Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 15, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | DIAMOND CARTEL INC | |
Entity Central Index Key | 0001347491 | |
Document Type | 10-Q | |
Document Period End Date | Oct. 31, 2020 | |
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 | 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 | 2021 |
Balance Sheets (unaudited)
Balance Sheets (unaudited) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
ASSETS | ||
Total Assets | $ 0 | $ 0 |
Current Liabilities | ||
Account payable and accrued liabilities | 7,413 | 7,062 |
Due to related party | 95,907 | 77,544 |
Advances payable | 42,283 | 42,336 |
Total Liabilities | 145,603 | 126,942 |
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, 2020 and April 30, 2020 | 90 | 90 |
Additional paid-in capital | 454,126 | 454,126 |
Accumulated deficit | (599,819) | (581,158) |
Total Stockholders' Deficit | (145,603) | (126,942) |
Total Liabilities and Stockholders' Deficit | 0 | 0 |
Series A Preferred Stock [Member] | ||
Stockholders' Deficit | ||
Preferred stock, value |
Balance Sheets (unaudited) (Par
Balance Sheets (unaudited) (Parenthetical) - $ / shares | Oct. 31, 2020 | Apr. 30, 2020 |
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, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Revenue | ||||
Expenses | ||||
General and administrative | 6,762 | 8,589 | 18,661 | 19,878 |
Net Loss before provision for income tax | (6,762) | (8,589) | (18,661) | (19,878) |
Provision for income tax | ||||
Net Loss | $ (6,762) | $ (8,589) | $ (18,661) | $ (19,878) |
Net Loss Per Common Share Basic and Diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Weighted Average Number of Common Shares Outstanding (in shares) | 895,750 | 895,750 | 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] | Accumulated Deficit [Member] | Total |
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 | |||
Balance at Jul. 31, 2019 | $ 90 | 454,126 | (562,773) | (108,557) | |
Balance, shares at Jul. 31, 2019 | 0.48 | 895,750 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the period | (8,589) | (8,589) | |||
Balance at Oct. 31, 2019 | $ 90 | 454,126 | (571,362) | (117,146) | |
Balance, shares at Oct. 31, 2019 | 0.48 | 895,750 | |||
Balance at Apr. 30, 2020 | $ 90 | 454,126 | (581,158) | (126,942) | |
Balance, shares at Apr. 30, 2020 | 0.48 | 895,750 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the period | (18,661) | (18,661) | |||
Balance at Oct. 31, 2020 | $ 90 | 454,126 | (599,819) | (145,603) | |
Balance, shares at Oct. 31, 2020 | 0.48 | 895,750 | |||
Balance at Jul. 31, 2020 | $ 90 | 454,126 | (593,057) | (138,841) | |
Balance, shares at Jul. 31, 2020 | 0.48 | 895,750 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss for the period | (6,762) | (6,762) | |||
Balance at Oct. 31, 2020 | $ 90 | $ 454,126 | $ (599,819) | $ (145,603) | |
Balance, shares at Oct. 31, 2020 | 0.48 | 895,750 |
Statements of Cash Flows (unaud
Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Operating Activities: | ||||
Net loss | $ (6,762) | $ (8,589) | $ (18,661) | $ (19,878) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Foreign exchange gain on amount due to related party | (122) | 311 | ||
Changes in operating assets and liabilities: | ||||
Accounts payable and accrued liabilities | 365 | 5,895 | ||
Net Cash Used in Operating Activities | (18,418) | (13,672) | ||
Financing Activities: | ||||
Proceeds of loan from related party | 18,418 | 13,672 | ||
Net Cash Provided by Financing Activities | 18,418 | 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, 2020 | |
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 | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020, the Company has a working capital deficiency of $145,603 and has accumulated losses of $599,819 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. 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 | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended October 31, 2020 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, 2020 and 2019. 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 | 6 Months Ended |
Oct. 31, 2020 | |
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 October 31, 2020, the Corporation provided $42,283 (April 30, 2020 - $42,336) representing professional fees paid on behalf of the Company. The Company has recognized them in advances payable as at October 31, 2020 and April 30, 2020. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Oct. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 5. Related Party Transactions As at October 31, 2020 and April 30, 2020, the Company was indebted to the President of the Company for $95,907 and $77,544, 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, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6. 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) | 6 Months Ended |
Oct. 31, 2020 | |
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, 2020 and the results of operations and cash flows for the periods presented. The results of operations for the six months ended October 31, 2020 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, 2020 and 2019. 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 ($) | 6 Months Ended | |
Oct. 31, 2020 | Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Revenues | ||
Working capital deficiency | 145,603 | |
Accumulated losses | $ (599,819) | $ (581,158) |
Advances Payable (Details Narra
Advances Payable (Details Narrative) - USD ($) | Jul. 14, 2018 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 |
Common stock, shares issued | 895,750 | 895,750 | ||
Common stock, shares outstanding | 895,750 | 895,750 | ||
Funding into consulting contract with President | $ 18,418 | $ 13,672 | ||
Advances payable (recognized as professional fees) | 42,283 | $ 42,336 | ||
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) | $ 42,283 | $ 42,336 | ||
Related Party [Member] | President [Member] | ||||
Payable after the acceptance of LOI | 15,000 | |||
Refundable amount | 15,000 | |||
Receivables based on minimum transaction completion | $ 350,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Due to related party | $ 95,907 | $ 77,544 |
Related Party [Member] | President [Member] | ||
Due to related party | $ 95,907 | $ 77,544 |