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) |