Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 31, 2019 | Jul. 10, 2019 | |
Document and Entity Information: | ||
Entity Registrant Name | ANVI GLOBAL HOLDINGS, INC. | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2019 | |
Amendment Flag | false | |
Entity Central Index Key | 0001570132 | |
Current Fiscal Year End Date | --02-28 | |
Entity Common Stock Shares Outstanding | 119,950,000 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Shell Company | false | |
Is Entity Emerging Growth Company? | false | |
Entity Interactive Data Current | Yes | |
Entity Incorporation | NV | |
Entity File Number | 333-188648 | |
Entity's Reporting Status Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | May 31, 2019 | Feb. 28, 2019 |
Current Assets: | ||
Cash | $ 69,656 | $ 553 |
Prepaids | 19,500 | 22,500 |
Prepaids, related party | 50,000 | |
Total Current Assets | 139,156 | 23,053 |
Total Assets | 139,156 | 23,053 |
LIABILITIES AND STOCKHOLDERS' EQUITY DEFICIT | ||
Accounts payable | 10,877 | 9,821 |
Accrued liabilities, related party | 720,000 | 684,000 |
Deferred revenue | 137,910 | |
Due to an officer | 189,865 | 189,765 |
Total Liabilities | 1,058,652 | 883,586 |
Stockholders' Equity Deficit: | ||
Common stock, $0.001 par value; 500,000,000 shares authorized, 119,950,000 and 119,950,000 shares issued and outstanding, respectively | 119,950 | 119,950 |
Additional paid-in capital | (61,450) | (61,450) |
Accumulated deficit | (977,996) | (919,033) |
Total Stockholders' Deficit | (919,496) | (860,533) |
Total Liabilities and Stockholders' Deficit | $ 139,156 | $ 23,053 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | May 31, 2019 | Feb. 28, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 119,950,000 | 119,950,000 |
Common stock, shares outstanding | 119,950,000 | 119,950,000 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Condensed Statements Of Operations | ||
Revenue: | ||
Operating Expenses: | ||
General and administrative expenses | 58,963 | 54,633 |
Total operating expenses | 58,963 | 54,633 |
Loss from operations | (58,963) | (54,633) |
Loss before income taxes | (58,963) | (54,633) |
Provision for income taxes | ||
Net loss | $ (58,963) | $ (54,633) |
Basic loss per share | $ 0 | $ 0 |
Basic weighted average shares | 119,950,000 | 119,950,000 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Deficit) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, value at Feb. 28, 2018 | $ 119,950 | $ (61,450) | $ (698,237) | $ (639,737) |
Beginning balance, shares at Feb. 28, 2018 | 119,950,000 | |||
Net loss | (54,633) | (54,633) | ||
Ending balance, value at May. 31, 2018 | $ 119,950 | (61,450) | (752,870) | (694,370) |
Ending balance, shares at May. 31, 2018 | 119,950,000 | |||
Beginning balance, value at Feb. 28, 2019 | $ 119,950 | (61,450) | (919,033) | (860,533) |
Beginning balance, shares at Feb. 28, 2019 | 119,950,000 | |||
Net loss | (58,963) | (58,963) | ||
Ending balance, value at May. 31, 2019 | $ 119,950 | $ (61,450) | $ (977,996) | $ (919,496) |
Ending balance, shares at May. 31, 2019 | 119,950,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (58,963) | $ (54,633) |
Changes in assets and liabilities: | ||
Prepaids | (47,000) | 2,500 |
Accounts payable | 1,056 | 630 |
Deferred revenue | 137,910 | |
Accrued liabilities, related party | 36,000 | 36,000 |
Net cash used in operating activities | 69,003 | (15,503) |
Cash flows from investing activities: | ||
Cash flows from financing activities: | ||
Advances from an officer | 100 | 10,000 |
Net cash provided by financing activities | 100 | 10,000 |
Net increase (decrease) in cash | 69,103 | (5,503) |
Cash, beginning of period | 553 | 5,730 |
Cash, end of period | $ 69,656 | $ 277 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 3 Months Ended |
May 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements: | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Anvi Global Holdings, Inc., (the “Company”) was incorporated under the laws of the State of Nevada on August 15, 2012, and intended to sell crepes in Czech Republic. That proposed business was abandoned when a change of control of the Company was effected May 6, 2014. On April 30, 2014, Tatiana Fumioka (the “Seller”), entered into a Common Stock Purchase Agreement (the “Stock Purchase Agreement”) pursuant to which the Seller agreed to sell to Mr. Rama Mohan R. Busa (the “Purchaser”), with his principal place of business in Cary, NC, the 72,000,000 shares of common stock of the Company owned by Ms. Fumioka, constituting approximately 75.83% of the Company’s outstanding common stock at that time, to be transferred to the name of Mr. Rama Mohan R. Busa, for $375,000. The sale was consummated on May 6, 2014. As a result of the sale, there was a change of control of the Registrant. This was a private transaction between the Seller and Purchaser, and no new shares of the Company were sold or issued. On September 27, 2017 the Company changed its name from Vetro Inc. to Anvi Global Holdings, Inc. On November 21, 2017, FINRA approved the new symbol ANVI, and a 9-for-1 forward split of the Company’s common shares. The Company’s corporate office is at 1135 Kildaire Farm Rd., Suite 319-4, Cary, NC 27511. As reported in a Form 8-K filed with the SEC on May 24, 2018, the Company entered into a Memorandum of Business Association (“MOA”) with Team Universal Infratech Pvt. Ltd (“TUI”), pursuant to which TUI, a 12-year old Indian infrastructure development company based in Hyderabad, agreed to enter into a Joint Venture (the “JV”) with the Registrant, to execute certain projects TUI is currently holding, and also which may include TUI’s future projects which are in the pipeline. The Company and TUI have agreed and proposed to create a legally valid joint venture entity (JV), with the Company having majority control of the JV stock and control of all operations of the specified projects which are executed pursuant to the JV. Because of the signing of that MOA, the Company also announced that it was no longer a “shell,” as that term is defined in the SEC’s Rule 12b-2. The Company’s obligation under the MOA is to raise $6,000,000 within 60 days of the signing of the MOA; however, on February 14, 2019, the date by which the Registrant was required to raise these funds, the date was extended by mutual agreement for nine months, to November 14, 2019. To date, the Company has not raised any of the funds required by the MOA. The Company’s affiliated privately-owned company Anvi Global, Inc. (“ANVI Private”) has been actively pursuing mining opportunities in Zimbabwe. The Company has not entered into any definitive agreements regarding assets in Zimbabwe, as the Company still needs to assess the risks involved with doing business in that country, including possible sanctions which could be placed on the Registrant by the United States. Notwithstanding the risks, as part of the mining operations in African region, Company has received a sales advance of $137,910 in two deposits of $102,170 on 04-18-2019 and $35,740 on 05-29-2019 towards the supply of chromium ore from the unaffiliated South African-based company. It is intended that the agreement with the unaffiliated South African company will be signed, and the proposed sale of chromium ore will be completed, only if and when the regulatory hurdles have been resolved. The Company has advanced $92,000 respectively as $50,000 on 04-3-2019, $10,000 on 06-03-2019, $27,000 on 06-04-2019 and $5,000 on 06-18-2019 to Anvi Private, towards the operating expenses involved in procurement and logistics of supplying the ore to the unaffiliated South African company from which Registrant has received the sales advance. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
May 31, 2019 | |
Summary Of Significant Accounting Policies | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending February 28, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2019. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
May 31, 2019 | |
Going Concern | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has had no revenue and has accumulated a deficit of $977,996 as of May 31, 2019. The Company requires capital for its contemplated operational and marketing activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. These conditions and the ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these uncertainties. The Company has discussed ways in order to mitigate conditions or events that may raise substantial doubt about its ability to continue as a going concern, there are no assurances that any of these measures will successfully mitigate or be effective at all. (1) The Company shall pursue financing plans to raise funds to judiciously spend towards operational expenses, (2) The Company shall continue to employ low cost measures to operate its business and analyze any unnecessary cost or expense, (3) The Company will seek to avoid unnecessary expenditures, travel, and lodging costs that are not mission critical to its business. |
PREPAID TRANSACTIONS
PREPAID TRANSACTIONS | 3 Months Ended |
May 31, 2019 | |
Prepaid Transactions | |
PREPAID TRANSACTIONS | NOTE 4 – PREPAID TRANSACTIONS As of February 28, 2019, the Company has $22,500 of prepaid expenses, of which $10,000 is being amortized over the next 10 months for OTC Market’s annual fee and $12,500 is for prepaid legal fees. As of May 31, 2019, the Company has $19,500 of prepaid expenses, of which $7,000 is being amortized over the next seven months for OTC Market’s annual fee and $12,500 is for prepaid legal fees. |
DEFERRED REVENUE
DEFERRED REVENUE | 3 Months Ended |
May 31, 2019 | |
Revenue Recognition and Deferred Revenue [Abstract] | |
DEFERRED REVENUE | NOTE 5 – DEFERRED REVENUE As part of the mining operations in African region, Company has received a sales advance of $137,910 towards the supply of chromium ore from the unaffiliated South African-based company. It is intended that the agreement with the unaffiliated South African company will be signed, and the proposed sale of chromium ore will be completed, only if and when the regulatory hurdles have been resolved. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
May 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS On May 28, 2014, the Company executed a service agreement with Strategic-IT Group Inc. Strategic-IT Group Inc. is owned and operated by Rama Mohan R. Busa, CEO. Services to be provided at $12,000 a month include, but are not limited to, providing office space, IT and related services, business consulting, and investor relations. As of May 31, 2019 and February 28, 2019, the Company has an accrued, unpaid balance due of $720,000 and $684,000, respectively. Since 2018 Rama Mohan R. Busa, CEO, has advanced funds to the Company from his personal account and related companies. The advances are to pay for operating expenses, are unsecured, non-interest bearing and due on demand. As of May 31, 2019 and February 28, 2019, the balance due was $189,865 and $189,765, respectively. As of May 31, 2019, the Company has advanced $50,000 to Anvi Private towards the operating expenses involved in procurement and logistics of supplying the ore to the unaffiliated South African company from which the Company has received the sales advance (Note 1). |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
May 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements, other than the following: The Company has advanced an additional $42,000 ($10,000 on June 3, 2019, $27,000 on June 4, 2019 and $5,000 on June 18, 2019) to Anvi Private, towards the operating expenses involved in procurement and logistics of supplying the ore to the unaffiliated South African company from which the Company received the sales advance. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
May 31, 2019 | |
Summary Of Significant Accounting Policies Policies Abstract | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending February 28, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended February 28, 2019. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - USD ($) | Jun. 18, 2019 | Jun. 04, 2019 | Jun. 03, 2019 | Apr. 03, 2019 | Feb. 14, 2019 | Nov. 21, 2017 | May 06, 2014 | Jul. 12, 2019 | May 31, 2019 | Jul. 12, 2019 | May 29, 2019 | Apr. 18, 2019 | Feb. 28, 2019 |
Stock split description | 9-for-1 forward split | ||||||||||||
Funds needed to raise under MOA | $ 6,000,000 | ||||||||||||
MOA obligation description | The Company’s obligation under the MOA is to raise $6,000,000 within 60 days of the signing of the MOA; however, on February 14, 2019, the date by which the Registrant was required to raise these funds, the date was extended by mutual agreement for nine months, to November 14, 2019. To date, the Company has not raised any of the funds required by the MOA. | ||||||||||||
Sales advance | $ 35,740 | $ 102,170 | |||||||||||
Total sales advances | $ 137,910 | ||||||||||||
Anvi Global, Inc. [Member] | Transaction One [Member] | |||||||||||||
Advances to related party | $ 50,000 | ||||||||||||
Anvi Global, Inc. [Member] | Transaction Two [Member] | Subsequent Event [Member] | |||||||||||||
Advances to related party | $ 10,000 | ||||||||||||
Anvi Global, Inc. [Member] | Transaction Three [Member] | Subsequent Event [Member] | |||||||||||||
Advances to related party | $ 27,000 | ||||||||||||
Anvi Global, Inc. [Member] | Total Amount of Advances [Member] | |||||||||||||
Advances to related party | $ 50,000 | $ 92,000 | |||||||||||
Anvi Global, Inc. [Member] | Total Amount of Advances [Member] | Subsequent Event [Member] | |||||||||||||
Advances to related party | $ 42,000 | ||||||||||||
Anvi Global, Inc. [Member] | Transaction Four [Member] | Subsequent Event [Member] | |||||||||||||
Advances to related party | $ 5,000 | ||||||||||||
Mr. Rama Mohan R Busa, CEO of ANVI Global, Inc. [Member] | |||||||||||||
Shares of common stock sold | 72,000,000 | ||||||||||||
Ownership percentage sold | 75.83% | ||||||||||||
Value of common stock sold | $ 375,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | May 31, 2019 | Feb. 28, 2019 |
Going Concern Details Abstract | ||
Accumulated deficit | $ 977,996 | $ 919,033 |
PREPAID TRANSACTIONS (Details N
PREPAID TRANSACTIONS (Details Narrative) - USD ($) | May 31, 2019 | Feb. 28, 2019 |
Prepaid expenses | $ 19,500 | $ 22,500 |
Legal Fees [Member] | ||
Prepaid expenses | 12,000 | 12,500 |
OTC Market Annual Fee [Member] | ||
Prepaid expenses | $ 7,000 | $ 10,000 |
DEFERRED REVENUE (Details Narra
DEFERRED REVENUE (Details Narrative) - USD ($) | May 31, 2019 | Feb. 28, 2019 |
Revenue Recognition and Deferred Revenue [Abstract] | ||
Deferred revenue (sales advance) | $ 137,910 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | May 28, 2014 | May 31, 2019 | May 31, 2018 | Jul. 12, 2019 | May 31, 2019 | Feb. 28, 2019 |
Related Party Transaction [Line Items] | ||||||
Accrued, unpaid balance | $ 720,000 | $ 720,000 | $ 684,000 | |||
Advances from an officer | 100 | $ 10,000 | ||||
Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advances from an officer | $ 189,865 | $ 189,765 | ||||
Strategic-IT Group Inc. owned by CEO | Service Agreement [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Monthly service fee | $ 12,000 | |||||
Anvi Global, Inc. [Member] | Total Amount of Advances [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advances to related party | $ 50,000 | $ 92,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Anvi Global, Inc. [Member] - USD ($) | Jun. 18, 2019 | Jun. 04, 2019 | Jun. 03, 2019 | Jul. 12, 2019 | May 31, 2019 | Jul. 12, 2019 |
Total Amount of Advances [Member] | ||||||
Advances to related party | $ 50,000 | $ 92,000 | ||||
Subsequent Event [Member] | Total Amount of Advances [Member] | ||||||
Advances to related party | $ 42,000 | |||||
Subsequent Event [Member] | Transaction Two [Member] | ||||||
Advances to related party | $ 10,000 | |||||
Subsequent Event [Member] | Transaction Three [Member] | ||||||
Advances to related party | $ 27,000 | |||||
Subsequent Event [Member] | Transaction Four [Member] | ||||||
Advances to related party | $ 5,000 |