Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Aug. 24, 2017 | Dec. 31, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Praco Corp | ||
Entity Central Index Key | 1,498,122 | ||
Trading Symbol | PRAY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | Yes | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 6,902,500 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Current Assets | ||
Cash | $ 2,041 | $ 29 |
Total Current Assets | 2,041 | 29 |
TOTAL ASSETS | 2,041 | 29 |
Current Liabilities | ||
Accounts payable | 25,298 | 14,119 |
Accrued expense | 72,923 | |
Note payable | 9,000 | 9,000 |
Notes payable - related parties | 374,266 | 313,300 |
Total Current Liabilities | 481,487 | 336,419 |
Stockholders' Deficit | ||
Preferred stock, $.0001 par value, 5,000,000 shares authorized, none issued and outstanding | ||
Common Stock, $.0001 par value, 100,000,000 shares authorized, 6,902,500 shares issued and outstanding | 690 | 690 |
Additional paid-in capital | 343,257 | 343,257 |
Accumulated deficit | (823,393) | (680,337) |
Total Stockholders' Deficit | (479,446) | (336,390) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 2,041 | $ 29 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 6,902,500 | 6,902,500 |
Common stock, shares outstanding | 6,902,500 | 6,902,500 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Expenses | ||
Professional fees | $ 61,343 | $ 45,434 |
General and administrative | 8,767 | 14,451 |
Compensation expense | 72,923 | |
Total Operating Expenses | 143,033 | 59,885 |
Loss Before Other Expenses | (143,033) | (59,885) |
Other Expenses | ||
Interest expense | (23) | (24,464) |
Total Other Expense | (23) | (24,464) |
Net Loss | $ (143,056) | $ (84,349) |
Net Loss Per Share-Basic and Diluted | $ (0.02) | $ (0.01) |
Weighted average number of shares outstanding during the period-Basic and Diluted | 6,902,500 | 6,902,500 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Total | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Jun. 30, 2015 | $ (281,661) | $ 690 | $ 313,637 | $ (595,988) | |
Balance, shares at Jun. 30, 2015 | 6,902,500 | ||||
In-kind contribution of interest and services | 29,620 | 29,620 | |||
Net loss | (84,349) | (84,349) | |||
Balance at Jun. 30, 2016 | (336,390) | $ 690 | 343,257 | (680,337) | |
Balance, shares at Jun. 30, 2016 | 6,902,500 | ||||
Net loss | (143,056) | (143,056) | |||
Balance at Jun. 30, 2017 | $ (479,446) | $ 690 | $ 343,257 | $ (823,393) | |
Balance, shares at Jun. 30, 2017 | 6,902,500 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities | ||
Net loss | $ (143,056) | $ (84,349) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
In-kind contribution of services and interest | 29,620 | |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts payable | 11,179 | (1,195) |
Increase in accrued expenses | 72,923 | |
Net cash used in operating activities | (58,954) | (55,924) |
Cash flows from financing activities | ||
Proceeds from notes payable - related party | 70,966 | 55,000 |
Repayments of notes payable - related party | (10,000) | |
Net cash provided by financing activities | 60,966 | 55,000 |
Net increase (decrease) in cash | 2,012 | (924) |
Cash, beginning of year | 29 | 953 |
Cash, end of year | $ 2,041 | $ 29 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Organization | 12 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies and Organization [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (A) Organization Hunt for Travel, Inc. (the “Company”) was incorporated in Nevada on December 15, 2009 to design and market enrichment excursions for U.S. travelers. The enrichment component of these trips can be educational, informational or experiential and is tailored to the travelers’ specific interests and tastes. Enrichment travel can also be referred to as adventure travel. Effective February 21, 2012, the Company filed with the State of Nevada a Certificate of Amendment to the Articles of Incorporation changing the Company’s name from Hunt for Travel, Inc. to Praco Corporation. At the same time the Company ceased being a travel agency and became a Public Shell. On April 19, 2017, the Company, entered into a Share Exchange Agreement, (the “Share Exchange Agreement”), by and among the Company, Arista Capital LTD. (“Arista”), and the holders of common stock of Arista (the “Arista Shareholders”). The closing of the Share Exchange (the “Closing”) was scheduled to take place on July 19, 2017 conditioned upon the completion of due diligence by Arista and the Company. On July 18, 2017 an addendum to the Share Exchange Agreement between the Company and Arista was signed. The closing date was extended to September 15, 2017 pending a $15,000 deposit by Arista into an escrow account. Arista will also reimburse the Company $15,000 in expenses related to the preparation and filing of the Form 10-K for the year ended June 30, 2017. Arista has also been granted the ability to extend the closing date in thirty day intervals pending additional $10,000 deposits for each extension requested. All deposits are non-refundable. (B) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred tax assets. (C) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At June 30, 2017 and 2016, respectively, the Company had no cash equivalents. (D) Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by Financial Accounting Standards Board (“FASB”) ASC No. 260, “Earnings Per Share.” As of June 30, 2017 and 2016, respectively, there were no common share equivalents outstanding. (E) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. (F) Fair Value of Financial Instruments The carrying amounts on the Company’s financial instruments including accounts payable and notes payable, approximate fair value due to the relatively short period to maturity for these instruments. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN As reflected in the accompanying financial statements, the Company has minimal operations, used cash in operating activities of $58,954 and has a net loss of $143,056 for the year ended June 30, 2017. The Company also has a working capital deficit and stockholders’ deficit of $479,446 as of June 30, 2017. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern, but currently do not believe they have sufficient cash for the next 12 months from this report date. |
Note Payable
Note Payable | 12 Months Ended |
Jun. 30, 2017 | |
Note Payable [Abstract] | |
NOTE PAYABLE | NOTE 3 – NOTE PAYABLE On June 5, 2012, the Company received $9,000 from a third party. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. Total balance due at June 30, 2017 and 2016 is $9,000. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $806, respectively as an in-kind contribution of imputed interest. The imputed interest is not accrued for but charged to additional paid in capital as it is not an obligation of the Company to pay in cash or stock. |
Stockholders' Deficit
Stockholders' Deficit | 12 Months Ended |
Jun. 30, 2017 | |
Stockholders' Deficit [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE 4 - STOCKHOLDERS’ DEFICIT In-Kind Contribution of services and interest For the year ended June 30, 2016, the president contributed services having a fair value of approximately $5,200. In 2017 the Company did not receive contributed services. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $24,420, respectively as in-kind contribution of interest. |
Commitments
Commitments | 12 Months Ended |
Jun. 30, 2017 | |
Commitments [Abstract] | |
COMMITMENTS | NOTE 5 - COMMITMENTS On April 1, 2012, the Company entered into a consulting agreement with Europa Capital Investments, LLC for administrative and other miscellaneous services. The agreement is to remain in effect unless either party desired to cancel the agreement. During the years ended June 30, 2017 and 2016, the fees incurred were $0 and $20,000, respectively. On October 1, 2016, the Company signed two employment agreements, one with the CEO/President and the other with one of the Directors. Both agreements are the same which are effective October 1, 2016 to September 30, 2019. The agreements call for an annual salary of $48,000 each and if not paid by the end of the year, the compensation would be paid in Company stock at a 25% discount to the market value. All refinancing, fund raising, debt or equity sales, and acquisitions when completed by the individuals would be subject to a bonus payment of 10% of the gross proceeds. In connection with the two employment agreements, the Company has accrued $72,000 in compensation expense as of June 30, 2017. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS For each of the years ended June 30, 2017 and June 30, 2016, Mr. Williams contributed services having a fair value of approximately $0 and $5,200, respectively. On January 29, 2015, the Company received $7,000 from an entity owned by a Mr. Williams and Mr. Callan. Pursuant to the terms of the note, the note is non-interest bearing, unsecured and is due on demand. On January 10, 2017 the Company repaid the $7,000 to the related entity. Total balance due at June 30, 2017 and 2016 is $0 and $7,000, respectively. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $521, respectively as an in-kind contribution of imputed interest. The Company received $30,000 on April 30, 2013, $30,000 on July 12, 2013, $25,000 on October 9, 2013, $25,000 on January 9, 2014, $25,000 on April 11, 2014 and $25,000 on July 10, 2014 from an entity owned by a Mr. Williams and Mr. Callan . On January 10, 2017 the Company repaid $3,000 to the related entity. Total balance due at June 30, 2017 and 2016 is $157,000 and $160,000, respectively. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and are due on demand. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $12,952, respectively as an in-kind contribution of imputed interest. The Company received $8,500 on June 25, 2012, $20,000 on September 14, 2012 and $27,578 on January 17, 2013, and $10,500 on January 11, 2017, $5,000 on April 5, 2017, $5,000 on April 24, 2017, and $2,500 on May 24, 2017 from Hawk Opportunity Fund, LP, a 29% owner of the Company, which is also owned indirectly by Scott Williams and David Callan. Total balance due at June 30, 2017 and June 30, 2016 was $79,078 and $56,078, respectively. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and are due on demand. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $4,880, respectively as an in-kind contribution of imputed interest. The Company received $12,500 on January 17, 2017, and $4,665 on April 1, 2017 from HWC, LLC, an entity owned by Hawk Opportunity Fund, LP, a 29% owner of the Company, which is also owned indirectly by Scott Williams and David Callan. . Total balance due at June 30, 2017 and June 30, 2016 was $17,165 and $0, respectively. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and are due on demand. As needed, Green Homes Real Estate, LP, an entity owned by Hawk Opportunity Fund, LP, a 29% owner of the Company, which is also owned indirectly by Scott Williams and David Callan, transfers funds to the Company to cover operating expenses. Those transfers are as follows: $20,722 on November 13, 2014, $10,000 on March 17, 2015, $4,500 on May 22, 2015, $20,000 on July 27, 2015, $20,000 on November 30, 2015, $15,000 on February 11, 2016, $5,000 on July 26, 2016, $3,830 on August 25, 2016 and $600 on December 31, 2016, in exchange for various notes payable. Total balance due at June 30, 2017 and June 30, 2016 was $99,652 and $90,222, respectively. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and due on demand. For the years ended June 30, 2017 and 2016, the Company recorded $0 and $5,261, respectively as an in-kind contribution of imputed interest. As needed, Philly Residential Acquisition LP, an entity owned by Hawk Opportunity Fund, LP, a 29% owner of the Company, which is also owned indirectly by Scott Williams and David Callan, transfers funds to the Company to cover operating expenses. Those transfers are as follows: $3,831 on August 25, 2016, $1,000 on October 19, 2016, $5,000 on December 1, 2016, $600 on December 15, 2016, $10,940 on March 8, 2017. Total balance due at June 30, 2017 and June 30, 2016 was $21,371 and $0, respectively. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and are due on demand. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 7 - INCOME TAXES As of June 30, 2017, the Company has a net operating loss carryforward of approximately $724,600 available to offset future taxable income through June 30, 2037. A valuation allowance is necessary due to the Company’s continued operating losses and the uncertainty of the Company’s ability to utilize all of the net operating loss carryforwards before they will expire. The components of the Company’s deferred tax asset (liability) are as follows: June 30, June 30, Deferred tax asset (liability): Net operating loss carryforward $ 246,371 $ 197,732 Valuation allowance (246,371 ) (197,732 ) Net deferred tax asset (liability) $ - $ - The Company’s income tax expense differed from the statutory rates (federal 34%) as follows: Statutory rate applied to loss before income taxes $ (48,639 ) $ (28,679 ) Increase in income taxes resulting from: Change in deferred tax asset valuation allowance 48,639 18,607 Non-deductible expenses - 10,072 Income tax expense $ - $ - Tax benefits of uncertain tax positions are recognized only if it is more likely than not that the Company will be able to sustain a position taken on an income tax return. The Company has no liability for uncertain tax positions as of June 30, 2017 and 2016. Interest and penalties, if any, related to unrecognized tax benefits would be recognized as income tax expense. The Company does not have any accrued interest or penalties associated with unrecognized tax benefits, nor was any significant interest expense recognized during the years ended June 30, 2017 and 2016. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS On July 31, 2017, the Company received $5,000 from Hawk Opportunity Fund, L.P. This brings the total balance due to Hawk Opportunity Fund, L.P. to $84,078. Pursuant to the terms of the notes, the notes are non-interest bearing, unsecured and are due on demand. |
Summary of Significant Accoun15
Summary of Significant Accounting Policies and Organization (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Summary of Significant Accounting Policies and Organization [Abstract] | |
Organization | (A) Organization Hunt for Travel, Inc. (the “Company”) was incorporated in Nevada on December 15, 2009 to design and market enrichment excursions for U.S. travelers. The enrichment component of these trips can be educational, informational or experiential and is tailored to the travelers’ specific interests and tastes. Enrichment travel can also be referred to as adventure travel. Effective February 21, 2012, the Company filed with the State of Nevada a Certificate of Amendment to the Articles of Incorporation changing the Company’s name from Hunt for Travel, Inc. to Praco Corporation. At the same time the Company ceased being a travel agency and became a Public Shell. On April 19, 2017, the Company, entered into a Share Exchange Agreement, (the “Share Exchange Agreement”), by and among the Company, Arista Capital LTD. (“Arista”), and the holders of common stock of Arista (the “Arista Shareholders”). The closing of the Share Exchange (the “Closing”) was scheduled to take place on July 19, 2017 conditioned upon the completion of due diligence by Arista and the Company. On July 18, 2017 an addendum to the Share Exchange Agreement between the Company and Arista was signed. The closing date was extended to September 15, 2017 pending a $15,000 deposit by Arista into an escrow account. Arista will also reimburse the Company $15,000 in expenses related to the preparation and filing of the Form 10-K for the year ended June 30, 2017. Arista has also been granted the ability to extend the closing date in thirty day intervals pending additional $10,000 deposits for each extension requested. All deposits are non-refundable. |
Use of Estimates | (B) Use of Estimates In preparing financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates include the valuation of deferred tax assets. |
Cash and Cash Equivalents | (C) Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At June 30, 2017 and 2016, respectively, the Company had no cash equivalents. |
Loss Per Share | (D) Loss Per Share Basic and diluted net loss per common share is computed based upon the weighted average common shares outstanding as defined by Financial Accounting Standards Board (“FASB”) ASC No. 260, “Earnings Per Share.” As of June 30, 2017 and 2016, respectively, there were no common share equivalents outstanding. |
Income Taxes | (E) Income Taxes The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Fair Value of Financial Instruments | (F) Fair Value of Financial Instruments The carrying amounts on the Company’s financial instruments including accounts payable and notes payable, approximate fair value due to the relatively short period to maturity for these instruments. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Taxes [Abstract] | |
Schedule of deferred tax asset liability | June 30, June 30, Deferred tax asset (liability): Net operating loss carryforward $ 246,371 $ 197,732 Valuation allowance (246,371 ) (197,732 ) Net deferred tax asset (liability) $ - $ - |
Schedule of income tax expense differed from statutory rates | Statutory rate applied to loss before income taxes $ (48,639 ) $ (28,679 ) Increase in income taxes resulting from: Change in deferred tax asset valuation allowance 48,639 18,607 Non-deductible expenses - 10,072 Income tax expense $ - $ - |
Summary of Significant Accoun17
Summary of Significant Accounting Policies and Organization (Details) - Subsequent Event [Member] | 1 Months Ended |
Jul. 18, 2017USD ($) | |
Summary Of Significant Accounting Policies And Organization (Textual) | |
Escrow deposit | $ 15,000 |
Expenses related to the preparation and filing | 15,000 |
Additional deposits | $ 10,000 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Going Concern (Textual) | |||
Cash used in operations | $ (58,954) | $ (55,924) | |
Net loss | (143,056) | (84,349) | |
Working capital deficit | 479,446 | ||
Stockholders' deficit | $ (479,446) | $ (336,390) | $ (281,661) |
Note Payable (Details)
Note Payable (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 05, 2012 | |
Note Payable (Textual) | |||
In-kind contribution of interest | $ 0 | $ 24,420 | |
Note Payable [Member] | |||
Note Payable (Textual) | |||
Note payable | 9,000 | 9,000 | $ 9,000 |
In-kind contribution of interest | $ 0 | $ 806 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Stockholders' Deficit (Textual) | ||
Fair value of contributed services by president | $ 0 | $ 5,200 |
In-kind contribution of interest | $ 0 | $ 24,420 |
Commitments (Details)
Commitments (Details) | Oct. 01, 2016Employment | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) |
Commitments (Textual) | |||
Consulting fees | $ 0 | $ 20,000 | |
Annual salary | $ 48,000 | ||
Other commitments, description | The compensation would be paid in Company stock at a 25% discount to the market value. All refinancing, fund raising, debt or equity sales, and acquisitions when completed by the individuals would be subject to a bonus payment of 10% of the gross proceeds. | ||
Compensation expense | $ 72,000 | ||
Number of employment agreements | Employment | 2 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Mar. 08, 2017 | Jan. 10, 2017 | Dec. 15, 2016 | Dec. 01, 2016 | Jul. 26, 2016 | Feb. 11, 2016 | Nov. 30, 2015 | Jul. 27, 2015 | May 22, 2015 | Mar. 17, 2015 | Nov. 13, 2014 | Dec. 31, 2016 | Oct. 19, 2016 | Aug. 25, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | May 24, 2017 | Apr. 24, 2017 | Apr. 05, 2017 | Apr. 01, 2017 | Jan. 17, 2017 | Jan. 11, 2017 | Jan. 29, 2015 | Jul. 10, 2014 | Apr. 11, 2014 | Jan. 09, 2014 | Oct. 09, 2013 | Jul. 12, 2013 | Apr. 30, 2013 | Jan. 17, 2013 | Sep. 14, 2012 | Jun. 25, 2012 |
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Notes payable related party | $ 374,266 | $ 313,300 | $ 2,500 | |||||||||||||||||||||||||||||
In-kind contribution of interest | 0 | 24,420 | ||||||||||||||||||||||||||||||
Repayments of notes payable - related party | 10,000 | |||||||||||||||||||||||||||||||
Fair value of contributed services | 0 | 5,200 | ||||||||||||||||||||||||||||||
Mr. Williams and Mr. Callan one [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Notes payable related party | 0 | 7,000 | $ 7,000 | |||||||||||||||||||||||||||||
In-kind contribution of interest | 0 | 521 | ||||||||||||||||||||||||||||||
Repayments of notes payable - related party | $ 7,000 | |||||||||||||||||||||||||||||||
Mr. Williams and Mr. Callan two [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Notes payable related party | 157,000 | 160,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 25,000 | $ 30,000 | $ 30,000 | ||||||||||||||||||||||||
In-kind contribution of interest | 0 | 12,952 | ||||||||||||||||||||||||||||||
Repayments of notes payable - related party | $ 3,000 | |||||||||||||||||||||||||||||||
Hawk [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Equity interest, percentage | 29.00% | |||||||||||||||||||||||||||||||
Notes payable related party | 79,078 | 56,078 | $ 2,500 | $ 5,000 | $ 5,000 | $ 10,500 | $ 27,578 | $ 20,000 | $ 8,500 | |||||||||||||||||||||||
In-kind contribution of interest | $ 0 | 4,880 | ||||||||||||||||||||||||||||||
GH [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Equity interest, percentage | 29.00% | |||||||||||||||||||||||||||||||
Notes payable related party | $ 99,652 | 90,222 | ||||||||||||||||||||||||||||||
Transfers funds to cover operating expenses | $ 5,000 | $ 15,000 | $ 20,000 | $ 20,000 | $ 4,500 | $ 10,000 | $ 20,722 | $ 600 | $ 3,830 | |||||||||||||||||||||||
In-kind contribution of interest | 0 | 5,261 | ||||||||||||||||||||||||||||||
HWC, LLC [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Equity interest, percentage | 29.00% | |||||||||||||||||||||||||||||||
Notes payable related party | $ 17,165 | 0 | $ 4,665 | $ 12,500 | ||||||||||||||||||||||||||||
Philly Residential Acquisition LP [Member] | ||||||||||||||||||||||||||||||||
Related Party Transactions (Textual) | ||||||||||||||||||||||||||||||||
Equity interest, percentage | 29.00% | |||||||||||||||||||||||||||||||
Transfers funds to cover operating expenses | $ 10,940 | $ 600 | $ 5,000 | $ 1,000 | $ 3,831 | $ 21,371 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax asset (liability): | ||
Net operating loss carryforward | $ 246,371 | $ 197,732 |
Valuation allowance | (246,371) | (197,732) |
Net deferred tax asset (liability) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes [Abstract] | ||
Statutory rate applied to loss before income taxes | $ (48,639) | $ (28,679) |
Increase in income taxes resulting from: | ||
Change in deferred tax asset valuation allowance | 48,639 | 18,607 |
Non-deductible expenses | 10,072 | |
Income tax expense |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Taxes (Textual) | ||
Net operating loss carryforward | $ 724,600 | |
Federal income tax expense statutory rates | 34.00% | |
Liability for uncertain tax positions |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Events [Member] - Hawk Opportunity Fund, L.P [Member] | Jul. 31, 2017USD ($) |
Subsequent Events (Textual) | |
Received fund from related party | $ 5,000 |
Total balance due to related party | $ 84,078 |