Diamond Cartel 10-Q 16 Mar 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jan. 31, 2018	Mar. 15, 2018
Document Information [Line Items]
Entity Registrant Name	DIAMOND CARTEL INC
Entity Central Index Key	1,347,491
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		895,750
Document Type	10-Q
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheet (Current Period U

Balance Sheet (Current Period Unaudited) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
ASSETS
Total Assets
Current Liabilities
Account payable and accrued liabilities	25,122	10,176
Due to related party	38,075	18,021
Total Liabilities	63,197	28,197
Stockholders’ Deficit
Preferred stock
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at January 31, 2018 and April 30, 2017	90	90
Additional paid-in capital	454,126	454,126
Accumulated deficit	(517,413)	(482,413)
Total Stockholders’ Deficit	(63,197)	(28,197)
Total Liabilities and Stockholders’ Deficit
Series A Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock

Balance Sheet (Current Period 3

Balance Sheet (Current Period Unaudited) (Parentheticals) - $ / shares	Jan. 31, 2018	Apr. 30, 2017
Preferred stock, shares authorized (in shares)	946,000	946,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	895,750	895,750
Common stock, shares outstanding (in shares)	895,750	895,750
Series A Preferred Stock [Member]
Preferred stock, shares authorized (in shares)	54,000	54,000
Preferred stock, shares issued (in shares)	0.48	0.48
Preferred stock, shares outstanding (in shares)	0.48	0.48
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Revenue
Expenses
General and administrative	30,843	2,759	35,000	18,601
Net Loss	$ (30,843)	$ (2,759)	$ (35,000)	$ (18,601)
Net Loss Per Common Share – Basic and Diluted (in dollars per share)	$ (0.03)	$ 0	$ (0.04)	$ (0.02)
Weighted Average Number of Common Shares Outstanding (in shares)	895,750	895,750	895,750	895,750

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Operating Activities:
Net loss	$ (30,843)	$ (2,759)	$ (35,000)	$ (18,601)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities			14,946	5,450
Net Cash Used in Operating Activities			(20,054)	(13,151)
Financing Activities:
Proceeds of loan from related party			20,054	13,151
Net Cash Provided by Financing Activities			20,054	13,151
Change in Cash
Cash – Beginning of Period
Cash – End of Period
Supplemental Disclosures:
Interest paid
Income taxes paid

Note 1 - Business Description

Note 1 - Business Description	9 Months Ended
	Jan. 31, 2018
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	1. Business Description The Diamond Cartel Inc. (the “Company”) was incorporated in the State of Delaware on August 17, 2005. one not not,

Note 2 - Going Concern

Note 2 - Going Concern	9 Months Ended
	Jan. 31, 2018
Notes to Financial Statements
Substantial Doubt about Going Concern [Text Block]	2. Going Concern These financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenue since inception. As of January 31, 2018, $63,197 $517,413 ’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations. These financial statements do not no

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies a) Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 X not ’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at January 31, 2018 nine January 31, 2018 not April 30, 2017 2016. April 30 b) Use of Estimates The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not may ’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Note 4 - Related Party Transact

Note 4 - Related Party Transactions and Balances	9 Months Ended
	Jan. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4. Related Party Transactions and Balances As at January 31, 2018 April 30, 2017, $38,075 $18,021,

Note 5 - Subseuent Events

Note 5 - Subseuent Events	9 Months Ended
	Jan. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	5. Subsequent Events Management has evaluated subsequent events through the date that these financial statements were available to be issued. There have been no

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	a) Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 X not ’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at January 31, 2018 nine January 31, 2018 not April 30, 2017 2016. April 30
Use of Estimates, Policy [Policy Text Block]	b) Use of Estimates The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not may ’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
Working Capital (Deficiency)	$ (63,197)
Retained Earnings (Accumulated Deficit)	$ (517,413)	$ (482,413)

Note 4 - Related Party Transa13

Note 4 - Related Party Transactions and Balances (Details Textual) - USD ($)	Jan. 31, 2018	Apr. 30, 2017
President [Member]
Due to Related Parties	$ 38,075	$ 18,021