Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2019 | Jun. 14, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | Darkstar Ventures, Inc. | |
Entity Central Index Key | 0001530163 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Document Type | 10-Q | |
Document Period End Date | Apr. 30, 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2019 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 647,345,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
CURRENT ASSETS: | ||
Related parties | $ 3,667 | |
Other current assets | 16,142 | 24,511 |
Total current assets | 16,142 | 28,178 |
LAND DEVELOPMENT COSTS | 50,671 | 47,244 |
PROPERTY AND EQUIPMENT, NET | 3,328 | 4,368 |
OTHER ASSETS | 8,490 | |
Total assets | 70,141 | 88,280 |
CURRENT LIABILITIES: | ||
Short term bank credit | 5 | 7,016 |
Trade payables | 31,207 | 18,227 |
Short term loans | 62,862 | 44,760 |
Other accounts payables and accrued expenses | 29,532 | 34,646 |
Related parties | 161,567 | |
Total current liabilities | 285,173 | 104,649 |
LONG TERM LOAN | 858,705 | 712,376 |
STOCKHOLDERS' EQUITY (DEFICIENCY): | ||
Preferred stock, 5,000,000 shares authorized, par value $0.0001, none issued and outstanding | ||
Common shares par value $0.0001: Authorized: 2,000,000,000 shares at April 30, 2019 and July 31, 2018. Issued and outstanding: 647,345,000 shares at April 30, 2019 and July 31, 2018. | 64,734 | 64,734 |
Additional paid-in capital | 575,851 | 575,851 |
Accumulated other comprehensive income | (18,518) | (5,099) |
Accumulated deficit | (1,695,804) | (1,364,231) |
Total Stockholders' Equity (Deficiency) | (1,073,737) | (728,745) |
Total liabilities and Stockholders' Equity (Deficiency) | $ 70,141 | $ 88,280 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2019 | Jul. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 647,345,000 | 647,345,000 |
Common stock, shares outstanding | 647,345,000 | 647,345,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||||
Project development and general and administrative expenses | $ 76,888 | $ 73,199 | $ 182,705 | $ 160,499 |
Operating loss | (76,888) | (73,199) | (182,705) | (160,499) |
Interest expense, net | (51,256) | (67,883) | (148,868) | (115,998) |
Net loss | (128,144) | (141,082) | (331,573) | (276,497) |
Other comprehensive loss - Foreign currency gain (loss) | (7,487) | 28,501 | (13,419) | 2,380 |
Comprehensive loss | $ (135,631) | $ (112,581) | $ (344,992) | $ (274,117) |
Basic and diluted net loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding during the period - basic and diluted | 647,345,000 | 647,345,000 | 647,345,000 | 647,345,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) | Common Stock, $0.0001 Par Value | Receivables on account of shares issued | Foreign currency translation adjustments | Additional paid-in Capital | Accumulated deficit | Total |
Beginning balance at Jul. 31, 2017 | $ 64,734 | $ (12,561) | $ (18,033) | $ 575,851 | $ (985,969) | $ (375,978) |
Beginning balance, shares at Jul. 31, 2017 | 647,345,000 | |||||
Received on account of shares issued | 12,561 | 12,561 | ||||
Foreign currency translation adjustments | 2,380 | 2,380 | ||||
Net loss | (274,117) | (274,117) | ||||
Ending balance at Apr. 30, 2018 | $ 64,734 | (15,653) | 575,851 | (1,260,086) | (635,154) | |
Ending balance, shares at Apr. 30, 2018 | 647,345,000 | |||||
Beginning balance at Jul. 31, 2018 | $ 64,734 | (5,099) | 575,851 | (1,364,231) | (728,745) | |
Beginning balance, shares at Jul. 31, 2018 | 647,345,000 | |||||
Foreign currency translation adjustments | (13,419) | (13,419) | ||||
Net loss | (331,573) | (331,573) | ||||
Ending balance at Apr. 30, 2019 | $ 64,734 | $ (18,518) | $ 575,851 | $ (1,695,804) | $ (1,073,737) | |
Ending balance, shares at Apr. 30, 2019 | 647,345,000 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (331,573) | $ (276,050) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,041 | 1,094 |
Land development costs | (3,427) | (36,878) |
Expenses in respect of loans | 165,878 | 128,478 |
Increase in related party loan | 165,232 | 118,523 |
Increase in accrued interest on related party loan | (11,765) | |
Increase (decrease) in prepaid expenses and other current assets | (1,058) | 2,107 |
Increase (decrease) in trade payables and other account payables | 7,865 | 4,990 |
Net cash used in operating activities | 3,958 | (69,501) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (1,343) | |
Net cash used in investing activities | (1,343) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan received | 16,474 | 21,698 |
Short term loan repaid | (7,013) | |
Proceeds from receivables on account of shares | 12,561 | |
Net cash provided by financing activities | 9,461 | 34,259 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 13,419 | (36,585) |
EFFECT OF EXCHANGE RATE CHANGES | (13,419) | 2,380 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 34,205 | |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 0 | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes |
General
General | 9 Months Ended |
Apr. 30, 2019 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL Darkstar Ventures, Inc. (“the Company” or “we”) was incorporated on May 8, 2007 under the laws of the State of Nevada. The Company established a wholly-owned subsidiary in Israel, Bengio Urban Renewals Ltd (“Bengio”), to focus its limited resources in the area of real estate development, particularly focusing on the urban renewal market in Israel. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Company’s current business plan. |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Apr. 30, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
INTERIM FINANCIAL STATEMENTS | NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of April 30, 2019 and for the nine months then ended, have been prepared in accordance with accounting principles generally accepted in the United States relating to the preparation of financial statements for interim periods. Accordingly, they do not include all the information and footnotes required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended April 30, 2019 are not necessarily indicative of the results that may be expected for the year ending July 31, 2019. The July 31, 2018 Condensed Balance Sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K/A for the year ended July 31, 2018. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the annual financial statements of the Company as of July 31, 2018, are applied consistently in these financial statements. |
Going Concern
Going Concern | 9 Months Ended |
Apr. 30, 2019 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 4 - GOING CONCERN The Company has not commenced planned principal operations. The Company had an accumulated deficit of $1,695,804 as of April 30, 2019. In addition, the Company continues to have negative cash flows from operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that sufficient funds required during the next year or thereafter will be generated from operations or that funds will be available from external sources such as debt or equity financings or other potential sources. The lack of additional capital resulting from the inability to generate cash flow from operations or to raise capital from external sources would force the Company to substantially curtail or cease operations and would, therefore, have a material adverse effect on its business. Furthermore, there can be no assurance that any such required funds, if available, will be available on attractive terms or that they will not have a significant dilutive effect on the Company’s existing stockholders. The accompanying financial statements do not include any adjustments related to the recoverability or classification of asset-carrying amounts or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern. |
Newly Issued Accounting Pronoun
Newly Issued Accounting Pronouncements | 9 Months Ended |
Apr. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 5 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS: a. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820), Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326) In June 2018, the FASB issued ASU 2018-07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting The Company is currently evaluating the impact that the standard will have on its consolidated financial statements and related disclosures. b. Recently Adopted Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) The new standard also provides practical expedients and recognition exemptions for an entity’s ongoing accounting policy elections. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, we will not recognize ROU assets or lease liabilities. The Company also elected the practical expedient not to separate lease and non-lease components for all of our leases. The adoption of this ASU did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS: As of July 31, 2018 the balance of the related party includes loans to an officer of the Company in the amount of $3,667. The loan is due twenty four months from the date of the loan and bears an interest of 26% per annum. As of April 30, 2019 the officer of the Company paid of the loan. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS: On May 10, 2019, the Company entered into a binding merger agreement with Samsara Luggage, Inc. (“Samsara”), a smart luggage company, pursuant to which Samsara will merge with and into the Company, and the current shareholders of Samsara will be issued new shares of the Company representing approximately 80% of the issued and outstanding shares of the Company’s common stock following the completion of the merger. The closing of the merger transaction is subject, among other standard closing conditions, to the following conditions: (1) The completion of all missing information, exhibits, and schedules to the merger agreement to the satisfaction of Samsara. (2) An increase in the authorized share capital of the Company. (3) The spin-off and sale of the Company’s wholly owned Israeli subsidiary, Bengio Urban Renewals Ltd., to Avraham Bengio, the current CEO of the Company. (4) The Company having raised at least $500,000 in financing. (5) A Registration Statement on Form S-4 for the Company shares to be issued to the shareholders of Samsara having been declared effective by the Securities and Exchange Commission. (6) All required consents and approvals for the merger transaction having been obtained. |
Going Concern (Details)
Going Concern (Details) - USD ($) | Apr. 30, 2019 | Jul. 31, 2018 |
Going Concern (Textual) | ||
Accumulated deficit | $ (1,695,804) | $ (1,364,231) |
Related Party Transactions (Det
Related Party Transactions (Details) - Loans Receivable [Member] - Officer [Member] | 12 Months Ended |
Jul. 31, 2018USD ($) | |
Related Party Transactions (Textual) | |
Balance of the related party | $ 3,667 |
Loans receivable, description | The loan is due twenty four months from the date of the loan and bears an interest of 26% per annum. As of April 30, 2019 the officer of the Company paid of the loan |
Loans receivable interest rate | 26.00% |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | May 10, 2019 |
Subsequent Events (Textual) | |
Percentage of issued and outstanding of common stock | 80.00% |
Merger transaction, description | The Company having raised at least $500,000 in financing. |