Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | May 28, 2021 | Jul. 31, 2019 | |
Cover [Abstract] | |||
Entity Registrant Name | Odenza Corp. | ||
Entity Central Index Key | 0001489300 | ||
Document Type | 10-K | ||
Document Period End Date | Jan. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --01-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 3,660,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2020 | Jan. 31, 2019 |
Current assets | ||
Prepayments and deposits | ||
Total current assets | ||
TOTAL ASSETS | 0 | 0 |
Current liabilities | ||
Accrued liabilities | 14,372 | 18,736 |
Due to a related party | 212,249 | 188,929 |
Total liabilities | 226,621 | 207,665 |
Commitments and Contingencies | ||
STOCKHOLDERS' DEFICIT | ||
Common stock, $0.001 par value, 75,000,000 shares authorized 3,660,000 shares issued and outstanding, respectively | 3,660 | 3,660 |
Additional paid-in capital | 27,840 | 27,840 |
Accumulated deficit | (258,121) | (239,165) |
TOTAL STOCKHOLDERS' DEFICIT | (226,621) | (207,665) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2020 | Jan. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 3,660,000 | 3,660,000 |
Common stock, shares outstanding | 3,660,000 | 3,660,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | ||
Operating expenses | ||
General and administrative | 18,956 | 22,942 |
Net loss | $ 18,956 | $ 22,942 |
Net loss per share-basic and diluted | $ (0.01) | $ (0.01) |
Weighted average number of shares outstanding | 3,660,000 | 3,660,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Balance at Jan. 31, 2018 | $ 3,660 | $ 27,840 | $ (216,223) | $ (184,723) |
Balance, shares at Jan. 31, 2018 | 3,660,000 | |||
Net loss | (22,942) | (22,942) | ||
Balance at Jan. 31, 2019 | $ 3,660 | 27,840 | (239,165) | (207,665) |
Balance, shares at Jan. 31, 2019 | 3,660,000 | |||
Net loss | (18,956) | (18,956) | ||
Balance at Jan. 31, 2020 | $ 3,660 | $ 27,840 | $ (258,121) | $ (226,621) |
Balance, shares at Jan. 31, 2020 | 3,660,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
CASH FLOWS FROM OPERARING ACTIVITIES | ||
Net loss | $ (18,956) | $ (22,942) |
Change in operating assets and liabilities | ||
Prepayments | 2,606 | |
Accrued liabilities | (4,364) | 12,376 |
NET CASH USED IN OPERATION | (23,320) | (7,960) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to related party | 23,320 | 7,960 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 23,320 | 7,960 |
INCREASE IN CASH | ||
CASH, BEGINNING OF YEAR | ||
CASH, ENDING OF YEAR | ||
Supplemental cash flow information: | ||
Interest paid | ||
Income taxed paid |
Nature Operations and Summary o
Nature Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature Operations and Summary of Significant Accounting Policies | 1. NATURE OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company was incorporated in the State of Nevada on July 16, 2009 and its year-end is January 31. Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended January 31, 2020, the Company incurred a net loss of $18,956, and at January 31, 2020, had a shareholder’s deficit of $226,621. 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 these financial statements are issued. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The Company has incurred losses since inception resulting in an accumulated deficit of $258,121 at January 31, 2020, and further losses are anticipated in the development of its business. The Company’s ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through a private placement of its common stock or obtain further loans from related parties as needed. COVID-19 The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The Company monitors guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to these guidelines. The extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify at this time. Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. Financial instruments The Company follows the guidance of Accounting Standards Codification (“ASC”) 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions The Company believes the carrying amount reported in the balance sheet for accrued liabilities, and due to related party, approximate their fair values because of the short-term nature of these financial instruments. Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. Net loss per share Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. At January 31, 2020 and 2019, the Company had no outstanding common stock equivalents. Foreign Currency Translation Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders’ equity, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows. Other recent accounting pronouncements issued by the FASB, 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 financial statements. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 2. RELATED PARTY TRANSACTIONS As of January 31, 2020 and 2019, the Company owed $212,249 and $188,929 respectively to its Chief Executive Officer for funds advanced to the Company. The amounts are unsecured, are non-interest bearing and are payable on demand. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 3. INCOME TAXES The Company had no income tax expense for the years ended January 31, 2020 or 2019. A reconciliation of the income tax expense determined at the statutory income tax rate to the Company’s income taxes is as follows: For the year ended For the year ended Loss before income tax: $ (18,956 ) $ (22,942 ) United States of America statutory income tax rate 21 % 21 % Income tax benefit computed at statutory income tax rate (3,981 ) (4,818 ) Change in valuation allowance 3,981 4,818 Income tax provision $ - $ - Components of deferred tax assets: Net operating loss carry forwards $ 54,207 $ 50,226 Less: valuation allowance (54,207 ) (50,226 ) Net deferred tax asset $ - $ - The provisions of ASC Topic 740, “Accounting for Income Taxes”, require an assessment of both positive and negative evidence when determining whether it is more likely than not that deferred tax assets are recoverable. For the year ended January 31, 2021, including the existence of cumulative losses, the Company determined that it was more likely than not that the net deferred tax assets were not fully realizable. Accordingly, the Company established a full valuation allowance against its net deferred tax assets. The Company intends to maintain a full valuation allowance on net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. The Company adopted the provisions of ASC 740, which requires companies to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any tax benefit can be recorded in the financial statements. ASC 740 also provides guidance on the recognition, measurement, classification and interest and penalties related to uncertain tax positions. As of January 31, 2020, no liability for unrecognized tax benefits was required to be recorded or disclosed. The Company has not filed income tax returns in the United States of America. Upon filing there could be penalties and interest assessed. As the Company has incurred losses since inception there is no anticipated exposure to penalties for income tax liability. However, certain jurisdictions may assess penalties for failing to file returns and other disclosures and for failing to file other supplemental information associated with foreign ownership, debt and equity position. Management has considered the likelihood and significance of possible penalties associated with its current and intended filing positions and has determined that such penalties, if any, would not be expected to be material. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 4. SUBSEQUENT EVENTS On May 4, 2021, our principal offices were relocated from Malaysia to Hong Kong. On May 4, 2021, Tan Sri Barry resigned from all positions with the Company, including that of President, Chief Executive Officer, Treasurer, Secretary and Chairman of the Board of Directors. On May 4, 2021, Mr. Leung Chi Ping (“Mr. Leung”), was appointed as the President, Chief Executive Officer, Chief Financial Officer and Chairman of the Board of Directors of the Company. On May 4, 2021, Mr. Leung, Alexander Patrick Brazendale, Christopher David Brazendale, Adventure Air Race Investment Limited, Adventure Air Race Talents Limited, and William Alexander Cruickshank acquired 3,386,800 shares of the Company’s common stock, representing approximately 92.54% of the Company’s issued and outstanding common stock. On May 7, 2021, shareholders authorized the Company’s Board of Directors to approve an increase of authorized shares of Common Stock from 75,000,000 to 500,000,000. |
Nature Operations and Summary_2
Nature Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2020 | |
Accounting Policies [Abstract] | |
Going Concern | Going concern The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, for the year ended January 31, 2020, the Company incurred a net loss of $18,956, and at January 31, 2020, had a shareholder’s deficit of $226,621. 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 these financial statements are issued. These financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. The Company has incurred losses since inception resulting in an accumulated deficit of $258,121 at January 31, 2020, and further losses are anticipated in the development of its business. The Company’s ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through a private placement of its common stock or obtain further loans from related parties as needed. |
Covid-19 | COVID-19 The COVID-19 pandemic has negatively impacted the global economy, workforces, customers, and created significant volatility and disruption of financial markets. The Company monitors guidance from national and local public health authorities and has implemented health and safety precautions and protocols in response to these guidelines. The extent of the impact of the COVID-19 pandemic has had and will continue to have on the Company’s business is highly uncertain and difficult to predict and quantify at this time. |
Basis of Presentation | Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of Estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include estimates for the accruals of potential liabilities. |
Financial Instruments | Financial instruments The Company follows the guidance of Accounting Standards Codification (“ASC”) 820-10, “Fair Value Measurements and Disclosures”, with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows: Level 1 : Observable inputs such as quoted prices in active markets; Level 2 : Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 : Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions The Company believes the carrying amount reported in the balance sheet for accrued liabilities, and due to related party, approximate their fair values because of the short-term nature of these financial instruments. |
Income Taxes | Income taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. |
Net Loss Per Share | Net loss per share Basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. Diluted loss per share is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. At January 31, 2020 and 2019, the Company had no outstanding common stock equivalents. |
Foreign Currency Translation | Foreign Currency Translation Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders’ equity, whereas gains or losses resulting from foreign currency transactions are included in the results of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Credit Losses - Measurement of Credit Losses on Financial Instruments (“ASC 326”). The standard significantly changes how entities will measure credit losses for most financial assets, including accounts and notes receivables. The standard will replace today’s “incurred loss” approach with an “expected loss” model, under which companies will recognize allowances based on expected rather than incurred losses. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The standard is effective for interim and annual reporting periods beginning after December 15, 2022. The adoption of ASU 2016-13 is not expected to have a material impact on the Company’s financial position, results of operations, and cash flows. Other recent accounting pronouncements issued by the FASB, 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 financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense determined at the statutory income tax rate to the Company’s income taxes is as follows: For the year ended For the year ended Loss before income tax: $ (18,956 ) $ (22,942 ) United States of America statutory income tax rate 21 % 21 % Income tax benefit computed at statutory income tax rate (3,981 ) (4,818 ) Change in valuation allowance 3,981 4,818 Income tax provision $ - $ - Components of deferred tax assets: Net operating loss carry forwards $ 54,207 $ 50,226 Less: valuation allowance (54,207 ) (50,226 ) Net deferred tax asset $ - $ - |
Nature Operations and Summary_3
Nature Operations and Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | ||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | |
Accounting Policies [Abstract] | |||
Net loss | $ (18,956) | $ (22,942) | |
Stockholders' deficit | (226,621) | (207,665) | $ (184,723) |
Accumulated deficit | $ (258,121) | $ (239,165) | |
Outstanding common stock equivalents |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jan. 31, 2020 | Jan. 31, 2019 |
Related Party Transactions [Abstract] | ||
Due to related party | $ 212,249 | $ 188,929 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | ||
Unrecognized tax benefits |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jan. 31, 2020 | Jan. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Loss before income tax: | $ (18,956) | $ (22,942) |
United States of America statutory income tax rate | 21.00% | 21.00% |
Income tax benefit computed at statutory income tax rate | $ (3,981) | $ (4,818) |
Change in valuation allowance | 3,981 | 4,818 |
Income tax provision | ||
Net operating loss carry forwards | 54,207 | 50,226 |
Less: valuation allowance | (54,207) | (50,226) |
Net deferred tax asset |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - shares | May 04, 2021 | May 07, 2021 | May 06, 2021 | Jan. 31, 2020 | Jan. 31, 2019 |
Common stock, shares authorized | 75,000,000 | 75,000,000 | |||
Subsequent Event [Member] | Board of Directors [Member] | Shareholders [Member] | |||||
Common stock, shares authorized | 500,000,000 | 75,000,000 | |||
Subsequent Event [Member] | Common Stock [Member] | |||||
Stock issued during period, shares, acquisitions | 3,386,800 | ||||
Equity method investment, ownership percentage | 92.54% |