Diamond Cartel 10-K 13 Aug 18 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2018	Jul. 31, 2018	Oct. 31, 2017
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
Entity Public Float			$ 0
Document Type	10-K
Document Period End Date	Apr. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Apr. 30, 2018	Apr. 30, 2017
ASSETS
Total Assets
Current Liabilities
Account payable and accrued liabilities	28,936	10,176
Due to related party	41,049	18,021
Total Liabilities	69,985	28,197
Stockholders’ Deficit
Preferred stock
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at April 30, 2018 and 2017	90	90
Additional paid-in capital	454,126	454,126
Accumulated deficit	(524,201)	(482,413)
Total Stockholders’ Deficit	(69,985)	(28,197)
Total Liabilities and Stockholders’ Deficit
Series A Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - $ / shares	Apr. 30, 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

Statements of Operations - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Revenue	$ 0
Expenses
General and administrative	41,788	23,275
Net Loss before provision for income tax	(41,788)	(23,275)
Provision for income tax
Net Loss	$ (41,788)	$ (23,275)
Net Loss Per Common Share – Basic and Diluted (in dollars per share)	$ (0.05)	$ (0.03)
Weighted Average Number of Common Shares Outstanding (in shares)	895,750	895,750

Statements of Stockholders' Def

Statements of Stockholders' Deficit - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Apr. 30, 2016	0.48	895,750
Balance at Apr. 30, 2016		$ 90	$ 454,126	$ (459,138)	$ (4,922)
Net loss				(23,275)	(23,275)
Balance (in shares) at Apr. 30, 2017	0.48	895,750
Balance at Apr. 30, 2017		$ 90	454,126	(482,413)	(28,197)
Net loss				(41,788)	(41,788)
Balance (in shares) at Apr. 30, 2018	0.48	895,750
Balance at Apr. 30, 2018		$ 90	$ 454,126	$ (524,201)	$ (69,985)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Operating Activities:
Net loss	$ (41,788)	$ (23,275)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	18,760	10,176
Net Cash Used in Operating Activities	(23,028)	(13,099)
Financing Activities:
Proceeds of loan from related party	23,028	13,099
Net Cash Provided by Financing Activities	23,028	13,099
Change in Cash
Cash – Beginning of year
Cash – End of year
Supplemental Disclosures:
Interest paid
Income taxes paid

Note 1 - Business Description

Note 1 - Business Description	12 Months Ended
	Apr. 30, 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 April 30, 2018 not not,

Note 2 - Going Concern

Note 2 - Going Concern	12 Months Ended
	Apr. 30, 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 not April 30, 2018, $69,985 $524,201 not no

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	12 Months Ended
	Apr. 30, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies a) Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States. The Company has an 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 c) Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturity of three d) Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share e) Related Parties The Company follows ASC 850, Related Party Disclosures, 4. f) Comprehensive Loss ASC 220, Comprehensive Income April 30, 2018 2017, no not g) Income Taxes Potential benefits of income tax losses are not not. 740, Income Taxes 740, not not ASC Topic 740.10.30 740.10.40 no h) Fair value Accounting standards regarding fair value of financial instruments define fair value, establish a three not The three ● Level 1 ● Level 2 ● Level 3 Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the balance sheet for amounts due to related party approximate their fair market value based on the short-term maturity of these instruments. i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may not

Note 4 - Related Party Transact

Note 4 - Related Party Transactions and Balances	12 Months Ended
	Apr. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	4. Related Party Transactions and Balances As at April 30, 2018 2017, $41,049 $18,021,

Note 5 - Income Taxes

Note 5 - Income Taxes	12 Months Ended
	Apr. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	5. Income Taxes The reconciliation of income tax benefit at the U.S. statutory rate of 35% April 30, 2018 2017 2018 2017 Tax benefit at U.S. statutory rate $ 14,625 $ 8,146 Change in valuation allowance (14,625 ) (8,146 ) Net deferred income tax asset $ – $ – The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets at April 30, 2018 2017 2018 2017 Net operating loss: 183,470 168,845 Valuation allowance (183,470 ) (168,845 ) $ – $ – Change in valuation allowance: Balance, prior year $ (168,845 ) $ (160,699 ) Increase in valuation allowance (14,625 ) (8,146 ) Balance, current year $ (183,470 ) $ (168,845 ) The Company has approximately $524,201 not not not On December 22, 2017, 2017 not 35% 21% December 31, 2017, one The Company’s net operating loss carryforwards are subject to review and possible adjustment by the Internal Revenue Service and are subject to certain limitations in the event of cumulative changes in the ownership interest of significant stockholders over a three 50%.

Note 6 - Subseuent Events

Note 6 - Subseuent Events	12 Months Ended
	Apr. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	6. 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)	12 Months Ended
	Apr. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	a) Basis of Presentation The Company’s financial statements are prepared in accordance with accounting principles generally accepted in the United States. The Company has an 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
Cash and Cash Equivalents, Policy [Policy Text Block]	c) Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments with maturity of three
Earnings Per Share, Policy [Policy Text Block]	d) Basic and Diluted Net Income (Loss) Per Share The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share
Related Parties, Policy [Policy Text Block]	e) Related Parties The Company follows ASC 850, Related Party Disclosures, 4.
Comprehensive Income, Policy [Policy Text Block]	f) Comprehensive Loss ASC 220, Comprehensive Income April 30, 2018 2017, no not
Income Tax, Policy [Policy Text Block]	g) Income Taxes Potential benefits of income tax losses are not not. 740, Income Taxes 740, not not ASC Topic 740.10.30 740.10.40 no
Fair Value of Financial Instruments, Policy [Policy Text Block]	h) Fair value Accounting standards regarding fair value of financial instruments define fair value, establish a three not The three ● Level 1 ● Level 2 ● Level 3 Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts reported in the balance sheet for amounts due to related party approximate their fair market value based on the short-term maturity of these instruments.
New Accounting Pronouncements, Policy [Policy Text Block]	i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may not

Note 5 - Income Taxes (Tables)

Note 5 - Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2018
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	2018 2017 Tax benefit at U.S. statutory rate $ 14,625 $ 8,146 Change in valuation allowance (14,625 ) (8,146 ) Net deferred income tax asset $ – $ –
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	2018 2017 Net operating loss: 183,470 168,845 Valuation allowance (183,470 ) (168,845 ) $ – $ – Change in valuation allowance: Balance, prior year $ (168,845 ) $ (160,699 ) Increase in valuation allowance (14,625 ) (8,146 ) Balance, current year $ (183,470 ) $ (168,845 )

Note 2 - Going Concern (Details

Note 2 - Going Concern (Details Textual) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Revenues, Total	$ 0
Working Capital (Deficiency)	69,985
Retained Earnings (Accumulated Deficit), Ending Balance	$ (524,201)	$ (482,413)

Note 4 - Related Party Transa16

Note 4 - Related Party Transactions and Balances (Details Textual) - USD ($)	Apr. 30, 2018	Apr. 30, 2017
President [Member]
Due to Related Parties, Total	$ 41,049	$ 18,021

Note 5 - Income Taxes (Details

Note 5 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Effective Income Tax Rate Reconciliation, Percent, Total	35.00%	35.00%
Operating Loss Carryforwards, Total	$ 524,201

Note 5 - Income Taxes - Income

Note 5 - Income Taxes - Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017
Tax benefit at U.S. statutory rate	$ 14,625	$ 8,146
Change in valuation allowance	(14,625)	(8,146)
Net deferred income tax asset

Note 5 - Income Taxes - Deferre

Note 5 - Income Taxes - Deferred Tax Assets (Details) - USD ($)	12 Months Ended
	Apr. 30, 2018	Apr. 30, 2017	Apr. 30, 2018	Apr. 30, 2017
Net operating loss:			$ 183,470	$ 168,845
Valuation allowance	$ (183,470)	$ (168,845)	$ (183,470)	$ (168,845)
Balance, prior year	(168,845)	(160,699)
Increase in valuation allowance	(14,625)	(8,146)
Balance, current year	$ (183,470)	$ (168,845)