Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2015 | Sep. 10, 2015 | |
FIXED ASSETS [Abstract] | ||
Entity Registrant Name | Energizer Tennis Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 88,425,000 | |
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 | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Current Assets: | ||
Cash | $ 10 | $ 100 |
Prepaid expenses | 2,500 | 4,375 |
Due from related party | 811 | 0 |
Total Current Assets | 3,321 | 4,475 |
Intangibles assets, net | 250,000 | 250,000 |
TOTAL ASSETS | 253,321 | 254,475 |
Current Liabilities: | ||
Accounts payable | 8,468 | 8,078 |
Accrued expenses | 17,625 | 8,500 |
Accrued payroll | 48,000 | 26,000 |
Accrued interest | 3,685 | 116 |
Advances from Stockholders | 0 | 179 |
Promissory notes | 33,275 | 18,956 |
Note payable - current portion | 125,000 | 125,000 |
Total Current Liabilities | 236,053 | 186,829 |
Note Payable | 125,000 | 125,000 |
Total Liabilities | 361,053 | 311,829 |
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 | 42,096 |
Accumulated deficit | (238,253) | (187,875) |
Total Stockholders' Deficit | (107,732) | (57,354) |
TOTAL LIABILITIES & STOCKHOLDERS' (DEFICIT) | $ 253,321 | $ 254,475 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2015 | Apr. 30, 2015 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Revenue | ||
Revenues | $ 0 | $ 0 |
Operating Expenses | ||
Depreciation and Amortization | 0 | 336 |
General & Administrative Expenses | 37,330 | 2,113 |
Professional Fees | 9,478 | 3,025 |
Total Operating Expenses | 46,808 | 5,474 |
Other Income (Expense) | ||
Interest Expense | (3,570) | 0 |
Loss Before Provision for Income Taxes | (50,378) | (5,474) |
Provision for Income Taxes | 0 | 0 |
Loss from Continuing Operations | (50,378) | (5,474) |
Net Loss | $ (50,378) | $ (5,474) |
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 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (50,378) | $ (5,474) |
Adjustments to reconcile Net Loss to net cash provided by operations: | ||
Depreciation and amortization | 0 | 336 |
Additional paid-in capital in exchange for facilities provided by related party | 0 | 900 |
Additional paid-in capital in exchange for contributed services | 0 | 1,000 |
Changes in current assets and liabilities: | ||
Prepaid expenses | 1,875 | 1,282 |
Accounts payable | 390 | 338 |
Accrued expenses | 9,125 | 1,500 |
Accrued payroll | 22,000 | 0 |
Related Party | (990) | 0 |
Accrued interest | 3,569 | 0 |
Advances from stockholders | 0 | 118 |
Net Cash Used in Operating Activities | (14,409) | 0 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash used in Investing Activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from promissory notes | 14,319 | 0 |
Net cash provided by Financing Activities | 14,319 | 0 |
Net cash increase for period | (90) | 0 |
Cash at beginning of period | 100 | 44 |
Cash at end of period | 10 | 44 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
NOTE 1. BACKGROUND INFORMATION
NOTE 1. BACKGROUND INFORMATION | 3 Months Ended |
Jul. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1. BACKGROUND INFORMATION | NOTE 1. BACKGROUND INFORMATION Organization and Business Energizer Tennis Inc. 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 | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Financial Statements and related disclosures 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). The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended April 30, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the three month period ended July 31, 2015 are not necessarily indicative of the results for the full fiscal year ending April 30, 2016. 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. 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 $10 and $100 at July 31, 2015 and April 30, 2015. 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 July 31, 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 Long-lived assets such as property and equipment and identifiable intangibles are stated at their fair value acquisition cost and reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. Amortization of long-lived assets are calculated by the straight line method over their estimated useful lives. 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. Indefinite-lived assets are stated at their fair value acquisition cost. The Company performs annual impairment tests on intangible assets with indefinite lives in the fourth quarter of each fiscal year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of an intangible asset with an indefinite life below its carrying value. The Company may first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. If a quantitative fair value measurement calculation is required for these intangible assets, the Company may use a variety of methodologies in conducting impairment assessments of indefinite-lived assets, including, but not limited to, discounted cash flow models, market value of similar assets, if available, or independent appraisals, if required. For indefinite-lived intangible assets, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. Based upon its most recent analysis, the Company believes that no impairment of indefinite-lived assets existed at July 31, 2015. Foreign Currency The Companys functional currency is the United States Dollar (USD) and its reporting currency is also the USD. Foreign currency transactions are primarily undertaken in the British Pound (GBP). The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Matters Related parties The Company follows ASC 850, Related Party Disclosures, |
NOTE 3. GOING CONCERN
NOTE 3. GOING CONCERN | 3 Months Ended |
Jul. 31, 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 July 31, 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 ACCOUNT
NOTE 4. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Jul. 31, 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 | 3 Months Ended |
Jul. 31, 2015 | |
Notes to Financial Statements | |
NOTE 5. PREPAID EXPENSES | NOTE 5. PREPAID EXPENSES Prepaid expense totaled $2,500 and $4,375 at July 31, 2015 and April 30, 2015, respectively; and consisted solely of the OTC Market annual fee. |
NOTE 6. INDEFINITE-LIVED INTANG
NOTE 6. INDEFINITE-LIVED INTANGIBLE ASSETS | 3 Months Ended |
Jul. 31, 2015 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |
NOTE 6. INDEFINITE-LIVED INTANGIBLE ASSETS | NOTE 6. INDEFINITE-LIVED INTANGIBLE ASSETS Indefinite-lived intangibles consisted of: July 31, 2015 April 30, 2015 Viralpwnage.com $ 250,000 $ 250,000 No impairment was recorded for July 31, 2015 and April 30, 2015. |
NOTE 7. NOTES PAYABLE
NOTE 7. NOTES PAYABLE | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
NOTE 7. NOTES PAYABLE | NOTE 7. NOTES PAYABLE Promissory Notes During three months ended July 31, 2015, an unrelated party advanced funds in the amount of $14,319 to fund operations and provide working capital. Unpaid balances are due on demand and accrue an annual interest rate of 5%. At July 31, 2015 and April 30, 2015, the notes had a principle balance of $33,275 and $18,956 and accrued interest of $419 and $116, for a total amount outstanding of $33,694 and $19,072, respectively. Note Payable July 31, 2015 April 30, 2015 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 $ 250,000 Total note payable 250,000 250,000 Less current portion of Note payable 125,000 125,000 Total-term portion of note payable $ 125,000 $ 125,000 At July 31, 2015, accrued interest of $3,150 has been accrued on this note payable. |
NOTE 8. INCOME TAXES
NOTE 8. INCOME TAXES | 3 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
NOTE 8. INCOME TAXES | NOTE 8. 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 July 31, 2015, the Company has incurred net losses of approximately $238,253, 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 $83,400 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: July 31, 2015 April 30, 2015 Deferred tax asset, generated from net operating loss at statutory rates $ 83,400 $ 65,800 Valuation allowance (83,400) (65,800) $ $ 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 July 31, 2015. Tax returns for the years ended April 30, 2011 through April 30, 2015 remain open to examination. |
NOTE 9. COMMITMENTS AND CONTING
NOTE 9. COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jul. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 9. COMMITMENTS AND CONTINGENCIES | NOTE 9. COMMITMENTS AND CONTINGENCIES Litigation The Company is not presently involved in any litigation. Lease Obligations At July 31, 2015, the Company does not have any capital leases. As of April 1, 2015, the Company leases office space at $525 per month with a one-year term. The lease can be cancelled at any time by either party with 30 days notice. |
NOTE 10. RELATED PARTY TRANSACT
NOTE 10. RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jul. 31, 2015 | |
Related Party Transactions [Abstract] | |
NOTE 10. RELATED PARTY TRANSACTIONS | NOTE 10. RELATED PARTY TRANSACTIONS Due/Advance from related party 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. Due from our CEO/ majority shareholder, during the three months ended July 31, 2015 totaled $811. |
NOTE 11. SHAREHOLDERS' EQUITY
NOTE 11. SHAREHOLDERS' EQUITY | 3 Months Ended |
Jul. 31, 2015 | |
Equity [Abstract] | |
NOTE 11. SHAREHOLDERS' EQUITY | NOTE 11. 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. The Company did not issue any new common shares during the three months ended July 31, 2015 and the year ended April 30, 2015. As at July 31, 2015 and April 30, 2015, there are 88,425,000 shares of common stock issued and outstanding. The Company does not have any potentially dilutive instruments as of July 31, 2015 and, 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 July 31, 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. |
NOTE 12. SUBSEQUENT EVENTS
NOTE 12. SUBSEQUENT EVENTS | 3 Months Ended |
Jul. 31, 2015 | |
Subsequent Events [Abstract] | |
NOTE 12. SUBSEQUENT EVENTS | NOTE 12. 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 SIGNIFICAN18
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Financial Statements and related disclosures 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). The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, these condensed financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and such adjustments are of a normal recurring nature. These financial statements should be read in conjunction with the financial statements for the year ended April 30, 2015 and notes thereto and other pertinent information contained in our Form 10-K the Company has filed with the Securities and Exchange Commission (the SEC). The results of operations for the three month period ended July 31, 2015 are not necessarily indicative of the results for the full fiscal year ending April 30, 2016. |
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. |
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 $10 and $100 at July 31, 2015 and April 30, 2015. |
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 July 31, 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 Long-lived assets such as property and equipment and identifiable intangibles are stated at their fair value acquisition cost and reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. Amortization of long-lived assets are calculated by the straight line method over their estimated useful lives. 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. Indefinite-lived assets are stated at their fair value acquisition cost. The Company performs annual impairment tests on intangible assets with indefinite lives in the fourth quarter of each fiscal year, or when events occur or circumstances change that would, more likely than not, reduce the fair value of an intangible asset with an indefinite life below its carrying value. The Company may first perform a qualitative assessment to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, we determine that it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value measurement is necessary. If a quantitative fair value measurement calculation is required for these intangible assets, the Company may use a variety of methodologies in conducting impairment assessments of indefinite-lived assets, including, but not limited to, discounted cash flow models, market value of similar assets, if available, or independent appraisals, if required. For indefinite-lived intangible assets, if the carrying amount exceeds the fair value, an impairment charge is recognized in an amount equal to that excess. Based upon its most recent analysis, the Company believes that no impairment of indefinite-lived assets existed at July 31, 2015. |
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 are primarily undertaken in the British Pound (GBP). The financial statements of the Company are translated to USD in accordance with ASC 830, Foreign Currency Matters |
Related parties | Related parties The Company follows ASC 850, Related Party Disclosures, |
NOTE 6. INDEFINITE-LIVED INTA19
NOTE 6. INDEFINITE-LIVED INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | |
Indefinite lived intangible asset | July 31, 2015 April 30, 2015 Viralpwnage.com $ 250,000 $ 250,000 |
NOTE 7. NOTES PAYABLE (Tables)
NOTE 7. NOTES PAYABLE (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Debt Disclosure [Abstract] | |
Note Payable | July 31, 2015 April 30, 2015 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 $ 250,000 Total note payable 250,000 250,000 Less current portion of Note payable 125,000 125,000 Total-term portion of note payable $ 125,000 $ 125,000 |
NOTE 8. INCOME TAXES (Tables)
NOTE 8. INCOME TAXES (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
The Deferred Tax Asset | July 31, 2015 April 30, 2015 Deferred tax asset, generated from net operating loss at statutory rates $ 83,400 $ 65,800 Valuation allowance (83,400) (65,800) $ $ |
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 SIGNIFICAN22
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 (Detail
NOTE 5. PREPAID EXPENSE (Details Narrative) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Notes to Financial Statements | ||
Prepaid expense | $ 2,500 | $ 4,375 |
NOTE 6. INDEFINITE-LIVED INTA24
NOTE 6. INDEFINITE-LIVED INTANGIBLE ASSETS (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Indefinite-Lived Intangible Assets (Excluding Goodwill) [Abstract] | ||
Viralpwnage.com asset | $ 250,000 | $ 250,000 |
Impairment | $ 0 | $ 0 |
NOTE 7. NOTES PAYABLE - Note Pa
NOTE 7. NOTES PAYABLE - Note Payable (Details) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
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 | $ 250,000 |
Total note payable | 250,000 | 250,000 |
Less current portion of Note payable | 125,000 | 125,000 |
Total-term portion of note payable | $ 125,000 | $ 125,000 |
NOTE 7. NOTES PAYABLE (Details
NOTE 7. NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Apr. 30, 2015 | |
Promissory Note | ||
Unrelated party advanced funds | $ 14,319 | |
Unrelated party advance | 33,275 | $ 18,956 |
Interest accrued on unrelated party advance | 419 | 116 |
Total outstanding on unrelated party advance | $ 33,694 | $ 19,072 |
Interest rate on unrelated party advance | 5.00% | 5.00% |
Note Payable | ||
Accrued interest on note payable | $ 3,150 |
NOTE 8. INCOME TAXES (Details)
NOTE 8. INCOME TAXES (Details) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, generated from net operating loss at statutory rates | $ 83,400 | $ 65,800 |
Valuation allowance | $ (83,400) | $ (65,800) |
Federal income tax rate | 35.00% | |
Increase in valuation allowance | (35.00%) | |
Effective income tax rate | 0.00% |
NOTE 8. INCOME TAXES (Details N
NOTE 8. INCOME TAXES (Details Narrative) - Jul. 31, 2015 - USD ($) | Total |
Income Tax Disclosure [Abstract] | |
Net operating loss carry forwards | $ 238,253 |
Gross deferred tax assets | $ 83,400 |
Gross deferred tax assets expected rate | 35.00% |
NOLs begin expiring in year | 2,032 |
NOTE 9. COMMITMENTS AND CONTI29
NOTE 9. COMMITMENTS AND CONTINGENCIES (Details Narrative) | Jul. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Lease Obligations | $ 0 |
Operating Lease Obligations, monthly | $ 525 |
NOTE 10. RELATED PARTY TRANSA30
NOTE 10. RELATED PARTY TRANSACTIONS (Details Narrative) | 3 Months Ended |
Jul. 31, 2015USD ($) | |
Related Party Transactions [Abstract] | |
Due from related party | $ 811 |
NOTE 11. SHAREHOLDERS' EQUITY (
NOTE 11. SHAREHOLDERS' EQUITY (Details Narrative) - $ / shares | 3 Months Ended | |
Jul. 31, 2015 | Apr. 30, 2015 | |
Common Stock | ||
Potentially 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 | |
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 |