Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | First America Resources Corp | |
Entity Central Index Key | 0001525306 | |
Document Type | 10-K | |
Amendment Flag | false | |
Entity Voluntary Filers | No | |
Current Fiscal Year End Date | --06-30 | |
Entity Well Known Seasoned Issuer | No | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Jun. 30, 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 | |
Entity Common Stock Shares Outstanding | 7,964,090 | |
Entity Public Float | $ 94,650 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 966 | $ 2,394 |
Total Current Assets | 966 | 2,394 |
TOTAL ASSETS | 966 | 2,394 |
Current liabilities: | ||
Accounts payable | 850 | 200 |
Loan from officers | 161,933 | 146,933 |
Total Current Liabilities | 162,783 | 147,133 |
Total Liabilities | 162,783 | 147,133 |
Stockholders' Deficit: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 7,964,090 shares issued and outstanding | 7,964 | 7,964 |
Additional paid-in capital | 190,860 | 190,860 |
Accumulated deficit | (360,641) | (343,563) |
Total stockholders' deficit | (161,817) | (144,739) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 966 | $ 2,394 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 | May 10, 2010 |
Stockholders' Deficit | |||
Common stock, shares par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 7,964,090 | 7,964,090 | |
Common stock, shares outstanding | 7,964,090 | 7,964,090 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
STATEMENT OF OPERATIONS | ||
Revenues | ||
Cost of Goods Sold | ||
Gross Profit | ||
Operating Expenses: | ||
Selling, general and administrative expenses | 17,078 | 19,109 |
Total Operating Expenses | 17,078 | 19,109 |
Operating Loss | (17,078) | (19,109) |
Other income | ||
Investment income | ||
Total Other Income | ||
Loss before income taxes | (17,078) | (19,109) |
Income tax expense | ||
Net Loss | $ (17,078) | $ (19,109) |
Net Loss per Common Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 7,964,090 | 7,964,090 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Total | Common Stock Shares | Additional Paid-in Capital | Accumulated Deficit |
Beginning Balance, Shares at Jun. 30, 2017 | 7,964,090 | |||
Beginning Balance, Amount at Jun. 30, 2017 | $ (125,630) | $ 7,964 | $ 190,860 | $ (324,454) |
Net Loss | (19,109) | (19,109) | ||
Ending Balance, Shares at Jun. 30, 2018 | 7,964,090 | |||
Ending Balance, Amount at Jun. 30, 2018 | (144,739) | $ 7,964 | 190,860 | (343,563) |
Net Loss | (17,078) | (17,078) | ||
Ending Balance, Shares at Jun. 30, 2019 | 7,964,090 | |||
Ending Balance, Amount at Jun. 30, 2019 | $ (161,817) | $ 7,964 | $ 190,860 | $ (360,641) |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net loss | $ (17,078) | $ (19,109) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts payable | 650 | (5,425) |
Net cash used in operating activities | (16,428) | (24,534) |
Investing Activities: | ||
Net cash used in investing activities | ||
Financing Activities: | ||
Loans from shareholders | 15,000 | 20,000 |
Net cash provided by financing activities | 15,000 | 20,000 |
Net (decrease) in cash and cash equivalents | (1,428) | (4,534) |
Cash and cash equivalents, beginning of year | 2,394 | 6,928 |
Cash and cash equivalents, end of year | 966 | 2,394 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for: Interest | ||
Cash paid for: Taxes |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 12 Months Ended |
Jun. 30, 2019 | |
BUSINESS DESCRIPTION | |
NOTE A - BUSINESS DESCRIPTION | First America Resources Corporation (the “Company”) formerly known as Golden Oasis New Energy Group, Inc., was incorporated under the laws of Nevada on May 10, 2010 with registered address at 1955 Baring Blvd., Sparks, NV 89434. First America Resources Corporation has its mailing address at 1000 E. Armstrong Street, Morris IL 60450. The Company was previously engaged in selling the lithium-ion batteries and related power supplies that mainly are used in mobile and consumer electronics products, such as readers, DVD players, digital cameras and digital video recorders, communications products, electric-power bikes and mopeds, miner's lamps, electric-power tools, electric-power sources for instruments and meters and other similar electrical equipment that can run on batteries. On February 6, 2013, pursuant to an Agreement between Mr. Keming Li, former CEO/President and Director of Golden Oasis New Energy Group, Inc., a Nevada corporation (the “Issuer”), Ms. Guoling Jin, former Treasury and Director of Golden Oasis New Energy Group, Inc., and Ms. Madison Li (the stockholder), of Golden Oasis New Energy Group, Inc., and Mr. Jian Li (the “Purchaser”), Mr. Jian Li became the principal stockholder and Chief Executive Officer and Tzongshyan George Sheu the former Vice President, Secretary, and Director of the Company. Going Concern and Plan of Operation The Company's financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has not earned any profit from operations to date. These conditions raise substantial doubt about its ability to continue as a going concern for one year from the issuance of these financial statements. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Development Stage Company The Company was considered to be in the development stage as defined FASB ASC Topic 915, “Development Stage Entities”. The Company has devoted substantially all of its efforts to the corporate formation, the raising of capital and attempting to raise sales. In June 2014, the FASB amended ASC 915 to eliminate the definition of a development stage entity and eliminate the related presentation and disclosure requirements. With the implementation of this amendment, the Company no longer presents the development stage disclosures. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
NOTE B - SIGNIFICANT ACCOUNTING POLICIES | Basis of Accounting The financial statements reflect the assets, revenues and expenditures of the Company on the accrual basis of accounting. The Company’s fiscal year end is June 30. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures. Accordingly, actual results could differ from those estimates. Reclassifications Certain comparable figures have been reclassified to conform to the current year’s presentation. Cash and Cash Equivalents The Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of June 30, 2019 and 2018, there was $ 966 and $ 2,394 in cash and cash equivalents, respectively. Stock-Based Compensation The Company accounts for stock issued for services using the fair value method. In accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, the measurement date of shares issued for services is the date at which the counterparty’s performance is complete. Basic and Diluted Net Loss per Common Share The Company computes per share amounts in accordance with FASB ASC Topic 260, “Earnings per Share”. ASC 260 requires presentation of basic and diluted EPS. Basic EPS is computed by dividing the net income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods. As of June 30, 2019 and 2018, the Company only issued one type of shares, i.e., common shares. There are no other types of securities issued. Accordingly, the diluted and basic net loss per common share is the same. Revenue Recognition In accordance with the FASB Accounting Standards Codification (ASC) 605-15-25 “Revenue Recognition for Sales of Product”, the Company recognizes revenue when it is realized or realizable and earned. The revenue from the product sales transaction shall be recognized at time of sale if the following conditions are met: · The seller's price to the buyer is substantially fixed or determinable at the date of sale. · The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product. · The buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product. · The buyer acquiring the product for resale has economic substance apart from that provided by the seller. · The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer. · The amount of future returns can be reasonably estimated. Revenues are recognized from product sales upon shipment, which is the point in time when risk of loss is transferred to the customer, net of estimated returns and allowances. The Company had zero revenue for the fiscal year ended at June 30, 2019 and 2018. Cost of Goods Sold Cost of Goods Sold included the purchase cost of the product sold, freight and shipping expense, custom fees, and merchant account fees. For the year ended June 30, 2019 and 2018, there was no Cost of Goods Sold recorded. Operating Expenses Operating expenses consist of selling, general and administrative expenses, mainly accounting and auditing fees, legal fees, SEC filing fees, and other professional fees. For the year ended June 30, 2019 and 2018, the Company incurred $ 17,078 and $ 19,109 operating expenses, respectively. Operating Leases After February 6, 2013, the Company moved to the new address located at 1000 E. Armstrong St., Morris, IL 60450. There was no lease signed between the Company and the property owner, Jian Li, who is also the majority shareholder of the Company. Income Tax Income taxes are provided for tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. The differences in asset and liability basis relate primarily to organization and start-up costs (use of different methods and periods to calculate deduction). Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes. The deferred tax assets and/or liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The components of the deferred tax asset and liability are classified as current and concurrent based on their characteristics. Valuation allowances are provided for deferred tax assets based on management’s projection of the sufficiency of future taxable income to realize the assets. The Company policy is to recognize interest related to unrecognized tax benefits as income tax expense. Recent Accounting Pronouncements In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in the ASU must be applied using one of two retrospective methods and were originally set to be effective for annual and interim periods beginning after December 15, 2016. On July 9, 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company has adopted this ASU effective July 1, 2018 using the modified retrospective approach and this standard did not have a material impact on the Company's financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”). This guidance requires an entity to recognize lease liabilities and a right-of-use asset for all leases on the balance sheet and to disclose key information about the entity’s leasing arrangements. ASU 2016-02 must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with earlier adoption permitted. The Company will adopt this ASU effective July 1, 2019 using the modified retrospective approach. The Company does not expect the adoption of this ASU to have a material impact on the Company's financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
NOTE C - RELATED PARTY TRANSACTIONS | Common Shares Issued to Executive and Non-Executive Officers and Directors As of June 30, 2019 total 6,388,010 shares were issued to officers and directors. Please see the table below for details: Name Title Share QTY Date % of Common Share Jian Li CEO & President 6,388,010 2/6/2013 & 11/27/2013 80.21 % ________ *The percentage of common shares was based on the total outstanding shares of 7,964,090 as of June 30, 2019. Loans to Officer/Director From the period of April 1, 2012 to February 28, 2013, the former company officer, Keming Li, loaned $ 25,787 to First America Resources Corporation (formerly known as Golden Oasis New Energy Group, Inc.) without interest and without written agreement. The payment term is on demand. On February 6, 2013, Mr. Keming Li sold his shares to Mr. Jian Li, and Mr. Jian Li became the loan holder for all the prior loans advanced by the former officer, Mr. Keming Li. As of March 31, 2013, the total loans from shareholder or officer was $25,787. For the period of April 1, 2013 to June 30, 2016, the officer and director Jian Li additionally loaned $ 72,300 to the Company for continually operating of the business. For the period of July 1, 2016 to June 30, 2017, the officer and director Jian Li additionally loaned $ 28,846 to the Company for continually operating of the business. For the period of July 1, 2017 to June 30, 2018, the officer and director Jian Li additionally loaned $ 20,000 to the Company for continually operating of the business. For the period of July 1, 2018 to June 30, 2019, the officer and director Jian Li additionally loaned $15,000 to the Company for continually operating of the business. As of June 30, 2019, the total loan outstanding from officer and director Jian Li is $ 161,933. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2019 | |
SHAREHOLDERS' EQUITY | |
NOTE D - SHAREHOLDERS' EQUITY | Common Stock Under the Company’s Articles of Incorporation dated May 10, 2010, the Company is authorized to issue 500,000,000 shares of capital stock with a par value of $0.001. On May 10, 2010, the Company was incorporated in the State of Nevada. As of June 30, 2019, a total of 7,964,090 shares were issued and outstanding. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2019 | |
GOING CONCERN | |
NOTE E - GOING CONCERN | The Company’s activities consist solely of corporate formation, raising capital and attempting to sell products to generate revenues. There is no guarantee that the Company will be able to raise enough capital or generate revenues to sustain its operations and carry out its business plan. These conditions raise substantial doubt about the Company’s ability to continue as a going concern for one year from the issue date of these financial statements. The financial statements do not include any adjustments relating to the carrying amounts of recorded assets or the carrying amounts and classification of recorded liabilities that may be required should the Company be unable to continue as a going concern. As of June 30, 2019, the Company had no revenues, a working capital deficiency of $161,817 and an accumulated deficit of $360,641. The Company’s lack of operating history and financial resources raise substantial doubt about its ability to continue as a going concern. Management’s plans are to acquire First America Metal Corporation, a company owned primarily by Mr. Jian Li, or another operating company. The financial statements do not include adjustments that might result from the outcome of this uncertainty and if the Company is unable to generate significant revenue or secure financing, then the Company may be required to cease or curtail its operations. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES | |
NOTE F - INCOME TAXES | The Company has a net operating loss carried forward of $326,641 available to offset taxable income in future years which commence expiring in fiscal 2031. The income tax benefit has been computed by applying the weighted average income tax rates of the United States (federal and state rates) of 21% to the net loss before income taxes calculated for each jurisdiction for the years ended June 30, 2019 and 2018, respectively. The tax effect of the significant temporary differences, which comprise future tax assets and liabilities, are as follows: 2019 2018 Income tax recovery at statutory rate $ 3,586 $ 4,013 Valuation allowance change $ (3,586 ) $ (4,013 ) Provision for income taxes $ - $ - The significant components of deferred income tax assets and liabilities at June 30, 2019 and 2018, respectively, are as follows: Net operating loss carried forward $ 68,594 $ 65,008 Valuation allowance $ (68,594 ) $ (65,008 ) Net deferred income tax asset $ - $ - |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Basis of accounting | The financial statements reflect the assets, revenues and expenditures of the Company on the accrual basis of accounting. The Company’s fiscal year end is June 30. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect certain amounts reported in the financial statements and disclosures. Accordingly, actual results could differ from those estimates. |
Reclassifications | Certain comparable figures have been reclassified to conform to the current year’s presentation. |
Cash and Cash Equivalents | The Company considers all highly-liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of June 30, 2019 and 2018, there was $ 966 and $ 2,394 in cash and cash equivalents, respectively. |
Stock-Based Compensation | The Company accounts for stock issued for services using the fair value method. In accordance with FASB ASC Topic 718, “Compensation – Stock Compensation”, the measurement date of shares issued for services is the date at which the counterparty’s performance is complete. |
Basic and Diluted Net Loss per Common Share | The Company computes per share amounts in accordance with FASB ASC Topic 260, “Earnings per Share”. ASC 260 requires presentation of basic and diluted EPS. Basic EPS is computed by dividing the net income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods. As of June 30, 2019 and 2018, the Company only issued one type of shares, i.e., common shares. There are no other types of securities issued. Accordingly, the diluted and basic net loss per common share is the same. |
Revenue Recognition | In accordance with the FASB Accounting Standards Codification (ASC) 605-15-25 “Revenue Recognition for Sales of Product”, the Company recognizes revenue when it is realized or realizable and earned. The revenue from the product sales transaction shall be recognized at time of sale if the following conditions are met: · The seller's price to the buyer is substantially fixed or determinable at the date of sale. · The buyer has paid the seller, or the buyer is obligated to pay the seller and the obligation is not contingent on resale of the product. · The buyer's obligation to the seller would not be changed in the event of theft or physical destruction or damage of the product. · The buyer acquiring the product for resale has economic substance apart from that provided by the seller. · The seller does not have significant obligations for future performance to directly bring about resale of the product by the buyer. · The amount of future returns can be reasonably estimated. Revenues are recognized from product sales upon shipment, which is the point in time when risk of loss is transferred to the customer, net of estimated returns and allowances. The Company had zero revenue for the fiscal year ended at June 30, 2019 and 2018. |
Cost of Goods Sold | Cost of Goods Sold included the purchase cost of the product sold, freight and shipping expense, custom fees, and merchant account fees. For the year ended June 30, 2019 and 2018, there was no Cost of Goods Sold recorded. |
Operating Expense | Operating expenses consist of selling, general and administrative expenses, mainly accounting and auditing fees, legal fees, SEC filing fees, and other professional fees. For the year ended June 30, 2019 and 2018, the Company incurred $ 17,078 and $ 19,109 operating expenses, respectively. |
Operating Leases | After February 6, 2013, the Company moved to the new address located at 1000 E. Armstrong St., Morris, IL 60450. There was no lease signed between the Company and the property owner, Jian Li, who is also the majority shareholder of the Company. |
Income Tax | Income taxes are provided for tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes. Deferred taxes are recognized for differences between the basis of assets and liabilities for financial statement and income tax purposes. The differences in asset and liability basis relate primarily to organization and start-up costs (use of different methods and periods to calculate deduction). Deferred taxes are also recognized for operating losses and tax credits that are available to offset future income taxes. The deferred tax assets and/or liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. The components of the deferred tax asset and liability are classified as current and concurrent based on their characteristics. Valuation allowances are provided for deferred tax assets based on management’s projection of the sufficiency of future taxable income to realize the assets. The Company policy is to recognize interest related to unrecognized tax benefits as income tax expense. |
Recent Accounting Pronouncements | In May 2014, FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), which supersedes the revenue recognition requirements in ASC Topic 605, “Revenue Recognition,” and most industry-specific guidance. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. The amendments in the ASU must be applied using one of two retrospective methods and were originally set to be effective for annual and interim periods beginning after December 15, 2016. On July 9, 2015, the FASB modified ASU 2014-09 to be effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company has adopted this ASU effective July 1, 2018 using the modified retrospective approach and this standard did not have a material impact on the Company's financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases” (“ASU 2016-02”). This guidance requires an entity to recognize lease liabilities and a right-of-use asset for all leases on the balance sheet and to disclose key information about the entity’s leasing arrangements. ASU 2016-02 must be adopted using a modified retrospective approach for all leases existing at, or entered into after the date of initial adoption, with an option to elect to use certain transition relief. ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with earlier adoption permitted. The Company will adopt this ASU effective July 1, 2019 using the modified retrospective approach. The Company does not expect the adoption of this ASU to have a material impact on the Company's financial statements. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
RELATED PARTY TRANSACTIONS | |
Common Shares Issued to Executive and Non-Executive Officers and Directors | Name Title Share QTY Date % of Common Share Jian Li CEO & President 6,388,010 2/6/2013 & 11/27/2013 80.21 % |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES | |
Schedule of components of deferred income tax assets and liabilities | Net operating loss carried forward $ 68,594 $ 65,008 Valuation allowance $ (68,594 ) $ (65,008 ) Net deferred income tax asset $ - $ - |
Schedule of future tax assets and liabilities | 2019 2018 Income tax recovery at statutory rate $ 3,586 $ 4,013 Valuation allowance change $ (3,586 ) $ (4,013 ) Provision for income taxes $ - $ - |
BUSINESS DESCRIPTION (Details N
BUSINESS DESCRIPTION (Details Narrative) | 12 Months Ended |
Jun. 30, 2019 | |
BUSINESS DESCRIPTION (Details Narrative) | |
State of incorporation | Nevada |
Date of incorporation | May 10, 2010 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | |||
Cash and cash equivalents | $ 966 | $ 2,394 | $ 6,928 |
Revenues | |||
Cost of goods sold | |||
Total Operating Expenses | $ 17,078 | $ 19,109 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Share QTY | 7,964,090 | 7,964,090 |
Jian Li [Member] | ||
Share QTY | 6,388,010 | |
Name | Jian Li | |
Title | CEO & President | |
Date | 2/6/2013 & 11/27/2013 | |
% of Common Share | 80.21% |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 11 Months Ended | 12 Months Ended | 39 Months Ended | |||
Feb. 28, 2013 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2013 | |
Common stock, outstanding | 7,964,090 | 7,964,090 | ||||
Total outstanding loan | $ 161,933 | $ 146,933 | ||||
Common stock, issued | 7,964,090 | 7,964,090 | ||||
Jian Li [Member] | ||||||
Common stock, issued | 6,388,010 | |||||
Loan from officer and shareholder | $ 15,000 | $ 20,000 | $ 28,846 | $ 72,300 | ||
Officers And Directors [Member] | ||||||
Common stock, issued | 6,388,010 | |||||
Keming Li [Member] | ||||||
Total outstanding loan | $ 25,787 | |||||
Loan from officer and shareholder | $ 25,787 |
SHAREHOLDERS' EQUITY (Details N
SHAREHOLDERS' EQUITY (Details Narrative) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | May 10, 2010 | |
SHAREHOLDERS' EQUITY (Details Narrative) | |||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, authorized | 500,000,000 | 500,000,000 | 500,000,000 |
State of incorporation | Nevada | ||
Date of incorporation | May 10, 2010 | ||
Common stock, issued | 7,964,090 | 7,964,090 | |
Common stock, outstanding | 7,964,090 | 7,964,090 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
GOING CONCERN (Details Narrative) | ||
Working capital deficit | $ (161,817) | |
Accumulated deficit | $ (360,641) | $ (343,563) |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
INCOME TAXES (Details) | ||
Income tax recovery at statutory rate | $ 3,586 | $ 4,013 |
Valuation allowance change | (3,586) | (4,013) |
Provision for income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
INCOME TAXES (Details 1) | ||
Net operating loss carried forward | $ 68,594 | $ 65,008 |
Valuation allowance | (68,594) | (65,008) |
Net deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
INCOME TAXES (Details Narrative) | |
Net operating loss carry forwards | $ 326,641 |
Operating loss carry forward expiration date description | commence expiring in fiscal 2031. |