Cover
Cover - shares | 3 Months Ended | |
Jul. 31, 2021 | Sep. 20, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jul. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 333-215884 | |
Entity Registrant Name | DIAMOND CARTEL INC | |
Entity Central Index Key | 0001347491 | |
Entity Tax Identification Number | 80-0914174 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 1586 Noah Bend | |
Entity Address, City or Town | London | |
Entity Address, State or Province | ON | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | N6G 0T2 | |
City Area Code | 519 | |
Local Phone Number | 619-4370 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 895,750 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Jul. 31, 2021 | Apr. 30, 2021 |
ASSETS | ||
Prepaid expenses | $ 1,130 | |
Total Assets | 1,130 | 0 |
Current Liabilities | ||
Account payable and accrued liabilities | 11,932 | 8,565 |
Due to related party | 116,180 | 108,411 |
Advances payable | 42,813 | 42,945 |
Total Liabilities | 170,925 | 159,921 |
Stockholders’ Deficit | ||
Preferred stock, value | ||
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at July 31, 2021 and April 30, 2021 | 90 | 90 |
Additional paid-in capital | 454,126 | 454,126 |
Accumulated deficit | (624,011) | (614,137) |
Total Stockholders’ Deficit | (169,795) | (159,921) |
Total Liabilities and Stockholders’ Deficit | 1,130 | 0 |
Series A Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock, value |
Balance Sheets (unaudited) (Par
Balance Sheets (unaudited) (Parenthetical) - $ / shares | Jul. 31, 2021 | Apr. 30, 2021 |
Preferred stock, authorized | 946,000 | 946,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, authorized | 200,000,000 | 200,000,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, issued | 895,750 | 895,750 |
Common stock, outstanding | 895,750 | 895,750 |
Series A Preferred Stock [Member] | ||
Preferred stock, authorized | 54,000 | 54,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, issued | 0.48 | 0.48 |
Preferred stock, outstanding | 0.48 | 0.48 |
Satements of Operations (unaudi
Satements of Operations (unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | ||
Expenses | ||
General and administrative | 9,874 | 11,899 |
Net Loss before provision for income tax | (9,874) | (11,899) |
Provision for income tax | ||
Net Loss | $ (9,874) | $ (11,899) |
Net Loss Per Common Share – Basic and Diluted | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding – Basic and Diluted | 895,750 | 895,750 |
Statements of Shareholders' Def
Statements of Shareholders' Deficit (unaudited) - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance – April 30, 2020 at Apr. 30, 2020 | $ 90 | $ 454,126 | $ (581,158) | $ (126,942) | |
Shares, Outstanding, Beginning Balance at Apr. 30, 2020 | 0.48 | 895,750 | |||
Net loss for the period | (11,899) | (11,899) | |||
Balance – July 31, 2020 at Jul. 31, 2020 | $ 90 | 454,126 | (593,057) | (138,841) | |
Shares, Outstanding, Ending Balance at Jul. 31, 2020 | 0.48 | 895,750 | |||
Balance – April 30, 2020 at Apr. 30, 2021 | $ 90 | 454,126 | (614,137) | (159,921) | |
Shares, Outstanding, Beginning Balance at Apr. 30, 2021 | 0.48 | 895,750 | |||
Net loss for the period | (9,874) | (9,874) | |||
Balance – July 31, 2020 at Jul. 31, 2021 | $ 90 | $ 454,126 | $ (624,011) | $ (169,795) | |
Shares, Outstanding, Ending Balance at Jul. 31, 2021 | 0.48 | 895,750 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2021 | Jul. 31, 2020 | |
Operating Activities: | ||
Net loss | $ (9,874) | $ (11,899) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign exchange gain on amount due to related party | (687) | 76 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 3,680 | 6,235 |
Prepaid expenses | (1,130) | |
Net Cash Used in Operating Activities | (8,011) | (5,588) |
Financing Activities: | ||
Proceeds of loan from related party | 8,011 | 5,588 |
Net Cash Provided by Financing Activities | 8,011 | 5,588 |
Change in Cash | ||
Cash – Beginning of Period | ||
Cash – End of Period | ||
Supplemental Disclosures: | ||
Interest paid | ||
Income taxes paid |
Business Description
Business Description | 3 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Description | 1. Business Description The Diamond Cartel Inc. (the “Company”) was incorporated in the State of Delaware on August 17, 2005. The Company is a Blank Check Company which plans to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business with one or more businesses. On July 14, 2018 the Company had entered into a Letter of Intent with an unrelated third party. Except for this Letter of Intent, the Company has not identified any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target. |
Going Concern
Going Concern | 3 Months Ended |
Jul. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | 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 generated any revenue since inception. As of July 31, 2021, the Company has a working capital deficiency of $ 169,795 624,011 In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds. Management continues to monitor the situation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’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 July 31, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended April 30, 2021 and 2020. The Company has an April 30 year-end. b) Use of Estimates The preparation of financial statements in accordance 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 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 readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. c) Recent Accounting Pronouncements The Company has implemented all new pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Advances Payable
Advances Payable | 3 Months Ended |
Jul. 31, 2021 | |
Advances Payable | |
Advances Payable | 4. Advances Payable On July 14, 2018, the Company executed a Letter of Intent (the “LOI”) with a Corporation registered in the country of Chile (“Corporation”). Pursuant to the LOI, the Corporation agreed to exchange 100 13,056,626 the Corporation agreed to provide funding of $ 500,000 15,000 15,000 135,000 4,500,000 350,000 42,813 42,945 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jul. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions During the three months ended July 31, 2021, the President of the Company incurred expenses of $ 8,011 6,235 As at July 31, 2021 and April 30, 2021, the Company was indebted to the President of the Company for $ 116,180 108,411 |
Share Capital
Share Capital | 3 Months Ended |
Jul. 31, 2021 | |
Share Capital | |
Share Capital | 6. Share Capital On July 1, 2021, the President of the Company entered into a stock purchase agreement with an unrelated party to sell approximately 560,000 62 45,000 13,850 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events Management has evaluated subsequent events through the date that these financial statements were issued. There have been no events that would require adjustment to or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’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 July 31, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended April 30, 2021 and 2020. The Company has an April 30 year-end. |
Use of Estimates | b) Use of Estimates The preparation of financial statements in accordance 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 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 readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Recent Accounting Pronouncements | c) Recent Accounting Pronouncements The Company has implemented all new pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jul. 31, 2021 | Apr. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficiency | $ 169,795 | |
Accumulated losses | $ 624,011 | $ 614,137 |
Advances Payable (Details Narra
Advances Payable (Details Narrative) - USD ($) | Jul. 14, 2018 | Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Common stock, shares issued | 895,750 | 895,750 | ||
Common Stock, Shares, Outstanding | 895,750 | 895,750 | ||
Funding into consulting contract with President | $ 8,011 | $ 5,588 | ||
Advances payable (recognized as professional fees) | 42,813 | $ 42,945 | ||
Related Party [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Ownership percentage | 100.00% | |||
Common stock, shares issued | 13,056,626 | |||
Common Stock, Shares, Outstanding | 13,056,626 | |||
Description of consulting contract | the Corporation agreed to provide funding of $500,000 and to enter into a consulting contract with the President of Company. Of the $500,000 funding, $15,000 was payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 was refundable in the event the terms of the LOI were not met. Of the $500,000 funding, $135,000 was to be deposited to a trust account with the Company’s legal counsel for payment of outstanding payables, closing costs associated with the transaction and costs associated with raising capital for the Company. Once the Company raised a minimum of $4,500,000 after the completion the transaction, the President of the Company was to receive the remaining $350,000 | |||
Funding into consulting contract with President | $ 500,000 | |||
Amount deposited to trust for payment of outstanding payables | 135,000 | |||
Amount raised for transaction | 4,500,000 | |||
Advances payable (recognized as professional fees) | $ 42,813 | $ 42,945 | ||
Related Party [Member] | President [Member] | ||||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | ||||
Refundable amount | 15,000 | |||
Payable after the acceptance of LOI | 15,000 | |||
Receivables based on minimum transaction completion | $ 350,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | |
Related Party Transaction [Line Items] | |||
Due to related party | $ 116,180 | $ 108,411 | |
Related Party [Member] | President [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred expenses | 8,011 | $ 6,235 | |
Due to related party | $ 116,180 | $ 108,411 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) - Stock Purchase Agreement [Member] - USD ($) | Jul. 02, 2021 | Jul. 09, 2021 | Jun. 10, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Unrelated party to sell | 560,000 | ||
Interest rate | 62.00% | ||
Non-refundable deposit | $ 13,850 | $ 45,000 |