Cover
Cover | 9 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Entity Registrant Name | First America Resources Corporation |
Entity Central Index Key | 0001525306 |
Document Type | 10-Q/A |
Amendment Flag | true |
Current Fiscal Year End Date | --06-30 |
Entity Small Business | true |
Entity Shell Company | true |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Mar. 31, 2024 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2024 |
Entity Common Stock Shares Outstanding | 7,964,090 |
Entity File Number | 333-175482 |
Entity Incorporation State Country Code | NV |
Entity Tax Identification Number | 27-2563052 |
Entity Address Address Line 1 | 1000 East Armstrong Street |
Entity Address City Or Town | Morris |
Entity Address State Or Province | IL |
Entity Address Postal Zip Code | 60450 |
City Area Code | 815 |
Local Phone Number | 941-9888 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity Interactive Data Current | Yes |
Amendment Description | First America Resources Corporation (the “Company”) is filing this Quarterly Report on Form 10-Q/A, Amendment No. 1 (the “Quarterly Report on Form 10-Q/A’) to amend its Quarterly Report on Form 10-Q for the third quarter ended March 31, 2024; filed with the United States Securities and Exchange Commission on May 16, 2024 (the “Original Report”). The purpose of this Quarterly Report on Form 10-Q/A is to amend our disclosure on the cover page wherein the Company had erroneously checked the box indicating that it was not a shell when it continued to be a shell company. The Company has also updated the Certifications of the CEO, Exhibits 31.1 and 31.2. The Company has also eliminated references in Item 1, Notes to the Financial Statements, Note 1, and Item 2 related to a certain property in Cedartown, Georgia, that was not acquired and the acquisition of which is no longer contemplated. We have made no attempt in this Quarterly Report on Form 10-Q/A to modify or update the disclosures presently in the Original Report other than as noted in the previous paragraph. Except as noted above, this Quarterly Report on Form 10-Q/A does not reflect events occurring after the filing of the Original Report. Accordingly, this Quarterly Report on Form 10-Q/A should be read in connection with the Original Report, and the company’s other filings with the Securities and Exchange Commission (“SEC”) subsequent to the filing of the Original Report, including any amendments thereto. |
BALANCE SHEET
BALANCE SHEET - USD ($) | Mar. 31, 2024 | Jun. 30, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 43,006 | $ 97,226 |
Prepaid Expense | 25,000 | |
Accounts Receivable | 0 | |
Total Current Assets | 68,006 | 97,226 |
TOTAL ASSETS | 68,006 | 97,226 |
Current liabilities: | ||
Accounts payable | 3,412 | 100 |
Loan from officers | 228,933 | 228,933 |
Total Current Liabilities | 232,345 | 229,033 |
Total Liabilities | 232,345 | 229,033 |
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 | 291,360 | 291,360 |
Accumulated deficit | (463,663) | (431,131) |
Total stockholders' deficit | (164,339) | (131,807) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 68,006 | $ 97,226 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Mar. 31, 2024 | Jun. 30, 2023 |
Stockholders' Deficit | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 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 (UNAUDI
STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
STATEMENT OF OPERATIONS (UNAUDITED) | ||||
Revenues | $ 0 | $ 0 | $ 3,920 | $ 0 |
Cost of Goods Sold | 0 | 0 | 13,369 | 0 |
Gross Profit | 0 | 0 | (9,449) | 0 |
Operating Expenses: | ||||
Selling, general and administrative expenses | 7,400 | 2,822 | 23,083 | 14,068 |
Total Operating Expenses | 7,400 | 2,822 | 23,083 | 14,068 |
Operating Loss | (7,400) | (2,822) | (32,532) | (14,068) |
Other income | ||||
Investment income | 0 | 0 | 0 | 0 |
Total Other Income | 0 | 0 | 0 | 0 |
Loss before income taxes | (7,400) | (2,822) | (32,532) | (14,068) |
Income tax expense | 0 | 0 | 0 | 0 |
Net Loss | $ (7,400) | $ (2,822) | $ (32,532) | $ (14,068) |
Net Loss per Common Share- Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 7,964,090 | 7,964,090 | 7,964,090 | 7,964,090 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) |
Balance, shares at Jun. 30, 2022 | 7,964,090 | |||
Balance, amount at Jun. 30, 2022 | $ (213,186) | $ 7,964 | $ 190,860 | $ (412,010) |
Net Loss | (7,873) | $ 0 | 0 | (7,873) |
Balance, shares at Sep. 30, 2022 | 7,964,090 | |||
Balance, amount at Sep. 30, 2022 | (221,059) | $ 7,964 | 190,860 | (419,883) |
Balance, shares at Jun. 30, 2022 | 7,964,090 | |||
Balance, amount at Jun. 30, 2022 | (213,186) | $ 7,964 | 190,860 | (412,010) |
Net Loss | (14,068) | |||
Balance, shares at Mar. 31, 2023 | 7,964,090 | |||
Balance, amount at Mar. 31, 2023 | (126,754) | $ 7,964 | 291,360 | (426,078) |
Balance, shares at Sep. 30, 2022 | 7,964,090 | |||
Balance, amount at Sep. 30, 2022 | (221,059) | $ 7,964 | 190,860 | (419,883) |
Net Loss | (3,373) | (3,373) | ||
Balance, shares at Dec. 31, 2022 | 7,964,090 | |||
Balance, amount at Dec. 31, 2022 | (224,432) | $ 7,964 | 190,860 | (423,256) |
Net Loss | (2,822) | (2,822) | ||
Add'l Paid in Capital Contrib | 100,500 | 100,500 | ||
Balance, shares at Mar. 31, 2023 | 7,964,090 | |||
Balance, amount at Mar. 31, 2023 | (126,754) | $ 7,964 | 291,360 | (426,078) |
Balance, shares at Jun. 30, 2023 | 7,964,090 | |||
Balance, amount at Jun. 30, 2023 | (131,807) | $ 7,964 | 291,360 | (431,131) |
Net Loss | (13,666) | $ 0 | 0 | (13,666) |
Balance, shares at Sep. 30, 2023 | 7,964,090 | |||
Balance, amount at Sep. 30, 2023 | (145,473) | $ 7,964 | 291,360 | (444,797) |
Balance, shares at Jun. 30, 2023 | 7,964,090 | |||
Balance, amount at Jun. 30, 2023 | (131,807) | $ 7,964 | 291,360 | (431,131) |
Net Loss | (32,532) | |||
Balance, shares at Mar. 31, 2024 | 7,964,090 | |||
Balance, amount at Mar. 31, 2024 | (164,339) | $ 7,964 | 291,360 | (463,663) |
Balance, shares at Sep. 30, 2023 | 7,964,090 | |||
Balance, amount at Sep. 30, 2023 | (145,473) | $ 7,964 | 291,360 | (444,797) |
Net Loss | (11,466) | (11,466) | ||
Balance, shares at Dec. 31, 2023 | 7,964,090 | |||
Balance, amount at Dec. 31, 2023 | (156,939) | $ 7,964 | 291,360 | (456,263) |
Net Loss | (7,400) | (7,400) | ||
Balance, shares at Mar. 31, 2024 | 7,964,090 | |||
Balance, amount at Mar. 31, 2024 | $ (164,339) | $ 7,964 | $ 291,360 | $ (463,663) |
STATEMENT OF CASH FLOWS (UNAUDI
STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net loss | $ (32,532) | $ (14,068) |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts receivable | 0 | |
(Increase) decrease in Prepaid Items | (25,000) | |
Increase (decrease) in accounts payable | 3,312 | 99 |
Net cash used in operating activities | (54,220) | (13,969) |
Investing Activities: | ||
Net cash used in investing activities | 0 | 0 |
Financing Activities: | ||
Additional Paid in Capital | 100,500 | |
Loans from shareholders | 0 | |
Net cash provided by financing activities | 0 | 100,500 |
Net increase (decrease) in cash and cash equivalents | (54,220) | 86,531 |
Cash and cash equivalents, beginning of period | 97,226 | 15,847 |
Cash and cash equivalents, end of period | 43,006 | 102,378 |
Cash paid for: | ||
Interest | 0 | 0 |
Taxes | $ 0 | $ 0 |
BUSINESS DESCRIPTION
BUSINESS DESCRIPTION | 9 Months Ended |
Mar. 31, 2024 | |
BUSINESS DESCRIPTION | |
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. On March 20 th The Company also intends to initially purchase already income producing properties or properties that will produce rent income in a short period of time, meaning less than three months. The income will be produced by the rent that we will be receiving because we will be the owners of the properties. In order to finance future real estate investments, we plan to do additional equity financing, and in addition, we plan to sell some of the properties that we will have acquired at a higher price that we paid in order to buy them using the proceeds in order to buy new properties again at opportunistic prices. Therefore, the profits of our operations will be used in order to acquire new properties. Additionally, we are in negotiations with a battery supplier specializing in golf cart and forklift batteries for the sale and distribution in the US Markets which will result in sales revenues. Investment goals ● Investment portfolio diversification ● Capital appreciation ● A holding period of from four to eight years Strategy and target markets Battery sales and Distribution Current negotiations include licensing for the sale and distribution in the US without regional restrictions for the supplier’s entire product line of batteries. 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. 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. However, on March 20 th |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2024 | |
SIGNIFICANT ACCOUNTING POLICIES | |
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. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2023 and notes thereto contained in our 10-K Annual Report. 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. The extent to which the COVID- 19 may 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. The Company has no Cash Equivalents as of March 31, 2024. 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 income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the periods. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods. As of March 31, 2024, the Company only issued one type of shares, i.e., common shares only. There is no other type of securities issued. Accordingly, the diluted and basic net loss per common share is the same. Revenue Recognition Revenue is recognized in accordance with ASC 606. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. 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 quarter ended March 31, 2024and 2023, there was $0 in Cost of Goods Sold. 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. 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 noncurrent 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 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 adopted this ASU effective July 1, 2019. Adoption of this ASU did not have a material impact on the Company’s financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2024 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | NOTE C - RELATED PARTY TRANSACTIONS Common Shares Issued to Executive and Non-Executive Officers and Directors As of March 31, 2024, a total of 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 March 31,2024. Loans From Officer/Shareholder 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, 2019, the officer and director Jian Li additionally loaned $136,146 to the Company for continually operating of the business. For the period of July 1, 2019 to June 30, 2020, the officer and director Jian Li additionally loaned $22,000 to the Company for continually operating of the business. For the period of July 1, 2020 to June 30, 2021, the officer and director Jian Li additionally loaned $25,000 to the Company for continually operating of the business. For the period of July 1, 2021 to December 31, 2021, the officer and director Jian Li additionally loaned $20,000 to the Company for continually operating of the business. As of March 31, 2024, the total loan outstanding to officer and director Jian Li, and to companies controlled by Jian Li is $228,933. |
SHAREHOLDERS EQUITY
SHAREHOLDERS EQUITY | 9 Months Ended |
Mar. 31, 2024 | |
SHAREHOLDERS EQUITY | |
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 March 31, 2024, there was a total of 7,964,090 shares issued and outstanding. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Mar. 31, 2024 | |
GOING CONCERN | |
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 March 31, 2024, the Company had $0 in revenues, a working capital deficiency of $164,339 and an accumulated deficit of $463,663. And as of June 30, 2023, a working capital deficiency of $131,807, and an accumulated deficit of $431,131. 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 FAMCe (formerly known as 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. However, on March 20 th |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Mar. 31, 2024 | |
INCOME TAXES | |
INCOME TAXES | NOTE F - INCOME TAXES The Company has a net operating loss carried forward of $463,663 available to offset taxable income in future years which commence expiring in fiscal 2032. 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. The tax effect of the significant temporary differences, which comprise future tax assets and liabilities, are as follows: Three Months Ended March 31 2024 2023 Income tax recovery at statutory rate $ 1,554 $ 593 Valuation allowance change $ (1,554 ) $ (593 ) Provision for income taxes $ - $ - The significant components of deferred income tax assets and liabilities at March 31, 2024 and 2023, respectively, are as follows: Net operating loss carried forward $ 97,363 $ 89,312 Valuation allowance $ (97,363 ) $ (89,312 ) Net deferred income tax asset $ - $ - |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2024 | |
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. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2023 and notes thereto contained in our 10-K Annual Report. |
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. The extent to which the COVID- 19 may |
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. The Company has no Cash Equivalents as of March 31, 2024. |
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 income (loss) available to Common Shareholders by the weighted-average number of common shares outstanding for the periods. Diluted EPS is based on the weighted-average number of shares of common stock and common stock equivalents outstanding during the periods. As of March 31, 2024, the Company only issued one type of shares, i.e., common shares only. There is no other type of securities issued. Accordingly, the diluted and basic net loss per common share is the same. |
Revenue Recognition | Revenue is recognized in accordance with ASC 606. The Company performs the following five steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The Company applies the five-step model to arrangements that meet the definition of a contract under Topic 606, including when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company evaluates the goods or services promised within each contract related performance obligation and assesses whether each promised good or service is distinct. The Company recognizes as revenue, the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. |
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 quarter ended March 31, 2024and 2023, there was $0 in Cost of Goods Sold. |
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. |
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 noncurrent 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 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 adopted this ASU effective July 1, 2019. Adoption of this ASU did not have a material impact on the Company’s financial statements. |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended |
Mar. 31, 2024 | |
RELATED PARTY TRANSACTIONS | |
Schedule of 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) | 9 Months Ended |
Mar. 31, 2024 | |
INCOME TAXES | |
Schedule of income tax benefit | Three Months Ended March 31 2024 2023 Income tax recovery at statutory rate $ 1,554 $ 593 Valuation allowance change $ (1,554 ) $ (593 ) Provision for income taxes $ - $ - |
Schedule of components of deferred income tax assets and liabilities | Net operating loss carried forward $ 97,363 $ 89,312 Valuation allowance $ (97,363 ) $ (89,312 ) Net deferred income tax asset $ - $ - |
BUSINESS DESCRIPTION (Details N
BUSINESS DESCRIPTION (Details Narrative) | Mar. 20, 2023 USD ($) |
President, Mr. Jian Li | |
Cash received from related party | $ 100,500 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
SIGNIFICANT ACCOUNTING POLICIES | ||||
Cost of Goods Sold | $ 0 | $ 0 | $ 13,369 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - Officer and director Jian Li [Member] | 9 Months Ended |
Mar. 31, 2024 shares | |
Title | CEO & President |
Share QTY | 6,388,010 |
Date | 2/6/2013 & 11/27/2013 |
% of Common share | 80.21% |
RELATED PARTY TRANSACTIONS (D_2
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | 75 Months Ended | |||||
Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2013 | Feb. 28, 2013 | |
Common stock, shares outstanding | 7,964,090 | 7,964,090 | ||||||
Loan from officers | $ 228,933 | $ 228,933 | ||||||
Keming Li [Member] | ||||||||
Loan from officers | $ 25,787 | $ 25,787 | ||||||
Jian Li [Member] | ||||||||
Loan from officer and shareholder | $ 20,000 | $ 25,000 | $ 22,000 | $ 136,146 | ||||
Loan from officers | $ 228,933 | |||||||
Officers and Directors [Member] | ||||||||
Common stock issued | 6,388,010 |
SHAREHOLDERS EQUITY (Details Na
SHAREHOLDERS EQUITY (Details Narrative) - $ / shares | Mar. 31, 2024 | Jun. 30, 2023 |
SHAREHOLDERS EQUITY | ||
Common stock, share par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 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 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 9 Months Ended | ||
Mar. 31, 2024 | Jun. 30, 2023 | Mar. 20, 2023 | |
Working capital deficiency | $ (164,339) | $ (131,807) | |
Revenues | 0 | ||
Accumulated deficit | $ (463,663) | $ (431,131) | |
President, Mr. Jian Li | |||
Cash received from related party | $ 100,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
INCOME TAXES | ||||
Income tax recovery at statutory rate | $ 1,554 | $ 593 | ||
Valuation allowance change | (1,554) | (593) | ||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
INCOME TAXES | ||
Net operating loss carried forward | $ 97,363 | $ 89,312 |
Valuation allowance | (97,363) | (89,312) |
Net deferred income tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 9 Months Ended |
Mar. 31, 2024 USD ($) | |
INCOME TAXES | |
Weighted average income tax rates | 21% |
Net operating loss carried forward | $ 463,663 |