Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Oct. 31, 2014 | Dec. 09, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Darkstar Ventures, Inc. | ' |
Entity Central Index Key | '0001530163 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--07-31 | ' |
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 | ' | 107,145,000 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2015 | ' |
CONDENSED_BALANCE_SHEET
CONDENSED BALANCE SHEET (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $494 | $556 |
Total Current Assets | 494 | 556 |
Total Assets | 494 | 556 |
Current Liabilities: | ' | ' |
Accounts Payable | 62,911 | 51,070 |
Note Payable | 96,170 | 90,690 |
Total Current Liabilities | 159,081 | 141,760 |
Stockholders' Deficiency: | ' | ' |
Preferred Stock, $.0001 par value; 5,000,000 shares authorized, none issued and outstanding | ' | ' |
Common Stock, $.0001 par value; 500,000,000 shares authorized, 107,145,000 shares issued and outstanding at October 31, 2014 and July 31, 2014 | 10,714 | 10,714 |
Additional Paid-In Capital | 24,936 | 24,936 |
Deficit Accumulated During the Development Stage | -194,237 | -176,854 |
Total Stockholders' Deficiency | -158,587 | -141,204 |
Total Liabilities and Stockholders' Deficiency | $494 | $556 |
CONDENSED_BALANCE_SHEET_Parent
CONDENSED BALANCE SHEET (Parenthetical) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Stockholders' Deficiency: | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, Authorized | 500,000,000 | 500,000,000 |
Common stock, Issued | 107,145,000 | 107,145,000 |
Common stock, outstanding | 107,145,000 | 107,145,000 |
CONDENSED_STATEMENT_OF_OPERATI
CONDENSED STATEMENT OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 90 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | |
Condensed Statement Of Operations | ' | ' | ' |
Net Revenues | ' | ' | ' |
Costs and Expenses: | ' | ' | ' |
Professional Fees | 11,810 | 13,570 | 121,084 |
Consulting Fees | 2,500 | 2,500 | 31,667 |
Web Site Development | ' | ' | 5,000 |
General and Administrative Expenses | 1,191 | 1,219 | 20,811 |
Total Costs and Expenses | 15,501 | 17,289 | 178,562 |
Operating Loss | -15,501 | -17,289 | -178,562 |
Other Income (Expense): | ' | ' | ' |
Interest Expense | -1,882 | -2,538 | -15,675 |
Total Other Income (Expense) | -1,882 | -2,538 | -15,675 |
Net Loss | ($17,383) | ($19,827) | ($194,237) |
Basic and Diluted Loss Per Common Share | $0 | $0 | ' |
Weighted Average Common Shares Outstanding | 107,145,000 | 107,145,000 | ' |
CONDENSED_STATEMENT_OF_STOCKHO
CONDENSED STATEMENT OF STOCKHOLDERS' EQUITY (USD $) | Common Stock | Additional Paid-In Capital | Deficit Accumulated During the Development Stage | Total |
Beginning Balance, Amount at Jul. 31, 2014 | $10,714 | $24,936 | ($176,854) | ($141,204) |
Beginning Balance, Shares at Jul. 31, 2014 | 107,145,000 | ' | ' | ' |
Net Loss for the Nine Months Ended April 30, 2014 | ' | ' | -17,383 | -17,383 |
Ending Balance, Amount at Oct. 31, 2014 | $10,714 | $24,936 | ($194,237) | ($158,587) |
Ending Balance, Shares at Oct. 31, 2014 | 107,145,000 | ' | ' | ' |
CONDENSED_STATEMENT_OF_CASH_FL
CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $) | 3 Months Ended | 90 Months Ended | |
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | |
Cash Flows from Operating Activities: | ' | ' | ' |
Net Loss | ($17,383) | ($19,827) | ($194,237) |
Changes in Assets and Liabilities: | ' | ' | ' |
Increase in Accounts Payable | 11,841 | 6,571 | 62,911 |
Net Cash (Used) in Operating Activities | -5,542 | -13,256 | -131,326 |
Cash Flows from Investing Activities: | ' | ' | ' |
Cash Flows from Financing Activities: | ' | ' | ' |
Proceeds from Borrowings | 5,480 | 14,200 | 96,170 |
Proceeds from Sale of Common Stock | ' | ' | 35,650 |
Net Cash Provided by Financing Activities | 5,480 | 14,200 | 131,820 |
Increase(Decrease) in Cash and Cash Equivalents | -62 | 944 | 494 |
Cash and Cash Equivalents - Beginning of Period | 556 | 776 | ' |
Cash and Cash Equivalents - End of Period | 494 | 1,720 | 494 |
Supplemental Disclosures of Cash Flow Information: | ' | ' | ' |
Interest Paid | ' | ' | ' |
Income Taxes Paid | ' | ' | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 1 - Organization and Basis of Presentation | ' |
Darkstar Ventures, Inc. (“the Company” or “we”) was incorporated on May 8, 2007 under the laws of the State of Nevada. | |
The Company has not generated revenues from planned principal operations and is considered a development stage company. The Company originally intended to market and sell eco-friendly health and wellness products to the general public via the internet. The Company has been dormant from its inception to May 1, 2011. The Company has since abandoned its business plan and is now seeking an operating company with which to merge or to acquire. There can be no assurance that we will be able to identify a company and successfully effect such a business combination or merger. | |
In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the information set forth therein. These financial statements are condensed and therefore do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. These condensed financial statements should be read in conjunction with the Company’s July 31, 2014 audited financial statements and notes thereto included in the Company’s annual report on Form 10-K filed on October 24, 2014. | |
Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. | |
The Company is a development stage company and has not commenced planned principal operations. The Company had no revenues and incurred a net loss of $17,383 for the quarter ended October 31, 2014, and a net loss of $ 194,237 for the period May 8, 2007 (inception) to October 31, 2014. In addition, the Company has a working capital and stockholders’ deficiency of $158,587 at October 31, 2014. 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 condensed 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. | |
The Company is attempting to address its lack of liquidity by raising additional funds, either in the form of debt or equity or some combination thereof. During the quarter ended October 31, 2014 the Company borrowed an additional $5,480 on the Note Payable to First Line (see Note 3). There can be no assurances that the Company will be able to generate revenues or raise the additional funds it requires. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 2 - Summary of Significant Accounting Policies | ' |
Recent Accounting Pronouncements | |
On June 10, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting standard that reduces some of the disclosure and reporting requirements for development stage entities. The change will be effective for interim and annual reporting periods beginning after December 15, 2014. As of such date, among other things, development stage entities will no longer be required to report inception-to-date information. |
Note_Payable
Note Payable | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 3 - Note Payable | ' |
Note payable, First Line Capital, LLC, bears interest at 8% per annum and is due March 31, 2015. The note allows the Company to borrow any amount in increments of up to $50,000. Accrued interest on this note included in Accounts Payable was $15,675 and $13,793 as of October 31, 2014 and July 31, 2014, respectively. | |
For the period April 1, 2014 to June 9, 2014, the Note was in default and interest was accrued at the default rate of 15%. On June 10, 2014, the Note Payable to First Line Capital LLC was extended to March 31, 2015. As of such date, it is no longer in default. |
Preferred_Stock
Preferred Stock | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 4 - Preferred Stock | ' |
The Company’s Board of Directors may issue authorized but unissued shares of preferred stock in series and at the time of issuance, determine the rights, preferences and limitation of each series. The holders of preferred stock may be entitled to receive a preference payment in the event of any liquidation, dissolution or winding-up of the Company before any payment is made to the holders of the common stock. Furthermore, the board of directors could issue preferred stock with voting and other rights that could adversely affect the voting power of the holders of the common stock. |
Common_Stock
Common Stock | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 5 - Common Stock | ' |
In May 1, 2011 the Company sold 97,500,000 shares of common stock for $650 to the Founder of the Company. | |
On June 28, 2011 the Company sold 52,500,000 shares of common stock for $35,000 to private investors. | |
On May 23, 2013 the Company’s CEO returned 42,855,000 shares of common stock as additional paid in capital. | |
On June 28, 2013 FINRA confirmed a 15 for 1 forward split of the Company’s common stock to stockholders of record on July 8, 2013 as authorized by the Company’s Board of Directors. All share and per share data have been retroactively restated to reflect this recapitalization. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 6 - Commitments and Contingencies | ' |
On September 1, 2011 the Company entered into a one-year consulting agreement with First Line Capital, LLC ("First Line") under which First Line will provide certain business and corporate development services to the Company for an annual consulting fee of $10,000 payable on each August 31 during the term of the agreement beginning on August 31, 2012. The agreement will automatically renew for successive one-year terms unless terminated by either party at least 10 days prior to the end of the then current term. As of October 31, 2014 and July 31, 2014, accrued consulting fees included in Accounts Payable amounted to $31,667 and $29,167, respectively. On October 14, 2014, the parties entered into an amendment to the consulting agreement providing that the agreement will terminate July 31, 2015. Compensation terms under the amended agreement remained the same. |
Subsequent_events
Subsequent events | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
NOTE 7 - Subsequent events | ' |
The Company has evaluated subsequent events through the date the financial statements were issued and up to the time of filing of the financial statements with the Securities and Exchange Commission. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2014 | |
Notes to Financial Statements | ' |
Recent Accounting Pronouncements | ' |
On June 10, 2014, the Financial Accounting Standards Board (FASB) issued a new accounting standard that reduces some of the disclosure and reporting requirements for development stage entities. The change will be effective for interim and annual reporting periods beginning after December 15, 2014. As of such date, among other things, development stage entities will no longer be required to report inception-to-date information. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Details Narrative) (USD $) | 3 Months Ended | 90 Months Ended | ||
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Jul. 31, 2014 | |
Organization And Basis Of Presentation Details Narrative | ' | ' | ' | ' |
Date of incorporation | 8-May-07 | ' | ' | ' |
State of incorporation | 'State of Nevada | ' | ' | ' |
Net loss | ($17,383) | ($19,827) | ($194,237) | ' |
Working capital and stockholders' deficiency | -158,587 | ' | -158,587 | -141,204 |
Additional borrowing | $5,480 | $14,200 | $96,170 | ' |
Note_Payable_Details_Narrative
Note Payable (Details Narrative) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Note Payable Details Narrative | ' | ' |
Accrued interest on First Line Capital, LLC | $15,675 | $13,793 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Narrative) (USD $) | Oct. 31, 2014 | Jul. 31, 2014 |
Commitments And Contingencies Details Narrative | ' | ' |
Accrued consulting fees | $31,667 | $29,167 |