Diamond Cartel 10-Q 4 Dec 19 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2019	Dec. 03, 2019
Document And Entity Information
Entity Registrant Name	DIAMOND CARTEL INC
Entity Central Index Key	0001347491
Document Type	10-Q
Document Period End Date	Oct. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Incorporation, State or Country Code	DE
Entity File Number	333-215884
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		895,750
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Balance Sheets (unaudited)

Balance Sheets (unaudited) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
ASSETS
Total Assets
Current Liabilities
Account payable and accrued liabilities	17,620	11,680
Due to related party	57,150	43,368
Advances payable	42,376	42,220
Total Liabilities	117,146	97,268
Stockholders' Deficit
Preferred Stock, value
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at October 31, 2019 and April 30, 2019	90	90
Additional paid-in capital	454,126	454,126
Accumulated deficit	(571,362)	(551,484)
Total Stockholders' Deficit	(117,146)	(97,268)
Total Liabilities and Stockholders' Deficit
Series A Preferred Stock [Member]
Stockholders' Deficit
Preferred Stock, value

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) (unaudited) - $ / shares	Oct. 31, 2019	Apr. 30, 2019
Preferred stock, authorized	946,000	946,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, issued
Preferred stock, outstanding
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

Statements of Operations (unaud

Statements of Operations (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Income Statement [Abstract]
Revenue
Expenses
General and administrative	$ 8,589	$ 5,702	19,878	12,077
Net Loss	$ (8,589)	$ (5,702)	$ (19,878)	$ (12,077)
Net Loss Per Common Share - Basic and Diluted (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.01)
Weighted Average Number of Common Shares Outstanding (in shares)	895,750	895,750	895,750	895,750

Statements of Stockholders' Def

Statements of Stockholders' Deficit (unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Apr. 30, 2018		$ 90	$ 454,126	$ (524,201)	$ (69,985)
Balance, shares at Apr. 30, 2018	0.48	895,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss for the period				(12,077)	(12,077)
Balance at Oct. 31, 2018		$ 90	454,126	(536,278)	(82,062)
Balance, shares at Oct. 31, 2018	0.48	895,750
Balance at Apr. 30, 2019		$ 90	454,126	(551,484)	(97,268)
Balance, shares at Apr. 30, 2019	0.48	895,750
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss for the period				(19,878)	(19,878)
Balance at Oct. 31, 2019		$ 90	$ 454,126	$ (571,362)	$ (117,146)
Balance, shares at Oct. 31, 2019	0.48	895,750

Statements of Cash Flows (unaud

Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2019	Oct. 31, 2018	Oct. 31, 2019	Oct. 31, 2018
Operating Activities:
Net loss	$ (8,589)	$ (5,702)	$ (19,878)	$ (12,077)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange gain on amount due to related party			311	(140)
Changes in operating assets and liabilities:
Prepaid expenses				(3,936)
Accounts payable and accrued liabilities			5,895	(24,126)
Advances payable				40,279
Net Cash Used in Operating Activities			(13,672)
Financing Activities:
Proceeds of loan from related party			13,672
Net Cash Provided by Financing Activities			13,672
Change in Cash
Cash - Beginning of Period
Cash - End of Period
Supplemental Disclosures:
Interest paid
Income taxes paid

Business Description

Business Description	6 Months Ended
	Oct. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business Description	1. 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	6 Months Ended
	Oct. 31, 2019
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 October 31, 2019, the Company has a working capital deficiency of $117,146 and has accumulated losses of $571,362 since inception. These factors, among others, raise substantial doubt regarding the Company’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 include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company intends to fund its activities through debt and equity financing arrangements. There is no assurance that the Company will obtain the necessary financing to complete its objectives.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Oct. 31, 2019
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 October 31, 2019 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended October 31, 2019 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 for the years ended April 30, 2019 and 2018. The Company has an April 30 year-end. 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 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	6 Months Ended
	Oct. 31, 2019
Payables and Accruals [Abstract]
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% of its total issued and outstanding shares for 13,056,626 shares of common stock of the Company. In addition, 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 shall be payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 is refundable in the event the terms of the LOI are not met. Of the $500,000 funding, $135,000 is 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 Corporation. Once the Corporation raised a minimum of $4,500,000 after the completion of transaction, the President of the Company shall receive the remaining $350,000. As at July 31, 2019, the Corporation provided $42,384 representing professional fees paid on behalf of the Company. The Company has recognized them in advances payable as at July 31, 2019.

Related Party Transactions and

Related Party Transactions and Balances	6 Months Ended
	Oct. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions and Balances	5. Related Party Transactions and Balances As at October 31, 2019 and April 30, 2019, the Company was indebted to the President of the Company for $57,150 and $43,368, respectively, for expenses incurred on behalf of the Company. These amounts are non-interest bearing, unsecured, and are due on demand.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	6. Subsequent Events Management has evaluated subsequent events through the date that these financial statements were available to be 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)	6 Months Ended
	Oct. 31, 2019
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 October 31, 2019 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended October 31, 2019 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 for the years ended April 30, 2019 and 2018. The Company has an April 30 year-end.
Use of Estimates	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 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 ($)	6 Months Ended
	Oct. 31, 2019	Apr. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenues
Working capital deficiency	117,146
Accumulated losses	$ (571,362)	$ (551,484)

Advances Payable (Details Narra

Advances Payable (Details Narrative) - USD ($)	Jul. 14, 2018	Oct. 31, 2019	Oct. 31, 2018	Apr. 30, 2019
Common stock, shares issued		895,750		895,750
Common stock, shares outstanding		895,750		895,750
Funding into consulting contract with President		$ 13,672
Advances payable (recognized as professional fees)		42,376		$ 42,220
Related Party [Member]
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 shall be payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 is refundable in the event the terms of the LOI are not met. Of the $500,000 funding, $135,000 is 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 Corporation. Once the Corporation raised a minimum of $4,500,000 after the completion of transaction, the President of the Company shall 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)		$ 42,376
President [Member] | Related Party [Member]
Payable after the acceptance of LOI	15,000
Refundable amount	15,000
Receivables based on minimum transaction completion	$ 350,000

Related Party Transactions an_2

Related Party Transactions and Balances (Details Narrative) - USD ($)	Oct. 31, 2019	Apr. 30, 2019
Due to related party	$ 57,150	$ 43,368
Related Party [Member] | President [Member]
Due to related party	$ 57,150	$ 43,368