to be acquired | 200,737 | ||||
Subsequent Event [Member] | Anthony Lococo [Member] | |||||
Proceeds from related party | $ 15,000 | ||||
Number of shares to be acquired | 207,000 | ||||
Subsequent Event [Member] | Australian Gold Commodities Ltd [Member] | |||||
Ownership interest | 33.33% | ||||
Percentage of ownership diluted, description | Completed a fund raising after which the Company’s ownership interest was diluted to less than 1% |