Samsara Luggage (SAML) 10-Q 21 Mar 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jan. 31, 2017	Mar. 21, 2017
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, 2017
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		647,345,000
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,017

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jan. 31, 2017	Jul. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 2,514	$ 53,609
Other current assets	145,152	27,345
Total current assets	147,666	80,954
FIXED ASSETS, net	646
Total assets	148,312	80,954
CURRENT LIABILITIES:
Accounts payables and accrued expenses	10,056	17,432
Total current liabilities	10,056	17,432
LONG TERM LOAN	291,489	237,659
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 January 31, 2017 and July 31, 2016. Issued and outstanding: 647,345,000 shares at January 31, 2017 and July 31, 2016.	64,734	64,734
Additional paid-in capital	511,116	511,116
Accumulated other comprehensive income	(5,002)	(862)
Receivables on account of shares issued	30,000	150,000
Accumulated deficit	(694,081)	(599,125)
Total Stockholders' Equity (Deficiency)	(153,233)	(174,137)
Total liabilities and Stockholders' Equity (Deficiency)	$ 148,312	$ 80,954

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jan. 31, 2017	Jul. 31, 2016
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 - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Income Statement [Abstract]
General and administrative expenses	$ 33,264	$ 17,619	$ 65,066	$ 42,303
Operating loss	(33,264)	(17,619)	(65,066)	(42,303)
Interest expense, net	14,508	7,170	29,890	7,299
Net loss	(47,772)	(24,789)	(94,956)	(49,602)
Other comprehensive loss - Foreign currency gain (loss)	(3,278)	591	(4,140)	494
Comprehensive loss	$ (51,050)	$ (24,198)	$ (99,096)	$ (49,108)
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	107,145,000	647,345,000	107,145,000

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Changes In Shareholders' Equity (Deficit) - USD ($)	Common Stock, $0.0001 Par Value [Member]	Receivables on account of shares issued [Member]	Foreign currency translation adjustments [Member]	Additional paid-in Capital [Member]	Accumulated deficit [Member]	Total
Balance, shares at Jul. 31, 2015	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
Balance, value at Jan. 31, 2016	$ 10,714		494	24,936	(289,867)	$ (253,723)
Balance, shares at Jul. 31, 2016	647,345,000					647,345,000
Balance, value at Jul. 31, 2016	$ 64,734	$ (150,000)	(862)	511,116	(599,125)	$ (174,137)
Received on account of shares issued		120,000				120,000
Foreign currency translation adjustments			(4,140)			(4,140)
Net loss for the six months ended					(94,956)	$ (94,956)
Balance, shares at Jan. 31, 2017	647,345,000					647,345,000
Balance, value at Jan. 31, 2017	$ 64,734	$ (30,000)	$ (5,002)	$ 511,116	$ (694,081)	$ (153,233)

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows - USD ($)	6 Months Ended
	Jan. 31, 2017	Jan. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (94,956)	$ (49,602)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation	358
Increase in accrued interest on long term loan	53,830	8,181
Increase in prepaid expenses and other receivables	117,807	27,056
Increase (decrease) in other account payables	(7,376)	3,496
Net cash used in operating activities	(165,951)	(64,981)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	1,004
Net cash used in investing activities	(1,004)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from receivables on account of shares	120,000
Proceeds from bank credit		4,192
Proceeds from loan Payable - related party		60,080
Net cash provided by financing activities	120,000	64,272
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(46,955)	(709)
EFFECT OF EXCHANGE RATE CHANGES	(4,140)	494
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	53,609	215
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,514
SUPPLEMENTAL DISCLOSURE 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, 2017
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 ("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	6 Months Ended
	Jan. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of January 31, 2017 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, 2017 are not necessarily indicative of the results that may be expected for the year ending July 31, 2017. The July 31, 2016 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 for the year ended July 31, 2016.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jan. 31, 2017
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, 2016, are applied consistently in these financial statements.

Going Concern

Going Concern	6 Months Ended
	Jan. 31, 2017
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 $694,081 as of January 31, 2017. 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	6 Months Ended
	Jan. 31, 2017
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 Company’s Annual Report on Form 10-K for the fiscal year ended July 31, 2016 was filed.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jan. 31, 2017
Related Party Transactions
Related Party Transactions	NOTE 6 - RELATED PARTY TRANSACTIONS: As of January 31, 2017 other current assets includes loans to an officer of the Company in the amount of $56,951. The loan is due on demand with no interest.

Common Shares

Common Shares	6 Months Ended
	Jan. 31, 2017
Common Shares
Common Shares	NOTE 7 - COMMON SHARES: On April 14, 2016, the Board of Directors of the Company has approved the issuance of 150,000,000 restricted shares under a subscription agreement with investors for total consideration of $150,000. During the period ended October 31, 2016, the Company received $120,000 of such subscription amounts.

Long-Term Loan

Long-Term Loan	6 Months Ended
	Jan. 31, 2017
Long-term Loan
Long-Term Loan	NOTE 8 - LONG-TERM LOAN: On February 28, 2016, Bengio and TCSM INC signed a loan agreement according to which TCSM would grant the Company a loan of up to $256,016 (NIS 1,000,000). As of January 31, 2017 the Company received loan installments of NIS 925,000. The loan bears interest at an annual rate of 25%. The principal and interest will be repaid at March 1, 2019. On February 28, 2016 TCSM INC assigned its rights in the above loan agreement to a third party. The loan is secured by Avraham Bengio, the Company's majority holder of the issued and outstanding shares of common stock and its Sole Director, CEO and CFO in an amount of up to $172,826 (NIS 650,000).

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	6 Months Ended
	Jan. 31, 2017	Jul. 31, 2016
Related Party Transaction [Line Items]
Other current assets	$ 145,152	$ 27,345
Officer [Member] | Loans [Member]
Related Party Transaction [Line Items]
Other current assets	$ 56,951
Debt instrument description	The loan is due on demand with no interest.

Common Shares (Narrative) (Deta

Common Shares (Narrative) (Details) - USD ($)	Apr. 14, 2016	Oct. 31, 2016	Jan. 31, 2017	Jan. 31, 2016
Stock issued for subscription agreement, value			$ 120,000
Proceeds from subscription received on amount of shares			$ 120,000
Restricted Common Stock [Member] | Subscription Agreement With Investors [Member]
Stock issued for subscription agreement, shares	150,000,000
Stock issued for subscription agreement, value	$ 150,000
Proceeds from subscription received on amount of shares		$ 120,000

Long-Term Loan (Narrative) (Det

Long-Term Loan (Narrative) (Details) - Bengio Urban Renewals Ltd [Member] - Loan Agreement With TCSM INC [Member]	Feb. 28, 2016USD ($)	Jan. 31, 2017ILS (₪)	Feb. 28, 2016ILS (₪)
Debt Instrument [Line Items]
Loan face amount | $	$ 256,016
Debt instrument interest rate	25.00%
Debt instrument maturity date	Mar. 1, 2019
Note assigned by TCSM Inc to a third party	On February 28, 2016 TCSM INC assigned its rights in the above loan agreement to a third party.
Debt collateral securities description	The loan is secured by Avraham Bengio, the Company's majority holder of the issued and outstanding shares of common stock and its Sole Director, CEO and CFO in an amount of up to $172,826 (NIS 650,000).
NIS [Member]
Debt Instrument [Line Items]
Loan face amount			₪ 1,000,000
Proceed from long term loan		₪ 925,000