Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jan. 31, 2016 | Mar. 10, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | Darkstar Ventures, Inc. | |
Entity Central Index Key | 1,530,163 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2016 | |
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 | Q2 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2016 | Jul. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 215 | |
Other current assets | $ 27,326 | 270 |
Total current assets | 27,326 | 485 |
Total assets | 27,326 | $ 485 |
CURRENT LIABILITIES: | ||
Short term bank credit | 4,192 | |
Accounts payables and accrued expenses | 4,915 | $ 1,419 |
Loan payable - related party | 271,942 | 203,681 |
Total current liabilities | $ 281,049 | $ 205,100 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, 5,000,000 shares authorized, par value $0.0001, none issued and outstanding | ||
Common stock, 500,000,000 shares authorized, par value $0.0001, 107,145,000 shares issued and outstanding | $ 10,714 | $ 10,714 |
Additional paid-in capital | 24,936 | $ 24,936 |
Accumulated other comprehensive income | 494 | |
Accumulated deficit | (289,867) | $ (240,265) |
Total stockholders' Equity (Deficit) | (253,723) | (204,615) |
Total liabilities and Stockholders' Equity (Deficit) | $ 27,326 | $ 485 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2016 | Jul. 31, 2015 |
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 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 107,145,000 | 107,145,000 |
Common stock, shares outstanding | 107,145,000 | 107,145,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2016 | Jan. 31, 2015 | Jan. 31, 2016 | Jan. 31, 2015 | |
Income Statement [Abstract] | ||||
General and administrative expenses | $ 17,619 | $ 8,595 | $ 42,303 | $ 24,096 |
Operating loss | (17,619) | (8,595) | (42,303) | (24,096) |
Interest expense, net | 7,170 | 1,939 | 7,299 | 3,821 |
Net loss | (24,789) | $ (10,534) | (49,602) | $ (27,917) |
Other comprehensive income - Foreign currency gain | 591 | 494 | ||
Comprehensive loss | $ (24,198) | $ (10,534) | $ (49,108) | $ (27,917) |
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 | 107,145,000 | 107,145,000 | 107,145,000 | 107,145,000 |
Statement Of Changes in Shareho
Statement Of Changes in Shareholders' Equity (Deficit) - USD ($) | Common Stock, USD 0.0001 Par Value [Member] | Foreign currency translation adjustments [Member] | Additional paid-in Capital [Member] | Accumulated deficit [Member] | Total |
Balance, shares at Jul. 31, 2014 | 107,145,000 | ||||
Balance, value at Jul. 31, 2014 | $ 10,714 | $ 24,936 | $ (176,854) | $ (141,204) | |
Foreign currency translation adjustments | |||||
Net loss for the six months ended | (27,917) | $ (27,917) | |||
Balance, shares at Jan. 31, 2015 | 107,145,000 | ||||
Balance, value at Jan. 31, 2015 | $ 10,714 | $ 24,936 | (204,771) | $ (169,121) | |
Balance, shares at Jul. 31, 2015 | 107,145,000 | 107,145,000 | |||
Balance, value at Jul. 31, 2015 | $ 10,714 | $ 24,936 | $ (240,265) | $ (204,615) | |
Foreign currency translation adjustments | $ 494 | 494 | |||
Net loss for the six months ended | $ (49,602) | $ (49,602) | |||
Balance, shares at Jan. 31, 2016 | 107,145,000 | 107,145,000 | |||
Balance, value at Jan. 31, 2016 | $ 10,714 | $ 494 | $ 24,936 | $ (289,867) | $ (253,723) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) | 6 Months Ended | |
Jan. 31, 2016 | Jan. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (49,602) | $ (27,917) |
Adjustments required to reconcile net loss to cash used in operating activities: | ||
Expenses in respect of loans from related party | (8,181) | |
Increase in prepaid expenses and other receivables | 27,056 | |
Increase in other account payables | 3,496 | $ 22,300 |
Net cash used in operating activities | $ (64,981) | $ (5,617) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from loan Payable | $ 5,480 | |
Proceeds from loan Payable - related party | $ 60,080 | |
Proceeds from bank credit | 4,192 | |
Net cash provided by financing activities | 64,272 | $ 5,480 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (709) | $ (137) |
EFFECT OF EXCHANGE RATE CHANGES | 494 | |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | $ 215 | $ 556 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 419 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for: Interest | ||
Cash paid during the period for: Income taxes |
General
General | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Policies [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., to focus its limited resources in the area of real estate development, particularly focusing on the urban renewal market in Israel. The Companys activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize the Companys current business plan. |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jan. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of January 31, 2016 and for the six 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 six months ended January 31, 2016 are not necessarily indicative of the results that may be expected for the year ending July 31, 2016. The July 31, 2015 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 Companys Annual Report on Form 10-K for the year ended July 31, 2015. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2016 | |
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, 2015, are applied consistently in these financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jan. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 4 - GOING CONCERN The Company has not commenced planned principal operations. The Company had an accumulated deficit of $289,867 as of January 31, 2016. In addition, the Company had a working capital deficiency of $253,723 at January 31, 2016. These factors raise substantial doubt about the Companys 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 Companys 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 | 6 Months Ended |
Jan. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Newly Issued Accounting Pronouncements | NOTE 5 - NEWLY ISSUED ACCOUNTING PRONOUNCEMENTS: No new accounting standards have been adopted since the Companys Annual Report on Form 10-K for the fiscal year ended July 31, 2015 was filed. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jan. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS: On February 16,2016, the Board of Directors of the Company and the holder of a majority of the issued and outstanding shares of common stock of the Company (the "Majority Consenting Stockholder"), together, executed a joint written consent to authorize and approve a Certificate of Amendment to the Company's Articles of Incorporation to increase the authorized capital stock of the Company from 505,000,000 shares (the "Capital Stock"), consisting of 500,000,000 shares of common stock, par value $0.0001 (the "Common Stock") and 5,000,000 shares of preferred stock,par value $0.0001 (the "Preferred Stock"), to an authorized capital stock of the Corporation of 2,005,000,000 shares consisting of 2,000,000,000 shares of Common Stock and five million 5,000,000 shares of Preferred Stock. It was also decided that the Board of Directors shall have the authority to establish one or more series of Preferred Stock and fix relative rights and preferences of any series of Preferred Stock, without any further action or approval of our stockholders. |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | Feb. 16, 2016 |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Changes in authorized capital stock | On February 16, 2016, the Board of Directors of the Company and the holder of a majority of the issued and outstanding shares of common stock of the Company (the "Majority Consenting Stockholder"), together, executed a joint written consent to authorize and approve a Certificate of Amendment to the Company's Articles of Incorporation to increase the authorized capital stock of the Company from 505,000,000 shares (the "Capital Stock"), consisting of 500,000,000 shares of common stock, par value $0.0001 (the "Common Stock") and 5,000,000 shares of preferred stock, par value $0.0001 (the "Preferred Stock"), to an authorized capital stock of the Corporation of 2,005,000,000 shares consisting of 2,000,000,000 shares of Common Stock and five million 5,000,000 shares of Preferred Stock. |