Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Sep. 02, 2015 | Oct. 31, 2014 | |
FIXED ASSETS [Abstract] | |||
Entity Registrant Name | Energizer Tennis Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Common Stock, Shares Outstanding | 88,425,000 | ||
Entity Public Float | $ 37,900 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,551,906 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Apr. 30, 2015 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Current Assets: | ||
Cash | $ 100 | $ 44 |
Prepayments | 4,375 | 1,870 |
Total Current Assets | 4,475 | 1,914 |
Equipment, net of accumulated depreciation of $0 and $883, respectively. | 0 | 365 |
Intangibles assets, net of accumulated amortization of $0 and $2,512, respectively | 250,000 | 15,479 |
TOTAL ASSETS | 254,475 | 17,758 |
Current Liabilities: | ||
Accounts payable | 8,078 | 966 |
Accrued expenses | 8,500 | 3,900 |
Accrued payroll | 26,000 | 0 |
Accrued interest | 116 | 0 |
Advances from Stockholders | 179 | 23,730 |
Promissory notes | 18,956 | 0 |
Note payable - current portion | 125,000 | 0 |
Total Current Liabilities | 186,829 | 28,596 |
Note Payable | 125,000 | 0 |
Total Liabilities | 311,829 | 28,596 |
STOCKHOLDERS' DEFICIT: | ||
Preferred stock, $.001 par value. Authorized 10,000,000 shares, no shares issued and outstanding. | 0 | 0 |
Common stock, $.001 par value. Authorized 100,000,000 shares, 88,425,000 shares issued and outstanding. | 88,425 | 88,425 |
Additional paid in capital (capital deficiency) | 42,096 | (12,906) |
Accumulated deficit | (187,875) | (86,357) |
Total Stockholders' Deficit | (57,354) | (10,838) |
TOTAL LIABILITIES & STOCKHOLDERS' (DEFICIT) | $ 254,475 | $ 17,758 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Preferred Stock | ||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in Shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Preferred stock, shares outstanding (in Shares) | 0 | 0 |
Common Stock | ||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in Shares) | 88,425,000 | 88,425,000 |
Common stock, shares outstanding (in Shares) | 88,425,000 | 88,425,000 |
Accumulated depreciation of equipment | $ 0 | $ 833 |
Accumulated amortization of intangible assets | $ 0 | $ 2,512 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Revenue | ||
Revenues | $ 0 | $ 0 |
Operating Expenses | ||
Depreciation and Amortization | 0 | 1,438 |
General & Administrative Expenses | 59,242 | 26,402 |
Professional Fees | 26,273 | 14,400 |
Total Operating Expenses | 85,515 | 42,240 |
Other Income (Expense) | ||
Interest Expense | (116) | 0 |
Debt forgiveness of accounts payable | 0 | 13,000 |
Loss Before Provision for Income Taxes | (85,631) | (29,240) |
Provision for Income Taxes | 0 | 0 |
Loss from Discontinued Operations, Net of Tax Benefits | (15,887) | 0 |
Net Loss | $ (101,518) | $ (29,240) |
Net Loss Per Share: Basic and Diluted | ||
From continuing operations | $ 0 | $ 0 |
From discontinued operations | 0 | 0 |
Total Net Loss Per Share: Basic and Diluted | $ 0 | $ 0 |
Weighted average number of Shares Outstanding: Basic and Diluted | 88,425,000 | 88,425,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Deficit - USD ($) | Common Stock | Additional Paid in Capital (Capital Deficiency) | Deficit | Total |
Beginning Balance, Shares at Apr. 30, 2013 | 88,425,000 | |||
Beginning Balance, Amount at Apr. 30, 2013 | $ 88,425 | $ (23,785) | $ (57,117) | $ 7,524 |
Shares issued for cash, Shares | 0 | |||
Contribution of facilities rent - related party | 3,600 | 0 | $ 3,600 | |
Forgiveness of debt by former shareholder | 3,278 | 3,278 | ||
Forgiveness of debt by former shareholder | 0 | |||
Contribution of fees | 4,000 | 0 | 4,000 | |
Net loss | (29,240) | (29,240) | ||
Ending Balance, Shares at Apr. 30, 2014 | 88,425,000 | |||
Ending Balance, Amount at Apr. 30, 2014 | $ 88,425 | (12,907) | (86,357) | $ (10,838) |
Shares issued for cash, Shares | 0 | |||
Contribution of facilities rent - related party | 3,600 | 0 | $ 3,600 | |
Forgiveness of debt by former shareholder | 23,672 | |||
Forgiveness of debt by former shareholder | 47,403 | 47,403 | ||
Contribution of fees | 4,000 | 4,000 | ||
Net loss | (101,518) | (101,518) | ||
Ending Balance, Shares at Apr. 30, 2015 | 88,425,000 | |||
Ending Balance, Amount at Apr. 30, 2015 | $ 88,425 | $ 42,096 | $ (187,875) | $ (57,354) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (101,518) | $ (29,240) |
Adjustments to reconcile Net Loss to net cash provided by operations: | ||
Depreciation and amortization | 0 | 1,438 |
Forgiveness of debt by related party | 23,672 | 3,278 |
Additional paid-in capital in exchange for facilities provided by related party | 3,600 | 3,600 |
Additional paid-in capital in exchange for contributed services | 4,000 | 4,000 |
Loss on discontinued operations | 15,844 | 0 |
Changes in current assets and liabilities: | ||
Prepaid expenses | (2,505) | (1,870) |
Accounts payable | 7,112 | (19,434) |
Accrued expenses | 4,600 | 3,900 |
Accrued payroll | 26,000 | 0 |
Accrued interest | 116 | 0 |
Advances from stockholders | 0 | 20,452 |
Net Cash Used in Operating Activities | (19,079) | (13,876) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash used in Investing Activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 0 | 0 |
Proceeds from a related party | 179 | |
Proceeds from promissory notes | 18,956 | 0 |
Net cash provided by Financing Activities | 19,135 | 0 |
Net cash increase for period | 56 | (13,876) |
Cash at beginning of period | 44 | 13,920 |
Cash at end of period | 100 | 44 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | 0 | 0 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Foregiveness of related party payable recorded as contributed capital | 47,403 | 0 |
Intangible assets acquired for note payable | $ 250,000 | $ 0 |
NOTE 1 - BACKGROUND INFORMATION
NOTE 1 - BACKGROUND INFORMATION | 12 Months Ended |
Apr. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1. BACKGROUND INFORMATION | NOTE 1 - BACKGROUND INFORMATION Organization and Business Energizer Tennis Inc. (Energizer, our, us, we or the Company) was incorporated on June 16, 2011 in the State of Nevada for the purpose of developing, producing, and selling instructional tennis videos to the global tennis community. Since April 30, 2015 Energizer Tennis has focused on investing in and acquiring technology companies within the United States and abroad, as well as, discovering existing synergies that offer the opportunity to expand the companys footprint in order to create revenues and profits. Through its wholly-owned subsidiary, GameRevz, Inc. ("GameRevz") the company has focused on the US based, international online video gaming and entertainment industry. |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying audited consolidated financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (GAAP) of the United States (See Note 3 regarding the assumption that the Company is a going concern). Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, GameRevz, Inc., a Nevada corporation. All significant intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fiscal Year End The Company has elected April 30 as its fiscal year end. Discontinued Operations Prior operations of developing, producing and selling instructional tennis videos are excluded from the Companys Statements of Operations. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $100 and $44 at April 30, 2015 and 2014, respectively. Cash Flows Reporting The Company follows ASC 230, Statement of Cash Flows Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies, Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share Fair Value of Financial Instruments The Companys balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. FASB Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts payable and accrued expenses. The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company files income tax returns in the United States which are subject to examination by tax authorities in these jurisdictions. Generally, three years of returns remain subject to examination by major tax jurisdictions. The state impact, if any, of any federal changes to prior year remains subject to examination for a period of up to five years after formal notification to the states. The Company has evaluated tax positions in accordance with ASC 740, Income Taxes, Long-Lived Assets Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3-7 years). Intellectual property assets are stated at their fair value acquisition cost. Amortization of intellectual property assets is calculated by the straight-line method over their estimated useful lives (15 years). Historical costs are reviewed and evaluated for the net realizable value of the assets. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. Foreign Currency The Companys functional currency is the United States Dollar (USD) and its reporting currency is also the USD. Foreign currency transactions, from our prior operations, were primarily undertaken in the British Pound (GBP). The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Translation Matters Related parties The Company follows ASC 850, Related Party Disclosures, |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 12 Months Ended |
Apr. 30, 2015 | |
Note 3 - Going Concern | |
NOTE 3. GOING CONCERN | NOTE 3 - GOING CONCERN The Companys financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As of April 30, 2015, the Company does not have products available for sale or have established an ongoing source of revenue. As a result, the Company has a net loss, negative operating cash flow, and an accumulated deficit. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. Managements plan to obtain such resources for the Company include, obtaining loans from management and stockholders to meet its minimal operating expenses and raising equity funding. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
NOTE 4 - RECENTLY ISSUED ACCOUN
NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Apr. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | NOTE 4 - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification In April 2015, FASB issued Accounting Standards Update (ASU) No. 2015-03, Interest Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuable Costs. . In February 2015, FASB issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810). In January 2015, FASB issued Accounting Standards Update (ASU) No. 2015-01, Income Statement-Extraordinary and Unusual Items (Subtopic 225-20). In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements Going Concern; Disclosures of Uncertainties about an Entitys Ability to Continue as a Going Concern. In June 2014, the FASB issued 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 all incremental financial reporting requirements from U.S. GAAP for development stage entities and also eliminate an exception provided to development stage entities in Topic 810, Consolidation, for determining whether an entity is a variable interest entity on the basis of the amount of investment equity that is at risk. These amendments are effective for annual reporting periods beginning after December 15, 2014, and interim periods therein, with early application permitted. We early adopted this ASU in July 2014. As the objective of the amendments in this update is to improve financial reporting by reducing the cost and complexity associated with the incremental reporting requirements for development stage entities our early adoption of this guidance has not impacted our financial position or results of operations. |
NOTE 5 - PREPAID EXPENSES
NOTE 5 - PREPAID EXPENSES | 12 Months Ended |
Apr. 30, 2015 | |
Notes to Financial Statements | |
NOTE 5 - PREPAID EXPENSES | NOTE 5 - PREPAID EXPENSES Prepaid expenses totalled $4,375 at April 30, 2015 and consisted solely of the OTC Market annual fee. Prepaid expense totalled $1,870 at April 30, 2014 and consisted solely of a legal retainer. |
NOTE 6 - PROPERTY AND EQUIPMENT
NOTE 6 - PROPERTY AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2015 | |
Note 6 - Property And Equipment | |
NOTE 6 - PROPERTY AND EQUIPMENT | NOTE 6 PROPERTY AND EQUIPMENT Property consists of equipment purchased for the production of revenues. As of: April 30, April 30, 2015 2014 Property and equipment - 1,247 Less accumulated depreciation - 882 Property and equipment, net - 365 |
NOTE 7 - INTANGIBLES
NOTE 7 - INTANGIBLES | 12 Months Ended |
Apr. 30, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
NOTE 7 - INTANGIBLES | NOTE 7 INTANGIBLES Intangibles consisted of: April 30, April 30, 2015 2014 Viralpwnage.com 250,000 - Website development - 13,175 Instructional videos - 4,816 Less accumulated amortization - 2,512 Intangibles, net 250,000 15,479 Intangible assets are amortized over their useful lives beginning when placed in service. Amortization expenses were $0 and $2,512 for the years ended April 30, 2015 and 2014, respectively. |
NOTE 8 - SHAREHOLDERS' EQUITY
NOTE 8 - SHAREHOLDERS' EQUITY | 12 Months Ended |
Apr. 30, 2015 | |
Equity [Abstract] | |
NOTE 8 - SHAREHOLDERS' EQUITY | NOTE 8 - SHAREHOLDERS EQUITY Common Stock The authorized common stock of the Company consists of 100,000,000 shares with a par value of $0.001. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. On February 13, 2015, the Company approved a 30 for 1 forward split of its common stock, payable as a dividend, under which each shareholder of record on May 10, 2015, received twenty-nine (29) additional new shares of the Corporation's $0.001 par value stock for every one (1) share outstanding. All shares presented have been retroactively adjusted for the forward share split. The Company did not issue any new common shares during the years ended April 30, 2015 and 2014. As at April 30, 2015 and 2014 (restated) there are 88,425,000 shares of common stock issued and outstanding. The Company does not have any potentially dilutive instruments as of April 30, 2015, thus, anti-dilution issues are not applicable. Preferred Stock The authorized preferred stock of the Company consists of 10,000,000 shares with a par value of $0.001. The Company has not issued any shares of Class A Convertible Preferred Stock as of April 30, 2015. Pertinent Rights and Privileges Holders are not entitled to pre-emptive or referential rights to subscribe to unissued stock or other securities. Holders do not have cumulative voting rights. Preferred stockholders of Class A Convertible Preferred Stock do not have a right to vote their shares except as determined by the Board of Directors. Additional Paid In Capital Our former CEO contributed office space valued at $3,600 in the years ending April 30, 2015 and 2014. A non-related party contributed accounting and tax services totalling $4,000 during the year ending April 30, 2015. On January 30, 2015, Alexander Farquharson, our former CEO and majority shareholder waived in full related party advances totaling $47,403 and which was recorded additional paid in capital. |
NOTE 9 - ACCRUED EXPENSES
NOTE 9 - ACCRUED EXPENSES | 12 Months Ended |
Apr. 30, 2015 | |
Payables and Accruals [Abstract] | |
NOTE 9 - ACCRUED EXPENSES | NOTE 9 ACCRUED EXPENSES Accrued expenses as at April 30, 2015 and 2014 are as follows: April 30, 2015 April 30, 2014 Accrued expenses $ 8,500 $ 3,900 Accrued payroll 26,000 - Accrued interest 116 - Total $ 34,616 $ 3,900 At April 30, 2015, the Company accrued $8,500 for professional fees, $26,000 to management of the company for salaries, and $116 in interest on promissory notes. Accrued expenses at April 30, 2014 consisted of professional fees and totaled $3,900. |
NOTE 10 - NOTES PAYABLE
NOTE 10 - NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
NOTE 10 - NOTES PAYABLE | NOTE 10 NOTES PAYABLE Promissory Notes During the year ended April 30, 2015, an unrelated party advanced funds in the amount of $18,956 to fund operations and provide working capital. Unpaid balances are due on demand and accrue an annual interest rate of 5%. At April 30, 2015, the notes had a principle balance of $18,956 and accrued interest of $116, for a total amount outstanding of $19,072. Note Payable April 30, 2015 April 30, 2014 Note dated April 30, 2015, to Warwick Overseas, LLC, interest at 5%, due in two installments of $125,000 at the end of each year, term of two years $ 250,000 $ - Total note payable 250,000 - Less current portion of Note payable 125,000 - Total-term portion of note payable $ 125,000 $ - At April 30, 2015 no accrued interest has been accrued on this note payable. |
NOTE 11 - DISCONTINUED OPERATIO
NOTE 11 - DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
NOTE 11 - DISCOUNTED OPERATIONS | NOTE 11 - DISCONTINUED OPERATIONS As part of the Company's strategy to focus on businesses with greater global growth potential, the Company decided in the fourth quarter of 2015 to exit its plan of developing and marketing instructional tennis videos. During the year ended April 30, 2015, discontinued operations consist of the following: April 30, 2015 General and administrative $ 1,359 Write down of equipment 56 Write down of intangible assets 14,472 Total $ 15,887 |
NOTE 12 - INCOME TAXES
NOTE 12 - INCOME TAXES | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
NOTE 12 - INCOME TAXES | NOTE 12 - INCOME TAXES The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of April 30, 2015, the Company has incurred net losses of approximately $187,900, resulting in a net operating loss (NOL) for income tax purposes. NOLs begin expiring in 2032. The loss results in a deferred tax asset of approximately $65,800 at the effective statutory rate of 35%. The deferred tax asset has been off-set by an equal valuation allowance. The tax effects of temporary differences and carry forwards that give rise to significant portions of the deferred income tax assets are as follows: April 30, 2015 April 30, 2014 Deferred tax asset, generated from net operating loss at statutory rates $ 65,800 $ 30,200 Valuation allowance (65,800) (30,200) $ $ The reconciliation of the effective income tax rate to the federal statutory rate is as follows: Federal income tax rate 35.0 % Increase in valuation allowance (35.0 %) Effective income tax rate 0.0 % The utilization of these NOLs may become subject to limitations based on past and future changes in ownership of the company pursuant to Internal Revenue Code Section 382. The Company has no uncertain tax positions as of April 30, 2015. Tax returns for the years ended April 30, 2011 through April 30, 2014 remain open to examination. |
NOTE 13 - COMMITMENTS AND CONTI
NOTE 13 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 13 - COMMITMENTS AND CONTINGENCIES | NOTE 13 - COMMITMENTS AND CONTINGENCIES Litigation The Company is not presently involved in any litigation. Lease Obligations At April 30, 2015, the Company does not have any capital leases. As of April 1, 2015, the Company leases office space at $500 per month with a one-year term. The lease can be cancelled at any time by either party with 30 days notice. |
NOTE 14 - RELATED PARTY TRANSAC
NOTE 14 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions [Abstract] | |
NOTE 14 - RELATED PARTY TRANSACTIONS | NOTE 14 - RELATED PARTY TRANSACTIONS Advances from shareholders From time to time, stockholders of the Company advance funds to the Company for working capital purposes. Those advances are unsecured, non-interest bearing, and due on demand. Advances from our former CEO/majority shareholder, during the year ended April 30, 2015 totaled $23,673. On January 30, 2015, our former CEO/majority shareholder waived in full, $47,403 of related party advances and which was recorded as additional paid in capital. Other Our former CEO had provided office space without charge. Rental expense is recorded in the financial statements as additional paid-in capital and totaled $3,600 for the years ended April 30, 2015 and 2014. |
NOTE 15 - SUBSEQUENT EVENTS
NOTE 15 - SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2015 | |
Subsequent Events [Abstract] | |
NOTE 15 - SUBSEQUENT EVENTS | NOTE 15 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were issued. Based on our evaluation no events have occurred requiring adjustment or disclosure to the financial statements. |
NOTE 2 - SUMMARY OF SIGNIFICA22
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying audited consolidated financial statements presented herein have been prepared pursuant to the rules and regulations of the SEC. The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (GAAP) of the United States (See Note 3 regarding the assumption that the Company is a going concern). |
Principals of Consolidation | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, GameRevz, Inc., a Nevada corporation. All significant intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fiscal Year End | Fiscal Year End The Company has elected April 30 as its fiscal year end. |
Discontinued Operations | Discontinued Operations Prior operations of developing, producing and selling instructional tennis videos are excluded from the Companys Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents were $100 and $44 at April 30, 2015 and 2014, respectively. |
Cash Flows Reporting | Cash Flows Reporting The Company follows ASC 230, Statement of Cash Flows |
Commitments and Contingencies | Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies, |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Companys balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. FASB Accounting Standards Codification ASC 820, Fair Value Measurements and Disclosures Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3: Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of April 30, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts payable and accrued expenses. The Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. The Company files income tax returns in the United States which are subject to examination by tax authorities in these jurisdictions. Generally, three years of returns remain subject to examination by major tax jurisdictions. The state impact, if any, of any federal changes to prior year remains subject to examination for a period of up to five years after formal notification to the states. The Company has evaluated tax positions in accordance with ASC 740, Income Taxes, |
Long-Lived Assets | Long-Lived Assets Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3-7 years). Intellectual property assets are stated at their fair value acquisition cost. Amortization of intellectual property assets is calculated by the straight-line method over their estimated useful lives (15 years). Historical costs are reviewed and evaluated for the net realizable value of the assets. The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Long-lived assets such as property and equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. |
Foreign Currency | Foreign Currency The Companys functional currency is the United States Dollar (USD) and its reporting currency is also the USD. Foreign currency transactions, from our prior operations, were primarily undertaken in the British Pound (GBP). The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Translation Matters |
Related parties | Related parties The Company follows ASC 850, Related Party Disclosures, |
NOTE 6 - PROPERTY AND EQUIPME23
NOTE 6 - PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Note 6 - Property And Equipment | |
Property and Equipment | April 30, April 30, 2015 2014 Property and equipment - 1,247 Less accumulated depreciation - 882 Property and equipment, net - 365 |
NOTE 7 - INTANGIBLES (Tables)
NOTE 7 - INTANGIBLES (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | April 30, April 30, 2015 2014 Viralpwnage.com 250,000 - Website development - 13,175 Instructional videos - 4,816 Less accumulated amortization - 2,512 Intangibles, net 250,000 15,479 |
NOTE 9 - ACCRUED EXPENSES (Tabl
NOTE 9 - ACCRUED EXPENSES (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | April 30, 2015 April 30, 2014 Accrued expenses $ 8,500 $ 3,900 Accrued payroll 26,000 - Accrued interest 116 - Total $ 34,616 $ 3,900 |
NOTE 10 - NOTES PAYABLE (Tables
NOTE 10 - NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Debt Disclosure [Abstract] | |
Note Payable | April 30, 2015 April 30, 2014 Note dated April 30, 2015, to Warwick Overseas, LLC, interest at 5%, due in two installments of $125,000 at the end of each year, term of two years $ 250,000 $ - Total note payable 250,000 - Less current portion of Note payable 125,000 - Total-term portion of note payable $ 125,000 $ - |
NOTE 11 - DISCONTINUED OPERAT27
NOTE 11 - DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | April 30, 2015 General and administrative $ 1,359 Write down of equipment 56 Write down of intangible assets 14,472 Total $ 15,887 |
NOTE 12 - INCOME TAXES (Tables)
NOTE 12 - INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
The Deferred Tax Asset | April 30, 2015 April 30, 2014 Deferred tax asset, generated from net operating loss at statutory rates $ 65,800 $ 30,200 Valuation allowance (65,800) (30,200) $ $ |
Reconciliation of the effective income tax rate to the federal statutory rate | Federal income tax rate 35.0 % Increase in valuation allowance (35.0 %) Effective income tax rate 0.0 % |
NOTE 2 - SUMMARY OF SIGNIFICA29
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2015 | |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents | $ 44 | $ 100 |
Minimum estimated useful life of property and equipment | 3 years | |
Maximum estimated useful life of property and equipment | 7 years | |
Amortization of intellectual property assets calculated by straight line method over estimate useful life period | 15 years | |
Commitments and contingencies | $ 0 | 0 |
Common stock equivalents | $ 0 | $ 0 |
NOTE 5 - PREPAID EXPENSE (Detai
NOTE 5 - PREPAID EXPENSE (Details Narrative) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Notes to Financial Statements | ||
Prepaid expense | $ 4,375 | $ 1,870 |
NOTE 6 - PROPERTY AND EQUIPME31
NOTE 6 - PROPERTY AND EQUIPMENT (Details) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Note 6 - Property And Equipment | ||
Property and equipment | $ 0 | $ 1,247 |
Less accumulated depreciation | 0 | 882 |
Property and equipment, net | $ 0 | $ 365 |
NOTE 7 - INTANGIBLES (Details)
NOTE 7 - INTANGIBLES (Details) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Viralpwnage.com | $ 250,000 | $ 0 |
Website development | 0 | 13,175 |
Instructional videos | 0 | 4,816 |
Less accumulated amortization | 0 | 2,512 |
Intangibles, net | $ 250,000 | $ 15,479 |
NOTE 8 - SHAREHOLDERS' EQUITY (
NOTE 8 - SHAREHOLDERS' EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Mar. 07, 2015 | Apr. 30, 2015 | Apr. 30, 2014 | Jan. 30, 2015 | |
Common Stock | ||||
Forward split ratio for dividend payable | $ 30 | |||
Anti dilutive instruments | 0 | |||
Common stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized (in Shares) | 100,000,000 | 100,000,000 | ||
Common stock, shares issued (in Shares) | 88,425,000 | 88,425,000 | ||
Common shares issued during period | 0 | 0 | ||
Preferred Stock | ||||
Preferred stock par value (in Dollars per share) | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized (in Shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, shares issued (in Shares) | 0 | 0 | ||
Additional Paid In Capital | ||||
Office space contributed by former CEO | $ 3,600 | $ 3,600 | ||
Non-related party contributed accounting and tax services | $ 4,000 | |||
Related party advances waived by former CEO | $ 47,403 |
NOTE 9 - ACCRUED EXPENSES (Deta
NOTE 9 - ACCRUED EXPENSES (Details) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Payables and Accruals [Abstract] | ||
Accrued expenses- professional fees | $ 8,500 | $ 3,900 |
Accrued payroll- salaries | 26,000 | 0 |
Accrued interest- promissory notes | 116 | 0 |
Total | $ 34,616 | $ 3,900 |
NOTE 10 - NOTES PAYABLE - Note
NOTE 10 - NOTES PAYABLE - Note Payable (Details) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Debt Disclosure [Abstract] | ||
Note dated April 30, 2015, to Warwick Overseas, LLC, interest at 5%, due in two installments of $125,000 at the end of each year, term of two years | $ 250,000 | $ 0 |
Total note payable | 250,000 | 0 |
Less current portion of Note payable | 125,000 | 0 |
Total-term portion of note payable | $ 125,000 | $ 0 |
NOTE 10 - NOTES PAYABLE (Detail
NOTE 10 - NOTES PAYABLE (Details Narrative) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Promissory Note | ||
Unrelated party advance | $ 18,956 | $ 0 |
Interest accrued on unrelated party advance | 116 | |
Total outstanding on unrelated party advance | $ 19,072 | |
Interest rate on unrelated party advance | 5.00% |
NOTE 11 - DISCONTINUED OPERAT37
NOTE 11 - DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
General and administrative | $ 1,359 | |
Write down of equipment | 56 | |
Write down of intangible assets | 14,472 | |
Total | $ 15,887 | $ 0 |
NOTE 12 - INCOME TAXES (Details
NOTE 12 - INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, generated from net operating loss at statutory rates | $ 65,800 | $ 30,200 |
Valuation allowance | $ (65,800) | $ (30,200) |
Federal income tax rate | 35.00% | |
Increase in valuation allowance | (35.00%) | |
Effective income tax rate | 0.00% |
NOTE 12 - INCOME TAXES (Detai39
NOTE 12 - INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2014 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 187,900 | |
Gross deferred tax assets | $ 35,800 | |
Gross deferred tax assets expected rate | 35.00% | |
NOLs begin expiring in year | 2,032 |
NOTE 13 - COMMITMENTS AND CON40
NOTE 13 - COMMITMENTS AND CONTINGENCIES (Details Narrative) | Apr. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Lease Obligations | $ 0 |
Operating Lease Obligations, monthly | $ 500 |
NOTE 14 - RELATED PARTY TRANS41
NOTE 14 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Jan. 30, 2015 | |
Related Party Transactions [Abstract] | ||
Advances from related party | $ 23,673 | |
Advances from stockholders | $ 179 | |
Forgiveness of debts outstanding due to stockholders recored as contributed capital | $ 47,403 |