Samsara Luggage (SAML) 10-Q 16 Mar 15 2015 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jan. 31, 2015	Mar. 13, 2015
Document And Entity Information
Entity Registrant Name	Darkstar Ventures, Inc.
Entity Central Index Key	1530163
Document Type	10-Q
Document Period End Date	31-Jan-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
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	Q2
Document Fiscal Year Focus	2015

CONDENSED_BALANCE_SHEET

CONDENSED BALANCE SHEET (USD $)	Jan. 31, 2015	Jul. 31, 2014
Current Assets:
Cash and Cash Equivalents	$419	$556
Total Current Assets	419	556
Total Assets	419	556
Current Liabilities:
Accounts Payable	73,370	51,070
Note Payable	96,170	90,690
Total Current Liabilities	169,540	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	10,714	10,714
Additional Paid-In Capital	24,936	24,936
Accumulated Deficit	-204,771	-176,854
Total Stockholders' Deficiency	-169,121	-141,204
Total Liabilities and Stockholders' Deficiency	$419	$556

CONDENSED_BALANCE_SHEET_Parent

CONDENSED BALANCE SHEET (Parenthetical) (USD $)	Jan. 31, 2015	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		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 31, 2014
Condensed Statement Of Operations
Net Revenues
Costs and Expenses:
Professional Fees	5,450	3,137	17,260	16,707
Consulting Fees	2,500	2,500	5,000	5,000
General and Administrative Expenses	645	1,092	1,836	2,311
Total Costs and Expenses	8,595	6,729	24,096	24,018
Operating Loss	-8,595	-6,729	-24,096	-24,018
Other Income (Expense):
Interest Expense	-1,939	-1,589	-3,821	-4,127
Total Other Income (Expense)	-1,939	-1,589	-3,821	-4,127
Net Loss	($10,534)	($8,318)	($27,917)	($28,145)
Basic and Diluted Loss Per Common Share	$0	$0	$0	$0
Weighted Average Common Shares Outstanding	107,145,000	107,145,000	107,145,000	107,145,000

CONDENSED_STATEMENT_OF_STOCKHO

CONDENSED STATEMENT OF STOCKHOLDERS’ EQUITY (USD $)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	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 Six Months Ended January 31, 2015			-27,917	-27,917
Ending Balance, Amount at Jan. 31, 2015	$10,714	$24,936	($204,771)	($169,121)
Ending Balance, Shares at Jan. 31, 2015	107,145,000

CONDENSED_STATEMENT_OF_CASH_FL

CONDENSED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $)	6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014
Cash Flows from Operating Activities:
Net Loss	($27,917)	($28,145)
Changes in Assets and Liabilities:
(Increase) in Prepaid Expenses		-1,113
Increase in Accounts Payable	22,300	6,290
Net Cash (Used) in Operating Activities	-5,617	-22,968
Cash Flows from Investing Activities:
Cash Flows from Financing Activities:
Proceeds from Note Payable	5,480	23,300
Net Cash Provided by Financing Activities	5,480	23,300
Increase(Decrease) in Cash and Cash Equivalents	-137	332
Cash and Cash Equivalents - Beginning of Period	556	776
Cash and Cash Equivalents - End of Period	419	1,108
Supplemental Disclosures of Cash Flow Information:
Interest Paid
Income Taxes Paid

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	6 Months Ended
	Jan. 31, 2015
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. The Company has been dormant and is 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 has not commenced planned principal operations. The Company had no revenues and incurred a net loss of $27,917 for the six months ended January 31, 2015. In addition, the Company has a working capital and stockholders’ deficiency of $169,121 at January 31, 2015. 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 six months ended January 31, 2015 the Company borrowed an additional $5,480 on the Note Payable to First Line Capital, LLC (see Note 3). There can be no assurances that the Company will be able to generate revenues or raise the additional funds it requires.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
Note 2 - Recent Accounting Pronouncements	On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10 (ASU 2014-10), Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. ASU 2014-10 will be effective for interim and annual reporting periods beginning after December 15, 2014. The update became effective for the Company during the quarter ended January 31, 2015. The adoption of this standard has no effect on the Company’s results of operations.

Note_Payable

Note Payable	6 Months Ended
	Jan. 31, 2015
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 $17,614 and $13,793 as of January 31, 2015 and July 31, 2014, respectively.

Preferred_Stock

Preferred Stock	6 Months Ended
	Jan. 31, 2015
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.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
NOTE 5 - 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 January 31, 2015 and July 31, 2014, accrued consulting fees included in Accounts Payable amounted to $34,167 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	6 Months Ended
	Jan. 31, 2015
Notes to Financial Statements
NOTE 6 - 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.

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation (Details Narrative) (USD $)	3 Months Ended		6 Months Ended
	Jan. 31, 2015	Jan. 31, 2014	Jan. 31, 2015	Jan. 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	($10,534)	($8,318)	($27,917)	($28,145)
Working capital and stockholders' deficiency	-169,121		-169,121		-141,204
Additional borrowing			$5,480

Note_Payable_Details_Narrative

Note Payable (Details Narrative) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Note Payable Details Narrative
Accrued interest on First Line Capital, LLC	$17,614	$13,793

Commitments_and_Contingencies_

Commitments and Contingencies (Details Narrative) (USD $)	Jan. 31, 2015	Jul. 31, 2014
Commitments And Contingencies Details Narrative
Accrued consulting fees	$34,167	$29,167