Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Apr. 30, 2017 | Jun. 20, 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 | Apr. 30, 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 | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Apr. 30, 2017 | Jul. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 47,904 | $ 53,609 |
Other current assets | 188,721 | 27,345 |
Total current assets | 236,625 | 80,954 |
FIXED ASSETS, net | 1,833 | |
Total assets | 238,458 | 80,954 |
CURRENT LIABILITIES: | ||
Accounts payables and accrued expenses | 24,555 | 17,432 |
Total current liabilities | 24,555 | 17,432 |
LONG TERM LOANS | 416,212 | 237,659 |
STOCKHOLDERS' EQUITY (DEFICIENCY): | ||
Common shares par value $0.0001: Authorized: 2,000,000,000 shares at April 30, 2017 and July 31, 2016. Issued and outstanding, 647,345,000 shares at April 30, 2017 and July 31, 2016. | 64,734 | 64,734 |
Additional paid-in capital | 543,483 | 511,116 |
Accumulated other comprehensive income | (14,584) | (862) |
Receivables on account of shares issued | 30,000 | 150,000 |
Accumulated deficit | (765,942) | (599,125) |
Total Stockholders' Equity (Deficiency) | (202,309) | (174,137) |
Total liabilities and Stockholders' Equity (Deficiency) | $ 238,458 | $ 80,954 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 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 | 9 Months Ended | ||
Apr. 30, 2017 | Apr. 30, 2016 | Apr. 30, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||||
General and administrative expenses | $ 53,103 | $ 173,970 | $ 118,169 | $ 216,273 |
Operating loss | (53,103) | (173,970) | (118,169) | (216,273) |
Interest expense, net | (5,036) | (8,257) | (34,926) | (16,050) |
Net loss | (58,139) | (182,227) | (153,095) | (232,323) |
Other comprehensive loss - Foreign currency gain (loss) | (9,582) | (2,271) | (13,722) | (1,777) |
Comprehensive loss | $ (67,721) | $ (184,498) | $ (166,817) | $ (234,100) |
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 | 203,180,556 | 647,345,000 | 138,689,526 |
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) | ||
Issuance of shares in exchanges for conversion of loan, shares | 270,000,000 | |||||
Issuance of shares in exchanges for conversion of loan, value | $ 27,000 | 243,000 | 270,000 | |||
Issuance of shares for services , shares | 120,200,000 | |||||
Issuance of shares for services, value | $ 12,020 | 108,180 | 120,200 | |||
Received on account of shares issued, shares | 150,000,000 | |||||
Received on account of shares issued, value | $ 15,000 | (150,000) | 135,000 | |||
Foreign currency translation adjustments | (1,777) | (1,777) | ||||
Net loss for the nine months ended | (234,100) | (234,100) | ||||
Balance, shares at Apr. 30, 2016 | 647,345,000 | |||||
Balance, value at Apr. 30, 2016 | $ 64,734 | (150,000) | (1,777) | 511,116 | (474,365) | $ (50,292) |
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) |
Issuance of shares in exchanges for conversion of loan, value | ||||||
Received on account of shares issued, value | 120,000 | 120,000 | ||||
Foreign currency translation adjustments | (13,722) | (13,722) | ||||
Value of obligation to issue shares | 32,367 | 32,367 | ||||
Net loss for the nine months ended | (166,817) | $ (166,817) | ||||
Balance, shares at Apr. 30, 2017 | 647,345,000 | 647,345,000 | ||||
Balance, value at Apr. 30, 2017 | $ 64,734 | $ (30,000) | $ (14,584) | $ 543,483 | $ (765,942) | $ (202,309) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Apr. 30, 2017 | Apr. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (166,817) | $ (234,100) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 567 | |
Accrued interest on loans from related party | 12,621 | |
Increase in accrued interest on long term loans | 65,852 | 6,556 |
Share based compensation | 120,200 | |
Increase in prepaid expenses and other receivables | 161,376 | 39,662 |
Increase (decrease) in other account payables | 7,123 | 3,546 |
Net cash used in operating activities | (254,651) | (130,839) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | 2,400 | |
Net cash used in investing activities | (2,400) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from receivables on account of shares | 120,000 | |
Proceeds from long term loan | 145,068 | 132,943 |
Proceeds from bank credit | ||
Proceeds from loan Payable - related party | 60,080 | |
Repayments of loan- related party | 6,382 | |
Net cash provided by financing activities | 265,068 | 186,641 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 8,017 | 55,802 |
EFFECT OF EXCHANGE RATE CHANGES | (13,722) | (1,777) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 53,609 | 215 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 47,904 | 54,240 |
NON-CASH TRANSACTION: | ||
Value of obligation to issue shares | 32,367 | |
Conversion of related party loan into shares | 270,000 | |
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, 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 | 9 Months Ended |
Apr. 30, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of April 30, 2017 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, 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 | 9 Months Ended |
Apr. 30, 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 | 9 Months Ended |
Apr. 30, 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 $765,942 as of April 30, 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 | 9 Months Ended |
Apr. 30, 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 | 9 Months Ended |
Apr. 30, 2017 | |
Related Party Transactions | |
Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS: As of April 30, 2017 other current assets includes loans to an officer of the Company in the amount of $93,340. The loan is due on demand with no interest. |
Common Shares
Common Shares | 9 Months Ended |
Apr. 30, 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 | 9 Months Ended |
Apr. 30, 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). On March 8, 2017 the Bengio entered into a loan agreement with a third party (the "Lender") according to which the lender will lend the company up to $207,240 (NIS750,000). The loan bears annual nominal interest of 25%. The loan and accrued interest matures on March 15, 2020. In addition, the Company undertook to issue the Lender 1% of the outstanding common shares of the Company (6,473,450 common shares) and to finance the cost of its par value ($6,473). As of the balance shaeet date such shares have not been issued yet. As of the date of the balance sheet the Lender has provided the Company $103,620 (NIS375,000). The value of the obligation to issued shares was valued at $32,367 and was recorded as an additional paid in capital and was offset against the loan balance. |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - Officer [Member] - Loans [Member] | 9 Months Ended |
Apr. 30, 2017USD ($) | |
Related Party Transaction [Line Items] | |
Loans receivable description | The loan is due on demand with no interest. |
Other Current Assets [Member] | |
Related Party Transaction [Line Items] | |
Loans to an officer | $ 93,340 |
Common Shares (Narrative) (Deta
Common Shares (Narrative) (Details) - USD ($) | Apr. 14, 2016 | Oct. 31, 2016 | Apr. 30, 2017 | Apr. 30, 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) | Mar. 08, 2017USD ($) | Feb. 28, 2016USD ($) | Apr. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Jan. 31, 2017ILS (₪) | Mar. 08, 2017ILS (₪) | Jul. 31, 2016USD ($) | Feb. 28, 2016ILS (₪) |
Debt Instrument [Line Items] | ||||||||
Proceed from long term loan | $ 145,068 | $ 132,943 | ||||||
Long term loans payable | 416,212 | $ 237,659 | ||||||
Value of obligation to issue shares | $ 32,367 | |||||||
Bengio Urban Renewals Ltd [Member] | Loan Agreement With TCSM INC [Member] | ||||||||
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). | |||||||
Bengio Urban Renewals Ltd [Member] | Loan Agreement With TCSM INC [Member] | NIS [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan face amount | ₪ | ₪ 1,000,000 | |||||||
Proceed from long term loan | ₪ | ₪ 925,000 | |||||||
Bengio Urban Renewals Ltd [Member] | Loan Agreement With A Third Party (The "Lender") [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan face amount | $ 207,240 | |||||||
Debt instrument interest rate | 25.00% | |||||||
Debt instrument maturity date | Mar. 15, 2020 | |||||||
Debt instrument description | In addition, the Company undertook to issue the Lender 1% of the outstanding common shares of the Company (6,473,450 common shares) and to finance the cost of its par value ($6,473). | |||||||
Long term loans payable | $ 103,620 | |||||||
Value of obligation to issue shares | $ 32,367 | |||||||
Bengio Urban Renewals Ltd [Member] | Loan Agreement With A Third Party (The "Lender") [Member] | NIS [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Loan face amount | ₪ | ₪ 750,000 | |||||||
Long term loans payable | ₪ | ₪ 375,000 |