Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jan. 31, 2018 | Mar. 15, 2018 | |
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, 2018 | |
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 | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jan. 31, 2018 | Jul. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 34,205 | |
Related parties | 82,122 | 135,644 |
Other current assets | 23,955 | 26,859 |
Total current assets | 106,077 | 196,708 |
LAND DEVELOPMENT COSTS | 49,298 | 11,243 |
PROPERTY AND EQUIPMENT, NET | 4,335 | 4,680 |
OTHER ASSETS | 20,369 | 32,445 |
Total assets | 180,079 | 245,076 |
CURRENT LIABILITIES: | ||
Trade payables | 21,393 | 24,001 |
Short term loans | 14,128 | |
Other accounts payables and accrued expenses | 5,094 | 13,478 |
Total current liabilities | 40,615 | 37,479 |
LONG TERM LOAN | 690,537 | 583,574 |
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, 2018 and July 31, 2017. Issued and outstanding, 647,345,000 shares at January 31, 2018 and July 31, 2017. | 64,734 | 64,734 |
Additional paid-in capital | 575,851 | 575,851 |
Accumulated other comprehensive income | (44,153) | (18,033) |
Receivables on account of shares issued | 12,561 | |
Accumulated deficit | (1,147,505) | (985,968) |
Total Stockholders' Equity (Deficiency) | (551,073) | (375,978) |
Total liabilities and Stockholders' Equity (Deficiency) | $ 180,079 | $ 245,076 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2018 | Jul. 31, 2017 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2018 | Jan. 31, 2017 | Jan. 31, 2018 | Jan. 31, 2017 | |
Income Statement [Abstract] | ||||
Project development and general and administrative expenses | $ 37,253 | $ 33,264 | $ 87,300 | $ 65,066 |
Operating loss | (37,253) | (33,264) | (87,300) | (65,066) |
Interest expense, net | (28,258) | (14,508) | (48,116) | (29,890) |
Net loss | (65,511) | (47,772) | (135,416) | (94,956) |
Other comprehensive loss - Foreign currency gain (loss) | (17,527) | (3,278) | (26,120) | (4,140) |
Comprehensive loss | $ (83,038) | $ (51,050) | $ (161,536) | $ (99,096) |
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 | 647,345,000 | 647,345,000 | 647,345,000 |
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, 2016 | 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 | |||||
Balance, value at Jan. 31, 2017 | $ 64,734 | (30,000) | (5,002) | 511,116 | (694,081) | (153,233) |
Balance, shares at Jul. 31, 2017 | 647,345,000 | |||||
Balance, value at Jul. 31, 2017 | $ 64,734 | (12,561) | (18,033) | 575,851 | (985,969) | (375,978) |
Received on account of shares issued | 12,561 | 12,561 | ||||
Foreign currency translation adjustments | (26,120) | (26,120) | ||||
Net loss for the six months ended | (161,536) | (161,536) | ||||
Balance, shares at Jan. 31, 2018 | 647,345,000 | |||||
Balance, value at Jan. 31, 2018 | $ 64,734 | $ (44,153) | $ 575,851 | $ (1,147,505) | $ (551,073) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jan. 31, 2018 | Jan. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (135,416) | $ (94,956) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 859 | 358 |
Increase in accrued interest on long term loan | 87,781 | 53,830 |
Increase in accrued interest on related party loan | (14,559) | |
Decrease in related party loan | (74,175) | |
Increase in prepaid expenses and other receivables | (1,709) | 117,807 |
Increase (decrease) in other account payables | (11,480) | (7,376) |
Net cash used in operating activities | 3,069 | (165,951) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Increase in Land development cost | 37,551 | |
Purchase of property and equipment | 292 | 1,004 |
Net cash used in investing activities | (37,843) | (1,004) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Loan received | 14,128 | |
Proceeds from receivables on account of shares | 12,561 | 120,000 |
Net cash provided by financing activities | 26,689 | 120,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,084) | (46,955) |
EFFECT OF EXCHANGE RATE CHANGES | (26,121) | (4,140) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 34,205 | 53,609 |
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, 2018 | |
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. Basis of Presentation The Company maintains its accounting records on an accrual basis in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These financial statements are presented in US dollars. Fiscal Year End The Corporation has adopted a fiscal year end of July 31. |
Interim Financial Statements
Interim Financial Statements | 6 Months Ended |
Jan. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Financial Statements | NOTE 2 - INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of January 31, 2018 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, 2018 are not necessarily indicative of the results that may be expected for the year ending July 31, 2018. The July 31, 2017 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/A for the year ended July 31, 2017. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2018 | |
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, 2017, are applied consistently in these financial statements. |
Going Concern
Going Concern | 6 Months Ended |
Jan. 31, 2018 | |
Going Concern | |
Going Concern | NOTE 4 - GOING CONCERN The Company has not commenced planned principal operations. The Company had an accumulated deficit of $1,147,505 as of January 31, 2018. 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, 2018 | |
Newly Issued Accounting Pronouncements | |
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/A for the fiscal year ended July 31, 2017 was filed. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jan. 31, 2018 | |
Related Party Transactions | |
Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS: As of January 31, 2018 the balance includes loans to an officer of the Company in the amount of $39,105 and accrued interest of $43,958. The loan is due twenty four months from the date of the loan and bears an interest of 26% per annum. On November 1, 2017, Bengio and Bengio Urban Renewals Management Ltd ("Bengio Management"), a company controlled by the Company's majority shareholder, signed a Management Service Agreement according to which the shareholder would provide management services to Bengio Bengio the includes among other, locating potential projects, signing tenants and construction management. In consideration for the services above the Company shall pay a monthly fee of $15,000 and $10,000 for each project signed and 1.5% of the projects costs (as approved by the escorting bank). |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Nov. 02, 2017 | Jan. 31, 2018 |
Officer [Member] | Loans Receivable [Member] | ||
Related Party Transaction [Line Items] | ||
Due from related party | $ 43,958 | |
Accrued interest on loans receivable | $ 38,164 | |
Loans receivable description | The loan is due twenty four months from the date of the loan and bears an interest of 26% per annum. | |
Bengio And Bengio Urban Renewals Management Ltd ("Bengio Management") - Controlled By Majority Shareholder [Member] | Management Service Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Monthly fees for Management service agreement | $ 15,000 | |
Amount for each project signed | $ 10,000 | |
Percentage of the project cost | 1.50% |