Summary of significant accounting policies | Note 2 – Summary of significant accounting policies Cash and Cash Equivalents The Company doesn’t maintain any bank accounts and does not have any cash in hand. For day-to-day business activities, the Company depends upon the directors’ personal accounts. For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. 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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Loss per Common Share Net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. As a result, diluted loss per common share is the same as basic loss per common share for the three months ended October 31, 2021 and 2020. Excluded from the weighted average common shares outstanding amount is convertible preferred stock equivalent to 301,250,000 45,393,500 Income Taxes The Company accounts for income taxes pursuant to FASB ASC Topic 740, Income Taxes The Company maintains a valuation allowance with respect to deferred tax assets. The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period. Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carry-forward period under the Federal tax laws. Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about the reliability of the related deferred tax asset. Any change in the valuation allowance will be included in income in the year of the change in estimate. Fair Value of Financial Instruments On August 1, 2012, the Company adopted ASC 820, Fair Value Measurements and Disclosures ☐ Level 1 inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. ☐ Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ☐ Level 3 inputs to valuation methodology are unobservable and significant to the fair measurement. The following tables represent our assets and liabilities by level measured at fair value on a recurring basis at October 31, 2021 and July 31, 2021: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis Fair Value Measurements at October 31, 2021 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Fair Value Measurements at July 31, 2021 Level 1 Level 2 Level 3 Description Convertible Debt $ – $ 492,406 $ – Total Liabilities – 492,406 – Totals $ – $ 492,406 $ – Reclassifications Certain reclassifications have been made to the prior year presentation to conform to the current year presentation. Recent Accounting Pronouncements The Company reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. |