Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Oct. 10, 2019 | Dec. 31, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Global Seed Corp | ||
Entity Central Index Key | 0001524829 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Ex Transition Period | false | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Incorporation State Country Code | TX | ||
Entity File Number | 000-55199 | ||
Entity Public Float | $ 1,143,000 | ||
Entity Common Stock, Shares Outstanding | 5,000,000 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets: | ||
Cash and Cash Equivalent | $ 132 | |
Prepaid expenses | 10,094 | |
TOTAL ASSETS | 10,094 | 132 |
Current Liabilities: | ||
Accrual | 15,500 | |
Due to related party | 42,124 | |
TOTAL LIABILITIES | 57,624 | |
STOCKHOLDERS' DEFICIT | ||
Preferred Stock 9,989,886,988, par Value $0.0001; -0- issued and outstanding | ||
Common Stock 8,999,886,999 shares authorized: $0.0001 par value; 5,000,000 shares issued and Outstanding as of June 30, 2019 and 2018 | 500 | 500 |
Additional Paid-in Capital | 80,095 | 80,001 |
Accumulated Deficit | (128,125) | (80,369) |
Total stockholders' Equity | (47,530) | 132 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 10,094 | $ 132 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, shares authorized | 9,989,886,988 | 9,989,886,988 |
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, shares authorized | 8,999,886,999 | 8,999,886,999 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares issued | 5,000,000 | 5,000,000 |
Common Stock, shares outstanding | 5,000,000 | 5,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING EXPENSES: | ||
General and Administrative Expenses | $ 47,662 | $ 10,611 |
Total Operating Expenses | 47,662 | 10,611 |
Loss from Operations | (47,662) | (10,611) |
Imputed Interest | 94 | 2,321 |
Net Loss | $ (47,756) | $ (12,932) |
Loss per Common Shares -Basic and Diluted | $ 0 | $ 0 |
Weight Average Number of Shares outstanding-Basic and Diluted | 5,000,000 | 5,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
OPERATING ACTIVITIES: | ||
Net Loss | $ (47,756) | $ (12,932) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Imputed Interest | 94 | 2,321 |
Change in operating assets and liabilities: | ||
Prepaid expenses | (10,094) | |
Accrual | 15,500 | |
Forgiveness of Due to Related Party | 26,700 | |
Due to Related Party | 42,124 | (16,200) |
Cash used in operating activities | (132) | (111) |
Net decrease in cash | (132) | (111) |
Cash at Beginning of Year: | 132 | 243 |
Cash at End of Year: | 132 | |
Supplemental Cash Flow Disclosure: | ||
Interest Paid | ||
Taxes paid |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2017 | $ 500 | $ 50,980 | $ (67,437) | $ (15,957) |
Balance,shares at Jun. 30, 2017 | 5,000,000 | |||
Forgiveness of debt Due to Related Party | 26,700 | 26,700 | ||
Imputed Interest | 2,321 | 2,321 | ||
Net Loss | (12,932) | (12,932) | ||
Balance at Jun. 30, 2018 | $ 500 | 80,001 | (80,369) | 132 |
Balance,shares at Jun. 30, 2018 | 5,000,000 | |||
Imputed Interest | 94 | 94 | ||
Net Loss | (47,756) | (47,756) | ||
Balance at Jun. 30, 2019 | $ 500 | $ 80,095 | $ (128,125) | $ (47,530) |
Balance,shares at Jun. 30, 2019 | 5,000,000 |
Business and Continued Operatio
Business and Continued Operations | 12 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BUSINESS AND CONTINUED OPERATIONS | NOTE 1 – BUSINESS AND CONTINUED OPERATIONS ORGANIZATION Global Seed Corporation (the "Company") was incorporated on July 13, 2010 in the State of Texas. The initial operations of the Company included organization and incorporation, target market identification, new business development, marketing plans, fund raising, and capital formation. A substantial portion of the Company's activities had involved developing a business plan and establishing contacts and visibility in the Asian communities in Houston, Texas. Prior to the change in control on June 2, 2018, the Company was a publishing company that publishes a monthly journal called the Global Seed Journal. The fiscal year end of the Company is June 30. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying financial statements for Global Seed Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and in accordance with Regulation S-X promulgated by the Securities and Exchange Commission. USE OF ESTIMATES The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. FAIR VALUE MEASUREMENTS The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, deposits, prepaid expenses, notes payable, and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The Company has no other financial instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: * level l - quoted prices in active markets for identical assets or liabilities * level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable * level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) INCOME TAXES The Company utilizes FASB ASC 740, "Income Taxes," which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when in the opinion of management, it is "more likely-than-not" that a deferred tax asset will not be realized. BASIC AND DILUTED NET LOSS PER SHARE Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. As of June 30, 2019 and 2018, the Company had no potentially dilutive securities. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3 – GOING CONCERN The Company's financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation as of liabilities in the normal course of business. The Company has accumulated deficit of $128,125 as of June 30, 2019. Management's plans to continue as a going concern include raising additional capital through sales of common stock and consummate the Reverse Merger as defined under Note 9 herein. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described above and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | NOTE 4 – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May, 2016, the Financial Accounting Standards Board (the "FASB") issued ASU No.2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which is not yet effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. August 2014, the FASB issued ASU 2014-15, "Presentation of Financial Statements – Going Concern (Topic 205-40)", which requires management to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern for each annual and interim reporting period. If substantial doubt exists, additional disclosure is required. This new standard is effective for the Company for annual and interim periods beginning after December 15, 2016. |
Defered Income Tax
Defered Income Tax | 12 Months Ended |
Jun. 30, 2019 | |
Defered Income Tax [Abstract] | |
DEFERED INCOME TAX | NOTE 5 – DEFERED INCOME TAX The Company maintains deferred tax assets and liabilities that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The deferred tax assets at June 30, 2019 and 2018 consist of net operating loss carryforwards. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of the attainment of future taxable income. The items accounting for the difference between income taxes at the effective statutory rate and the provision for income taxes for the year ended June 30, 2019 and 2018 were as follows: Year Ended June 30, Year Ended June 30 Income tax benefit at statutory rate $ 26,399 $ 16,390 Total Provision for income tax $ 26,399 $ 16,390 The Company's approximate net deferred tax asset as of June 30, 2019 and 2018 was as follows: June 30, June 30, Deferred Tax Asset: Net Operating Loss Carryforward $ 125,710 $ 78,048 Valuation Allowance (125,710 ) (78,048 ) Net deferred tax asset $ - $ - The net operating loss carryforward was $125,710 at June 30, 2019. The Company provided a valuation allowance equal to the deferred income tax asset for the years ended June 30, 2019 and 2018 because it was not known whether future taxable income will be sufficient to utilize the loss carryforward. The allowance was $125,710 at June 30, 2019. The potential tax benefit arising from the loss carryforward will expire in 2037. Additionally, the future utilization of the net operating loss carryforward to offset future taxable income may be subject to an annual limitation as a result of ownership changes that could occur in the future. If necessary, the deferred tax assets will be reduced by any carryforward that expires prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. The Company does not have any uncertain tax positions or events leading to uncertainty in a tax position. The Company's income tax rate computed at the statutory federal rate of 21%, applied to our net operating loss carryforward of $125,710 provided a deferred tax asset of $26,399 which will begin to expire in 2037 unless utilized first. An allowance of $26,399 has been established, since it is more likely than not that some or all of the deferred tax credit will not be realized. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company does not have any commitments nor contingencies. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 – RELATED PARTY TRANSACTIONS There was $42,124 in due to related party liability at June 30, 2019. The Company imputed interest of $94 and $2,321 respectfully for the years ended June 30, 2019 and 2018. During the year ended June 30, 2018, $26,700 was forgiven resulting in an increase in additional paid in capital and decrease due to related parties of $26,700. |
Litigation
Litigation | 12 Months Ended |
Jun. 30, 2019 | |
Litigation [Abstract] | |
LITIGATION | NOTE 8 – LITIGATION There were no legal proceedings against the Company with respect to matters arising in the ordinary course of business. Neither the Company nor any of its officers or directors is involved in any other litigation either as plaintiffs or defendants, and have no knowledge of any threatened or pending litigation against them or any of the officers or directors. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS On October 1, 2019, the Company entered into a share exchange agreement with Well Benefit International Limited ("Well Benefit"), a British Virgin Islands company, and all of the shareholders of Well Benefit (the "Shareholders") to acquire all of the issued and outstanding capital stock of Well Benefit in exchange for the issuance to the Shareholders an aggregate of 252,874,025 shares of common stock of the Company (the "Reverse Merger"). The Reverse Merger is expected to be closed by the end of October 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION The accompanying financial statements for Global Seed Corporation have been prepared in accordance with accounting principles generally accepted in the United States of America and in accordance with Regulation S-X promulgated by the Securities and Exchange Commission. |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of the Company's financial statements in conformity with accounting principles generally accepted in the United States 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company adopted the provisions of ASC Topic 820, "Fair Value Measurements and Disclosures", which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, deposits, prepaid expenses, notes payable, and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The Company has no other financial instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: * level l - quoted prices in active markets for identical assets or liabilities * level 2 - quoted prices for similar assets and liabilities in active markets or inputs that are observable * level 3 - inputs that are unobservable (for example cash flow modeling inputs based on assumptions) |
INCOME TAXES | INCOME TAXES The Company utilizes FASB ASC 740, "Income Taxes," which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recorded when in the opinion of management, it is "more likely-than-not" that a deferred tax asset will not be realized. |
BASIC AND DILUTED NET LOSS PER SHARE | BASIC AND DILUTED NET LOSS PER SHARE Net loss per share is calculated in accordance with ASC 260, Earnings Per Share, for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby were used to purchase common stock at the average market price during the period. As of June 30, 2019 and 2018, the Company had no potentially dilutive securities. |
Defered Income Tax (Tables)
Defered Income Tax (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Defered Income Tax [Abstract] | |
Schedule of effective statutory rate and provision for income taxes | Year Ended June 30, Year Ended June 30 Income tax benefit at statutory rate $ 26,399 $ 16,390 Total Provision for income tax $ 26,399 $ 16,390 |
Schedule of net deferred tax asset | June 30, June 30, Deferred Tax Asset: Net Operating Loss Carryforward $ 125,710 $ 78,048 Valuation Allowance (125,710 ) (78,048 ) Net deferred tax asset $ - $ - |
Going Concern (Details)
Going Concern (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Going Concern (Textual) | ||
Accumulated deficit | $ (128,125) | $ (80,369) |
Defered Income Tax (Details)
Defered Income Tax (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at statutory rate | $ 26,399 | $ 16,390 |
Total Provision for income tax | $ 26,399 | $ 16,390 |
Defered Income Tax (Details 1)
Defered Income Tax (Details 1) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred Tax Asset: | ||
Net Operating Loss Carryforward | $ 125,710 | $ 78,048 |
Valuation Allowance | (125,710) | (78,048) |
Net deferred tax asset |
Defered Income Tax (Details Tex
Defered Income Tax (Details Textual) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Defered Income Tax (Textual) | ||
Net operating loss carryforward | $ 125,710 | $ 78,048 |
Expiration date for loss carryforward | Dec. 31, 2037 | |
Net operating loss carryforward allowance | $ 125,710 | |
Income tax rate computed at statutory federal rate | 21.00% | |
Description of income tax rate | The Company's income tax rate computed at the statutory federal rate of 21%, applied to our net operating loss carryforward of $125,710 provided a deferred tax asset of $26,399 which will begin to expire in 2037 unless utilized first. An allowance of $26,399 has been established, since it is more likely than not that some or all of the deferred tax credit will not be realized. |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Related Party Transactions (Textual) | ||
Due to a related party | $ 42,124 | |
Imputed interest | $ 94 | $ 2,321 |
Decrease due to related parties | $ 26,700 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
Oct. 01, 2019shares | |
Subsequent Event [Member] | |
Common stock share issued | 252,874,025 |