Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | May 08, 2017 | Oct. 31, 2015 | |
FIXED ASSETS [Abstract] | |||
Entity Registrant Name | WEST COAST VENTURES GROUP CORP. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Common Stock, Shares Outstanding | 15,088,544 | ||
Entity Public Float | $ 88,544 | ||
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, 2016 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 | |
Current Assets: | |||
Cash and cash equivalents | $ 0 | $ 100 | |
Prepaid expenses | 0 | 4,375 | |
Total Current Assets | 0 | 4,475 | |
Intangibles assets, net | 6,459 | 250,000 | |
TOTAL ASSETS | 6,459 | 254,475 | |
Current Liabilities: | |||
Accounts payable | 30,478 | 8,078 | |
Accrued expenses | 0 | 8,500 | |
Accrued payroll | 125,814 | 26,000 | |
Accrued interest | 14,722 | 116 | |
Advances from Stockholders | 0 | 179 | |
Promissory notes | 14,711 | 18,956 | |
Note payable - current portion | 250,000 | 125,000 | |
Total Current Liabilities | 435,725 | 186,829 | |
Note Payable | 0 | 125,000 | |
Convertible note, net of unamortized discounts of $44,818 and $0 | 6,403 | 0 | |
Total Liabilities | 442,128 | 311,829 | |
Commitments and Contingencies (Note 8) | 0 | ||
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, 88,426 shares issued and outstanding. | 88 | 88 | |
Additional paid in capital | [1] | 181,654 | 130,433 |
Accumulated deficit | (617,411) | (187,875) | |
Total Stockholders' Deficit | (435,669) | (57,354) | |
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT | $ 6,459 | $ 254,475 | |
[1] | *Note: all shares presented have been retroactively adjusted for the effect of a 1 for 1,000 reverse stock split, approved by our Board of Directors on February 4, 2016. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Apr. 30, 2016 | 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) | 88,426 | 88,426 |
Common stock, shares outstanding (in Shares) | 88,426 | 88,426 |
Convertible note, net of unamortized discounts | $ 44,818 | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | ||
Revenue | |||
Revenues | $ 0 | $ 0 | |
Operating Expenses | |||
Depreciation and Amortization | 83,333 | 0 | |
General & Administrative Expenses | 135,855 | 59,242 | |
Professional Fees | 29,130 | 26,273 | |
Total Operating Expenses | 248,318 | 85,515 | |
Loss from operations | (248,318) | (85,515) | |
Other Income (Expense) | |||
Interest Expense | (21,010) | (116) | |
Debt forgiveness of accounts payable | (160,208) | 0 | |
Loss Before Provision for Income Taxes | (429,536) | (85,631) | |
Provision for Income Taxes | 0 | 0 | |
Loss from Continuing Operations | (429,536) | (85,631) | |
Loss from Discontinued Operations, Net of Tax Benefits | 0 | (15,887) | |
Net Loss | $ (429,536) | $ (101,518) | |
Net Loss Per Share: Basic and Diluted | |||
From continuing operations | $ (4.86) | $ (.97) | |
From discontinued operations | 0 | (.18) | |
Total Net Loss Per Share: Basic and Diluted | $ (4.86) | $ (1.15) | |
Weighted average number of Shares Outstanding: Basic and Diluted | [1] | 88,426 | 88,426 |
[1] | *Note: all shares presented have been retroactively adjusted for the effect of a 1 for 1,000 reverse stock split, approved by our Board of Directors on February 4, 2016. |
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, 2014 | 88,426 | |||
Beginning Balance, Amount at Apr. 30, 2014 | $ 88 | $ 75,430 | $ (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 | 0 | 47,403 | |
Contribution of fees | 4,000 | 0 | 4,000 | |
Discount of note payable | 0 | |||
Net loss | (101,518) | (101,518) | ||
Ending Balance, Shares at Apr. 30, 2015 | 88,426 | |||
Ending Balance, Amount at Apr. 30, 2015 | $ 88 | 130,433 | (187,875) | $ (57,354) |
Shares issued for cash, Shares | 0 | |||
Contribution of facilities rent - related party | $ 0 | |||
Forgiveness of debt by former shareholder | 0 | |||
Forgiveness of debt by former shareholder | 0 | |||
Contribution of fees | 0 | |||
Discount of note payable | 51,221 | 0 | 51,221 | |
Net loss | (429,536) | (429,536) | ||
Ending Balance, Shares at Apr. 30, 2016 | 88,426 | |||
Ending Balance, Amount at Apr. 30, 2016 | $ 88 | $ 181,654 | $ (617,411) | $ (435,669) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (429,536) | $ (101,518) |
Adjustments to reconcile Net Loss to net cash provided by operations: | ||
Depreciation and amortization | 83,333 | 0 |
Amortization of debt discount | 6,403 | 0 |
Impairment of intangible assets | 160,208 | 0 |
Forgiveness of debt by related party | 0 | 23,672 |
Additional paid-in capital in exchange for facilities provided by related party | 0 | 3,600 |
Additional paid-in capital in exchange for contributed services | 0 | 4,000 |
Loss on discontinued operations | 0 | 15,844 |
Changes in current assets and liabilities: | ||
Prepaid expenses | 4,375 | (2,505) |
Accounts payable | 22,401 | 7,112 |
Accrued expenses | (8,500) | 4,600 |
Accrued payroll | 99,814 | 26,000 |
Related Party | (179) | 0 |
Accrued interest | 14,606 | 116 |
Net Cash Used in Operating Activities | (47,075) | (19,079) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from a related party | 0 | 179 |
Proceeds from promissory notes | 46,975 | 18,956 |
Net cash provided by Financing Activities | 46,975 | 19,135 |
Net cash increase for period | (100) | 56 |
Cash at beginning of period | 100 | 44 |
Cash at end of period | 0 | 100 |
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 | 0 | 47,403 |
Intangible assets acquired for note payable | 0 | 250,000 |
Reclass from promissory notes to convertible notes | 51,221 | 0 |
Discount of note payable | $ 51,221 | $ 0 |
NOTE 1 - BACKGROUND INFORMATION
NOTE 1 - BACKGROUND INFORMATION | 12 Months Ended |
Apr. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NOTE 1. BACKGROUND INFORMATION | NOTE 1 - BACKGROUND INFORMATION Organization and Business West Coast Ventures Group Corp. (“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 the Company 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 company’s footprint in order to create revenues and profits. Through its wholly-owned subsidiary, GameRevz, Inc. ("GameRevz") the company has focused on the US based, online video gaming and entertainment industry. On February 4, 2016, Energizer Tennis, Corp. filed Articles of Merger with the Nevada Secretary of State whereby it entered into a statutory merger with its wholly-owned subsidiary, West Coast Ventures Group Corp. The effect of such merger is that the Company was the surviving entity and changed its name to “West Coast Ventures Group Corp.” |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2016 | |
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 accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. The Company’s most significant estimates relate to the valuation of its intangible assets and the valuation of its common stock. Fiscal Year End The Company has elected April 30 as its fiscal year end. Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. Discontinued Operations The Company decided to discontinue the business of developing, producing and selling instructional tennis videos, hence the income and expenses related to such activities have been excluded from the Company’s Financial Statements. 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 $0 and $100 at April 30, 2016 and 2015, respectively. Commitments and Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets. Earnings (Loss) Per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share Loss per share as of April 30, 2016 and 2015 are as follows: April 30, 2016 April 30, 2016 Net Loss Per Common Share: Basic and Diluted From continuing operations $ (4.86) $ (0.97) From discontinued operations - (0.18) Total Net Loss Per Share: Basic and Diluted $ (4.86) $ (1.15) Weighted average number of Common Shares Outstanding: Basic and Diluted 88,426 88,426 Fair Value of Financial Instruments The Company’s 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, 2016. 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 prepaid expense, 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,” Intangible Assets We account for intangible assets in accordance with ASC 350, “ Intangibles-Goodwill and Other We completed an evaluation of intangibles at April 30, 2016 and recognized an impairment loss of $160,208 during the year ended April 30, 2016. No impairment loss was recognized for the year ended April 30, 2015. Long-Lived Assets Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. Foreign Currency The Company’s 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,” Recent Accounting Pronouncements In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity’s ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management’s plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In November 2015, the Financial Accounting Standards Board (FASB) issued ASU 2015-17, “Balance Sheet Classification of Deferred Taxes” (ASU 2015-17), which changes how deferred taxes are classified on the balance sheet and is effective for financial statements issued for annual periods beginning after December 15, 2016, with early adoption permitted. ASU 2015-17 requires all deferred tax assets and liabilities to be classified as non-current. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities” (ASU 2016-01), which requires equity investments that are not accounted for under the equity method of accounting to be measured at fair value with changes recognized in net income and updates certain presentation and disclosure requirements. ASU 2016-01 is effective beginning after December 15, 2017. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires lessees to recognize right-of-use assets and lease liabilities, for all leases, with the exception of short-term leases, at the commencement date of each lease. This ASU requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. This ASU is effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted. The amendments of this update should be applied using a modified retrospective approach, which requires lessees and lessors to recognize and measure leases at the beginning of the earliest period presented. The adoption of this guidance is not expected to have a material impact on the Company’s results of operations, financial position or disclosures. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting.” The guidance simplifies accounting for share-based payments, most notably by requiring all excess tax benefits and tax deficiencies to be recorded as income tax benefits or expense in the income statement and by allowing entities to recognize forfeitures of awards when they occur. This new guidance is effective for annual reporting periods beginning after December 15, 2016 and may be adopted prospectively or retroactively. The Company is currently evaluating the impact the adoption of this standard would have on its financial condition, results of operations and cash flows. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers (Topic 606): Narrow- Scope Improvements and Practical Expedients” (“ASU 2016-12”), which amends the guidance in the new revenue standard on collectability, noncash consideration, presentation of sales tax, and transition. The amendments are intended to address implementation issues and provide additional practical expedients to reduce the cost and complexity of applying the new revenue standard. The new guidance is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods, which will be our interim period beginning January 1, 2018. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods with that reporting period. The Company is currently evaluating the impact of adopting this standard on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, regarding ASC Topic 230 “Statement of Cash Flows.” This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. The new guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early adoption is permitted. The Company does not expect the adoption of this standard to have a significant effect on its consolidated financial statements. There were no other new accounting pronouncements during the year ended June 30, 2016 that we believe would have a material impact on our financial position or results of operations. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 12 Months Ended |
Apr. 30, 2016 | |
Note 3 - Going Concern | |
NOTE 3. GOING CONCERN | NOTE 3 - GOING CONCERN The Company’s 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, 2016, 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. Management’s 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 - INTANGIBLES
NOTE 4 - INTANGIBLES | 12 Months Ended |
Apr. 30, 2016 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
NOTE 4 - INTANGIBLES | NOTE 4 – INTANGIBLES Intangibles consisted of: April 30, April 30, 2016 2015 Viralpwnage.com 89,792 250,000 Less accumulated amortization 83,333 - Intangibles, net 6,459 250,000 The intangible assets are amortized over an estimated useful life of 3 years. Amortization expenses were $83,333 and $0 for the years ended April 30, 2016 and 2015, respectively. We determined the implied fair value of intangibles was substantially below the carrying value being reported. Accordingly, we recognized an impairment loss of $160,208, for the year ended April 30, 2016. No impairment of intangibles was recognized for the year ended April 30, 2015. |
NOTE 5 - NOTES PAYABLE
NOTE 5 - NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2016 | |
Debt Disclosure [Abstract] | |
NOTE 5 - NOTES PAYABLE | NOTE 5 – NOTES PAYABLE Promissory Notes During the period ended April 30, 2016, an unrelated party advanced funds in the amount of $46,975 to fund operations and provide working capital. Unpaid balances are due on demand and accrue an annual interest rate of 5%. During the year ended April 30, 2016, the Company acknowledged and agreed to issue the convertible note of $51,221 for payment of principal on the Promissory note of $51,221. At April 30, 2016 and 2015, the notes had accrued interest of $1,598 and $116, respectively. Note Payable April 30, 2016 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 250,000 125,000 Long-term portion of note payable $ - $ 125,000 On April 30, 2017, the Warwick Overseas, LLC, agreed to extend the note for an additional one year term to April 30, 2018. During the year ended April 30, 2016 and 2015, the company recognized interest expense on the note payable of $12,534 and $0, respectively. |
NOTE 6 - CONVERTIBLE NOTE
NOTE 6 - CONVERTIBLE NOTE | 12 Months Ended |
Apr. 30, 2016 | |
Convertible Notes Payable [Abstract] | |
NOTE 6 - CONVERTIBLE NOTE | NOTE 6 – CONVERTIBLE NOTE On January 31, 2016, the Company issued convertible notes of $51,221 for the payment of promissory notes of $51,211 (note 5). Unpaid balances are due on January 31, 2018 and accrue an annual interest at the rate of 4%. The Holders have the right, at any time to convert any part of outstanding Principal balance of this note into shares of the Company’s common stock at a conversion rate of $0.01 per share. During the year ended April 30, 2016, the Company recorded as discount on the convertible note due to a beneficial conversion feature of $51,221 and amortized $6,403 as interest expense. |
NOTE 7 - SHAREHOLDERS' EQUITY
NOTE 7 - SHAREHOLDERS' EQUITY | 12 Months Ended |
Apr. 30, 2016 | |
Equity [Abstract] | |
NOTE 7 - SHAREHOLDERS' EQUITY | NOTE 7 - SHAREHOLDERS’ EQUITY On February 4, 2016, the Company filed a Certificate of Amendment with the Nevada Secretary of State whereby it amended its Articles of Incorporation to increase the Company’s authorized number of shares of common stock from 100 million to 250 million and decrease all of its issued and outstanding shares of common stock at a ratio of one (1) share for every one thousand (1,000) shares held. All relevant information relating to numbers of shares and per share information have been retroactively adjusted to reflect the reverse stock split for all periods presented. 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, 2016. Common Stock The authorized common stock of the Company consists of 250,000,000 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 years ended April 30, 2016 and 2015 As at April 30, 2016 and 2015, there are 88,426 shares of common stock issued and outstanding. 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 During the year ended April 30, 2016, the Company recorded as discount on the convertible note due to a beneficial conversion feature of $51,221(Note 9). During the year ended April 30, 2015, the Company recorded additional paid in capital as follows; · Our former CEO contributed office space valued at $3,600. · A related party contributed accounting and tax services totaling $4,000 · On January 30, 2015, our former CEO and majority shareholder waived in full related party advances totaling $47,403 |
NOTE 8 - DISCONTINUED OPERATION
NOTE 8 - DISCONTINUED OPERATIONS | 12 Months Ended |
Apr. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
NOTE 8 - DISCOUNTED OPERATIONS | NOTE 8 - 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. On April 30, 2015, the Company, through its wholly-owned subsidiary GameRevz, completed the purchase of certain intellectual property in lieu of a promissory note for $250,000. 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 9 - INCOME TAXES
NOTE 9 - INCOME TAXES | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
NOTE 9 - INCOME TAXES | NOTE 9 - 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, 2016, the Company has incurred net losses of approximately $429,536, 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 $216,100 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, 2016 April 30, 2015 Deferred tax asset, generated from net operating loss at statutory rates $ 150,300 $ 65,800 Valuation allowance (150,300) (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 April 30, 2016. Tax returns for the years ended April 30, 2011 through April 30, 2016 remain open to examination. |
NOTE 10 - COMMITMENTS AND CONTI
NOTE 10 - COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
NOTE 10 - COMMITMENTS AND CONTINGENCIES | NOTE 10 - COMMITMENTS AND CONTINGENCIES Litigation The Company is not presently involved in any litigation. Lease Obligations At April 30, 2016, the Company does not have any capital leases. On January 3, 2016, the Company leased office space at $199 per month with no specified term. The lease is cancelable at any time by either party with 30 days’ notice. |
NOTE 11 - RELATED PARTY TRANSAC
NOTE 11 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2016 | |
Related Party Transactions [Abstract] | |
NOTE 11 - RELATED PARTY TRANSACTIONS | NOTE 11 - RELATED PARTY TRANSACTIONS Due 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. During the year ended April 30, 2015, due from our former CEO/majority shareholder 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. As of April 30, 2016 and 2015, no amounts were owed. Other As of April 30, 2016 and 2015, the Company accrued salaries to officers and directors of $125,814 and $26,000, respectively. 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. |
NOTE 12 - SUBSEQUENT EVENTS
NOTE 12 - SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2016 | |
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. Subsequent to April 30, 2016, the Company issued each 7,500,000 shares of common stock to the company’s officer and board members for their ongoing service and accrued salaries. On December 30, 2016, the Company entered into a Definitive Share Exchange Agreement (the “Agreement”) with James M. Nixon (“Nixon”) and Nixon Restaurant Group, Inc., a Florida corporation (“NRG”) pursuant to which the Company will exchange 12,100,000 shares of its Common Stock, $0.001 par value per share, for 60,500,000 shares of NRG Common Stock, $0.0001 par value per share, which represents all of the issued and outstanding capital stock of NRG. In addition, the Company will issue 500,000 shares of the Company’s preferred stock to Nixon as compensation for completing the transaction. This preferred stock which shall be designated as Series A Preferred Stock shall have no dividend, liquidation, or conversion rights, but will have voting rights of 100,000 votes per share of Series A Preferred Stock, an aggregate equal to 500,000,000 shares of the Company’s Common Stock. The closing of transaction described in the Agreement is subject to several conditions precedent. Following closing of the transaction NRG will operate as wholly owned subsidiary of the Company. |
NOTE 2 - SUMMARY OF SIGNIFICA19
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2016 | |
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 accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of net revenues and expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. The Company’s most significant estimates relate to the valuation of its intangible assets and the valuation of its common stock. |
Fiscal Year End | Fiscal Year End The Company has elected April 30 as its fiscal year end. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. |
Discontinued Operations | Discontinued Operations The Company decided to discontinue the business of developing, producing and selling instructional tennis videos, hence the income and expenses related to such activities have been excluded from the Company’s Financial Statements. |
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 $0 and $100 at April 30, 2016 and 2015, respectively. |
Commitments and Contingencies | Commitments and Contingencies Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company's management and legal counsel assess such contingent liabilities, and such assessment inherently involves judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company's legal counsel evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought. If the assessment of a contingency indicates it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company's financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material would be disclosed. Loss contingencies considered to be remote by management are generally not disclosed unless they involve guarantees, in which case the guarantee would be disclosed. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements, limited operating history, foreign currency exchange rates and the volatility of public markets. |
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 Loss per share as of April 30, 2016 and 2015 are as follows: April 30, 2016 April 30, 2016 Net Loss Per Common Share: Basic and Diluted From continuing operations $ (4.86) $ (0.97) From discontinued operations - (0.18) Total Net Loss Per Share: Basic and Diluted $ (4.86) $ (1.15) Weighted average number of Common Shares Outstanding: Basic and Diluted 88,426 88,426 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s 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, 2016. 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 prepaid expense, 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,” |
Intangible Assets | Intangible Assets We account for intangible assets in accordance with ASC 350, “ Intangibles-Goodwill and Other We completed an evaluation of intangibles at April 30, 2016 and recognized an impairment loss of $160,208 during the year ended April 30, 2016. No impairment loss was recognized for the year ended April 30, 2015. |
Long-Lived Assets | Long-Lived Assets Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of these assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted future cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value. |
Foreign Currency | Foreign Currency The Company’s 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 2 - SUMMARY OF SIGNIFICA20
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Accounting Policies [Abstract] | |
Loss per share | April 30, 2016 April 30, 2016 Net Loss Per Common Share: Basic and Diluted From continuing operations $ (4.86) $ (0.97) From discontinued operations - (0.18) Total Net Loss Per Share: Basic and Diluted $ (4.86) $ (1.15) Weighted average number of Common Shares Outstanding: Basic and Diluted 88,426 88,426 |
NOTE 4 - INTANGIBLES (Tables)
NOTE 4 - INTANGIBLES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Finite-Lived Intangible Assets, Net [Abstract] | |
Intangibles | April 30, April 30, 2016 2015 Viralpwnage.com 89,792 250,000 Less accumulated amortization 83,333 - Intangibles, net 6,459 250,000 |
NOTE 5 - NOTES PAYABLE (Tables)
NOTE 5 - NOTES PAYABLE (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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 8 - DISCONTINUED OPERATI23
NOTE 8 - DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
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 9 - INCOME TAXES (Tables)
NOTE 9 - INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
The Deferred Tax Asset | April 30, 2016 April 30, 2015 Deferred tax asset, generated from net operating loss at statutory rates $ 150,300 $ 65,800 Valuation allowance (150,300) (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 SIGNIFICA25
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Apr. 30, 2016USD ($) |
Accounting Policies [Abstract] | |
Commitments and contingencies | $ 0 |
NOTE 4 - INTANGIBLES (Details)
NOTE 4 - INTANGIBLES (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Viralpwnage.com | $ 89,792 | $ 250,000 |
Less accumulated amortization | 83,333 | 0 |
Intangibles, net | $ 6,459 | $ 250,000 |
NOTE 5 - NOTES PAYABLE - Note P
NOTE 5 - NOTES PAYABLE - Note Payable (Details) - USD ($) | Apr. 30, 2016 | 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 | 250,000 | 125,000 |
Total-term portion of note payable | $ 0 | $ 125,000 |
NOTE 5 - NOTES PAYABLE (Details
NOTE 5 - NOTES PAYABLE (Details Narrative) - USD ($) | Apr. 30, 2016 | Apr. 30, 2015 |
Promissory Note | ||
Unrelated party advance | $ 14,711 | $ 18,956 |
NOTE 7 - SHAREHOLDERS' EQUITY (
NOTE 7 - SHAREHOLDERS' EQUITY (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Jan. 30, 2015 | |
Common Stock | |||
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) | 88,426 | 88,426 | |
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 8 - DISCONTINUED OPERATI30
NOTE 8 - DISCONTINUED OPERATIONS (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
General and administrative | $ 1,359 | |
Write down of equipment | 56 | |
Write down of intangible assets | 14,472 | |
Total | $ 0 | $ 15,887 |
NOTE 9 - INCOME TAXES (Details)
NOTE 9 - INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2016 | Apr. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Deferred tax asset, generated from net operating loss at statutory rates | $ 150,300 | $ 65,800 |
Valuation allowance | $ (150,300) | $ (65,800) |
Federal income tax rate | 35.00% | |
Increase in valuation allowance | (35.00%) | |
Effective income tax rate | 0.00% |
NOTE 9 - INCOME TAXES (Details
NOTE 9 - INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forwards | $ 429,536 | |
Gross deferred tax assets | $ 216,100 | |
Gross deferred tax assets expected rate | 35.00% | |
NOLs begin expiring in year | 2,032 |
NOTE 10 - COMMITMENTS AND CON33
NOTE 10 - COMMITMENTS AND CONTINGENCIES (Details Narrative) | Apr. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Lease Obligations | $ 0 |
Operating Lease Obligations, monthly | $ 199 |
NOTE 11 - RELATED PARTY TRANS34
NOTE 11 - RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2016 | Apr. 30, 2015 | Jan. 30, 2015 | |
Related Party Transactions [Abstract] | |||
Advances from related party | $ 23,673 | ||
Advances from stockholders | $ 0 | $ 179 | |
Forgiveness of debts outstanding due to stockholders recored as contributed capital | $ 47,403 |