Point of Care Nano-Technology (PCNT) 10-Q 7 Mar 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jan. 31, 2022	Mar. 15, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jan. 31, 2022
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--07-31
Entity File Number	000-56356
Entity Registrant Name	POINT OF CARE NANO-TECHNOLOGY, INC.
Entity Central Index Key	0001504239
Entity Tax Identification Number	27-2830681
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	109 Ambersweet Way
Entity Address, City or Town	Davenport
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33897
City Area Code	(732)
Local Phone Number	723-7395
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		46,981,059

INTERIM BALANCE SHEETS (Unaudit

INTERIM BALANCE SHEETS (Unaudited) - USD ($)	Jan. 31, 2022	Jul. 31, 2021
ASSETS
Total Assets	$ 0	$ 0
Current Liabilities:
Accounts payable and accrued charges	76,289	20,240
Total Liabilities	76,289	20,240
Stockholders’ Deficit
Preferred stock, par value $0.0001, 10,000,000 shares authorized; 1,000 shares issued and outstanding	1
Common stock, par value $0.0001, 100,000,000 shares authorized 46,981,059 shares issued and outstanding	4,698	4,698
Additional paid-in capital	120,187,429	120,187,429
Accumulated deficit	(120,268,417)	(120,212,367)
Total Stockholders’ Deficit	(76,289)	(20,240)
Total Liabilities and Stockholders’ Deficit	$ 0	$ 0

INTERIM BALANCE SHEETS (Unaud_2

INTERIM BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jan. 31, 2022	Jul. 31, 2021
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	1,000	1,000
Preferred Stock, Shares Outstanding	1,000	1,000
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Issued	46,981,059	46,981,059
Common Stock, Shares, Outstanding	46,981,059	46,981,059

INTERIM STATEMENTS OF OPERATION

INTERIM STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2022	Jan. 31, 2021	Jan. 31, 2022	Jan. 31, 2021
Income Statement [Abstract]
Revenues
Operating expenses
General and administration	4,823		12,356
Professional fees	8,972		43,693
Officer compensation			1
Net loss and comprehensive loss	$ 13,795		$ 56,050
Basic and diluted	$ 0	$ 0	$ 0	$ 0
Basic and diluted	46,981,059	49,981,059	49,981,059	49,981,059

INTERIM STATEMENTS OF EQUITY (U

INTERIM STATEMENTS OF EQUITY (Unaudited) - USD ($)	Total	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]
Balance, July 31, 2020 at Jul. 31, 2020	$ (12,740)		$ 4,698	$ 120,187,429	$ (120,212,367)
Beginning Balance, Shares at Jul. 31, 2020			46,981,059
Net loss for the period
Balance, January 31, 2021 at Oct. 31, 2020	(12,740)		$ 4,698	120,187,429	(120,212,367)
Ending Balance, Shares at Oct. 31, 2020			46,981,059
Balance, July 31, 2020 at Jul. 31, 2020	(12,740)		$ 4,698	120,187,429	(120,212,367)
Beginning Balance, Shares at Jul. 31, 2020			46,981,059
Net loss for the period
Balance, January 31, 2021 at Jan. 31, 2021	(12,740)	$ 1	$ 4,698	120,187,429	(120,212,367)
Ending Balance, Shares at Jan. 31, 2021			46,981,059
Balance, July 31, 2020 at Oct. 31, 2020	(12,740)		$ 4,698	120,187,429	(120,212,367)
Beginning Balance, Shares at Oct. 31, 2020			46,981,059
Net loss for the period
Balance, January 31, 2021 at Jan. 31, 2021	(12,740)	$ 1	$ 4,698	120,187,429	(120,212,367)
Ending Balance, Shares at Jan. 31, 2021			46,981,059
Balance, July 31, 2020 at Jul. 31, 2021	(20,240)		$ 4,698	120,187,429	(120,212,367)
Beginning Balance, Shares at Jul. 31, 2021			46,981,059
Shares issued	1	$ 1
Stock Issued During Period, Shares, New Issues		1,000
Net loss for the period	(42,255)				(42,255)
Balance, January 31, 2021 at Oct. 31, 2021	(62,494)	$ 1	$ 4,698	120,187,429	(120,254,622)
Ending Balance, Shares at Oct. 31, 2021		1,000	46,981,059
Balance, July 31, 2020 at Jul. 31, 2021	(20,240)		$ 4,698	120,187,429	(120,212,367)
Beginning Balance, Shares at Jul. 31, 2021			46,981,059
Net loss for the period	(56,050)
Balance, January 31, 2021 at Jan. 31, 2022	(76,289)	$ 1	$ 4,698	120,187,429	(120,268,417)
Ending Balance, Shares at Jan. 31, 2022		1,000	46,981,059
Balance, July 31, 2020 at Oct. 31, 2021	(62,494)	$ 1	$ 4,698	120,187,429	(120,254,622)
Beginning Balance, Shares at Oct. 31, 2021		1,000	46,981,059
Net loss for the period	(13,795)				(13,795)
Balance, January 31, 2021 at Jan. 31, 2022	$ (76,289)	$ 1	$ 4,698	$ 120,187,429	$ (120,268,417)
Ending Balance, Shares at Jan. 31, 2022		1,000	46,981,059

INTERIM STATEMENTS OF CASH FLOW

INTERIM STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended				6 Months Ended
	Jan. 31, 2022	Oct. 31, 2021	Jan. 31, 2021	Oct. 31, 2020	Jan. 31, 2022	Jan. 31, 2021
Cash flows from operating activities
Net loss for the period	$ (13,795)	$ (42,255)			$ (56,050)
Non-cash expense, Officer compensation					1
Change in working capital items Accounts payable and accrued charges					56,049
Net cash flows from operating activities
Net cash flows from investing activities
Change in cash for the period
Cash, beginning of period
Cash, end of period

COMPANY AND BACKGROUND

COMPANY AND BACKGROUND	6 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
COMPANY AND BACKGROUND	Note 1 COMPANY AND BACKGROUND Point of Care Nano-Technology, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on June 10, 2010, under the name of “Alternative Energy and Environmental Solutions, Inc.” On August 28, 2014, the Company filed an amendment to its Articles of Incorporation changing the name of the Company to “Unique Growing Solutions, Inc.” On March 31, 2015, the Company filed an amendment to its Articles of Incorporation changing the name of the Company to “Point of Care Nano-Technology, Inc.” From February 2015 through July 2016, the Company’s business model related to the planning for the development and then manufacture of saliva-based medical diagnosis products under a certain license agreement (the “License Agreement”) with Lamina Equities Corporation. The Company was not successful in its endeavors related to the License Agreement and discontinued the majority of its operations by July 31, 2016. Beginning from August 2016, the Company’s plan, which it has since discontinued, was to provide business services and financing to emerging growth entities. The Company’s plan of operation over the next 12 months is to seek new business assets in the life sciences industry. The Company cannot make any guarantee that it will be successful in achieving this goal. On April 15, 2021, the Company accepted the resignations of Dr. Guirguis and Mr. El-Salhy, received a mutual release from both, and appointed Mr. Nicholas DeVito as Director, Chief Executive Officer and Chief Financial Officer. In addition, for his services to the Company, the Company agreed to issue to Mr. DeVito 1,000 shares of Class A Preferred Stock that granted him 80% voting rights in the voting stock of the Company. Also on April 15, 2021, the Company agreed to form a subsidiary and transfer all Company debts relating to the License Agreement business and the License Agreement to this subsidiary to be split off to Dr. Guirguis in exchange for 26,000,000 shares of the Company’s common stock held by Dr. Guriguis. This transaction had not closed by January 31, 2022. The Company’s principal executive office location and mailing address is 109 Ambersweet Way, Davenport, FL 33897 and its telephone number is 732-723-7395. These financial statements have been prepared in accordance with generally accepted principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next twelve months. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classifications of assets and liabilities should the Company be unable to continue as a going concern. At January 31, 2022, the Company had not yet achieved profitable operations and had accumulated losses of $120,410,389 since its inception, all of which casts substantial doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.

CONTROL BY PRINCIPAL OWNERS

CONTROL BY PRINCIPAL OWNERS	6 Months Ended
	Jan. 31, 2022
Control By Principal Owners
CONTROL BY PRINCIPAL OWNERS	Note 2 CONTROL BY PRINCIPAL OWNERS The sole director and executive officer owns, directly, beneficially and in the aggregate, the majority of the voting power of the outstanding capital stock of the Company. Accordingly, the sole director and executive officer has the ability to control the approval of most corporate actions, including approving significant expenses, increasing the authorized capital and the dissolution, merger, or sale of the Company’s assets.

INTERIM REPORTING

INTERIM REPORTING	6 Months Ended
	Jan. 31, 2022
Interim Reporting
INTERIM REPORTING	Note 3 INTERIM REPORTING While the information presented in the accompanying interim six month financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with accounting principles generally accepted in the United States of America. These interim financial statements follow the same accounting policies and methods of their application as the Company’s July 31, 2021 annual financial statements. All adjustments are of a normal recurring nature. It is suggested that these interim financial statements be read in conjunction with the Company’s July 31, 2021 annual financial statements. Operating results for the six months ended July 31, 2020 are not necessarily indicative of the results that can be expected for the year ended July 31, 2022.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
ACCOUNTING POLICIES	Note 4 ACCOUNTING POLICIES The financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America, the more significant of which are as follows: Critical Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. The Company accounts for income taxes under FASB ASC Topic 740, Income Taxes (“ASC Topic 740”). Under ASC Topic 740, 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. Comprehensive Income (Loss) The Company adopted FASB Codification topic (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting stockholder’s equity that are excluded from net income, such as unrealized gains and losses on investments available for sale, foreign currency translation gains and losses and minimum pension liability. Since inception, the Company has not had any comprehensive income / loss. Net Income (Loss) per Common Share FASB Codification topic (“ASC”) 260, Earnings per share, requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. Accordingly, although the diluted weighted average number of common stock outstanding is disclosed on the statements of operation, the calculated net loss per share is the same for bother basic and diluted as both are based on the basic weighted average of common stock outstanding. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share. Financial Instruments Financial instruments consist of accounts payable and accrued liabilities. As of the financial statement date, the Company does not hold any derivate financial instruments. Financial assets and liabilities are measured upon first recognition and reviewed at the financial statement date. Changes in fair value are recognized through profit and loss. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Fair Value Measurements The Company follows FASB Codification topic (ASC”) 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company has adopted (ASC”) 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities, and Level 3 assets and liabilities involve greater judgment than Level 1 and Level 2 assets or liabilities. Segment Reporting FASB ASC 820, “Segments Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company currently operates in one principal business segment. Related Parties The Company adopted FASB ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.

COMMON and PREFERRED STOCK

COMMON and PREFERRED STOCK	6 Months Ended
	Jan. 31, 2022
Equity [Abstract]
COMMON and PREFERRED STOCK	Note 5 COMMON and PREFERRED STOCK The Company has authorized capital of 100,000,000 10,000,000 There were no warrants or options outstanding as of January 31, 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jan. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 6 SUBSEQUENT EVENTS None.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jan. 31, 2022
Accounting Policies [Abstract]
Critical Accounting Policies and Estimates	Critical Accounting Policies and Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application. The Company accounts for income taxes under FASB ASC Topic 740, Income Taxes (“ASC Topic 740”). Under ASC Topic 740, 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.
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company adopted FASB Codification topic (“ASC”) 220, Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting stockholder’s equity that are excluded from net income, such as unrealized gains and losses on investments available for sale, foreign currency translation gains and losses and minimum pension liability. Since inception, the Company has not had any comprehensive income / loss.
Net Income (Loss) per Common Share	Net Income (Loss) per Common Share FASB Codification topic (“ASC”) 260, Earnings per share, requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per share on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. Accordingly, although the diluted weighted average number of common stock outstanding is disclosed on the statements of operation, the calculated net loss per share is the same for bother basic and diluted as both are based on the basic weighted average of common stock outstanding. There were no adjustments required to net income for the period presented in the computation of diluted earnings per share.
Financial Instruments	Financial Instruments Financial instruments consist of accounts payable and accrued liabilities. As of the financial statement date, the Company does not hold any derivate financial instruments. Financial assets and liabilities are measured upon first recognition and reviewed at the financial statement date. Changes in fair value are recognized through profit and loss. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Fair Value Measurements	Fair Value Measurements The Company follows FASB Codification topic (ASC”) 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company has adopted (ASC”) 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. An asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Availability of observable inputs can vary and is affected by a variety of factors. The Company uses judgment in determining fair value of assets and liabilities, and Level 3 assets and liabilities involve greater judgment than Level 1 and Level 2 assets or liabilities.
Segment Reporting	Segment Reporting FASB ASC 820, “Segments Reporting,” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company currently operates in one principal business segment.
Related Parties	Related Parties The Company adopted FASB ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position, or cash flow.

COMMON and PREFERRED STOCK (Det

COMMON and PREFERRED STOCK (Details Narrative) - shares	Jan. 31, 2022	Jul. 31, 2021
Equity [Abstract]
Common Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Authorized	10,000,000	10,000,000