Diamond Cartel 10-Q 20 Sep 21 2022 Q1 Quarterly report Financial data

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