Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Bionovate Technologies Corp. | ||
Entity Central Index Key | 0001575420 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | true | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Jun. 30, 2019 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Ex Transition Period | false | ||
Entity Common Stock Shares Outstanding | 15,579,749 | ||
Entity Public Float | $ 899,910 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash | ||
Total Current Assets | ||
TOTAL ASSETS | ||
Current Liabilities | ||
Accounts payable and accrued liabilities | 107,596 | 40,506 |
Due to related parties | 41,025 | 186,281 |
Convertible notes payable | 183,668 | 82,895 |
Total Current Liabilities | 332,289 | 309,682 |
TOTAL LIABILITIES | 332,289 | 309,682 |
Stockholders' Deficit | ||
Preferred stock: 90,000,000 authorized; $0.0001 par value - no shares issued and outstanding | ||
Common stock: 100,000,000 authorized; $0.0001 par value 15,579,749 shares issued and outstanding | 1,558 | 1,558 |
Additional paid in capital | 2,242,348 | 2,056,059 |
Accumulated deficit | (2,576,195) | (2,367,299) |
Total Deficit | (332,289) | (309,682) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Stockholders' Deficit | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 15,579,749 | 15,579,749 |
Common stock, shares outstanding | 15,579,749 | 15,579,749 |
Preferred stock, shares authorized | 90,000,000 | 90,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
STATEMENT OF OPERATIONS | ||
Revenues | ||
Operating Expenses | ||
General and administration | 16,982 | 72,536 |
Professional | 39,561 | 46,341 |
Total operating expenses | 56,543 | 118,877 |
Net loss from operations | (56,543) | (118,877) |
Other income (expense) | ||
Realized foreign currency gain (loss) | (292) | 15,012 |
Interest expense | (152,061) | (67,432) |
Impairment of intangible assets and goodwill | (20,000) | |
Loss on settlement of debt | (1,549,439) | |
Total other expense | (152,353) | (1,621,859) |
Net loss before taxes | (208,896) | (1,740,736) |
Net loss | (208,896) | (1,740,736) |
Comprehensive income (loss) | (208,896) | (1,740,736) |
Comprehensive loss | $ (208,896) | $ (1,754,749) |
Basic and dilutive loss per share | ||
Net loss | $ (0.01) | $ (0.27) |
Weighted average number of shares outstanding | 15,579,749 | 6,340,325 |
Statement Of Stockholder's Equi
Statement Of Stockholder's Equity - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
Balance, shares at Jun. 30, 2017 | 299,400 | ||||
Balance, amount at Jun. 30, 2017 | $ (229,148) | $ 30 | $ 383,372 | $ 14,013 | $ (626,563) |
Common stock issued for conversion of debt, shares | 2,280,000 | ||||
Net Income (Loss) | (1,740,736) | (1,740,736) | |||
Common stock issued for settlement of debt, shares | 13,000,000 | ||||
Common stock issued for conversion of debt, amount | 11,400 | $ 228 | 11,172 | ||
Beneficial conversion feature | 48,376 | 48,376 | |||
Adjustment to common stock | 349 | ||||
Common stock issued for settlement of debt, amount | 1,614,439 | $ 1,300 | $ 1,613,139 | ||
Debt forgiveness | |||||
Foreign currency translation | $ (14,013) | $ (14,013) | |||
Balance, shares at Jun. 30, 2018 | 15,579,749 | ||||
Balance, amount at Jun. 30, 2018 | $ (309,682) | $ 1,558 | $ 2,056,059 | $ (2,367,299) | |
Common stock issued for conversion of debt, shares | |||||
Net Income (Loss) | (208,896) | $ (208,896) | |||
Common stock issued for settlement of debt, shares | |||||
Common stock issued for conversion of debt, amount | |||||
Beneficial conversion feature | 10,076 | 100,766 | |||
Adjustment to common stock | |||||
Common stock issued for settlement of debt, amount | |||||
Debt forgiveness | $ 85,523 | $ 85,523 | |||
Foreign currency translation | |||||
Balance, shares at Jun. 30, 2019 | 15,579,749 | ||||
Balance, amount at Jun. 30, 2019 | $ (332,289) | $ 1,558 | $ 2,242,348 | $ (2,576,195) |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (208,896) | $ (1,740,736) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Expenses paid by convertible notes | 40,766 | 28,376 |
Impairment of intangible assets and goodwill | 20,000 | |
Loss on settlement of debt | 1,549,439 | |
Amortization of debt discount | 100,766 | 51,122 |
Foreign currency adjustment | 292 | (15,012) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 67,072 | 41,811 |
Accrued salary | 65,000 | |
Net cash provided by operating activities | ||
Net change in cash and cash equivalents | ||
Cash and cash equivalents, beginning of period | ||
Cash and cash equivalents, end of period | ||
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-cash transactions: | ||
Beneficial conversion feature | 100,766 | 28,376 |
Accounts payable paid by related party | 41,025 | |
Debt forgiveness | 85,523 | |
Common stock issued for conversion of debt | 11,400 | |
Common stock issued for settlement of debt | $ 1,614,439 | |
Convertible note issued for purchased of patents | 20,000 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Jun. 30, 2019 | |
NATURE AND CONTINUANCE OF OPERATIONS | |
NOTE 1 - NATURE AND CONTINUANCE OF OPERATIONS | Bionovate Technologies Corp. (the Company, or the Corporation) was incorporated in the state of Nevada, United States on October 24, 2012 under the name MJP International Ltd. On December 1, 2017, the Companys corporate name was changed to Bionovate Technologies Corp. The Corporation was formed and organized to capitalize on new opportunities found in the North American market for light-emitting diode (LED) lighting. With China as the manufacturing backbone of future LED products, the Corporation has set up an office in Guangzhou, China in search of high-quality products offered by reputable manufacturers to be introduced to Canada, the United States, and abroad. The Corporation has set out further details of the acquisition below as well as in Notes 3 and 4 to these consolidated financial statements. On February 5, 2016, Energy Alliance Labs Inc. (Energy Alliance), incorporated on February 5, 2016, entered into an agreement to acquire 80% of the issued and outstanding equity interests of Human Energy Alliance Laboratories Corp., an Idaho corporation (HEAL) from certain shareholders of HEAL for $80,000. The cash for the acquisition of shares was transferred to the shareholders on November 1, 2016 and that is when the acquisition closed. Subsequent to the transfer of cash, the previous shareholders of the Company owned 80% of the issued and outstanding shares of HEAL. On October 28, 2016, the Company entered into a Share Exchange Agreement (the Share Exchange Agreement) with Liao Zu Guo, an individual residing in China, whereby the Company issued 80,000 shares of its common stock in exchange for 100% of the issued and outstanding equity interests of Energy Alliance. Subsequent to the execution of the Share Exchange Agreement, Liao Zu Gao became a member of the Board of Directors of the Company. On January 1, 2017, the Company entered into transfer agreement with Liao Zu Guo, whereby the Company transferred 100% of issued and outstanding equity interests of Energy Alliance for $20,000 for past services provided by Executive to the Company and agreed to assume the debt of Energy Alliance owed to the Liao Zu Guo in the aggregate amount of $28,239. On December 1, 2017, a majority of stockholders and the board of directors approved a reverse stock split of the issued and outstanding shares of common stock on a fifty (50) old for one (1) new basis. A Certificate of Amendment was filed with the Nevada Secretary of State on December 11, 2017 with an effective date of December 21, 2017. All share and per share information in these financial statements retroactively reflect this stock distribution. Our executive offices are located at 3006 E. Goldstone Drive, Suite 218, Meridian, ID 83642. Our telephone number is (208) 231 1606. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2019 | |
GOING CONCERN | |
NOTE 2 - GOING CONCERN | The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit at June 30, 2019 of $2,576,195, is in a net liability position and needs cash to maintain its operations. These factors raise substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Companys continued existence is dependent upon managements ability to develop profitable operations, continued contributions from the Companys executive officers to finance its operations and the ability to obtain additional funding sources to explore potential strategic relationships and to provide capital and other resources for the further development and marketing of the Companys products and business. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The Corporations financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign currency translation and functional currency conversion Prior to July 1, 2017, the Companys functional currency was the Canadian dollar. Translation gains and losses from the application of the U.S. dollar as the reporting currency during the period that the Canadian dollar was the functional currency are included as part of cumulative currency translation adjustment, which is reported as a component of shareholders equity under accumulated other comprehensive loss. The Company re-assessed its functional currency and determined as at Jul 1, 2017, its functional currency changed from the Canadian dollar to the U.S. dollar based on managements analysis of changes in our organization. The change in functional currency is accounted for prospectively from July 1, 2017. For periods commencing July 1, 2017, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets and non-monetary liabilities incurred after Jul 1, 2017 are translated at the approximate exchange rate prevailing at the date of the transaction. Revenue and expense transactions are translated at the approximate exchange rate in effect at the time of the transaction. Foreign exchange gains and losses are included in the statement of operations and comprehensive loss as foreign exchange gains. Cash For purposes of reporting within the statements of cash flows, the Corporation considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. Comprehensive Loss The Corporation adopted FASB ASC 220, Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting stockholders equity that are excluded from net income, such as unrealized gains and losses on investments available for sale, foreign currency translation gains and losses and minimum pension liability. Since inception, the Corporations other comprehensive income represents foreign currency translation adjustments. Basic and Diluted Loss per Common Stock FASB ASC 260, Earnings per share requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per stock would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per common stock on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. Fair Value of Financial Instrument The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Corporation applies FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments. Impairment of Long-Lived Assets Impairment losses on long-lived assets are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. During the year ended June 30, 2019 and 2018, the Company recognized impairment loss of $0 and $20,000, respectively Revenue Recognition Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. We currently do not have operations, and its management seeks to acquire cash generating businesses. Beneficial Conversion Feature For conventional convertible debt where the rate of conversion is below market value, the Corporation records a Beneficial Conversion Feature (the BCF) and related debt discount. When the Company records a BCF, the intrinsic value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument (offset to additional paid-in capital) and amortized to interest expense over the life of the debt. Income Taxes The Corporation follows FASB ASC Topic 820, Income Taxes which requires the use of the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry forwards and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The tax consequences of most events recognized in the current years financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities, equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pre-tax financial income for a year and between the tax bases of assets or liabilities and their reported amounts in the financial statements. Because the Corporation assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or a liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, which gives rise to a deferred tax asset. The Corporation must then assess the likelihood that the deferred tax assets will be recovered from future taxable income and to the extent the Corporation believes that recovery is not likely, the Corporation must establish a valuation allowance. The Corporation has adopted FASB guidance on accounting for uncertainty in income taxes which provides a financial statement recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return. Under this guidance, the Corporation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance also extends to de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessees obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessees right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessees initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Companys financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Jun. 30, 2019 | |
INTANGIBLE ASSETS | |
NOTE 4 INTANGIBLE ASSETS | Patent During the year ended June 30, 2018, the Company purchased patents for convertible notes of $20,000. During the period ended June 30, 2018, we determined that the carrying value of patents exceeded its fair value at the measurement date, requiring step two in the impairment test process. The fair value of the patents was determined primarily using an income approach based on the present value of discounted cash flows. We determined the implied fair value of patents was substantially below the carrying value of the reporting unit. Accordingly, we recognized an impairment loss of $20,000, which resulted in patent of $0 as of June 30, 2018. |
CONVERTIBLE NOTE
CONVERTIBLE NOTE | 12 Months Ended |
Jun. 30, 2019 | |
CONVERTIBLE NOTE | |
NOTE 5 - CONVERTIBLE NOTE | Convertible notes payable at June 30, 2019 and 2018, consists of the following: June 30, June 30, 2019 2018 Dated November 1, 2016 $ 4,439 $ 4,439 Dated January 1, 2017 - 1 10,489 10,489 Dated January 1, 2017 - 2 6,200 6,200 Dated January 1, 2017 - 3 3,429 3,422 Dated June 30, 2017 9,969 9,969 Dated April 1, 2018 - 1 10,000 10,000 Dated April 1, 2018 - 2 10,000 10,000 Dated June 30, 2018 28,376 28,376 Dated July 5, 2018 - 1 30,000 - Dated July 5, 2018 - 2 15,000 - Dated July 5, 2018 - 3 15,000 - Dated December 31, 2018 17,302 - Dated March 31, 2019 6,427 - Dated June 30, 2019 17,037 - Total convertible notes payable 183,668 82,895 Less: Unamortized debt discount - - Total convertible notes 183,668 82,895 Less: current portion of convertible notes 183,668 82,895 Long-term convertible notes $ - $ - For the year ended June 30, 2019 and 2018, the Company recognized interest expense of $51,295 and $16,310 and amortization of discount, included in interest expense, of $100,766 and $51,122, respectively. As of June 30, 2019, and 2018, the Company recorded accrued interest of $75,041 and $23,727, respectively Dated November 1, 2016 On November 1, 2016, the Company issued a convertible note with a conversion price of $0.005 to extinguish debt of $18,239. The convertible note is unsecured, bears interest at 4% per annum and due and payable on November 1, 2017. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $18,239. During the year ended June 30, 2018, the convertible note of $3,800 was converted into 760,000 shares of common stock. Dated January 1, 2017 - 1 On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $10,000. During the year ended June 30, 2018, the convertible note of $3,800 was converted into 760,000 shares of common stock. Dated January 1, 2017 - 2 On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $14,289. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $14,289. During the year ended June 30, 2018, the convertible note of $3,800 was converted into 760,000 shares of common stock. Dated January 1, 2017 - 3 On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $3,352 (Canadian dollar (CAD) $4,500). The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $3,352 (CAD $4,500). The difference of amount was a result of change of exchange rate. Dated June 30, 2017 On June 30, 2017, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $9,969. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $9,969. Dated April 1, 2018 1 and 2 On April 1, 2018, the Company issued 2 convertible notes totaling of $20,000 with a conversion price of $0.01 to pay a purchase of a patent of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $20,000. Dated June 30, 2018 On June 30, 2018, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $28,376. The convertible note is unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $28,376. Dated July 5, 2018 1, 2 and 3 On June 30, 2018, the Company issued 3 convertible notes totaling of $60,000 with a conversion price of $0.01 to extinguish amounts due to related parties of $145,523. The convertible notes are unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $60,000. Dated December 31, 2018 On December 31, 2018, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,302. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,302. Dated March 31, 2019 On March 31, 2019, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $6,427. The convertible note is unsecured, bears interest at 20% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $6,427. Dated June 30, 2019 On June 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,037. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,037. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 12 Months Ended |
Jun. 30, 2019 | |
DUE TO RELATED PARTIES | |
NOTE 6 - DUE TO RELATED PARTIES | The Corporation was obligated to shareholders for funds advanced to the Corporation for working capital. The advances are unsecured and no interest rate or payback schedule has been established. On July 5, 2018, the Company settled due to related parties of $145,523 (CAD 191,000) by issuing convertible notes of $60,000 to the third parties (Note 4). As a result, the Company recorded debt forgiveness of $85,523 as additional paid in capital. During the year ended June 30, 2018, the Companys CEO paid accounts payable of $41,025 on behalf of the Company. The loans are unsecured, non-interest bearing and due on demand. On July 1, 2017, the Company entered into an employment agreement with CEO of the Company which the Company shall pay a cash based base salary of $65,000 from July 1, 2017 through December 31, 2017. For the year ended June 30, 2018, the Company recorded management fee of $65,000. On February 7, 2018, the Company issued 13,000,000 shares of common stock to settle accrued salary of $65,000. As a result, the Company recorded loss on settlement of debt of $1,549,439. As of June 30, 2019, and 2018, the Corporation owed related parties $41,025 and $186,281, respectively. |
EQUITY
EQUITY | 12 Months Ended |
Jun. 30, 2019 | |
EQUITY | |
NOTE 7 - EQUITY | Preferred Stock The Company is authorized to issue 90,000,000 shares of preferred stock at a par value of $0.0001. No shares were issued and outstanding as of June 30, 2019 and 2018, respectively. Common Stock The Company is authorized to issue 100,000,000 shares of common stock at a par value of $0.0001. During the year ended June 30, 2019, there were no issuance of common stock. During the year ended June 30, 2018, the Company issued common stock as follows; · 2,280,000 shares of common stock for conversion of debt of $11,400. · 13,000,000 shares of common stock for conversion of accrued salary of $65,000. · 349 shares of common stock to correct the shares issued and outstanding after the reverse stock split on December 21, 2017. As at June 30, 2019 and 2018, 15,579,749 shares of common stock were issued and outstanding, respectively. As at June 30, 2019 and 2018, there were no warrants or options outstanding. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES | |
NOTE 8 - INCOME TAXES | The Company follows ASC 740. Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. The provision for refundable federal income tax at 21% consists of the following for the periods ending: June 30, June 30, Federal income tax benefit attributed to: 2019 2018 Net operating loss $ 22,707 $ 25,237 Valuation (22,707 ) (25,237 ) Net benefit $ - $ - The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: June 30, June 30, Deferred tax attributed: 2019 2018 Net operating loss carryover $ 108,665 $ 142,643 Effect of change in the statutory rate - (56,685 ) Less: change in valuation allowance (108,665 ) (85,958 ) Net deferred tax asset - - The Corporation has $517,454 of loss carry forwards in the United States that begin to expire in 2033. No tax benefits have been recognized in these consolidated financial statements as the criteria for recognition has not been met. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2019 | |
SUBSEQUENT EVENTS | |
NOTE 9 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The Corporations financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Foreign currency translation and functional currency conversion | Prior to July 1, 2017, the Companys functional currency was the Canadian dollar. Translation gains and losses from the application of the U.S. dollar as the reporting currency during the period that the Canadian dollar was the functional currency are included as part of cumulative currency translation adjustment, which is reported as a component of shareholders equity under accumulated other comprehensive loss. The Company re-assessed its functional currency and determined as at Jul 1, 2017, its functional currency changed from the Canadian dollar to the U.S. dollar based on managements analysis of changes in our organization. The change in functional currency is accounted for prospectively from July 1, 2017. For periods commencing July 1, 2017, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Opening balances related to non-monetary assets and liabilities are based on prior period translated amounts, and non-monetary assets and non-monetary liabilities incurred after Jul 1, 2017 are translated at the approximate exchange rate prevailing at the date of the transaction. Revenue and expense transactions are translated at the approximate exchange rate in effect at the time of the transaction. Foreign exchange gains and losses are included in the statement of operations and comprehensive loss as foreign exchange gains. |
Cash | For purposes of reporting within the statements of cash flows, the Corporation considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents. |
Comprehensive Loss | The Corporation adopted FASB ASC 220, Reporting Comprehensive Income, which establishes standards for the reporting and display of comprehensive income and its components in the financial statements. Comprehensive income consists of net income and other gains and losses affecting stockholders equity that are excluded from net income, such as unrealized gains and losses on investments available for sale, foreign currency translation gains and losses and minimum pension liability. Since inception, the Corporations other comprehensive income represents foreign currency translation adjustments. |
Basic and Diluted Loss per Common Stock | FASB ASC 260, Earnings per share requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per stock would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per common stock on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive. |
Fair Value of Financial Instrument | The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Corporation applies FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments. |
Impairment of Long-Lived Assets | Impairment losses on long-lived assets are recognized when events or changes in circumstances indicate that the undiscounted cash flows estimated to be generated by such assets are less than their carrying value and, accordingly, all or a portion of such carrying value may not be recoverable. Impairment losses are then measured by comparing the fair value of assets to their carrying amounts. During the year ended June 30, 2019 and 2018, the Company recognized impairment loss of $0 and $20,000, respectively |
Revenue Recognition | Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: · identify the contract with a customer; · identify the performance obligations in the contract; · determine the transaction price; · allocate the transaction price to performance obligations in the contract; and · recognize revenue as the performance obligation is satisfied. We currently do not have operations, and its management seeks to acquire cash generating businesses. |
Beneficial Conversion Feature | For conventional convertible debt where the rate of conversion is below market value, the Corporation records a Beneficial Conversion Feature (the BCF) and related debt discount. When the Company records a BCF, the intrinsic value of the BCF is recorded as a debt discount against the face amount of the respective debt instrument (offset to additional paid-in capital) and amortized to interest expense over the life of the debt. |
Income Taxes | The Corporation follows FASB ASC Topic 820, Income Taxes which requires the use of the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for future tax consequences attributable to temporary differences between the financial statements carrying amounts of existing assets and liabilities and loss carry forwards and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The tax consequences of most events recognized in the current years financial statements are included in determining income taxes currently payable. However, because tax laws and financial accounting standards differ in their recognition and measurement of assets, liabilities, equity, revenues, expenses, gains and losses, differences arise between the amount of taxable income and pre-tax financial income for a year and between the tax bases of assets or liabilities and their reported amounts in the financial statements. Because the Corporation assumes that the reported amounts of assets and liabilities will be recovered and settled, respectively, a difference between the tax basis of an asset or a liability and its reported amount in the balance sheet will result in a taxable or a deductible amount in some future years when the related liabilities are settled or the reported amounts of the assets are recovered, which gives rise to a deferred tax asset. The Corporation must then assess the likelihood that the deferred tax assets will be recovered from future taxable income and to the extent the Corporation believes that recovery is not likely, the Corporation must establish a valuation allowance. The Corporation has adopted FASB guidance on accounting for uncertainty in income taxes which provides a financial statement recognition threshold and measurement attribute for a tax position taken or expected to be taken in a tax return. Under this guidance, the Corporation may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The guidance also extends to de-recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, and income tax disclosures. |
Recent Accounting Pronouncements | In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Under this guidance, lessees will be required to recognize on the balance sheet a lease liability and a right-of-use asset for all leases, with the exception of short-term leases. The lease liability represents the lessees obligation to make lease payments arising from a lease, and will be measured as the present value of the lease payments. The right-of-use asset represents the lessees right to use a specified asset for the lease term, and will be measured at the lease liability amount, adjusted for lease prepayment, lease incentives received and the lessees initial direct costs. The standard also requires a lessee to recognize a single lease cost allocated over the lease term, generally on a straight-line basis. The new guidance is effective for fiscal years beginning after December 15, 2018. ASU 2016-02 is required to be applied using the modified retrospective approach for all leases existing as of the effective date and provides for certain practical expedients. Early adoption is permitted. The Company is currently evaluating the effects that the adoption of ASU 2016-02 will have on the Companys financial statements. The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
CONVERTIBLE NOTE (Tables)
CONVERTIBLE NOTE (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
CONVERTIBLE NOTE (Tables) | |
Schedule of convertible note payable | June 30, June 30, 2019 2018 Dated November 1, 2016 $ 4,439 $ 4,439 Dated January 1, 2017 - 1 10,489 10,489 Dated January 1, 2017 - 2 6,200 6,200 Dated January 1, 2017 - 3 3,429 3,422 Dated June 30, 2017 9,969 9,969 Dated April 1, 2018 - 1 10,000 10,000 Dated April 1, 2018 - 2 10,000 10,000 Dated June 30, 2018 28,376 28,376 Dated July 5, 2018 - 1 30,000 - Dated July 5, 2018 - 2 15,000 - Dated July 5, 2018 - 3 15,000 - Dated December 31, 2018 17,302 - Dated March 31, 2019 6,427 - Dated June 30, 2019 17,037 - Total convertible notes payable 183,668 82,895 Less: Unamortized debt discount - - Total convertible notes 183,668 82,895 Less: current portion of convertible notes 183,668 82,895 Long-term convertible notes $ - $ - |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
INCOME TAXES (Tables) | |
Schedule of income tax benefit | June 30, June 30, Federal income tax benefit attributed to: 2019 2018 Net operating loss $ 22,707 $ 25,237 Valuation (22,707 ) (25,237 ) Net benefit $ - $ - |
Schedule of deferred tax asset | June 30, June 30, Deferred tax attributed: 2019 2018 Net operating loss carryover $ 108,665 $ 142,643 Effect of change in the statutory rate - (56,685 ) Less: change in valuation allowance (108,665 ) (85,958 ) Net deferred tax asset - - |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - USD ($) | Feb. 05, 2016 | Oct. 28, 2016 | Jun. 30, 2019 | Nov. 28, 2016 |
State of incorporation | ||||
Date of incorporation | Oct. 24, 2012 | |||
Reverse stock split | Fifty (50) old for one (1) new basis | |||
January 1, 2017 [Member] | ||||
Assumption of due to related party | $ (28,239) | |||
Consideration for past services provided by Executive to the company | $ 20,000 | |||
Share Exchange Agreement [Member] | ||||
Issued and outstanding equity interests | 100.00% | |||
Number of common shares in exchange for issued and outstanding equity interests | 80,000 | |||
Share Exchange Agreement [Member] | Liao Zu Guo [Member] | ||||
Issued and outstanding equity interests | 100.00% | |||
Number of common shares in exchange for issued and outstanding equity interests | 80,000 | |||
Human Energy Alliance Laboratories Corp [Member] | ||||
Issued and outstanding equity interests | 80.00% | |||
Human Energy Alliance Laboratories Corp [Member] | Liao Zu Guo [Member] | ||||
Cash for acquisition of shares | $ 80,000 | |||
MJP Holdings Ltd [Member] | ||||
Issued and outstanding equity interests | 100.00% | |||
MJP Holdings Ltd [Member] | Liao Zu Guo [Member] | January 1, 2017 [Member] | ||||
Issued and outstanding equity interests | 100.00% | |||
Energy Alliance [Member] | January 1, 2017 [Member] | ||||
Issued and outstanding equity interests | 100.00% | |||
Assumption of due to related party | $ 28,239 | |||
Consideration for past services provided by Executive to the company | $ 20,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
GOING CONCERN (Details Narrative) | ||
Accumulated deficit | $ (2,576,195) | $ (2,367,299) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Impairment of long-lived assets or goodwill | $ 0 | $ 20,000 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Impairment of intangible assets and goodwill | $ 0 | $ 20,000 |
Patent of purchase | 20,000 | |
Patents [Member] | ||
Impairment of intangible assets and goodwill | $ 0 |
CONVERTIBLE NOTE (Details)
CONVERTIBLE NOTE (Details) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Total convertible notes payable | $ 183,668 | $ 82,895 |
Less: Unamortized debt discount | ||
Less: current portion of convertible notes | 183,668 | 82,895 |
Long-term convertible notes | ||
Convertible Notes Payable [Member] | November 1, 2016 [Member] | ||
Total convertible notes payable | 4,439 | 4,439 |
Convertible Notes Payable [Member] | January 1, 2017 - 1 [Member] | ||
Total convertible notes payable | 10,489 | 10,489 |
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member] | ||
Total convertible notes payable | 6,200 | 6,200 |
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member] | ||
Total convertible notes payable | 3,429 | 3,422 |
Convertible Notes Payable [Member] | June 30, 2017 [Member] | ||
Total convertible notes payable | 9,969 | 9,969 |
Convertible Notes Payable [Member] | April 1, 2018 - 1 [Member] | ||
Total convertible notes payable | 10,000 | 10,000 |
Convertible Notes Payable [Member] | April 1, 2018 - 2 [Member] | ||
Total convertible notes payable | 10,000 | 10,000 |
Convertible Notes Payable [Member] | June 30, 2018 [Member] | ||
Total convertible notes payable | 28,376 | 28,376 |
Convertible Notes Payable [Member] | July 5, 2018 - 1 [Member] | ||
Total convertible notes payable | 30,000 | |
Convertible Notes Payable [Member] | July 5, 2018 - 2 [Member] | ||
Total convertible notes payable | 15,000 | |
Convertible Notes Payable [Member] | July 5, 2018 - 3 [Member] | ||
Total convertible notes payable | 15,000 | |
Convertible Notes Payable [Member] | December 31, 2018 [Member] | ||
Total convertible notes payable | 17,302 | |
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | ||
Total convertible notes payable | 6,427 | |
Convertible Notes Payable [Member] | June 30, 2019 [Member] | ||
Total convertible notes | $ 17,037 | |
Convertible Notes Payable [Member] | July 5, 2018 ?1, 2 and 3 [Member] | ||
Total convertible notes | $ 60,000 |
CONVERTIBLE NOTE (Details Narra
CONVERTIBLE NOTE (Details Narrative) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2018USD ($)integer$ / shares | Jun. 30, 2017USD ($)$ / shares | Jun. 30, 2019USD ($)integer | Jun. 30, 2018USD ($)$ / sharesshares | Mar. 31, 2019USD ($)$ / shares | |
Amortization of debt discount | $ 100,766 | $ 51,122 | |||
Interest expense | 51,295 | 16,310 | |||
Accrued interest | $ 23,727 | 23,727 | $ 75,041 | ||
Amount due to relates parties | 186,281 | 41,025 | 186,281 | ||
Beneficial conversion feature | $ 100,766 | 28,376 | |||
Patent of purchase | $ 20,000 | $ 20,000 | |||
Convertible Notes Payable [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Convertible note bearing interest | 30.00% | 35.00% | |||
Beneficial conversion feature | $ 28,376 | $ 9,969 | |||
Operating expenses | $ 28,376 | $ 9,969 | |||
Convertible Notes Payable [Member] | July 5, 2018 ?1, 2 and 3 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.01 | $ 0.01 | |||
Amount due to relates parties | $ 145,523 | $ 145,523 | |||
Convertible note bearing interest | 30.00% | ||||
Beneficial conversion feature | $ 60,000 | ||||
Number of notes issued | integer | 3 | ||||
Convertible note issued | $ 60,000 | $ 60,000 | |||
Convertible Notes Payable [Member] | November 1, 2016 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Amount due to relates parties | $ 18,239 | ||||
Convertible note bearing interest | 4.00% | ||||
Maturity date | Nov. 1, 2017 | ||||
Beneficial conversion feature | $ 18,239 | ||||
Common stock converted, shares | shares | 760,000 | ||||
Common stock converted, amount | $ 3,800 | ||||
Convertible Notes Payable [Member] | January 1, 2017 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Amount due to relates parties | $ 10,000 | ||||
Convertible note bearing interest | 45.00% | ||||
Beneficial conversion feature | $ 10,000 | ||||
Common stock converted, shares | shares | 760,000 | ||||
Common stock converted, amount | $ 3,800 | ||||
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Amount due to relates parties | $ 14,289 | ||||
Convertible note bearing interest | 45.00% | ||||
Beneficial conversion feature | $ 14,289 | ||||
Common stock converted, shares | shares | 760,000 | ||||
Common stock converted, amount | $ 3,800 | ||||
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Amount due to relates parties | $ 3,352 | ||||
Convertible note bearing interest | 45.00% | ||||
Beneficial conversion feature | $ 3,352 | ||||
Convertible Notes Payable [Member] | April 1, 2018 - 1 and 2 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.01 | ||||
Convertible note bearing interest | 45.00% | ||||
Beneficial conversion feature | $ 20,000 | ||||
Patent of purchase | $ 10,000 | ||||
Number of notes issued | integer | 2 | ||||
Convertible note issued | $ 20,000 | ||||
Convertible Notes Payable [Member] | December 31, 2018 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Convertible note bearing interest | 35.00% | ||||
Beneficial conversion feature | $ 17,302 | ||||
Operating expenses | $ 17,302 | ||||
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | |||||
Convertible note conversion price | $ / shares | 0.01 | ||||
Convertible note bearing interest | 20.00% | ||||
Operating expenses | $ 6,427 | ||||
Convertible Notes Payable [Member] | June 30, 2019 [Member] | |||||
Convertible note conversion price | $ / shares | $ 0.005 | ||||
Convertible note bearing interest | 35.00% | ||||
Beneficial conversion feature | $ 17,037 | ||||
Operating expenses | $ 17,037 |
DUE TO RELATED PARTIE (Details
DUE TO RELATED PARTIE (Details Narrative) - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Feb. 07, 2018 | |
Due to related parties | $ 41,025 | $ 186,281 | |
Accounts payable paid by related party | 41,025 | ||
Convertible notes payable | 41,025 | ||
Accrued salary | 65,000 | ||
Common stock issued shares for settlement of accrued salary | 13,000,000 | ||
Loss on settlement of debt | 1,549,439 | ||
Debt forgiveness | 85,523 | ||
July 5, 2018[Member] | |||
Due to related parties | 145,523 | ||
Debt forgiveness | 85,523 | ||
Convertible note issued | $ 60,000 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 21, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2019 | |
EQUITY | ||||
Debt conversion, converted instrument, amount | $ 1,614,439 | |||
Debt conversion, converted instrument, shares issued | ||||
Preferred stock, shares authorized | 90,000,000 | 90,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares issued | 0 | 0 | ||
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares issued | 15,579,749 | 15,579,749 | ||
Common stock, shares outstanding | 15,579,749 | 15,579,749 | ||
Common stock shares issued for conversion of debt | 2,280,000 | |||
Common stock shares issued for conversion of accrued salary | 13,000,000 | |||
Conversion of accrued salary | $ 65,000 | |||
Common stock shares issued and outstanding after reverse stock split | 349 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Federal income tax benefit attributed to: | ||
Net operating loss | $ 22,707 | $ 25,237 |
Valuation | (22,707) | (25,237) |
Net benefit |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax attributed: | ||
Net operating loss carryover | $ 108,665 | $ 142,643 |
Effect of change in the statutory rate | (56,685) | |
Less: change in valuation allowance | 108,665 | 85,958 |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net operating loss carry forwards | $ 108,665 | $ 142,643 |
United States [Member] | ||
Net operating loss carry forwards | $ 517,454 | |
Federal income tax | 21.00% |