Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 15, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | INTERNATIONAL LEADERS CAPITAL CORPORATION | |
Entity Central Index Key | 1,470,550 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Elected Not To Use the Extended Transition Period | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 249,386,285 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,019 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 97,132 | $ 8,117 |
Advances to employees | 29,281 | |
Prepaid expenses | 36,386 | 11,000 |
Total current assets | 162,799 | 19,117 |
Lease deposit | 44,097 | 45,802 |
Office equipment | 3,643 | 12,254 |
Total assets | 210,539 | 77,173 |
Current liabilities: | ||
Accounts payable and accrued liabilities (including accounts payable due to related party of $0 and $66,650 at December 31, 2018 and June 30, 2018, respectively) | 222,163 | 123,106 |
Accrued compensation-related party | 76,000 | 301,322 |
Deferred revenue | 415,896 | |
Advances payable - related parties | 280,859 | 205,456 |
Convertible notes - related party, net of discount of $30,261 and $35,452 at December 31, 2018 and June 30, 2018, respectively | 19,248 | 80,656 |
Total current liabilities | 1,014,166 | 710,540 |
Non-redeemable convertible note - related party | 43,180 | |
Commitments and Contingencies | ||
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding | 250 | 250 |
Common stock; par value $0.001; 750,000,000 shares authorized; 249,386,285 and 2,311,285 shares issued and outstanding at December 31, 2018 and June 30, 2018, respectively | 249,386 | 2,311 |
Additional paid-in capital | 121,910,970 | 121,375,474 |
Additional other comprehensive income | 3,355 | |
Notes receivable | 5,000,000 | 5,000,000 |
Accumulated deficiency | (117,967,588) | (117,054,582) |
Total stockholders' deficiency | (803,627) | (676,547) |
Total liabilities and stockholders' deficiency | 210,539 | 77,173 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding | ||
Total stockholders' deficiency | ||
Total liabilities and stockholders' deficiency | ||
Series B Preferred Stock [Member] | ||
Stockholders' Deficiency : | ||
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding | 250 | 250 |
Total stockholders' deficiency | 250 | 250 |
Total liabilities and stockholders' deficiency | $ 250 | $ 250 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 |
Due to related parties included in current portion of advances | $ 0 | $ 66,650 |
Debt discount | $ 30,261 | $ 35,452 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 48,900,000 | 48,900,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares issued | 249,386,285 | 2,311,285 |
Common stock, shares outstanding | 249,386,285 | 2,311,285 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Series B Preferred Stock [Member] | ||
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 100,000 | 100,000 |
Preferred stock, shares issued | 25,000 | 25,000 |
Preferred stock, shares outstanding | 25,000 | 25,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 46,884 | $ 46,884 | ||
Operating costs: | ||||
Compensation (reduction in compensation) | 12,000 | (90,791) | 266,370 | (61,290) |
General and administrative | 531,017 | 23,831 | 691,697 | 54,862 |
Total operating expenses | 543,017 | (66,960) | 958,067 | (6,428) |
Loss from operations | (496,133) | 66,960 | (911,183) | 6,428 |
Other income (expense): | ||||
Interest expense | 7,753 | 120,921 | 13,973 | 159,858 |
Private placement costs | 67,055 | 197,436 | ||
Change in fair value of derivative liabilities | 59,057 | 94,346 | ||
Gain on extinguishment of derivative liability | 253,090 | 12,150 | 253,090 | |
Gain on debt settlement | (33) | (33) | ||
Total other income (expense) | (7,753) | 124,138 | (1,823) | (9,891) |
Net income (loss) | $ (503,886) | $ 191,098 | $ (913,006) | $ (3,463) |
Net income (loss) per share - basic | $ 0 | $ 0.10 | $ 0 | $ 0 |
Net loss per share - diluted | $ (0.01) | $ 0 | ||
Weighted average number of common shares outstanding - basic | 249,386,285 | 1,918,494 | 197,128,405 | 1,746,337 |
Weighted average number of common shares outstanding - diluted | 7,189,174 | 1,746,337 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement Of Stockholders' Equity Deficiency (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Series B Preferred Stock [Member] | Note Receivable [Member] | Total |
Balance common stock, shares at Jun. 30, 2017 | 1,574,179 | ||||||
Balance preferred stock, shares at Jun. 30, 2017 | 25,000 | ||||||
Balance, value at Jun. 30, 2017 | $ 1,574 | $ 120,830,251 | $ (116,453,218) | $ 250 | $ (5,000,000) | $ (621,143) | |
Shares issued for cash, shares | 181,818 | ||||||
Shares issued for cash, value | $ 182 | 49,818 | 50,000 | ||||
Gain on settlement of debt and accrued interest - related parties treated as a capital contribution | |||||||
Beneficial conversion feature on issuance of convertible note payable-related party | |||||||
Net loss | (3,463) | (3,463) | |||||
Balance common stock, shares at Dec. 31, 2017 | 2,311,285 | ||||||
Balance preferred stock, shares at Dec. 31, 2017 | 25,000 | ||||||
Balance, value at Dec. 31, 2017 | $ 2,311 | 121,032,100 | (116,456,681) | $ 250 | (5,000,000) | (422,020) | |
Balance common stock, shares at Sep. 30, 2017 | 1,574,179 | ||||||
Balance preferred stock, shares at Sep. 30, 2017 | 25,000 | ||||||
Balance, value at Sep. 30, 2017 | $ 1,574 | 120,830,251 | (116,647,779) | $ 250 | (5,000,000) | (815,704) | |
Shares issued for cash, shares | 181,818 | ||||||
Shares issued for cash, value | $ 182 | 49,818 | 50,000 | ||||
Net loss | 191,098 | 191,098 | |||||
Balance common stock, shares at Dec. 31, 2017 | 2,311,285 | ||||||
Balance preferred stock, shares at Dec. 31, 2017 | 25,000 | ||||||
Balance, value at Dec. 31, 2017 | $ 2,311 | 121,032,100 | (116,456,681) | $ 250 | (5,000,000) | $ (422,020) | |
Balance common stock, shares at Jun. 30, 2018 | 2,311,285 | 2,311,285 | |||||
Balance preferred stock, shares at Jun. 30, 2018 | 25,000 | ||||||
Balance, value at Jun. 30, 2018 | $ 2,311 | 121,375,474 | (117,054,582) | $ 250 | (5,000,000) | $ (676,547) | |
Accumulated other comprehensive income | 3,355 | 3,355 | |||||
Shares issued for cash, shares | 247,000,000 | ||||||
Shares issued for cash, value | $ 247,000 | 247,000 | |||||
Fair value of shares in excess of purchase price paid by management | 201,120 | 201,120 | |||||
Shares issued for compensation, shares | 75,000 | ||||||
Shares issued for compensation, value | $ 75 | 41,175 | 41,250 | ||||
Gain on settlement of debt and accrued interest - related parties treated as a capital contribution | 286,201 | 286,201 | |||||
Beneficial conversion feature on issuance of convertible note payable-related party | 7,000 | 7,000 | |||||
Net loss | (913,006) | $ (913,006) | |||||
Balance common stock, shares at Dec. 31, 2018 | 249,386,285 | 249,386,285 | |||||
Balance preferred stock, shares at Dec. 31, 2018 | 25,000 | ||||||
Balance, value at Dec. 31, 2018 | $ 249,386 | 121,910,970 | 3,355 | (117,967,588) | $ 250 | (5,000,000) | $ (803,627) |
Balance common stock, shares at Sep. 30, 2018 | 249,386,285 | ||||||
Balance, value at Sep. 30, 2018 | $ 249,386 | 121,910,970 | 3,083 | (117,463,702) | (5,000,000) | (300,013) | |
Accumulated other comprehensive income | 272 | 272 | |||||
Net loss | (503,886) | $ (503,886) | |||||
Balance common stock, shares at Dec. 31, 2018 | 249,386,285 | 249,386,285 | |||||
Balance preferred stock, shares at Dec. 31, 2018 | 25,000 | ||||||
Balance, value at Dec. 31, 2018 | $ 249,386 | $ 121,910,970 | $ 3,355 | $ (117,967,588) | $ 250 | $ (5,000,000) | $ (803,627) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement Of Stockholders' Equity Deficiency (Continued) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Series B Preferred Stock [Member] | Note Receivable [Member] | Total |
Balance common stock, shares at Jun. 30, 2017 | 1,574,179 | ||||||
Balance preferred stock, shares at Jun. 30, 2017 | 25,000 | ||||||
Balance, value at Jun. 30, 2017 | $ 1,574 | $ 120,830,251 | $ (116,453,218) | $ 250 | $ (5,000,000) | $ (621,143) | |
Common stock issued upon conversion of convertible notes payable and accrued interest, shares | 554,859 | ||||||
Common stock issued upon conversion of convertible notes payable and accrued interest, value | $ 555 | 152,031 | 152,586 | ||||
Shares issued for cash, shares | 181,818 | ||||||
Shares issued for cash, value | $ 182 | $ 49,818 | $ 50,000 | ||||
Rounding of shares on reverse stock-split | 429 | ||||||
Net loss | $ (3,463) | $ (3,463) | |||||
Balance common stock, shares at Dec. 31, 2017 | 2,311,285 | ||||||
Balance preferred stock, shares at Dec. 31, 2017 | 25,000 | ||||||
Balance, value at Dec. 31, 2017 | $ 2,311 | 121,032,100 | (116,456,681) | $ 250 | (5,000,000) | (422,020) | |
Balance common stock, shares at Sep. 30, 2017 | 1,574,179 | ||||||
Balance preferred stock, shares at Sep. 30, 2017 | 25,000 | ||||||
Balance, value at Sep. 30, 2017 | $ 1,574 | 120,830,251 | (116,647,779) | $ 250 | (5,000,000) | (815,704) | |
Common stock issued upon conversion of convertible notes payable and accrued interest, shares | 554,859 | ||||||
Common stock issued upon conversion of convertible notes payable and accrued interest, value | $ 555 | 152,031 | 152,586 | ||||
Shares issued for cash, shares | 181,818 | ||||||
Shares issued for cash, value | $ 182 | $ 49,818 | $ 50,000 | ||||
Rounding of shares on reverse stock-split | 429 | ||||||
Net loss | $ 191,098 | $ 191,098 | |||||
Balance common stock, shares at Dec. 31, 2017 | 2,311,285 | ||||||
Balance preferred stock, shares at Dec. 31, 2017 | 25,000 | ||||||
Balance, value at Dec. 31, 2017 | $ 2,311 | 121,032,100 | (116,456,681) | $ 250 | (5,000,000) | $ (422,020) | |
Balance common stock, shares at Jun. 30, 2018 | 2,311,285 | 2,311,285 | |||||
Balance preferred stock, shares at Jun. 30, 2018 | 25,000 | ||||||
Balance, value at Jun. 30, 2018 | $ 2,311 | 121,375,474 | (117,054,582) | $ 250 | (5,000,000) | $ (676,547) | |
Shares issued for cash, shares | 247,000,000 | ||||||
Shares issued for cash, value | $ 247,000 | 247,000 | |||||
Net loss | (913,006) | $ (913,006) | |||||
Balance common stock, shares at Dec. 31, 2018 | 249,386,285 | 249,386,285 | |||||
Balance preferred stock, shares at Dec. 31, 2018 | 25,000 | ||||||
Balance, value at Dec. 31, 2018 | $ 249,386 | 121,910,970 | 3,355 | (117,967,588) | $ 250 | (5,000,000) | $ (803,627) |
Balance common stock, shares at Sep. 30, 2018 | 249,386,285 | ||||||
Balance, value at Sep. 30, 2018 | $ 249,386 | 121,910,970 | 3,083 | (117,463,702) | (5,000,000) | (300,013) | |
Net loss | (503,886) | $ (503,886) | |||||
Balance common stock, shares at Dec. 31, 2018 | 249,386,285 | 249,386,285 | |||||
Balance preferred stock, shares at Dec. 31, 2018 | 25,000 | ||||||
Balance, value at Dec. 31, 2018 | $ 249,386 | $ 121,910,970 | $ 3,355 | $ (117,967,588) | $ 250 | $ (5,000,000) | $ (803,627) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (913,006) | $ (3,463) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of debt discount | 12,191 | 151,781 |
Depreciation | 3,806 | |
Fair value of shares issued for compensation | 242,370 | |
Private placement costs | 197,436 | |
Gain on debt settlement | 12,150 | |
Change in fair value of derivative liability | 94,346 | |
Gain on extinguishment of derivative liability | 253,090 | |
Accrued interest | 1,782 | 8,077 |
Foreign exchange | 33 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (18,734) | (5,000) |
Accounts receivable and other | 73,525 | |
Accounts payable and accrued expenses | 111,837 | 2,569 |
Accrued compensation-related parties | 24,000 | (126,290) |
Deferred revenue | 416,727 | |
Net cash used in operating activities | (167,234) | (112,293) |
Cash Flows from Investing Activities | ||
Transfer of office equipment to affiliate | 4,365 | |
Cash provided by investing activities | 4,365 | |
Cash Flows from Financing Activities: | ||
Proceeds from convertible notes - related parties | 7,000 | 150,000 |
Payment made on convertible notes - related parties | 58,142 | 150,000 |
Payment on non-redeemable convertible note | 43,180 | |
Advances from related parties | 159,564 | 10,772 |
Repayment of advances-related parties | 25,000 | 11,000 |
Repayment of advances | 35,000 | |
Proceeds from the issuance of common stock - related party | 247,000 | 50,000 |
Net cash provided (used in) by financing activities | 252,242 | 49,772 |
Change in foreign exchange | (358) | 36 |
Net change in cash and cash equivalents | 89,015 | (62,485) |
Cash and cash equivalents, beginning of period | 8,117 | 92,004 |
Cash and cash equivalents, end of period | 97,132 | 29,519 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid during period for: Interest paid | ||
Cash paid during period for: Income tax paid | ||
NON-CASH FINANCING ACTIVITIES | ||
Beneficial conversion feature recorded as discount upon issuance of convertible notes-related party | 7,000 | |
Gain on settlement of debt - related parties | 286,201 | |
Shares issued for settlement of convertible notes | $ 150,000 |
Nature Of Business And Summary
Nature Of Business And Summary Of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Summary of Significant Accounting Policies | NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES International Leaders Capital Corporation ("the Company") was organized under the laws of the State of Nevada on May 21, 2009. The Company was established as part of the Chapter 11 reorganization of AP Corporate Services, Inc. On May 28, 2017, Star Century Entertainment Corporation, a shareholder of the Company, agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang. Effective August 2, 2017, the Company’s Board of Directors and a majority of the shareholders of the Company amended the Company’s Articles of Incorporation to (i) change the name of the Company to International Leaders Capital Corporation and (ii) effect a 1-for-50 reverse common stock split. All common stock share and per-share amounts for all periods presented in these consolidated financial statements have been adjusted retroactively to reflect the reverse stock split. On December 1, 2017, the Company purchased International Leadership Center Holdings Limited (“ILC”) for $2,500. ILC has two subsidiaries, Hong Kong ILC Business Services and Shenzhen Qian Chuang Hui Technology Incubator Limited (“Shenzhen QCH Incubator”). Prior to December 1, 2017, ILC or its subsidiaries did not have any operations and the purchase price of $2,500 was expensed. In April 2018, ILC through its subsidiary Shenzhen QCH Incubator, leased an office space in Shenzhen, Peoples Republic of China (“PRC”) and purchased some office equipment to be used in future planned operations. As of December 31, 2018, the Company operates as a financial services firm providing investment and related consulting services to businesses and general investors. The Company also plans to jointly invest in projects and ventures for companies which it consults with. The Company’s administrative headquarters are in Las Vegas, Nevada with operations in the PRC. Basis of presentation The unaudited condensed consolidated financial statements of the Company for the six months ended December 31, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2018 was derived from the audited financial statements included in the Company's financial statements as of and for the fiscal year ended June 30, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2018. These financial statements should be read in conjunction with that report. Going concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the six months ended December 31, 2018, the Company incurred a net loss of $913,006 and used cash in operating activities of $167,234, and at December 31, 2018, had a stockholders’ deficiency of $803,627. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s June 30, 2018 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should the Company be unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern through February 2020. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs. The Company hopes to be able to attract suitable investors for our business plan, which will not require us to use our cash. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, International Leadership Center Holdings Limited, Hong Kong ILC Business Services Limited and Shenzhen Qian Chuang Hui Technology Incubator Limited. All intercompany transactions and balances have been eliminated in consolidation. Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions by management include, among others, impairment analysis of long-term assets, the valuation allowance for deferred tax assets. the assumptions used in the valuation of derivative liabilities, the assumptions used in valuing share-based instruments issued for services, and the accrual of potential liabilities. Actual results may differ from those estimates. Revenue recognition The Company adopted the guidance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”). The Company has three types of service contracts. For each type of contract, the Company is paid a non-refundable payment for the total contract amount at the time the contract is executed with the purchaser. One type of contract gives the right to the customer to be an agent of the Company and receive commissions on investment services sold to third parties. Two other types of contracts give the right to the purchaser to receive investment and related services over a fixed period. As the Company’s performance obligation for these contracts is to provide services over a fixed period, the Company recognizes revenue ratably over the period. Deferred revenue is recorded for the portion of any payment received that is not recognized as revenue in the current reporting period. Revenues are presented net of refunds, sales incentives, and any estimated credits. At December 31, 2018, the Company received customer payments of $462,780 for investment and consulting services of which $46,884 was recorded as revenue and $415,896 was recorded as deferred revenue which the Company expects will be generally be earned over the next year as services are provided. Foreign currency translation and transactions The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of the Chinese Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), which is also the respective functional currency of the subsidiaries. In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2018 2017 Period-end RMB : US$1 exchange rate $ 6.8785 $ — Period-average RMB : US$1 exchange rate $ 6.8648 $ — Period-end HK$ : US$1 exchange rate $ 7.8306 $ — Loss per share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. At December 31, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive: December 31, 2018 December 31, 2017 Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable 4,247,049 4,046,338 Common stock issuable upon conversion of accrued compensation 138,182 235,510 Total 4,385,231 4,281,848 Share-Based Compensation The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The estimated fair value of certain financial instruments, including cash and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates. Segments The Company operates in one segment. its consultancy business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying consolidated financial statements. Concentrations At December 31, 2018, the Company’s assets include $204,730 of assets that are located in the PRC. Economic and Political Risks The Company’s planned operations in the PRC will be subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods. The Company is in the process of evaluating the impact of Topic 842 on the Company’s financial statements and disclosures, though the adoption is expected to result in a increase in the assets and liabilities reflected on the Company’s balance sheets. In June 2018, the FASB issued ASU 2018-07, “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Accrued Compensation-Related Pa
Accrued Compensation-Related Parties | 6 Months Ended |
Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |
Accrued Compensation-Related Parties | NOTE 2. ACCRUED COMPENSATION-RELATED PARTIES December 31, June 30, Accrued compensation, CEO (a) $ 76,000 $ 52,000 Accrued compensation, shareholder/consultant (b) — 249,322 $ 76,000 $ 301,322 (a) Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the six months ended December 31, 2018, compensation expense of $24,000 was recorded, including $12,000 accrual of annual compensation and $12,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At December 31, 2018 the accrued compensation due to the executive was $76,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 138,182 of the Company’s common stock. (b) In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500. At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant had the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under both consulting agreements aggregating $249,322 (See Note 6). |
Advances Payable
Advances Payable | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Advances Payable | NOTE 3. ADVANCES PAYABLE The Company from time to time borrows from its principal shareholders, or others, to pay expenses such as filing fees, accounting fees and legal fees. These advances are non-interest bearing, unsecured, and generally due upon demand. At December 31, 2018 and June 30, 2018, the Company was obligated for the following advances: December 31, June 30, Advances due to CEO $ 274,649 $ 119,865 Advances due to former director 6,210 6,201 Advances due to shareholder/consultant — 25,000 Advances due to former officers, directors and shareholders — 54,390 $ 280,859 $ 205,456 On August 10, 2018, the advances due to shareholder of $25,000 and advances due to former officers, directors and shareholders of $54,390 were fully settled (See Note 6). |
Convertible Notes-Related Party
Convertible Notes-Related Party | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Convertible Notes-Related Party | NOTE 4. CONVERTIBLE NOTES-RELATED PARTY A summary of convertible notes payable-related party as of December 31, 2018 and June 30, 2018 is as follows: December 31, June 30, Convertible notes payable-related party (a) $ — $ 75,381 Convertible notes payable-ILC Holdings (b) 49,509 40,727 Unamortized note discounts (30,261 ) (35,452 ) $ 19,248 $ 80,656 (a) Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and were due from January 2019 through November 2019. These notes were convertible into shares of the Company’s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381. On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6). (b) In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company’s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock. In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company’s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company’s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes. At December 31, 2018 principal of $47,000 and accrued interest of $2,509 are due under the notes and the total outstanding balance of this note amounted to $49,509 and is convertible into 4,247,049 shares of common stock. At June 30, 2018 the unamortized note discount was $35,452. During the six months ended December 31, 2018, the discount was increased by the $7,000 discussed above, and $12,191 of discount was amortized, At December 31, 2018 the unamortized note discount was $30,261. |
Non-Redeemable Convertible Note
Non-Redeemable Convertible Note-Related Party | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Non-Redeemable Convertible Note-Related Party | NOTE 5. NON-REDEEMABLE CONVERTIBLE NOTE-RELATED PARTY Non-redeemable convertible note-related party was secured by all the assets of the Company, accrued interest at 20% per annum through June 30, 2016, and was non-interest bearing thereafter, and was due August 1, 2019. The Company may prepay the note in readily available funds at any time prior to the maturity date. The Company had the right to convert the note into shares of the Company’s common stock at any time prior to the maturity date at a fixed price of $0.05 per share of common stock. At June 30, 2018, principal and accrued interest totaled $43,180. On August 10, 2018, the non-redeemable convertible note and accrued interest of $43,180 were fully settled (See Note 6). |
Settlement Of Liabilities
Settlement Of Liabilities | 6 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Settlement of Liabilities | NOTE 6. SETTLEMENT OF LIABILITIES At June 30, 2018 the Company owed $16,750 to various unrelated parties, made up of accounts payable of $16,750. On August 10, 2018, the Company fully settled the total liabilities of $16,750 for cash payments of $4,600. The resulting gain of $12,150 was recorded as a gain on settlement of debt in the condensed consolidated statements of operations. At June 30, 2018 the Company owed $513,923 to a related party stockholder/consultant and various former officers, directors and shareholders of the Company, made up of accounts payable of $66,650, accrued consulting fees of $249,322, convertible notes and accrued interest payable of $75,381, non-redeemable note and accrued interest payable of $43,180, and advances due of $79,390. On August 10, 2018, the Company fully settled the total liabilities of $513,923 for a cash payment of $227,722. The resulting gain on settlement of debt-related party of $286,201 was recorded as a capital contribution in the condensed consolidated statement of stockholders’ deficiency. |
Stockholders' Deficiency
Stockholders' Deficiency | 6 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Deficiency | NOTE 7. STOCKHOLDERS’ DEFICIENCY Common stock In July 2018 and August 2018, the Company issued 247,000,000 shares of common stock for cash proceeds of $247,000 ($0.001 per share). As part of the issuance, 66,802,163 shares of common stock were issued to the Company’s CEO, 33,992,000 were issued to the Company’s COO, 72,500,000 shares of common stock were issued to 7 individuals other than the Company’s CEO that are members of ILC Holdings, LLC, and 73,705,837 shares of common stock were issued to 90 other individuals. Pursuant to generally accepted accounting principles related to share-based payment arrangements with employees, the Company recorded compensation costs of $201,120 to account for the difference between the purchase price $0.001 per share and the fair value of $0.003 per share on the issuance of 100,794,163 shares of common stock to the Company’s CEO and COO. On August 15, 2018, the Company issued 75,000 shares of common stock with a fair value of $41,250 ($0.55 per share) for services. |
Nature Of Business And Summar_2
Nature Of Business And Summary Of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Nature Of Business And Summary Of Significant Accounting Policies | |
Basis of Presentation | Basis of presentation The unaudited condensed consolidated financial statements of the Company for the six months ended December 31, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2018 was derived from the audited financial statements included in the Company's financial statements as of and for the fiscal year ended June 30, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2018. These financial statements should be read in conjunction with that report. |
Going Concern | Going concern The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the six months ended December 31, 2018, the Company incurred a net loss of $913,006 and used cash in operating activities of $167,234, and at December 31, 2018, had a stockholders’ deficiency of $803,627. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. In addition, the Company’s independent registered public accounting firm, in its report on the Company’s June 30, 2018 financial statements, has raised substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should the Company be unable to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern through February 2020. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs. The Company hopes to be able to attract suitable investors for our business plan, which will not require us to use our cash. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing. |
Principles of Consolidation | Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, International Leadership Center Holdings Limited, Hong Kong ILC Business Services Limited and Shenzhen Qian Chuang Hui Technology Incubator Limited. All intercompany transactions and balances have been eliminated in consolidation. |
Estimates | Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates and assumptions by management include, among others, impairment analysis of long-term assets, the valuation allowance for deferred tax assets. the assumptions used in the valuation of derivative liabilities, the assumptions used in valuing share-based instruments issued for services, and the accrual of potential liabilities. Actual results may differ from those estimates. |
Revenue Recognition | Revenue recognition The Company adopted the guidance of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”). The Company has three types of service contracts. For each type of contract, the Company is paid a non-refundable payment for the total contract amount at the time the contract is executed with the purchaser. One type of contract gives the right to the customer to be an agent of the Company and receive commissions on investment services sold to third parties. Two other types of contracts give the right to the purchaser to receive investment and related services over a fixed period. As the Company’s performance obligation for these contracts is to provide services over a fixed period, the Company recognizes revenue ratably over the period. Deferred revenue is recorded for the portion of any payment received that is not recognized as revenue in the current reporting period. Revenues are presented net of refunds, sales incentives, and any estimated credits. At December 31, 2018, the Company received customer payments of $462,780 for investment and consulting services of which $46,884 was recorded as revenue and $415,896 was recorded as deferred revenue which the Company expects will be generally be earned over the next year as services are provided. |
Foreign Currency Translation and Transactions | Foreign currency translation and transactions The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of the Chinese Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), which is also the respective functional currency of the subsidiaries. In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity. Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2018 2017 Period-end RMB : US$1 exchange rate $ 6.8785 $ — Period-average RMB : US$1 exchange rate $ 6.8648 $ — Period-end HK$ : US$1 exchange rate $ 7.8306 $ — |
Loss Per Share | Loss per share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive. At December 31, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive: December 31, 2018 December 31, 2017 Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable 4,247,049 4,046,338 Common stock issuable upon conversion of accrued compensation 138,182 235,510 Total 4,385,231 4,281,848 |
Share-Based Compensation | Share-Based Compensation The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date. The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The estimated fair value of certain financial instruments, including cash and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates. |
Segments | Segments The Company operates in one segment. its consultancy business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying consolidated financial statements. |
Concentrations | Concentrations At December 31, 2018, the Company’s assets include $204,730 of assets that are located in the PRC. |
Economic and Political Risk | Economic and Political Risks The Company’s planned operations in the PRC will be subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases interest component will be included in the operating section of the statement of cash flows. Topic 842 is effective for annual and interim reporting periods beginning after December 15, 2018. Early adoption is permitted. Upon adoption, leases will be recognized and measured at the beginning of the earliest period presented using a modified retrospective approach. Topic 842 allows for a cumulative-effect adjustment in the period the new lease standard is adopted and will not require restatement of prior periods. The Company is in the process of evaluating the impact of Topic 842 on the Company’s financial statements and disclosures, though the adoption is expected to result in a increase in the assets and liabilities reflected on the Company’s balance sheets. In June 2018, the FASB issued ASU 2018-07, “ Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements. |
Nature Of Business And Summar_3
Nature Of Business And Summary Of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Translation of Amounts from the Local Currencies | Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods: As of and for the six months ended 2018 2017 Period-end RMB : US$1 exchange rate $ 6.8785 $ — Period-average RMB : US$1 exchange rate $ 6.8648 $ — Period-end HK$ : US$1 exchange rate $ 7.8306 $ — |
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share | At December 31, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive: December 31, 2018 December 31, 2017 Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable 4,247,049 4,046,338 Common stock issuable upon conversion of accrued compensation 138,182 235,510 Total 4,385,231 4,281,848 |
Accrued Compensation-Related _2
Accrued Compensation-Related Parties (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Accrued Compensation-related Parties | |
Summary of Accrued Compensation-Related Parties | December 31, June 30, Accrued compensation, CEO (a) $ 76,000 $ 52,000 Accrued compensation, shareholder/consultant (b) — 249,322 $ 76,000 $ 301,322 (a) Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the six months ended December 31, 2018, compensation expense of $24,000 was recorded, including $12,000 accrual of annual compensation and $12,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At December 31, 2018 the accrued compensation due to the executive was $76,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 138,182 of the Company’s common stock. (b) In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500. At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant had the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under both consulting agreements aggregating $249,322 (See Note 6). |
Advances Payable (Tables)
Advances Payable (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Advances Payable | At December 31, 2018 and June 30, 2018, the Company was obligated for the following advances: December 31, June 30, Advances due to CEO $ 274,649 $ 119,865 Advances due to former director 6,210 6,201 Advances due to shareholder/consultant — 25,000 Advances due to former officers, directors and shareholders — 54,390 $ 280,859 $ 205,456 |
Convertible Notes-Related Parti
Convertible Notes-Related Parties (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Convertible Notes-related Parties | |
Summary of Convertible Notes Payable - Related Party | A summary of convertible notes payable-related party as of December 31, 2018 and June 30, 2018 is as follows: December 31, June 30, Convertible notes payable-related party (a) $ — $ 75,381 Convertible notes payable-ILC Holdings (b) 49,509 40,727 Unamortized note discounts (30,261 ) (35,452 ) $ 19,248 $ 80,656 (a) Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and were due from January 2019 through November 2019. These notes were convertible into shares of the Company’s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381. On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6). (b) In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company’s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock. In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company’s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company’s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes. At December 31, 2018 principal of $47,000 and accrued interest of $2,509 are due under the notes and the total outstanding balance of this note amounted to $49,509 and is convertible into 4,247,049 shares of common stock. At June 30, 2018 the unamortized note discount was $35,452. During the six months ended December 31, 2018, the discount was increased by the $7,000 discussed above, and $12,191 of discount was amortized, At December 31, 2018 the unamortized note discount was $30,261. |
Nature Of Business And Summar_4
Nature Of Business And Summary Of Significant Accounting Policies (Foreign Currency Translation) (Details) | Dec. 31, 2018¥ / $$ / $ | Dec. 31, 2017¥ / $$ / $ |
RMB [Member] | ||
Period-end / average RMB/HK : US$1 exchange rate | 6.8785 | |
Period-average RMB : US$1 exchange rate | 6.8648 | |
HKD [Member] | ||
Period-end / average RMB/HK : US$1 exchange rate | $ / $ | 7.8306 |
Nature Of Business And Summar_5
Nature Of Business And Summary Of Significant Accounting Policies (Loss Per Share) (Details) - shares | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,385,231 | 4,281,848 |
Common Stock Issuable Upon Conversion Of Convertible And Non-Redeemable Convertible Notes Payable [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,247,049 | 4,046,338 |
Common Stock Issuable Upon Conversion Of Accrued Compensation [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 138,182 | 235,510 |
Accrued Compensation-Related _3
Accrued Compensation-Related Parties (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | |
Accrued compensation | $ 76,000 | $ 301,322 | |
Employment Agreement With A Chief Executive Officer [Member] | |||
Accrued compensation | [1] | 76,000 | 52,000 |
Consulting Agreement With A Shareholder / Consultant [Member] | |||
Accrued compensation | [2] | $ 249,322 | |
[1] | Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company?s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the six months ended December 31, 2018, compensation expense of $24,000 was recorded, including $12,000 accrual of annual compensation and $12,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At December 31, 2018 the accrued compensation due to the executive was $76,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 138,182 of the Company?s common stock. | ||
[2] | In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500. At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant had the option to accept shares of the Company's common stock in lieu of cash based on a 50% discount to the average stock price, as defined. On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under both consulting agreements aggregating $249,322 (See Note 6). |
Accrued Compensation-Related _4
Accrued Compensation-Related Parties (Details) (Parenthetical) - USD ($) | Aug. 10, 2018 | Jun. 01, 2017 | Apr. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Related Party Transaction [Line Items] | |||||||
Gain on settlement of debt | $ (33) | $ (33) | |||||
Employment Agreement With A Chief Executive Officer [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party agreement description | Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company?s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. | ||||||
Accrued compensation-related party | $ 76,000 | $ 52,000 | |||||
Compensation expenses | 24,000 | ||||||
Cash compensation accrual included in compensation expense | 12,000 | ||||||
Fair value of common shares included in compensation expense | $ 12,000 | ||||||
Shares to be issued if elected to foreclose the accrued compensation | 138,182 | ||||||
Consulting Agreement With A Shareholder / Consultant Dated April 2017 [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party agreement description | In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. | ||||||
Accrued compensation-related party | $ 22,500 | ||||||
Consulting Agreement With A Shareholder / Consultant Terminated In April 2017 [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related party agreement description | Pursuant to the terms of that agreement, the shareholder/consultant had the option to accept shares of the Company?s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. | ||||||
Accrued compensation-related party | $ 226,822 | ||||||
Stockholder / Consultant [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Gain on settlement of debt | $ 249,322 |
Advances Payable (Details)
Advances Payable (Details) - USD ($) | Dec. 31, 2018 | Aug. 10, 2018 | Jun. 30, 2018 |
Short-term Debt [Line Items] | |||
Advances due | $ 280,859 | $ 205,456 | |
Advances [Member] | |||
Short-term Debt [Line Items] | |||
Advances due | 280,859 | 205,456 | |
Advances [Member] | CEO [Member] | |||
Short-term Debt [Line Items] | |||
Advances due | 274,649 | 119,865 | |
Advances [Member] | Former Director [Member] | |||
Short-term Debt [Line Items] | |||
Advances due | 6,210 | 6,201 | |
Advances [Member] | Shareholder / Consultant [Member] | |||
Short-term Debt [Line Items] | |||
Advances due | 25,000 | ||
Advances [Member] | Former Officers, Directors And Shareholders [Member] | |||
Short-term Debt [Line Items] | |||
Advances due | $ 54,390 | $ 54,390 |
Convertible Notes-Related Par_2
Convertible Notes-Related Parties (Details) - USD ($) | Dec. 31, 2018 | Jun. 30, 2018 | |
Debt Instrument [Line Items] | |||
Unamortized note discounts | $ 30,261 | $ 35,452 | |
Total convertible notes-related party | 19,248 | 80,656 | |
Convertible Notes Payable [Member] | Related Party [Member] | |||
Debt Instrument [Line Items] | |||
Convertible notes payable | [1] | 75,381 | |
Convertible Notes Payable [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member] | |||
Debt Instrument [Line Items] | |||
Convertible notes payable | [2] | $ 49,509 | $ 40,727 |
[1] | Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and were due from January 2019 through November 2019. These notes were convertible into shares of the Company's common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381. On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6). | ||
[2] | In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company's CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock. In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company's CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company's common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes. At December 31, 2018 principal of $47,000 and accrued interest of $2,509 are due under the notes and the total outstanding balance of this note amounted to $49,509 and is convertible into 4,247,049 shares of common stock. |
Convertible Notes-Related Par_3
Convertible Notes-Related Parties (Details) (Parenthetical) - USD ($) | Aug. 10, 2018 | Sep. 30, 2018 | Apr. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||||||
Gain on settlement of debt | $ (33) | $ (33) | |||||
Unamortized discount | $ 30,261 | $ 35,452 | |||||
Amortization of debt discount to interest expenses | $ 12,191 | $ 151,781 | |||||
Convertible Notes Payable [Member] | Related Party [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt description | Convertible notes payable-related party are unsecured | ||||||
Note interest rate | 10.00% | ||||||
Note maturity date description | Due from January 2019 through November 2019 | ||||||
Gain on settlement of debt | $ 75,381 | ||||||
Convertible Notes Payable [Member] | Minimum [Member] | Related Party [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price per share | $ 0.01 | ||||||
Convertible Notes Payable [Member] | Maximum [Member] | Related Party [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price per share | $ 0.10 | ||||||
Convertible Notes Payable [Member] | Related Party [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt description | Convertible notes payable-related party are unsecured | ||||||
Note interest rate | 10.00% | ||||||
Note maturity date description | Due from January 2019 through November 2019 | ||||||
Principal and accrued interest due | $ 75,381 | ||||||
Convertible Notes Payable [Member] | Related Party [Member] | Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price per share | $ 0.01 | ||||||
Convertible Notes Payable [Member] | Related Party [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Conversion price per share | $ 0.10 | ||||||
Convertible Notes Payable [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Principal and accrued interest due | $ 49,509 | 40,727 | |||||
Accrued interest added to principal portion | $ 727 | ||||||
Shares eligible for converting the note and interest | 4,247,049 | 4,072,767 | |||||
Amortization of debt discount to interest expenses | $ 12,191 | ||||||
Debt instrument principal amount | 47,000 | ||||||
Accrued interest | 2,509 | ||||||
Increase in unamortized debt discount | $ 7,000 | ||||||
Convertible Notes Payable Issued In April 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Note interest rate | 8.00% | ||||||
Convertible notes - related parties face value | $ 30,000 | ||||||
Note maturity date | Apr. 1, 2020 | ||||||
Convertible Notes Payable Issued In April 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Note interest rate | 8.00% | ||||||
Convertible notes - related parties face value | $ 10,000 | ||||||
Note maturity date | Apr. 26, 2020 | ||||||
Convertible Notes Payable Issued In September 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Note interest rate | 8.00% | ||||||
Amortization of debt discount to interest expenses | $ 7,000 | ||||||
Convertible notes - related parties face value | $ 7,000 | ||||||
Note maturity date | Sep. 11, 2019 | ||||||
Convertible notes payable beneficial conversion feature | $ 7,000 |
Nature Of Business And Summar_6
Nature Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | Dec. 01, 2017 | Aug. 02, 2017 | May 28, 2017 | Dec. 31, 2018 | Jun. 30, 2018 |
Asset | $ 210,539 | $ 77,173 | |||
Deferred revenue | 415,896 | ||||
Peoples Republic Of China - "PRC" [Member] | |||||
Asset | $ 204,730 | ||||
International Leadership Center Holdings Limited (BVI ILC) [Member] | |||||
Purchase price to acquire BVI ILC | $ 2,500 | ||||
Common Stock [Member] | |||||
Reverse stock split | 1-for-50 | ||||
Star Century Entertainment Corporation - Shareholder Of The Company [Member] | Series B Preferred Stock [Member] | |||||
Description of sale of shares to ILC Holdings, LLC, an unrelated third party | On May 28, 2017, Star Century Entertainment Corporation, a shareholder of the Company, agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang. |
Advances Payable (Narrative) (D
Advances Payable (Narrative) (Details) - USD ($) | 6 Months Ended | ||
Dec. 31, 2018 | Aug. 10, 2018 | Jun. 30, 2018 | |
Advances due | $ 280,859 | $ 205,456 | |
Advances [Member] | |||
Advances description | These advances are non-interest bearing, unsecured, and generally due upon demand. | ||
Advances due | $ 280,859 | 205,456 | |
Advances [Member] | Shareholder [Member] | |||
Advances due | $ 25,000 | ||
Advances [Member] | Former Officers, Directors And Shareholders [Member] | |||
Advances due | $ 54,390 | $ 54,390 |
Non-Redeemable Convertible No_2
Non-Redeemable Convertible Note-Related Party (Narrative) (Details) - USD ($) | Aug. 10, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Debt Instrument [Line Items] | |||||
Gain on settlement of debt | $ (33) | $ (33) | |||
Non Redeemable Convertible Note [Member] | Related Party [Member] | |||||
Debt Instrument [Line Items] | |||||
Note interest rate | 20.00% | ||||
Note description | Non-redeemable convertible note-related party was secured by all the assets of the Company, accrued interest at 20% per annum through June 30, 2016, and was non-interest bearing thereafter, and was due August 1, 2019. | ||||
Note maturity date | Aug. 1, 2019 | ||||
Debt instrument redemption description | The Company may prepay the note in readily available funds at any time prior to the maturity date. | ||||
Conversion price per share | $ 0.05 | ||||
Principal and accrued interest due | $ 43,180 | ||||
Gain on settlement of debt | $ 43,180 |
Settlement Of Liabilities (Narr
Settlement Of Liabilities (Narrative) (Details) - USD ($) | Aug. 10, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Repayment of debt | $ 35,000 | ||||
Gain on settlement of debt | $ (33) | $ (33) | |||
Due to related parties | $ 19,248 | $ 80,656 | |||
Related Party - Stockholder/Consultant And Various Former Officers, Directors And Shareholders [Member] | |||||
Repayment of debt | $ 227,722 | ||||
Gain on settlement of debt | 286,201 | ||||
Due to related parties | 513,923 | ||||
Value of total liabilities settled | 513,923 | ||||
Various Unrelated Parties [Member] | |||||
Accounts payable - various unrelated parties | $ 16,750 | ||||
Repayment of debt | 4,600 | ||||
Gain on settlement of debt | $ 12,150 |
Stockholders' Deficiency (Narra
Stockholders' Deficiency (Narrative) (Details) - USD ($) | Aug. 15, 2018 | Aug. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 |
Shares issued for cash, value | $ 50,000 | $ 247,000 | $ 50,000 | |||
Common stock, par value per share | $ 0.001 | $ 0.001 | ||||
Share based compensation | $ 242,370 | |||||
Common Stock [Member] | ||||||
Shares issued for cash, shares | 247,000,000 | 181,818 | 247,000,000 | 181,818 | ||
Shares issued for cash, value | $ 247,000 | $ 182 | $ 247,000 | $ 182 | ||
Common stock, par value per share | $ 0.55 | $ 0.001 | ||||
Share based compensation | $ 201,120 | |||||
Purchase price per share | $ 0.001 | |||||
Fair value price per share | $ 0.003 | |||||
Shares issued for services, shares | 75,000 | |||||
Shares issued for services, value | $ 41,250 | |||||
Common Stock [Member] | CEO [Member] | ||||||
Shares issued for cash, value | $ 66,802,163 | |||||
Common Stock [Member] | COO [Member] | ||||||
Shares issued for cash, value | 33,992,000 | |||||
Common Stock [Member] | 7 Individuals - Members Of ILC Holdings, LLC [Member] | ||||||
Shares issued for cash, value | 72,500,000 | |||||
Common Stock [Member] | 90 Other Individuals [Member] | ||||||
Shares issued for cash, value | $ 73,705,837 | |||||
Common Stock [Member] | CEO And COO [Member] | ||||||
Issuance of shares of common stock | 100,794,163 |