Cover
Cover - shares | 3 Months Ended | |
Aug. 31, 2022 | Oct. 11, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | POWER AMERICAS RESOURCE GROUP LTD. | |
Entity Central Index Key | 0001495648 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --05-31 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Aug. 31, 2022 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 39,062,260 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 000-54452 | |
Entity Incorporation State Country Code | NV | |
Entity Tax Identification Number | 80-0778461 | |
Entity Interactive Data Current | No | |
Entity Address Address Line 1 | 30211 Avenida de Las Banderas | |
Entity Address Address Line 2 | Suite 200-2002 | |
Entity Address City Or Town | Rancho Santa Margarita | |
Entity Address State Or Province | CA | |
Entity Address Postal Zip Code | 92688 | |
City Area Code | 833 | |
Local Phone Number | 745-6642 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Current assets | ||
Cash | $ 199 | $ 317 |
Total current assets | 199 | 317 |
Total assets | 199 | 317 |
Current liabilities | ||
Accounts payable and accrued liabilities | 198,746 | 199,434 |
Accrued interest payable | 6,480 | 4,682 |
Accrued interest payable - related party | 5,744 | 5,744 |
Derivative liability | 7,583 | 7,526 |
Note payable | 231,985 | 128,000 |
Convertible note - related party | 7,500 | 7,500 |
Convertible notes | 0 | 25,000 |
Total current liabilities | 458,038 | 377,886 |
Total liabilities | 458,038 | 377,886 |
Stockholders' deficit | ||
Common stock, $0.001 par value, 1,000,000,000 shares authorized,197,260 and 197,260 shares issued and outstanding as ofAugust 31, 2022 and May 31, 2022, respectively | 20 | 20 |
Additional paid in capital | 2,021,264 | 2,021,264 |
Accumulated deficit | (2,479,123) | (2,398,853) |
Total stockholders' deficit | (457,839) | (377,569) |
Total liabilities and stockholders' deficit | $ 199 | $ 317 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Aug. 31, 2022 | May 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 197,260 | 197,260 |
Common stock, shares outstanding | 197,260 | 197,260 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Revenue | $ 0 | $ 0 |
Operating expenses | ||
General and administration | 118 | 0 |
Professional fees | 78,250 | 3,100 |
Total operating expenses | 78,368 | 3,100 |
Loss from operations | (78,368) | (3,100) |
Other income (expenses) | ||
Interest expense | (3,283) | (4,294) |
Loss on change of derivative liability | (57) | (11) |
Foreign currecy translation | 1,438 | 0 |
Total income (expenses) | (1,902) | (4,305) |
Net loss before tax provision | (80,270) | (7,405) |
Tax provision | 0 | 0 |
Net loss | $ (80,270) | $ (7,405) |
Net loss per common share - basic and diluted | $ (0.41) | $ (0.04) |
Weighted average number of common shares outstanding - basic and diluted | 197,260 | 197,260 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at May. 31, 2021 | 197,240 | |||
Balance, amount at May. 31, 2021 | $ (475,084) | $ 20 | $ 1,918,742 | $ (2,393,846) |
Net loss | (7,405) | $ 0 | 0 | (7,405) |
Balance, shares at Aug. 31, 2021 | 197,240 | |||
Balance, amount at Aug. 31, 2021 | (482,489) | $ 20 | 1,918,742 | (2,401,251) |
Balance, shares at May. 31, 2022 | 197,240 | |||
Balance, amount at May. 31, 2022 | (377,569) | $ 20 | 2,021,264 | (2,398,853) |
Net loss | (80,270) | $ 0 | 0 | (80,270) |
Balance, shares at Aug. 31, 2022 | 197,240 | |||
Balance, amount at Aug. 31, 2022 | $ (457,839) | $ 20 | $ 2,021,264 | $ (2,479,123) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Cash Flows from Operating Activities | ||
Net loss | $ (80,270) | $ (7,405) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Gain/Loss on change in derivative liability | 57 | 11 |
Changes in assets and liabilities | ||
Bank overdrafts | 0 | 32 |
Accounts payable | (688) | 5,147 |
Accrued interest payable | 3,283 | 2,247 |
Net cash used in operating activities | (77,618) | 32 |
Cash Flows from Investing Activities: | ||
Net cash used in investing activities | 0 | 0 |
Cash Flows from Financing Activities: | ||
Proceeds from notes payable | 77,500 | 0 |
Net cash provided by financing activities | 77,500 | 0 |
Net increase in cash | (118) | 32 |
Cash, beginning of period | 317 | (32) |
Cash, end of period | 199 | 0 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | 0 | 0 |
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Conversion of convertible notes and accrued interest to notes payable | $ 26,485 | $ 0 |
NATURE OF BUSINESS AND OPERATIO
NATURE OF BUSINESS AND OPERATIONS | 3 Months Ended |
Aug. 31, 2022 | |
NATURE OF BUSINESS AND OPERATIONS | |
NATURE OF BUSINESS AND OPERATIONS | NOTE 1 – NATURE OF BUSINESS AND OPERATIONS Organization and Basis of Presentation Organization Power Americas Resources Group Ltd.. (the “Company”) was incorporated in the State of Florida on May 11, 2010 under the name Benefit Solutions Outsourcing Corp. The Company was engaged in the marketing of a craft beer which was brewed, distributed, and marketed solely in Quebec, Canada until the change of control which occurred in March 2019, at which time it ceased business operations. Going forward, the Company intends to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for its shareholders. The Company has no particular business combination in mind and has not entered into any negotiations regarding such a combination. On February 11, 2019, pursuant to a Stock Purchase Agreement, dated November 21, 2017, by and among Stephan Pilon, Pol Brisset (the “ Selling Stockholders Purchaser Company There are no arrangements, known to the Company, including any pledge by any person of securities of the Company, the operation of which may at a subsequent date result in a change in control of the Company. Change of Directors On February 11, 2019, Stephane Pilon resigned as the President, Chief Executive Officer, Chief Financial Officer, Treasurer and member of the Board of Directors of the Company and Mr. Pol Brisset resigned as the Secretary and member of the Board of Directors of the Company. Mr. Pilon’s resignation was not due to any disagreement with the Company or its management with respect to any matter relating to the Company’s operations, policies or practices. On February 11, 2019, Pol Brisset resigned as the Secretary and member of the Board of Directors of the Company. Mr. Brisset’s resignation was not due to any disagreement with the Company or its management with respect to any matter relating to the Company’s operations, policies or practices. Simultaneously with Messrs. Pilon’s and Brisset’s resignations from the Company, the Board of Directors of the Company appointed Kevin G. Malone as the President, Chief Executive Officer (Principal Executive Officer), Secretary and Treasurer (Principal Financial Officer) of the Company and as a member of the Company’s Board of Directors. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Aug. 31, 2022 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in US dollars and in accordance with accounting principles generally accepted in the United States (“GAAP”) on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company commenced its craft brewing activities in September 2014. During the three months ended August 31, 2022, the Company has incurred net losses of $80,270 and accumulated deficits of $2,479,123. The Company expects losses to continue until it can achieve profitable operations from its craft beer operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Our current operations have been funded entirely from capital raised from our private offering of securities as well as additional funding received through the issuance of convertible notes and stock issuances. We are entirely dependent on our ability to attract and receive additional funding from either the sale of securities or outside sources such as private investment or a strategic partner. We currently have no firm agreements or arrangements with respect to any such financing and there can be no assurance that any needed funds will be available to us on acceptable terms or at all. The inability to obtain sufficient funding of our operations in the future will restrict our ability to grow and reduce our ability to continue to conduct business operations. Our failure to raise additional funds will adversely affect our business operations, and may require us to suspend our operations, which in turn may result in a loss to the purchasers of our common stock. If we are unable to obtain necessary financing, we will likely be required to curtail our development plans which could cause us to become dormant. Any additional equity financing may involve substantial dilution to our then existing stockholders. The Company’s ability to continue as a going concern is dependent on its ability to achieve profitable operations and to generate sufficient cash flow from financing and operations to meet its obligations as they become payable. Management may seek additional capital through a private placement and public offering of its common stock. Although there are no assurances that management’s plans will be realized, management believes that the Company will be able to continue operations in the future. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Aug. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The cash account that is held in Canadian Dollar, and foreign exchange transaction gain (loss) resulting from fluctuations in the currency exchange rate between U.S. dollar and Canadian dollar has been recorded in the statements of operations. Translation gain (loss) is reported as a component of other accumulated comprehensive income, which was nil during the year ended August 31, 2022 and 2021. Stock-based compensation The Company records stock-based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50 Concentration of Credit Risk The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains all of its cash balances with two financial institutions in the form of demand deposits. Loss per Share The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Revenue Recognition The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. Revenue from the Company’s craft beer business is received in the form of commissions. The Company has contracted out services to a single supplier for brewing, labeling and distribution. The Company recognizes commission revenue based on a percentage of sales with fixed margins as negotiated with the contract brewer. Revenue is recorded at the time of delivery to the customer. Any receivables remaining unpaid forty-five days after invoicing by an unrelated party business will be charged to the Company. The unrelated party business undertakes to pay the said receivable account to the Company without delay once recovered, less the costs of collection and late penalty fees. Income Taxes Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Fair Value of Financial Instruments The Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of August 31, 2022 or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements at August 31, 2022 and May 31, 2022. Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of August 31, 2022: Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,583 $ 7,583 As of August 31, 2022, the Company’s stock price was $0.15, risk-free discount rate of 2.29% and volatility of 0.01%. Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of May 31, 2022: Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,526 $ 7,526 As of May 31, 2022, the Company’s stock price was $0.15, risk-free discount rate of 0.73% and volatility of 0.01% The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: Amount Balance May 31, 2022 $ 7,526 Change in fair market value of derivative liabilities 57 Balance August 31, 2022 $ 7,583 Recent Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the effect, if any, that the ASU will have on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments (“ASU 2018-07”). This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The effective date for the standard is for interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted, but no earlier than the Company’s adoption date of Topic 606. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. The new guidance is required to be applied retrospectively with the cumulative effect recognized at the date of initial application. The Company is currently evaluating the effect ASU 2018-07 will have on the consolidated financial statements. Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
PROMISSORY NOTES
PROMISSORY NOTES | 3 Months Ended |
Aug. 31, 2022 | |
PROMISSORY NOTES | |
PROMISSORY NOTES | NOTE 4 –PROMISSORY NOTES Promissory notes payable at August 31, 2022 and May 31, 2022 consists of the following: August 31, 2022 May 31, 2022 Dated March 31, 2018 $ 6,500 $ 6,500 Dated November 12, 2021 20,000 20,000 Dated November 12, 2021 9,000 9,000 Dated November 12, 2021 20,000 20,000 Dated November 12, 2021 20,000 20,000 Dated January 20, 2022 5,000 5,000 Dated January 20, 2022 5,000 5,000 Dated February 8, 2022 5,000 5,000 Dated February 16, 2022 20,000 20,000 Dated February 16, 2022 15,000 15,000 Dated March 3, 2022 2,500 2,500 Dated June 2, 2022 26,485 - Dated June 29, 2022 2,500 - Dated June 29, 2022 10,000 - Dated June 29, 2022 10,000 - Dated July 8, 2022 8,000 - Dated July 11, 2022 12,500 - Dated July 19, 2022 6,000 - Dated July 20, 2022 5,000 - Dated July 20, 2022 10,000 - Dated July 23, 2022 13,500 - Long-term promissory note payable $ 231,485 $ 128,000 On March 31, 2018, the Company issued a promissory note for proceeds of $6,500. The note matures on September 23, 2018 and accrues interest at 1.5% per quarter. On November 12, 2021, the holders of certain convertibles notes issued on July ,13, 2018, March 23, 2018, December 31,2018 and February 15, 2019 assigned their balances to a new note holder (See Note 5). On the same date, the Company issued new promissory notes in replacement of the assigned notes. Under the new promissory notes the conversion feature was removed, the interest rate was changed to 0%, the due was updated to being due upon 10 days written notice. On June 2, 2022, the noteholder of a certain convertible note dated September 2, 2021 converted his note and accrued interest amounting to $26,485 into a new promissory notes. Under the new promissory notes the conversion feature was removed, the interest rate was changed to 10%, the due date was updated to being due upon 10 days written notice (See note 5). During the quarter ended August 31, 2022, the Company issued various promissory notes with the same noteholders amounting to $77,500 for general operating purposes. The notes carry a 10% interest rate and are due upon 10 days written notice. During the quarters ended August 31, 2022 and 2021, the Company recorded interest expense of $1,422 and $3,906, respectively. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 3 Months Ended |
Aug. 31, 2022 | |
CONVERTIBLE NOTES | |
CONVERTIBLE NOTES | NOTE 5 – CONVERTIBLE NOTES Convertible notes payable at August 31, 2022 and May 31, 2021 consists of the following: August 31, 2022 May 31, 2022 Dated September 2, 2021 - 25,000 Total convertible notes payable, gross - 25,000 Less: Unamortized debt discount - - Total convertible notes $ - $ 25,000 On September 2, 2022, the Company issued a convertible promissory note for proceeds of $25,000. The note matured on December 2, 2022 and accrues interest at 8% per annum. The note is payable in either common stock The note is convertible in common stock at $0.01 per share. The note has not yet been paid and has the default interest rate of 15% per annum. ). On June 2, 2022, the noteholder converted the convertible note and accrued interest amount to $26,485 into a new promissory notes. Under the new promissory notes the conversion feature was removed, the interest rate was changed to 10%, the due date was updated to being due upon 10 days written notice (See note 4). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Aug. 31, 2022 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Convertible notes On February 17, 2017, the Company issued a convertible note for $7,500 proceeds. The Company recorded a debt discount related to the beneficial conversion feature of the note for $7,500. The note is convertible in common stock at 50% discount to the lowest average 20-day trading price and was due on August 17, 2017. At the Company’s election, the convertible promissory note can also be settled by cash payment. During the three months ended August 31, 2022 and 2021, the Company recorded interest expense of $288 and $288, respectively. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 3 Months Ended |
Aug. 31, 2022 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 7 – STOCKHOLDERS’ EQUITY Common Stock The Company’s authorized common stock consists of 500,000,000 shares with par value of $0.0001. As of August 31, 2022 and May 31, 2022, the issued and outstanding shares of common stock was 197,260 (post split). Reverse Stock Split On June 28, 2022, our Board of Directors approved a reverse stock split of our issued and authorized shares of common stock on the basis of 50 old shares for one (1) new share. The financial statements have been retroactively restated to show the effect of the stock split. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Aug. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS On September 9, 2022, the Company filed a Certificate of Amendment together with Amended & Restated Articles of Incorporation (“Restated Articles”) with the Secretary of State of the State of Nevada increasing its authorized shares of common stock from 500,000,000 shares, par value $0.00001, to 600,000,000 shares, par value, $0.00001, and also created a new class of Preferred Stock totaling 100,000,000 shares, par value $0.00001. In the Restated Articles, 10,000,000 shares of our preferred stock were designated as Series A Preferred Stock (the “Series A Preferred Stock”). The Series A Preferred Stock have the following rights, preferences, powers, privileges and restrictions, qualifications and limitations: Conversion Voting On September 9, 2022 the Company closed on an Asset Purchase Agreement pursuant to which the Company acquired certain assets for 30,000,000 shares As part of the Purchase Agreement, the Company acquired specific assets relating to 3D/4D printing technology for use in the construction industry. With the acquisition of the Assets, the Company intend to “print green” homes without using hard chemicals utilizing proprietary printing methods and proprietary concrete technology. At the heart of the acquisition is a large-format portal COP-printer with enhanced performance for printing elements of buildings, structures on foundations with an area of 12 x 100 m and a height up to 12 m. The printer can be expanded to include a high-pressure washer and a supply station for synchronized concrete mixes. On September 9, 2022, the Company’s majority shareholder returned and the Company cancelled 135,000 shares or common stock in exchange for 1,350,000 share of Series A Preferred Stock. On September 13, 2022 Kevin G. Malone resigned from all positions with the Company. On September 13, 2022, Mark Croskery was appointed as the Company’s President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director. On September 13, 2022, Boris Goldstein was appointed as the Company’s Secretary and Director. On October 19, 2022, the Company received notice of resignation from Boris Goldstein as Secretary and Director of the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Aug. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes. The cash account that is held in Canadian Dollar, and foreign exchange transaction gain (loss) resulting from fluctuations in the currency exchange rate between U.S. dollar and Canadian dollar has been recorded in the statements of operations. Translation gain (loss) is reported as a component of other accumulated comprehensive income, which was nil during the year ended August 31, 2022 and 2021. |
Stock-based compensation | The Company records stock-based compensation in accordance with the guidance in ASC Topic 505 and 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50 |
Concentration of Credit Risk | The Company has no off-balance-sheet concentrations of credit risk such as foreign exchange contracts, options contracts or other foreign hedging arrangements. The Company maintains all of its cash balances with two financial institutions in the form of demand deposits. |
Loss per Share | The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Revenue Recognition | The Company recognizes revenue from its contracts with customers in accordance with ASC 606 – Revenue from Contracts with Customers. Revenue related to contracts with customers is evaluated utilizing the following steps: (i) Identify the contract, or contracts, with a customer; (ii) Identify the performance obligations in the contract; (iii) Determine the transaction price; (iv) Allocate the transaction price to the performance obligations in the contract; (v) Recognize revenue when the Company satisfies a performance obligation. Revenue from the Company’s craft beer business is received in the form of commissions. The Company has contracted out services to a single supplier for brewing, labeling and distribution. The Company recognizes commission revenue based on a percentage of sales with fixed margins as negotiated with the contract brewer. Revenue is recorded at the time of delivery to the customer. Any receivables remaining unpaid forty-five days after invoicing by an unrelated party business will be charged to the Company. The unrelated party business undertakes to pay the said receivable account to the Company without delay once recovered, less the costs of collection and late penalty fees. |
Income Taxes | Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Fair Value of Financial Instruments | The Company measures fair value in accordance with ASC 820 - Fair Value Measurements. ASC 820 defines fair value and establishes a three-level valuation hierarchy for disclosures of fair value measurements. ASC 820 establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, ASC 820 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by ASC 820 are: Level 1 - Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2 - Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 - Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities. As defined by ASC 820, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale, which was further clarified as the price that would be received to sell an asset or paid to transfer a liability (“an exit price”) in an orderly transaction between market participants at the measurement date The reported fair values for financial instruments that use Level 2 and Level 3 inputs to determine fair value are based on a variety of factors and assumptions. Accordingly, certain fair values may not represent actual values of the Company’s financial instruments that could have been realized as of August 31, 2022 or that will be recognized in the future, and do not include expenses that could be incurred in an actual settlement. The carrying amounts of the Company’s financial assets and liabilities, such as cash, accounts receivable, receivables from related parties, prepaid expenses and other, accounts payable, accrued liabilities, and related party and third party notes payables approximate fair value due to their relatively short maturities. The Company’s notes payable to related parties approximates the fair value of such instrument based upon management’s best estimate of terms that would be available to the Company for similar financial arrangements at August 31, 2022 and May 31, 2022. Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of August 31, 2022: Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,583 $ 7,583 As of August 31, 2022, the Company’s stock price was $0.15, risk-free discount rate of 2.29% and volatility of 0.01%. Financial assets and liabilities measured at fair value on a recurring basis are summarized below as of May 31, 2022: Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,526 $ 7,526 As of May 31, 2022, the Company’s stock price was $0.15, risk-free discount rate of 0.73% and volatility of 0.01% The following table provides a summary of the changes in fair value, including net transfers in and/or out, of the derivative financial instruments, measured at fair value on a recurring basis using significant unobservable inputs: Amount Balance May 31, 2022 $ 7,526 Change in fair market value of derivative liabilities 57 Balance August 31, 2022 $ 7,583 |
Recent Accounting Pronouncements | In August 2020, the FASB issued ASU 2020-06, ASC Subtopic 470-20 “Debt—Debt with “Conversion and Other Options” and ASC subtopic 815-40 “Hedging—Contracts in Entity’s Own Equity”. The standard reduced the number of accounting models for convertible debt instruments and convertible preferred stock. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting; and, (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently assessing the impact of the adoption of this standard on its consolidated financial statements. In December 2019, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. This guidance will be effective for entities for the fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020 on a prospective basis, with early adoption permitted. We will do not expect the adoption of this guidance to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The ASU modifies the disclosure requirements in Topic 820, Fair Value Measurement, by removing certain disclosure requirements related to the fair value hierarchy, modifying existing disclosure requirements related to measurement uncertainty and adding new disclosure requirements, such as disclosing the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and disclosing the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU is effective for public companies for annual reporting periods and interim periods within those annual periods beginning after December 15, 2019. The Company is currently evaluating the effect, if any, that the ASU will have on its consolidated financial statements. In June 2018, the FASB issued ASU 2018-07, Compensation-Stock Compensation (Topic 718), Improvements to Nonemployee Share-based Payments (“ASU 2018-07”). This ASU expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. The effective date for the standard is for interim periods in fiscal years beginning after December 15, 2018, with early adoption permitted, but no earlier than the Company’s adoption date of Topic 606. Under the new guidance, the measurement of nonemployee equity awards is fixed on the grant date. The new guidance is required to be applied retrospectively with the cumulative effect recognized at the date of initial application. The Company is currently evaluating the effect ASU 2018-07 will have on the consolidated financial statements. Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Aug. 31, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | |
Financial assets and liabilities measured at fair value | Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,583 $ 7,583 Level 1 Level 2 Level 3 Total Liabilities Derivative Financial Instruments $ - $ - $ 7,526 $ 7,526 |
Summary of the changes in fair value | Amount Balance May 31, 2022 $ 7,526 Change in fair market value of derivative liabilities 57 Balance August 31, 2022 $ 7,583 |
PROMISSORY NOTES (Tables)
PROMISSORY NOTES (Tables) | 3 Months Ended |
Aug. 31, 2022 | |
PROMISSORY NOTES (Tables) | |
Schedule of Promissory notes payable | August 31, 2022 May 31, 2022 Dated March 31, 2018 $ 6,500 $ 6,500 Dated November 12, 2021 20,000 20,000 Dated November 12, 2021 9,000 9,000 Dated November 12, 2021 20,000 20,000 Dated November 12, 2021 20,000 20,000 Dated January 20, 2022 5,000 5,000 Dated January 20, 2022 5,000 5,000 Dated February 8, 2022 5,000 5,000 Dated February 16, 2022 20,000 20,000 Dated February 16, 2022 15,000 15,000 Dated March 3, 2022 2,500 2,500 Dated June 2, 2022 26,485 - Dated June 29, 2022 2,500 - Dated June 29, 2022 10,000 - Dated June 29, 2022 10,000 - Dated July 8, 2022 8,000 - Dated July 11, 2022 12,500 - Dated July 19, 2022 6,000 - Dated July 20, 2022 5,000 - Dated July 20, 2022 10,000 - Dated July 23, 2022 13,500 - Long-term promissory note payable $ 231,485 $ 128,000 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 3 Months Ended |
Aug. 31, 2022 | |
CONVERTIBLE NOTES (Tables) | |
Schedule of Convertible Notes Payable | August 31, 2022 May 31, 2022 Dated September 2, 2021 - 25,000 Total convertible notes payable, gross - 25,000 Less: Unamortized debt discount - - Total convertible notes $ - $ 25,000 |
NATURE OF BUSINESS AND OPERAT_2
NATURE OF BUSINESS AND OPERATIONS (Details Narrative) | Feb. 11, 2019 USD ($) $ / shares shares |
NATURE OF BUSINESS AND OPERATIONS | |
Purchase aggregate shares of common stock | 151,220 |
Aggregate purchase price of common stock | $ | $ 18,000 |
Selling price per share | $ / shares | $ 0.119 |
Selling stockholders represent, percentage | 76.66% |
Outstanding shares of common stock, post split | 197,260 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | May 31, 2022 | |
GOING CONCERN (Details Narrative) | |||
Net Loss | $ (80,270) | $ (7,405) | |
Accumulated deficits | $ (2,479,123) | $ (2,398,853) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Aug. 31, 2022 | May 31, 2022 | Feb. 28, 2022 | May 31, 2021 |
Total Of derivatives financial intruments | $ 7,583 | $ 7,526 | ||
Derivative Liabilities Financial Instruments | 7,583 | $ 7,526 | $ 7,501 | 110,001 |
Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Liabilities Financial Instruments | 0 | 0 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Liabilities Financial Instruments | 0 | 0 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Derivative Liabilities Financial Instruments | $ 7,583 | $ 7,526 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 3 Months Ended |
Aug. 31, 2022 USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Derivative financial instruments, at beginning of period | $ 7,526 |
Change in fair market value of derivative liabilities | 57 |
Derivative financial instruments, at end of period | $ 7,583 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares | Aug. 31, 2022 | May 31, 2022 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Stock price | $ 0.15 | $ 0.15 |
Risk-free discount rate | 2.29% | 0.73% |
Volatility | 0.01% | 0.01% |
PROMISSORY NOTES (Details)
PROMISSORY NOTES (Details) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Long-term promissory note payable | $ 231,485 | $ 128,000 |
March 31, 2018 [Member] | ||
Long-term promissory note payable | 6,500 | 6,500 |
November 12, 2021 [Member] | ||
Promissory Notes Payable | 20,000 | 20,000 |
November 12, 2021 One [Member] | ||
Long-term promissory note payable | 9,000 | 9,000 |
November 12, 2021 Two[Member] | ||
Long-term promissory note payable | 20,000 | 20,000 |
November 12, 2021 Three[Member] | ||
Long-term promissory note payable | 20,000 | 20,000 |
January 20, 2022[Member] | ||
Long-term promissory note payable | 5,000 | 5,000 |
January 20, 2022 One[Member] | ||
Long-term promissory note payable | 5,000 | 5,000 |
February 8, 2022[Member] | ||
Long-term promissory note payable | 5,000 | 5,000 |
February 16, 2022[Member] | ||
Long-term promissory note payable | 20,000 | 20,000 |
February 16, 2022 Two[Member] | ||
Long-term promissory note payable | 15,000 | 15,000 |
March 3, 2022 [Member] | ||
Long-term promissory note payable | 2,500 | 2,500 |
June 2, 2022[Member] | ||
Long-term promissory note payable | 26,485 | 0 |
June 29, 2022 One [Member] | ||
Long-term promissory note payable | 2,500 | 0 |
June 29, 2022 Two[Member] | ||
Long-term promissory note payable | 10,000 | 0 |
July 8, 2022 [Member] | ||
Long-term promissory note payable | 8,000 | 0 |
July 11, 2022 [Member] | ||
Long-term promissory note payable | 12,500 | 0 |
July 19, 2022 [Member] | ||
Long-term promissory note payable | 6,000 | 0 |
July 20, 2022 [Member] | ||
Long-term promissory note payable | 5,000 | 0 |
July 20, 2022 One [Member] | ||
Long-term promissory note payable | 10,000 | 0 |
July 23, 2022 [Member] | ||
Long-term promissory note payable | 13,500 | 0 |
June 29, Three 2022 [Member] | ||
Long-term promissory note payable | $ 10,000 | $ 0 |
PROMISSORY NOTES (Details Narra
PROMISSORY NOTES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||
Jun. 02, 2022 | Sep. 23, 2018 | Mar. 31, 2018 | Aug. 31, 2022 | Aug. 31, 2021 | |
PROMISSORY NOTES | |||||
Accrued interest | 1.50% | 10% | |||
Proceeds from promissory note | $ 6,500 | $ 77,500 | |||
Interest expense | $ 1,422 | $ 3,906 | |||
Maturity date | Sep. 23, 2018 | ||||
Notes and accrued interest converted into promissory notes of value | $ 26,485 | ||||
Interest rate on convertion of notes | 10% |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) - USD ($) | Aug. 31, 2022 | May 31, 2022 |
Total convertible notes payable, gross | $ 0 | $ 25,000 |
Less: Unamortized debt discount | 0 | 0 |
Total convertible notes | 0 | 25,000 |
Convertible Notes Payable Dated September 2, 2021[Member] | ||
Total convertible notes payable, gross | $ 0 | $ 25,000 |
CONVERTIBLE NOTES (Details Narr
CONVERTIBLE NOTES (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 02, 2022 | Sep. 23, 2018 | Aug. 31, 2022 | Aug. 31, 2021 | Sep. 02, 2022 | |
Notes and accrued interest converted into promissory notes of value | $ 26,485 | ||||
Interest rate on convertion of notes | 10% | ||||
Proceeds from convertible note | $ 77,500 | $ 0 | |||
Maturity date | Sep. 23, 2018 | ||||
Accrues interest rate, per annum | 1.50% | 10% | |||
Convertible Notes Payable September 2, 2022 [Member] | |||||
Stock price | $ 0.01 | ||||
Proceeds from convertible note | $ 25,000 | ||||
Maturity date | Dec. 02, 2022 | ||||
Accrues interest rate, per annum | 8% | ||||
Default interest rate, per annum | 15% |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - Convertible Notes [Member] - USD ($) | 1 Months Ended | 3 Months Ended | ||
Aug. 17, 2017 | Aug. 31, 2022 | Aug. 31, 2021 | Feb. 17, 2017 | |
Debt discount related to beneficial conversion feature of the note | $ 7,500 | |||
lowest average | 20-day | |||
Note convertivale in common stock at discount | 50% | |||
Interest expenses | $ 288 | $ 288 | ||
Proceed convertivale note | $ 7,500 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - $ / shares | 3 Months Ended | |
Aug. 31, 2022 | May 31, 2022 | |
STOCKHOLDERS EQUITY (Details Narrative) | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares par value | $ 0.0001 | $ 0.001 |
Common stock, shares issued | 197,260 | 197,260 |
Common stock, shares outstanding | 197,260 | 197,260 |
Description of reverse stock split | On June 28, 2022, our Board of Directors approved a reverse stock split of our issued and authorized shares of common stock on the basis of 50 old shares for one (1) new share. The financial statements have been retroactively restated to show the effect of the stock split |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - $ / shares | Sep. 09, 2022 | Aug. 31, 2022 | May 31, 2022 |
Common Share par value | $ 0.001 | $ 0.001 | |
Net increased authorized common stock | 1,000,000,000 | 1,000,000,000 | |
Subsequent Event | |||
Common Share par value | $ 0.00001 | ||
Net increased authorized common stock | 600,000,000 | ||
Cancellation of coomon stock | 135,000 | ||
Preferred stock,par value | $ 0.00001 | ||
Preferred stock redesignated as Series A preferred stock | 10,000,000 | ||
Subsequent Event | Series A Preferred Stock [Member] | |||
Preferred stock,par value | $ 0.00001 | ||
Redesignated preferred stock | 100,000,000 | ||
Exchange of common stock into preferred stock | 1,350,000 | ||
Convertible common stock | 20 | ||
Acquisition of certain assets | 30,000,000 |