Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2020 | Jul. 01, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | PREVENTION INSURANCE COM INC | |
Entity Central Index Key | 0001134982 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | No | |
Document Period End Date | Jul. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Entity Common Stock Shares Outstanding | 7,642,211 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Current assets | ||
Cash | $ 14,088 | $ 0 |
Total current assets | 14,088 | 0 |
Other assets | ||
Marketable security | 100 | 100 |
Total assets | 14,188 | 100 |
Current liabilities | ||
Fees drawn in excess of bank balance | 0 | 16 |
Accounts payable and accrued liabilities | 34,628 | 36,701 |
Due to related parties | 43,757 | 43,757 |
Total current liabilities | 78,385 | 80,474 |
Total liabilities | 78,385 | 80,474 |
Stockholders' deficit | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.0001 par value, 200,000,000 shares authorized; 7,642,211 and 7,234,474 shares issued and 7,642,210 and 7,234,473 shares outstanding, respectively | 764 | 723 |
Additional paid-in capital | 5,050,769 | 5,020,835 |
Treasury stock, 1 share, at cost | (52,954) | (52,954) |
Accumulated deficit | (5,062,776) | (5,048,978) |
Total stockholders' deficit | (64,197) | (80,374) |
Total liabilities and stockholders' deficit | $ 14,188 | $ 100 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jul. 31, 2020 | Apr. 30, 2020 |
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 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 7,642,211 | 7,234,474 |
Common stock, shares outstanding | 7,642,210 | 7,234,473 |
Treasury stock, shares | 1 | 1 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||
Revenue | $ 0 | $ 0 |
General and administrative expenses | 13,798 | 31,086 |
Operating loss | (13,798) | (31,086) |
Net loss | $ (13,798) | $ (31,086) |
Loss per common share - basic and diluted | $ 0 | $ (0.01) |
Weighted average number of common shares outstanding - basic and diluted | 7,413,956 | 2,234,465 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Total | Preferred Stock [Member] | Common Shares [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] |
Balance, shares at Apr. 30, 2019 | 2,234,466 | |||||
Balance, amount at Apr. 30, 2019 | $ (347,421) | $ 0 | $ 223 | $ 4,642,362 | $ (52,954) | $ (4,937,052) |
Capital contribution by previous principal shareholder | 6,150 | 0 | 0 | 6,150 | 0 | 0 |
Net loss for the period | (31,086) | $ 0 | $ 0 | 0 | 0 | (31,086) |
Balance, shares at Jul. 31, 2019 | 2,234,466 | |||||
Balance, amount at Jul. 31, 2019 | (372,357) | $ 0 | $ 223 | 4,648,512 | (52,954) | (4,968,138) |
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) |
Net loss for the period | (13,798) | $ 0 | $ 0 | 0 | 0 | (13,798) |
Issuance of common stock for cash - related party, shares | 407,737 | |||||
Issuance of common stock for cash - related party, amount | 29,975 | $ 0 | $ 41 | 29,934 | 0 | 0 |
Balance, shares at Jul. 31, 2020 | 7,642,211 | |||||
Balance, amount at Jul. 31, 2020 | $ (64,197) | $ 0 | $ 764 | $ 5,050,769 | $ (52,954) | $ (5,062,776) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (13,798) | $ (31,086) |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 0 | 3,000 |
Accounts payable | (2,073) | (1,967) |
Net cash used in operating activities | (15,871) | (30,053) |
Cash flows from financing activities | ||
Payment of fees in excess of bank balance | (16) | 0 |
Sale of shares for cash | 29,975 | 0 |
Proceeds from advances from related parties | 0 | 23,903 |
Capital contribution from previous principal shareholder | 0 | 6,150 |
Net cash provided by financing activities | 29,959 | 30,053 |
Net change in cash | 14,088 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 |
Cash and cash equivalents, end of period | 14,088 | 0 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 0 | 0 |
Interest paid | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 3 Months Ended |
Jul. 31, 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 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” or “Metrowork”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer” or “Copper Hill”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323 (“Promissory Note”). 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. 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. Interim Financial Statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. While we believe that the disclosures presented herein are adequate and not misleading, these interim condensed financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2020 included our Form 10-K filed on August 13, 2020. Operating results for the interim period presented are not necessarily indicative of the results for the full year. Use of Estimates The preparation of financial statements in conformity with 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 cash, prepaid expenses, accounts payable and balance due to related parties approximates the carrying amount of these financial instruments due to their short 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 4 and 6 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 three months ended July 31, 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 three months ended July 31, 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 three months ended July 31, 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. The related expense is recognized as services are rendered, goods are received, or vesting periods elapse. 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 three months ended July 31, 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 | 3 Months Ended |
Jul. 31, 2020 | |
GOING CONCERN | |
NOTE 2. GOING CONCERN | The Company’s consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. For the three months ended July 31, 2020, the Company reported a net loss of $13,798, negative working capital of $64,297 and an accumulated deficit of $5,062,776 as of July 31, 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 form 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. |
MARKETABLE SECURITY
MARKETABLE SECURITY | 3 Months Ended |
Jul. 31, 2020 | |
MARKETABLE SECURITY | |
NOTE 3. MARKETABLE SECURITY | 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. Mr. Anthony Lococo, our sole director, was appointed as a director of ACG. ACG has not commenced operations as of April 30, 2020. Effective June 30, 2020, ACG completed a fund raising after which the Company’s ownership interest was diluted to less than 1%. As of July 31, 2020, it was determined that the historic cost of the marketable security equated to its fair market value as ACG has not commenced trading activities as yet. |
ADVANCES DUE TO RELATED PARTIES
ADVANCES DUE TO RELATED PARTIES | 3 Months Ended |
Jul. 31, 2020 | |
ADVANCES DUE TO RELATED PARTIES | |
NOTE 4. ADVANCES DUE TO RELATED PARTIES | As of July 31, 2020 and April 30, 2020, the Company owed a total of $43,757 to two related party companies: $30,408 to Apple iSports and $13,349 to Copper Hill. Mr. Anthony Lococo, our current sole officer and director, is a controlling party of Copper Hill. Apple ISports, Inc. is a wholly-owned subsidiary of Copper Hill. These advances where made to the Company to meet its working capital requirements and are unsecured, interest free and due on demand. |
STOCKHOLDERS DEFICIT
STOCKHOLDERS DEFICIT | 3 Months Ended |
Jul. 31, 2020 | |
STOCKHOLDERS DEFICIT | |
NOTE 5. STOCKHOLDERS DEFICIT | Preferred Stock As of July 31, 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 three months ended July 31, 2020 and 2019. Common Stock As of July 31, 2020, the Company was authorized to issue 200,000,000 shares of common stock with a par value of $0.0001. During the three months ended July 31, 2020, we made the following sales of common stock for cash: 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. As of July 31, 2020, 7,642,211 shares of common stock were issued, and 7,642,210 shares of common stock were outstanding. As of April 30, 2020, 7,234,474 shares of common stock were issued, and 7,234,473 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 | 3 Months Ended |
Jul. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 6. SUBSEQUENT EVENTS | The Company evaluated subsequent events after July 31, 2020, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these consolidated financial statements and has determined there have been no subsequent events for which disclosure is required. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Jul. 31, 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 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” or “Metrowork”), and Copper Hill Assets Inc., a British Virgin Island corporation (“Buyer” or “Copper Hill”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer (i) 1,563,809 shares of common stock of Company (“Common Stock”) and (ii) a promissory note of the Company totaling $355,323 (“Promissory Note”). 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. |
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. |
Interim Financial Statements | The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. While we believe that the disclosures presented herein are adequate and not misleading, these interim condensed financial statements should be read in conjunction with the audited financial statements and the footnotes thereto for the year ended April 30, 2020 included our Form 10-K filed on August 13, 2020. Operating results for the interim period presented are not necessarily indicative of the results for the full year. |
Use of Estimates | The preparation of financial statements in conformity with 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 cash, prepaid expenses, accounts payable and balance due to related parties approximates the carrying amount of these financial instruments due to their short 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 4 and 6 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 three months ended July 31, 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 three months ended July 31, 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 three months ended July 31, 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. The related expense is recognized as services are rendered, goods are received, or vesting periods elapse. |
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 three months ended July 31, 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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative)) - USD ($) | 1 Months Ended | ||
Jun. 28, 2019 | Jul. 31, 2020 | Apr. 30, 2020 | |
Common stock shares issued | 7,642,211 | 7,234,474 | |
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 ($) | 3 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Apr. 30, 2020 | |
GOING CONCERN | |||
Net loss | $ (13,798) | $ (31,086) | |
Working capital deficit | (64,297) | ||
Accumulated deficit | $ (5,062,776) | $ (5,048,978) |
MARKETABLE SECURITY (Details Na
MARKETABLE SECURITY (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% | |
Percentage of ownership diluted, description | ACG completed a fund raising after which the Company’s ownership interest was diluted to less than 1%. | |
Acquisition costs , shares price | $ 100 |
ADVANCES DUE TO RELATED PARTI_2
ADVANCES DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
Due to related parties | $ 43,757 | $ 43,757 |
Apple ISports Inc [Member] | ||
Due to related parties | 30,408 | 30,408 |
Copper Hill [Member] | ||
Due to related parties | $ 13,349 | $ 13,349 |
STOCKHOLDERS DEFICIT (Details N
STOCKHOLDERS DEFICIT (Details Narrative) - USD ($) | May 05, 2020 | Jul. 27, 2020 | Jul. 31, 2020 | Jul. 31, 2019 | Apr. 30, 2020 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Preferred stock, shares issued | 0 | 0 | |||
Common stock, shares par value | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |||
Common stock, shares issued | 7,642,211 | 7,234,474 | |||
Common stock, shares outstanding | 7,642,210 | 7,234,473 | |||
Capital contribution from previous principal shareholder | $ 0 | $ 6,150 | |||
Treasury cost value | 52,954 | ||||
Issuance of common stock for cash - related party, amount | $ 29,975 | ||||
Subscription Agreement [Member] | |||||
Issuance of common stock for cash - related party, amount | $ 14,975 | $ 15,000 | |||
Issuance of common stock for cash - related party, shares | 200,737 | 207,000 |