Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Sep. 25, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Global Seed Corp | |
Entity Central Index Key | 1,524,829 | |
Document Type | 10-K | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 5,000,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,017 | |
Entity Public Float | $ 0 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2017 | Jun. 30, 2016 |
Current Assets: | ||
Cash and Cash Equivalent | $ 243 | $ 2,461 |
Total Assets | 243 | 2,461 |
Current Liabilities: | ||
Due to Related Party | 16,200 | 7,100 |
Total Current Liabilities | 16,200 | 7,100 |
STOCKHOLDERS' EQUITY | ||
Common Stock 8,999,886,999 shares authorized: $0.0001 par value; 5,000,000 shares issued and Outstanding as of June 30, 2017 and 2016 | 500 | 500 |
Additional Paid-in Capital | 50,980 | 49,500 |
Accumulated Deficit | (67,437) | (54,639) |
Total stockholder's (Deficit) Equity | (15,957) | (4,639) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 243 | $ 2,461 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Jun. 30, 2016 |
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, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||
Revenue: | $ 3,500 | |
OPERATING EXPENSE: | ||
General and Administrative Expenses | 11,318 | 9,718 |
Total Expenses | 11,318 | 9,718 |
Loss from Operations: | (11,318) | (6,218) |
Interest Expense | 1,480 | |
Net Loss | $ (12,798) | $ (6,218) |
LOSS PER COMMON SHARES-BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING | 5,000,000 | 5,000,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES: | ||
Net Loss | $ (12,798) | $ (6,218) |
Adjustments to reconcile net loss to net cash used by operating Activities: | ||
Imputed Interest | 1,480 | |
Change in operating assets and liabilities: | ||
Increase in due to related party | 9,100 | 7,100 |
NET CASH PROVIDED BY FINANCING ACTIVITIES: | ||
Net Increase ( Decrease) of Cash: | (2,218) | 882 |
Cash at Beginning of Year: | 2,461 | |
Cash at End of Year: | 243 | 2,461 |
Supplemental Cash Flow Disclosure: | ||
Interest Paid | ||
Taxes paid |
Shareholders Equity
Shareholders Equity - USD ($) | Common Stock | Additional paid in Capital | Accumulated Deficit | Total |
Beginning Balance Shares at Jun. 30, 2015 | 5,000,000 | |||
Beginning Balance Amounts at Jun. 30, 2015 | $ 500 | $ 49,500 | $ (48,421) | $ 1,579 |
Net Loss Amounts | (6,218) | (6,218) | ||
Ending Balance Shares at Jun. 30, 2016 | 5,000,000 | |||
Ending Balance Amounts at Jun. 30, 2016 | $ 500 | 49,500 | (54,639) | (4,639) |
Imputed Interest | 1,480 | |||
Net Loss Amounts | (12,798) | (12,798) | ||
Ending Balance Shares at Jun. 30, 2017 | 5,000,000 | |||
Ending Balance Amounts at Jun. 30, 2017 | $ 500 | $ 50,980 | $ (67,437) | $ (15,957) |
BUSINESS AND CONTINUED OPERATIO
BUSINESS AND CONTINUED OPERATIONS | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
BUSINESS AND CONTINUED OPERATIONS | NOTE 1 BUSINESS AND CONTINUED OPERATIONS ORGANIZATION Global Seed Corporation was incorporated on July 13, 2010 in the State of Texas. The initial operations have included organization and incorporation, target market identification, new business development, marketing plans, fund raising, and capital formation. A substantial portion of the Companys activities has involved developing a business plan and establishing contacts and visibility in the Asian communities in Houston, Texas. The Company is 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, 2017 | |
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 Companys 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. REVENUE RECOGNITION The Company recognizes revenue from the sale of advertising services in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 104 (SAB 104), Revenue Recognition in Financial Statements 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, 2017 and 2016, the Company had no potentially dilutive securities. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
GOING CONCERN | NOTE 3-GOING CONCERN The Companys 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 operating loss of $67,437 as of June 30, 2017. The Company had a positive cash of $243 for cash and cash equivalent assets for the fiscal year ended June 30, 2017. Managements plans to continue as a going concern include raising additional capital through sales of common stock. 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 in the preceding paragraph 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, 2017 | |
Notes to Financial Statements | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 4 -RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures |
DEFERED INCOME TAX
DEFERED INCOME TAX | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [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, 2017 and 2016 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, 2017 and 2016 were as follows Year Ended June 30 2017 2016 Income tax benefit at U.S. statutory rate of 35% $ 23,602 $ 18,577 Total provision for income tax (23,602) (18,577) $ - $ - The Companys approximate net deferred tax asset as of June 30, 2017 and 2016 was as follows: Deferred Tax Asset: June 30, 2017 June 30, 2016 Net operating loss carryforward $ 67,437 $ 54,639 Valuation allowance (67,437) (54,639) Net deferred tax asset $ - $ - The net operating loss carryforward was $67,437 at June 30, 2017. The Company provided a valuation allowance equal to the deferred income tax asset for the year ended June 30, 2017 and 2016 because it was not known whether future taxable income will be sufficient to utilize the loss carryforward. The increase in the allowance was $18,577 in 2016. The potential tax benefit arising from the loss carryforward will expire in 2036 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 35%, applied to our Net Operating Loss of $67,437 provided a deferred tax credit of $23,602, which will begin to expire in 2031 unless utilized first. An allowance of $23,602 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, 2017 | |
Notes to Financial Statements | |
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, 2017 | |
Notes to Financial Statements | |
RELATED PARTY TRANSACTIONS | NOTE 7 RELATED PARTY TRANSACTIONS There was $16,200 loan payable related party transactions for the year ended June 30, 2017. This amount is due and payable on demand to the former Chief Executive Officer. The Company imputed interest of $1,480 for the year ended June 30, 2017. |
LITIGATION
LITIGATION | 12 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
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. |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
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 Companys 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 & 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. |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company recognizes revenue from the sale of advertising services in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 104 (SAB 104), Revenue Recognition in Financial Statements |
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, 2017 and 2016, the Company had no potentially dilutive securities. |
DEFERED INCOME TAX (Tables)
DEFERED INCOME TAX (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Net deferred tax asset | Year Ended June 30 2017 2016 Income tax benefit at U.S. statutory rate of 35% $ 23,602 $ 18,577 Total provision for income tax (23,602) (18,577) $ - $ - |
Net deferred tax asset two | The Companys approximate net deferred tax asset as of June 30, 2017 and 2016 was as follows: Deferred Tax Asset: June 30, 2017 June 30, 2016 Net operating loss carryforward $ 67,437 $ 54,639 Valuation allowance (67,437) (54,639) Net deferred tax asset $ - $ - |
DEFERED INCOME TAX (Details)
DEFERED INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Income tax benefit at U.S. statutory rate of 35% | $ 23,602 | $ 18,577 |
Total provision for income tax | (23,602) | (18,577) |
Income Loss From Continuing Operations |
DEFERED INCOME TAX (Details 1)
DEFERED INCOME TAX (Details 1) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ 67,437 | $ 54,639 |
Valuation allowance | (67,437) | (54,639) |
Net deferred tax asset |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Notes to Financial Statements | |
Accumulated loss | $ 67,437 |
Cash and cash equivalent assets | $ 243 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narative) | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Notes to Financial Statements | |
Related Party Transactions | $ 14,600 |