Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 31, 2018 | Mar. 13, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | Concrete Leveling Systems Inc | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2018 | |
Trading Symbol | clev | |
Amendment Flag | false | |
Entity Central Index Key | 1,414,382 | |
Current Fiscal Year End Date | --07-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Common Stock, Shares Outstanding | 14,027,834 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2018 | Jul. 31, 2017 |
Current Assets | ||
Cash in bank | $ 1,782 | |
Accounts receivable, net of allowance for doubtful accounts of $0 at January 31, 2018 and July 31, 2017 | 93 | |
Current portion of notes receivable, net of allowance for loan losses of $4,078 at July 31, 2017 | ||
Interest receivable, net of collectability allowance of $1,267 at July 31, 2017 | 141 | |
Inventory | 23,598 | 23,688 |
Prepaid expenses and other current assets | 200 | |
Total Current Assets | 25,380 | 24,122 |
Property, Plant and Equipment | ||
Equipment | 700 | 700 |
Less: Accumulated depreciation | (700) | (700) |
Total Property, Plant and Equipment | ||
Other Assets | ||
Notes receivable, net of current portion and allowance for loan losses of $19,724 at July 31, 2017 | 2,644 | |
Total Assets | 25,380 | 26,766 |
Current Liabilities | ||
Cash overdraft | 20 | |
Accounts payable | 18,830 | 44,420 |
Accounts payable - stockholders | 35,486 | |
Advances - stockholders | 181,344 | 117,000 |
Notes payable - stockholders | 62,750 | 62,750 |
Accrued interest - stockholders | 15,139 | 15,139 |
Other accrued expenses | 9,239 | 16,857 |
Total Current Liabilities | 287,302 | 291,672 |
Stockholders’ Equity (Deficit) | ||
Common stock (par value $0.001) 100,000,000 shares authorized: 14,027,834 shares issued and outstanding at January 31, 2018 and July 31, 2017 | 14,027 | 14,027 |
Additional paid-in capital | 433,209 | 397,723 |
Retained (deficit) | (709,158) | (676,656) |
Total Stockholders’ Equity (Deficit) | (261,922) | (264,906) |
Total Liabilities and Stockholders’ Equity (Deficit) | $ 25,380 | $ 26,766 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jan. 31, 2018 | Jul. 31, 2017 |
Current Assets | ||
Accounts receivable, net of allowance | $ 0 | $ 0 |
Net of allowance for loan losses | 4,078 | |
Interest receivable, net of collectability allowance | 1,267 | |
Other Assets | ||
Notes receivable, net of allowance for loan losses | $ 19,724 | |
Stockholders’ Equity (Deficit) | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 14,027,834 | 14,027,834 |
Common stock, outstanding | 14,027,834 | 14,027,834 |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Statements Of Income | ||||
Equipment and parts sales | $ 1,745 | $ 387 | $ 2,010 | $ 387 |
Cost of Sales | 1,370 | 110 | 1,460 | 110 |
Gross Margin | 375 | 277 | 550 | 277 |
Expenses | ||||
Selling, general and administration | 8,947 | 5,709 | 33,255 | 25,960 |
(Loss) from Operations | (8,572) | (5,432) | (32,705) | (25,683) |
Other Income (Expense) | ||||
Interest income | 358 | 389 | 723 | 786 |
Interest expense | (263) | (241) | (520) | (483) |
Total Other Income (Expense) | 95 | 148 | 203 | 303 |
Net (Loss) Before Income Taxes | (8,477) | (5,284) | (32,502) | (25,380) |
Provision for Income Taxes | 0 | |||
Net (Loss) | $ (8,477) | $ (5,284) | $ (32,502) | $ (25,380) |
Net (Loss) per Share - Basic and Fully Diluted | $ 0 | $ 0 | $ (0.01) | $ 0 |
Weighted average number of common shares outstanding - basic and fully diluted | 6,395,418 | 6,395,418 | 6,395,418 | 6,395,418 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net (loss) | $ (32,502) | $ (25,380) |
Adjustments to reconcile net (loss) to net cash used in operating activities: | ||
Loan and interest losses write off | 3,508 | |
(Increase) in allowances for doubtful accounts and loan losses | (723) | (518) |
Decrease (Increase) in accounts receivable | 93 | 217 |
(Increase) Decrease in inventory | 90 | (96) |
(Increase) Decrease in prepaid expenses and other current assets | 200 | (458) |
Increase (Decrease) in accounts payable | (25,590) | 2,364 |
Increase (Decrease) in other accrued expenses | (7,618) | 1,501 |
Net cash from (used by) operating activities | (62,542) | (22,370) |
Cash Flows from Investing Activities | ||
Payments on notes receivable | 332 | |
Cash Flows from Financing Activities | ||
Advances from stockholders | 64,344 | 22,400 |
Net increase (decrease) in cash | 1,802 | 362 |
Cash overdraft/Cash and equivalents - beginning | (20) | 104 |
Cash and equivalents - ending | 1,782 | 466 |
Supplemental Disclosure of Cash Flows Information | ||
Interest | 520 | 483 |
Income Taxes |
NATURE OF BUSINESS AND SUMMARY
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 1 - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | This summary of significant accounting policies of Concrete Leveling Systems, Inc. (hereinafter the Company), is presented to assist in understanding the financial statements. The financial statements and notes are representations of the Companys management, which is responsible for their integrity and objectivity. These accounting policies conform to Nature of Operations The Company manufactures for sale specialized equipment for use in the concrete leveling industry. The Companys product is sold primarily to end users. On March 24, 2017, the Company entered into an agreement with Jericho Associates, Inc. (Jericho), a start-up company which plans to operate in the gaming, hospitality and entertainment industries. The Company issued Jericho 7,151,416 shares of the Companys common stock, subject to a performance requirement, which provides that by March 1, 2018, if the management of Jericho does not identify at least one entity or business opportunity for acquisition, in order to supplement the Companys current business operations, the shares issued as part of the agreement shall be returned to the Company. In July 2017, an additional 481,000 shares were issued to shareholders of Jericho under the same contingencies as the original shares. On February 25, 2018, Jericho identified the acquisition of 50% interests in two LLCs (the LLCs). The LLCs have a Term Sheet agreement to develop a casino and hotel resort, and provide certain gaming equipment on a shared profit basis. The project is in the process of regulatory review, finalization of closing documents, and completion of financing. Notwithstanding the identification of the business opportunity, the shares issued to Jericho remain contingent upon the regulatory review, the finalization of closing documentation, and the completion of financing arrangements for the project. On September 22, 2017, the Company and Jericho mutually agreed to extend the performance requirement until December 24, 2017. On November 9, 2017, the Company and Jericho mutually agreed to extend the performance requirement to March 1, 2018. Also, upon the regulatory review, the finalization of closing documentation, and the completion of financing arrangements for the project, the Companys President will cancel all shares of common stock held (879,167 shares as of January 31, 2018), the Companys Chief Executive Officer will cancel all but 523,000 shares of common stock held (2,951,667 shares as of January 31, 2018), subject to an 18-month non-dilution right in order to maintain an ownership percentage of 4.99%, and the Companys Secretary will cancel all but 45,000 shares of common stock held (185,000 shares as of January 31, 2018). Under ASC 718-10-25-20, there is no accounting related to the potential acquisition other than the issuance of the contingent shares at par value because the performance measure is the acquisition of a company. The achievement of this measure is not probable until the business is acquired. Revenue Recognition The Company recognizes revenue when product is shipped or picked up by the customer. Earnings Per Share Contingent shares are excluded from basic weighted average shares (ASC 260-10-45-13) and a two-class presentation of EPS is not applicable when a company is reporting a loss (ASC 260-10-45-67); therefore, the contingent shares are included in dilutive weighted average shares. Because the Company is reporting a loss, the Company will only report basic EPS and the contingent shares, along with the cancellation of shares by management, will be excluded from the computation. Accounts Receivable The Company grants credit to its customers in the ordinary course of business. The Company provides for an allowance for uncollectable receivables based on prior experience. The allowance was $0 at January 31, 2018 and July 31, 2017. Inventories Inventories, which consist of parts and work in progress, are recorded at the lower of first-in first-out cost or fair market value. Advertising and Marketing Advertising and marketing costs are charged to operations when incurred. Advertising costs were $1,769 and $-0- for the six months ended January 31, 2018, and 2017. Use of Estimates The preparation of the financial statements in conformity 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Going Concern The Company was formed on August 28, 2007 and was in the development stage through July 31, 2009. The year ended July 31, 2010 was the first year during which it was considered an operating company. The Company has sustained substantial operating losses since its inception. In addition, the Company has used substantial amounts of working capital in its operations. Further, at January 31, 2018, current liabilities exceed current assets by $261,922, and total liabilities exceed total assets by $261,922. Success will be dependent upon managements ability to obtain future financing and liquidity, and success of its future operations. These factors raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 2 - FAIR VALUE OF FINANCIAL INSTRUMENTS | The carrying amount of cash, accounts receivable and liabilities approximates the fair value reported on the balance sheet. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 3 - NEW ACCOUNTING PRONOUNCEMENTS | In May 2014, ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual reporting periods after December 15, 2017 including interim periods within that reporting period. Our company will adopt this new standard effective for the year ending July 31, 2018. The Company shall disclose qualitative and quantitative information on all of the following in regard to our contract with a customer. a. Revenue recognized from contracts with customers. b. Any impairment losses recognized on any receivables or contract assets arising from the firms contracts with customers. c. The opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers. d. Revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period. e. Revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods. f. Significant changes in the contract asset or liability balances during the reporting period. g. Performance obligation in contracts with customers At this time, it is not known nor can it be reasonably estimated what the impact of this standards adoption will have on the Company. The Company believes the effect on our current accounting policies will be immaterial as our current accounting for revenue from our customer contracts does not materially differ from the new standard. |
PROPERTY, PLANT, AND EQUIPMENT
PROPERTY, PLANT, AND EQUIPMENT | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 4 - PROPERTY, PLANT, AND EQUIPMENT | Property, plant, and equipment are recorded at cost. Depreciation is provided for by using the straight-line and accelerated methods over the estimated useful lives of the respective assets. Maintenance and repairs are charged to expense as incurred. Major additions and betterments are capitalized. When items of property and equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is included in the determination of net income. |
NOTE RECEIVABLE
NOTE RECEIVABLE | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 5 - NOTE RECEIVABLE | On January 31, 2018, the balance of the note and interest receivable were written off as uncollectable. On July 31, 2017, the interest rate on the note receivable was 6.00% and was due in April 2026. Management had established an estimated allowance for loan losses and uncollectable interest income based on its experience with specific debtors, including payment history, condition and location of collateral, and estimated cost of resale. The allowances totaled $25,069 at July 31, 2017. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 6 - INCOME TAXES | Income taxes on continuing operations include the following: January 31, 2018 July 31, 2017 Currently payable $ -0- $ -0- Deferred -0- -0- Total $ -0- $ -0- A reconciliation of the effective tax rate with the statutory U.S. income tax rate is as follows: January 31, 2018 July 31, 2017 % of % of Pretax Pretax Income Amount Income Amount Income taxes per statement of operations $ -0- 0 % $ -0- 0 % Loss for financial reporting purposes without tax expense or benefit (11,400 ) (34 ) (13,400 ) (34 ) Income taxes at statutory rate $ (11,400 ) (34 )% $ (13,400 ) (34 )% The components of and changes in the net deferred taxes were as follows: Deferred tax assets: January 31, 2018 July 31, 2017 Net operating loss carryforwards $ 192,800 $ 181,400 Allowances for uncollectable accounts -0- 8,800 Compensation and miscellaneous 5,300 5,300 Deferred tax assets 198,100 195,500 Valuation Allowance (198,100 ) (195,500 ) Net deferred tax assets $ -0- $ -0- Tax periods ended July 31, 2014 through 2017 are subject to examination by major taxing authorities. |
RELATED PARTIES
RELATED PARTIES | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 7 - RELATED PARTIES | The Company uses warehouse and office space belonging to one of its stockholders. The stockholder does not charge the Company rent or other fees for the use of these facilities. On July 31, 2009 the Company entered into a distribution agreement with another company owned by one of the Companys stockholders. The agreement gives the related party exclusive distribution rights for the Companys products. Commission expense totaled $-0- for the six months ended January 31, 2018 and 2017. The amount payable to the related party was $35,486 at July 31, 2017. On January 31, 2018, the stockholder forgave the balance due of $35,486. The forgiveness of the payable is reflected on the balance sheet as an increase to additional paid-in capital. Four stockholders of the Company loaned a total of $62,750 to the Company at various times during the years ended July 31, 2010 through 2012. The loans carry interest rates from 8.00% to 12.00% and are due on demand. The balances on the loans are $62,750 at both January 31, 2018 and July 31, 2017. Effective July 31, 2013, further interest accrual was waived by the noteholders. Two stockholders of the Company advanced a total of $118,500 to the Company at various times between November 2012 and October 2017. Another stockholder of the Company paid invoices of the Company totaling $62,844 during the six months ended January 31, 2018. This amount is still owed to the stockholder at January 31, 2018. The balances on the advances are $181,344 and $117,000 at January 31, 2018 and July 31, 2017, respectively. The advances carry no interest. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jan. 31, 2018 | |
Notes to Financial Statements | |
NOTE 8 - SUBSEQUENT EVENTS | The Company has evaluated all subsequent events through March 14, 2018, the date the financial statements were available to be issued. On February 25, 2018, Jericho identified the acquisition of 50% interests in two LLCs. The LLCs have a Term Sheet agreement to develop a casino and hotel resort, and provide certain gaming equipment on a shared profit basis. The project is in the process of regulatory review, finalization of closing documents, and completion of financing. Notwithstanding the identification of the business opportunity, the vesting of the 7,151,416 shares issued to Jericho remain contingent upon regulatory review, the finalization of closing documentation, and the completion of financing arrangements for the project. |
NATURE OF BUSINESS AND SUMMAR14
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jan. 31, 2018 | |
Nature Of Business And Summary Of Significant Accounting Policies Policies | |
Nature of Operations | The Company manufactures for sale specialized equipment for use in the concrete leveling industry. The Companys product is sold primarily to end users. On March 24, 2017, the Company entered into an agreement with Jericho Associates, Inc. (Jericho), a start-up company which plans to operate in the gaming, hospitality and entertainment industries. The Company issued Jericho 7,151,416 shares of the Companys common stock, subject to a performance requirement, which provides that by March 1, 2018, if the management of Jericho does not identify at least one entity or business opportunity for acquisition, in order to supplement the Companys current business operations, the shares issued as part of the agreement shall be returned to the Company. In July 2017, an additional 481,000 shares were issued to shareholders of Jericho under the same contingencies as the original shares. On February 25, 2018, Jericho identified the acquisition of 50% interests in two LLCs (the LLCs). The LLCs have a Term Sheet agreement to develop a casino and hotel resort, and provide certain gaming equipment on a shared profit basis. The project is in the process of regulatory review, finalization of closing documents, and completion of financing. Notwithstanding the identification of the business opportunity, the shares issued to Jericho remain contingent upon the regulatory review, the finalization of closing documentation, and the completion of financing arrangements for the project. On September 22, 2017, the Company and Jericho mutually agreed to extend the performance requirement until December 24, 2017. On November 9, 2017, the Company and Jericho mutually agreed to extend the performance requirement to March 1, 2018. Also, upon the regulatory review, the finalization of closing documentation, and the completion of financing arrangements for the project, the Companys President will cancel all shares of common stock held (879,167 shares as of January 31, 2018), the Companys Chief Executive Officer will cancel all but 523,000 shares of common stock held (2,951,667 shares as of January 31, 2018), subject to an 18-month non-dilution right in order to maintain an ownership percentage of 4.99%, and the Companys Secretary will cancel all but 45,000 shares of common stock held (185,000 shares as of January 31, 2018). Under ASC 718-10-25-20, there is no accounting related to the potential acquisition other than the issuance of the contingent shares at par value because the performance measure is the acquisition of a company. The achievement of this measure is not probable until the business is acquired. |
Revenue Recognition | The Company recognizes revenue when product is shipped or picked up by the customer. |
Earnings Per Share | Contingent shares are excluded from basic weighted average shares (ASC 260-10-45-13) and a two-class presentation of EPS is not applicable when a company is reporting a loss (ASC 260-10-45-67); therefore, the contingent shares are included in dilutive weighted average shares. Because the Company is reporting a loss, the Company will only report basic EPS and the contingent shares, along with the cancellation of shares by management, will be excluded from the computation. |
Accounts Receivable | The Company grants credit to its customers in the ordinary course of business. The Company provides for an allowance for uncollectable receivables based on prior experience. The allowance was $0 at January 31, 2018 and July 31, 2017. |
Inventories | Inventories, which consist of parts and work in progress, are recorded at the lower of first-in first-out cost or fair market value. |
Advertising and Marketing | Advertising and marketing costs are charged to operations when incurred. Advertising costs were $1,769 and $-0- for the six months ended January 31, 2018, and 2017. |
Use of Estimates | The preparation of the financial statements in conformity 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. |
Going Concern | The Company was formed on August 28, 2007 and was in the development stage through July 31, 2009. The year ended July 31, 2010 was the first year during which it was considered an operating company. The Company has sustained substantial operating losses since its inception. In addition, the Company has used substantial amounts of working capital in its operations. Further, at January 31, 2018, current liabilities exceed current assets by $261,922, and total liabilities exceed total assets by $261,922. Success will be dependent upon managements ability to obtain future financing and liquidity, and success of its future operations. These factors raise substantial doubt about the Companys ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jan. 31, 2018 | |
Income Taxes Tables | |
Schedule of income taxes on continuing operations | January 31, 2018 July 31, 2017 Currently payable $ -0- $ -0- Deferred -0- -0- Total $ -0- $ -0- |
Schedule of reconciliation of the effective tax rate with the statutory U.S. income tax | January 31, 2018 July 31, 2017 % of % of Pretax Pretax Income Amount Income Amount Income taxes per statement of operations $ -0- 0 % $ -0- 0 % Loss for financial reporting purposes without tax expense or benefit (11,400 ) (34 ) (13,400 ) (34 ) Income taxes at statutory rate $ (11,400 ) (34 )% $ (13,400 ) (34 )% |
Schedule of components of and changes in the net deferred taxes | January 31, 2018 July 31, 2017 Net operating loss carryforwards $ 192,800 $ 181,400 Allowances for uncollectable accounts -0- 8,800 Compensation and miscellaneous 5,300 5,300 Deferred tax assets 198,100 195,500 Valuation Allowance (198,100 ) (195,500 ) Net deferred tax assets $ -0- $ -0- |
NATURE OF BUSINESS AND SUMMAR16
NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Mar. 24, 2017 | Jan. 31, 2018 | Jan. 31, 2018 | Jan. 31, 2017 | Jul. 31, 2017 | |
Date of acquisition agreement | Mar. 24, 2017 | ||||
Common stock shares issued | 14,027,834 | 14,027,834 | 14,027,834 | ||
Allowance for doubtful accounts | $ 0 | $ 0 | $ 0 | ||
Advertising costs | 1,769 | $ 0 | |||
Current liabilities exceeding current assets | 261,922 | 261,922 | |||
Total liabilities exceed current assets | $ 261,922 | $ 261,922 | |||
Jericho [Member] | |||||
Common stock shares issued | 7,151,416 | 481,000 | |||
Significant accounting policies description | On February 25, 2018, Jericho identified the acquisition of 50% interests in two LLCs (the LLCs) | ||||
Secretary [Member] | |||||
Common stock held | 185,000 | 185,000 | |||
Business acquisition, remaining common stock held, number of shares | 45,000 | ||||
Chief Executive Officer [Member] | |||||
Common stock held | 2,951,667 | 2,951,667 | |||
Business acquisition, remaining common stock held, number of shares | 523,000 | ||||
Non-dilution period | 18 months | ||||
Ownership percentage | 4.99% | ||||
President [Member] | |||||
Common stock held | 879,167 | 879,167 |
NOTE RECEIVABLE (Details Narrat
NOTE RECEIVABLE (Details Narrative) - USD ($) | 6 Months Ended | |
Jan. 31, 2018 | Jul. 31, 2017 | |
Note Receivable Details Narrative | ||
Interest rate | 6.00% | |
Due date description | April 2,026 | |
Allowance for loan losses and uncollectable interest income | $ 25,069 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Jul. 31, 2017 | |
Income Taxes Details | ||
Currently payable | $ 0 | $ 0 |
Deferred | 0 | 0 |
Total | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Jul. 31, 2017 | |
Income Taxes Details 1 | ||
Income taxes per statement of operations | $ 0 | $ 0 |
Loss for financial reporting purposes without tax expense or benefit | (11,400) | (13,400) |
Income taxes at statutory rate | $ (11,400) | $ (13,400) |
Income taxes per statement of operations (% of Pretax Amount) | 0.00% | 0.00% |
Loss for financial reporting purposes without tax expense or benefit (% of Pretax Amount) | (34.00%) | (34.00%) |
Income taxes at statutory rate (% of Pretax Amount) | (34.00%) | (34.00%) |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Jan. 31, 2018 | Jul. 31, 2017 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 192,800 | $ 181,400 |
Allowances for uncollectable accounts | 0 | 8,800 |
Compensation and miscellaneous | 5,300 | 5,300 |
Deferred tax assets | 198,100 | 195,500 |
Valuation Allowance | (198,100) | (195,500) |
Net deferred tax assets: | $ 0 | $ 0 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) | 6 Months Ended | ||
Jan. 31, 2018USD ($)Number | Jan. 31, 2017USD ($) | Jul. 31, 2017USD ($) | |
Commission expense | $ 0 | $ 0 | |
Payable to related party | 35,486 | $ 35,486 | |
Notes payable - stockholders | 62,750 | 62,750 | |
Advances - stockholders | $ 181,344 | $ 117,000 | |
Minimum [Member] | |||
Interest rate | 8.00% | ||
Maximum [Member] | |||
Interest rate | 12.00% | ||
Stockholders [Member] | |||
Invoices payment to related party | $ 62,844 | ||
Stockholders [Member] | November 2012 and October 2017 [Member] | |||
Advances - stockholders | $ 118,500 | ||
Number of stockholders | Number | 2 | ||
Stockholders [Member] | July 31, 2010 through 2012 [Member] | |||
Notes payable - stockholders | $ 62,750 | ||
Number of stockholders | Number | 4 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Jericho [Member] - Subsequent Event [Member] - shares | Mar. 14, 2018 | Feb. 25, 2018 |
Acquisition of interest in percent | 50.00% | |
Vesting shares issued | 7,151,416 |