Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | May 07, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | BIONOVATE TECHNOLOGIES CORP. | |
Entity Central Index Key | 0001575420 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Common Stock Shares Outstanding | 59,423,598 | |
Entity Interactive Data Current | Yes |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Current Assets | ||
Cash | ||
Total Current Assets | ||
TOTAL ASSETS | ||
Current Liabilities | ||
Accounts payable and accrued liabilities | 192,328 | 148,621 |
Convertible notes payable | 183,375 | 183,668 |
Total Current Liabilities | 375,703 | 332,289 |
TOTAL LIABILITIES | 375,703 | 332,289 |
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 59,423,598 and 155,798 shares issued and outstanding | 5,942 | 15 |
Additional paid in capital | 2,293,633 | 2,243,891 |
Accumulated deficit | (2,675,278) | (2,576,195) |
Total Deficit | (375,703) | (332,289) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Jun. 30, 2019 |
Stockholders' Deficit | ||
Preferred stock, shares par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 90,000,000 | 90,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 59,423,598 | 155,798 |
Common stock, shares outstanding | 59,423,598 | 155,798 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
STATEMENT OF OPERATIONS (Unaudited) | ||||
Revenues | ||||
Operating Expenses | ||||
General and administration | 875 | 5,805 | ||
Professional | 2,748 | 4,517 | 27,110 | 33,025 |
Total operating expenses | 2,748 | 5,392 | 27,110 | 38,830 |
Net loss from operations | (2,748) | (5,392) | (27,110) | (38,830) |
Other income (expense) | ||||
Realized foreign currency gain (loss) | 210 | (136) | 103 | (168) |
Interest expense | (21,600) | (19,806) | (72,076) | (121,174) |
Total other expense | (21,390) | (19,942) | (71,973) | (121,342) |
Net loss before taxes | $ (24,138) | $ (25,334) | $ (99,083) | $ (160,172) |
Net loss | $ (24,138) | $ (25,334) | $ (99,083) | $ (160,172) |
Basic and dilutive loss per share | ||||
Net loss | $ 0 | $ (0.16) | $ (0.01) | $ (1.03) |
Weighted average number of shares outstanding | 40,520,545 | 155,798 | 13,512,860 | 155,798 |
STATEMENT OF STOCKHOLDERS DEFIC
STATEMENT OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance, shares at Jun. 30, 2018 | 155,798 | |||
Balance, amount at Jun. 30, 2018 | $ (309,682) | $ 15 | $ 2,057,602 | $ (2,367,299) |
Beneficial conversion feature | 60,000 | 60,000 | ||
Debt forgiveness | 85,523 | 85,523 | ||
Net loss | $ (87,509) | $ (87,509) | ||
Balance, shares at Sep. 30, 2018 | 155,798 | |||
Balance, amount at Sep. 30, 2018 | $ (251,668) | $ 15 | $ 2,203,125 | $ (2,454,808) |
Beneficial conversion feature | 17,302 | $ 17,302 | ||
Net loss | $ (47,329) | $ (47,329) | ||
Balance, shares at Dec. 31, 2018 | 155,798 | |||
Balance, amount at Dec. 31, 2018 | $ (281,695) | $ 15 | $ 2,220,427 | $ (2,502,137) |
Beneficial conversion feature | 6,427 | $ 6,427 | ||
Net loss | $ (25,334) | $ (25,334) | ||
Balance, shares at Mar. 31, 2019 | 155,798 | |||
Balance, amount at Mar. 31, 2019 | $ (300,602) | $ 15 | $ 2,226,854 | $ (2,527,471) |
Balance, shares at Jun. 30, 2019 | 155,798 | |||
Balance, amount at Jun. 30, 2019 | $ (332,289) | $ 15 | $ 2,243,891 | $ (2,576,195) |
Beneficial conversion feature | 526 | 526 | ||
Net loss | $ (29,376) | $ (29,376) | ||
Balance, shares at Sep. 30, 2019 | 155,798 | |||
Balance, amount at Sep. 30, 2019 | $ (361,139) | $ 15 | $ 2,244,417 | $ (2,605,571) |
Beneficial conversion feature | 18,892 | $ 18,892 | ||
Net loss | $ (45,569) | $ (45,569) | ||
Balance, shares at Dec. 31, 2019 | 155,798 | |||
Balance, amount at Dec. 31, 2019 | $ (387,816) | $ 15 | $ 2,263,309 | $ (2,651,140) |
Beneficial conversion feature | 5,834 | 5,834 | ||
Net loss | (24,138) | $ (24,138) | ||
Common shares issued for conversion of debt, shares | 59,267,800 | |||
Common shares issued for conversion of debt, amount | $ 30,417 | $ 5,927 | $ 24,490 | |
Balance, shares at Mar. 31, 2020 | 59,423,598 | |||
Balance, amount at Mar. 31, 2020 | $ (375,703) | $ 5,942 | $ 2,293,633 | $ (2,675,278) |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (99,083) | $ (160,172) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Expenses paid by convertible notes | 25,252 | 23,729 |
Amortization of debt discount | 25,252 | 83,729 |
Foreign currency adjustment | (103) | 168 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 48,682 | 52,546 |
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 | 25,252 | 83,729 |
Debt forgiveness | $ 85,523 | |
Common stock issued for conversion of debt | 30,417 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 9 Months Ended |
Mar. 31, 2020 | |
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 Company’s 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. On October 1, 2019, a majority of our shareholders approved a reverse stock split on a basis of 100 old shares for one (1) new share of our issued and outstanding common stock. No fractional shares of common stock will be issued as a result of the reverse split. Any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number. As a result of the reverse split, our issued and outstanding shares of common stock will decrease from 15,579,749 to 155,798 shares of common stock. We confirm that our authorized capital will remain unchanged. The reverse split has been reviewed by the Financial Industry Regulatory Authority (FINRA) and has been approved for filing with an effective date of January 9, 2020. All share and per share information in these financial statements retroactively reflect this stock distribution. Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001. Effective January 28, 2020, the Note was assigned to Evergreen Solutions Ltd., and was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control. On February 3, 2020, Cohen Mizrahi resigned as a director and as an officer of our company. Dr. Mizrahi’s resignation was not the result of a disagreement between Dr. Mizrahi and our company on any matter relating to our company’s operations, policies or practices. On February 3, 2020, David Magana Gonzalez was appointed as a director to replace Dr. Mizrahi and he was also appointed President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of our company. 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 March 31, 2020 of $2,675,278, is in a net liability position and needs cash to maintain its operations. These factors raise substantial doubt about the Company’s 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 Company’s continued existence is dependent upon management’s ability to develop profitable operations, continued contributions from the Company’s 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 Company’s products and business. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. For further information, refer to the financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2019. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect application of policies and 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 year. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited condensed interim financial statements include the provision for unpaid loss and loss adjustment expenses which may result from product warranty provisions; valuation of deferred income taxes; valuation and impairment assessment of intangible assets; goodwill recoverability; and deferred acquisition costs. 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. Basic and Diluted Loss per Common Stock FASB ASC 260 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. Reclassification Certain amounts in the comparative financial statements have been reclassified to conform with the presentation of the financial statements of the current period. |
ACCOUNTS PAYABLE AND ACCRUED LI
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS | 9 Months Ended |
Mar. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS | |
NOTE 3 - ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS | AS of March 31, 2020 and June 30, 2019, accounts payable and accrued liabilities consisted of as follows, March 31, June 30, 2020 2019 Accounts payable $ 21,757 $ 22,434 Accrued expense 12,654 10,121 Accrued interest 116,892 75,041 Due to a former related party 41,025 41,025 $ 192,328 $ 148,621 |
CONVERTIBLE NOTE
CONVERTIBLE NOTE | 9 Months Ended |
Mar. 31, 2020 | |
CONVERTIBLE NOTE | |
NOTE 4 - CONVERTIBLE NOTE | Convertible notes payable at March 31, 2020 and June 30,2019, consists of the following: March 31, June 30, 2020 2019 Dated November 1, 2016 $ 4,439 $ 4,439 Dated January 1, 2017 - 1 - 6,200 Dated January 1, 2017 - 2 - 10,489 Dated January 1, 2017 - 3 - 3,429 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 30,000 Dated July 5, 2018 - 2 15,000 15,000 Dated July 5, 2018 - 3 15,000 15,000 Dated December 31, 2018 17,302 17,302 Dated March 31, 2019 1,000 6,427 Dated June 30, 2019 17,037 17,037 Dated September 30, 2019 526 - Dated December 31, 2019 18,892 - Dated March 31, 2020 5,834 - Total convertible notes payable 183,375 183,668 Less: Unamortized debt discount - - Total convertible notes 183,375 183,668 Less: current portion of convertible notes 183,375 183,668 Long-term convertible notes $ - $ - For the nine months ended March 31, 2020 and 2018, the Company recognized interest expense of $46,824 and $37,445 and amortization of discount, included in interest expense, of $25,252 and $83,729, respectively. As of March 31, 2020, and June 30, 2019, the Company recorded accrued interest of $116,892 and $75,041, 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. 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 nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3 rd 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 nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3 rd 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. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3 rd 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. Effective January 28, 2020, the Company amended a convertible note. The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001. Effective January 28, 2020, the Note of $6,427 was assigned to Evergreen Solutions Ltd., and $5,427 was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control. 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. Dated September 30, 2019 On September 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $526. 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 $526. Dated December 31, 2019 On December 31, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $18,892. 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 $18,892. Dated March 31, 2020 On March 31, 2020, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $5,834. 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 $5,834. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 9 Months Ended |
Mar. 31, 2020 | |
DUE TO RELATED PARTIES | |
NOTE 5 - DUE TO RELATED PARTIES | During the year ended June 30, 2018, the Company’s former CEO paid accounts payable of $41,025 on behalf of the Company. The loans are unsecured, non-interest bearing and due on demand. During the period ended March 31, 2020, a change of control occurred and the former CEO who was also a major shareholder was no longer a related party. As a result. the Company reclassed due to related party of $41,025 to accounts payable and accrued liabilities. |
EQUITY
EQUITY | 9 Months Ended |
Mar. 31, 2020 | |
EQUITY | |
NOTE 6 - 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 March 31, 2020 and June 30,2019, respectively. Common Stock The Company is authorized to issue 100,000,000 shares of preferred stock at a par value of $0.0001. During the nine months ended March 31, 2020, the Company issued 59,267,800 shares of common stock for conversion of debt of $30,417. As at March 31, 2020 and June 30, 2019, 59,423,598 and 155,798 shares of common stock were issued and outstanding. As at March 31, 2020, there were no warrants or options outstanding. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 7 - 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) | 9 Months Ended |
Mar. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis Of Presentation | The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. For further information, refer to the financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2019. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect application of policies and 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 year. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited condensed interim financial statements include the provision for unpaid loss and loss adjustment expenses which may result from product warranty provisions; valuation of deferred income taxes; valuation and impairment assessment of intangible assets; goodwill recoverability; and deferred acquisition costs. |
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. |
Basic and Diluted Loss per Common Stock | FASB ASC 260 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. |
Reclassification | Certain amounts in the comparative financial statements have been reclassified to conform with the presentation of the financial statements of the current period. |
ACCOUNTS PAYABLE AND ACCRUED _2
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables) | |
Schedule of accounts payable and accrued liabilities | March 31, June 30, 2020 2019 Accounts payable $ 21,757 $ 22,434 Accrued expense 12,654 10,121 Accrued interest 116,892 75,041 Due to a former related party 41,025 41,025 $ 192,328 $ 148,621 |
CONVERTIBLE NOTE (Tables)
CONVERTIBLE NOTE (Tables) | 9 Months Ended |
Mar. 31, 2020 | |
CONVERTIBLE NOTE | |
Schedule of convertible note payable | March 31, June 30, 2020 2019 Dated November 1, 2016 $ 4,439 $ 4,439 Dated January 1, 2017 - 1 - 6,200 Dated January 1, 2017 - 2 - 10,489 Dated January 1, 2017 - 3 - 3,429 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 30,000 Dated July 5, 2018 - 2 15,000 15,000 Dated July 5, 2018 - 3 15,000 15,000 Dated December 31, 2018 17,302 17,302 Dated March 31, 2019 1,000 6,427 Dated June 30, 2019 17,037 17,037 Dated September 30, 2019 526 - Dated December 31, 2019 18,892 - Dated March 31, 2020 5,834 - Total convertible notes payable 183,375 183,668 Less: Unamortized debt discount - - Total convertible notes 183,375 183,668 Less: current portion of convertible notes 183,375 183,668 Long-term convertible notes $ - $ - |
NATURE AND CONTINUANCE OF OPE_2
NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - USD ($) | Feb. 05, 2016 | Oct. 28, 2016 | Mar. 31, 2020 | Jan. 09, 2020 | Jun. 30, 2019 |
State of incorporation | Nevada | ||||
Date of incorporation | Oct. 24, 2012 | ||||
Debt instrument convenant description | Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001 | ||||
Accumulated deficit | $ (2,675,278) | $ (2,576,195) | |||
Common stock shares issued | 59,423,598 | 155,798 | |||
Common stock shares outstanding | 59,423,598 | 155,798 | |||
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% | ||||
Number of common shares in exchange for issued and outstanding equity interests | 80,000 | ||||
December 1, 2017 [Member] | |||||
Reverse stock split | common stock on a fifty (50) old for one (1) new basis | ||||
November 1, 2016 [Member] | Human Energy Alliance Laboratories Corp [Member] | |||||
Issued and outstanding equity interests | 80.00% | ||||
January 28, 2020 [Member] | Evergreen Solutions Ltd. [Member] | |||||
Common stock shares issued | 54,270,000 | ||||
October 1, 2019 [Member] | |||||
Reverse stock split | stock split on a basis of 100 old shares for one (1) new share | ||||
January 1, 2017 [Member] | |||||
Assumption of due to related party | $ (28,239) | ||||
Consideration for past services provided by Executive to the company | $ 20,000 | ||||
January 1, 2017 [Member] | Energy Alliance [Member] | Liao Zu Guo [Member] | |||||
Issued and outstanding equity interests | 100.00% | ||||
Reverse Stock Split [Member] | |||||
Common stock shares issued | 155,798 | 15,579,749 | |||
Common stock shares outstanding | 155,798 | 15,579,749 |
ACCOUNTS PAYABLE AND ACCRUED _3
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Details) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables) | ||
Accounts payable | $ 21,757 | $ 22,434 |
Accrued expenses | 12,654 | 10,121 |
Accrued interest | 116,892 | 75,041 |
Due to a former related party | 41,025 | 41,025 |
Total Accounts payable and accrued liability | $ 192,328 | $ 148,621 |
CONVERTIBLE NOTE (Details)
CONVERTIBLE NOTE (Details) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Total convertible notes payable | $ 183,375 | $ 183,668 |
Less: Unamortized debt discount | ||
Total convertible notes | 183,375 | 183,668 |
Less: current portion of convertible notes | 183,375 | 183,668 |
Long-term convertible notes | ||
Convertible Notes Payable [Member] | March 31, 2020 [Member] | ||
Total convertible notes | 5,834 | |
Convertible Notes Payable [Member] | December, 31 2019 [Member] | ||
Total convertible notes | 18,892 | |
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 | 6,200 | |
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member] | ||
Total convertible notes payable | 10,489 | |
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member] | ||
Total convertible notes payable | 3,429 | |
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 | 30,000 |
Convertible Notes Payable [Member] | July 5, 2018 - 2 [Member] | ||
Total convertible notes payable | 15,000 | 15,000 |
Convertible Notes Payable [Member] | July 5, 2018 - 3 [Member] | ||
Total convertible notes payable | 15,000 | 15,000 |
Convertible Notes Payable [Member] | December 31, 2018 [Member] | ||
Total convertible notes payable | 17,302 | 17,302 |
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | ||
Total convertible notes payable | 1,000 | 6,427 |
Convertible Notes Payable [Member] | June, 30 2018 [Member] | ||
Total convertible notes | 17,037 | 17,037 |
Convertible Notes Payable [Member] | September, 30 2019 [Member] | ||
Total convertible notes | $ 526 |
CONVERTIBLE NOTE (Details Narra
CONVERTIBLE NOTE (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Jan. 28, 2020 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Amortization of debt discount | $ 25,252 | $ 83,729 | ||||
Interest expense | 46,824 | 37,445 | ||||
Accrued interest | 116,892 | $ 75,041 | ||||
Beneficial conversion feature | 25,252 | 83,729 | ||||
Debt conversion, converted instrument, principal amount | $ 30,417 | |||||
Common stock shares issued upon conversion of debt | 59,267,800 | |||||
Convertible Notes Payable [Member] | March 31, 2020 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Operating expenses | $ 5,834 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 5,834 | |||||
Convertible promissory note | $ 5,834 | |||||
Convertible Notes Payable [Member] | November 1, 2016 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Convertible note bearing interest | 4.00% | |||||
Beneficial conversion feature | $ 18,239 | |||||
Extinguisment of debt | $ 18,239 | |||||
Maturity date | Nov. 1, 2017 | |||||
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member] | ||||||
Accrued interest | $ 3,800 | |||||
Convertible note conversion price | $ 0.005 | |||||
Convertible note bearing interest | 45.00% | |||||
Beneficial conversion feature | $ 14,289 | |||||
Debt conversion, converted instrument, principal amount | $ 10,489 | |||||
Common stock shares issued upon conversion of debt | 2,857,800 | |||||
Amount due to relates parties | $ 14,289 | |||||
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member] | ||||||
Accrued interest | $ 1,116 | |||||
Convertible note conversion price | $ 0.005 | |||||
Convertible note bearing interest | 45.00% | |||||
Beneficial conversion feature | $ 3,352 | |||||
Debt conversion, converted instrument, principal amount | $ 3,384 | |||||
Common stock shares issued upon conversion of debt | 900,000 | |||||
Amount due to relates parties | $ 3,352 | |||||
Convertible Notes Payable [Member] | December 31, 2018 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Operating expenses | $ 17,302 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 17,302 | |||||
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | ||||||
Convertible note conversion price | $ 0.0001 | $ 0.01 | ||||
Operating expenses | $ 6,427 | |||||
Convertible note bearing interest | 0.00% | 20.00% | ||||
Beneficial conversion feature | $ 6,427 | |||||
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | Evergreen Solutions Ltd. [Member] | ||||||
Convertible promissory note | $ 6,427 | |||||
Debt conversion, converted instrument, principal amount | $ 5,427 | |||||
Common stock shares issued upon conversion of debt | 54,270,000 | |||||
Convertible Notes Payable [Member] | June, 30 2018 [Member] | ||||||
Convertible note conversion price | $ 0.01 | |||||
Operating expenses | $ 28,376 | |||||
Convertible note bearing interest | 30.00% | |||||
Beneficial conversion feature | $ 28,376 | |||||
Convertible promissory note | $ 17,037 | $ 17,037 | ||||
Convertible Notes Payable [Member] | January 1, 2017 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Convertible note bearing interest | 45.00% | |||||
Beneficial conversion feature | $ 10,000 | |||||
Debt conversion, converted instrument, principal amount | $ 6,200 | |||||
Common stock shares issued upon conversion of debt | 1,240,000 | |||||
Amount due to relates parties | $ 10,000 | |||||
Convertible Notes Payable [Member] | June 30, 2019 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Operating expenses | $ 17,037 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 17,037 | |||||
Convertible Notes Payable [Member] | July, 5 2018-1, 2 or 3 [Member] | ||||||
Convertible note conversion price | $ 0.01 | |||||
Operating expenses | $ 60,000 | |||||
Convertible note bearing interest | 30.00% | |||||
Beneficial conversion feature | $ 60,000 | |||||
Amount due to relates parties | $ 145,523 | |||||
Convertible Notes Payable [Member] | December 31, 2019 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Operating expenses | $ 18,892 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 18,892 | |||||
Convertible Note Payable [Member] | June, 30 2017 [Member] | ||||||
Convertible note conversion price | $ 0.01 | |||||
Operating expenses | $ 9,969 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 9,969 | |||||
Convertible Note Payable [Member] | September, 30 2019 [Member] | ||||||
Convertible note conversion price | $ 0.005 | |||||
Operating expenses | $ 526 | |||||
Convertible note bearing interest | 35.00% | |||||
Beneficial conversion feature | $ 526 | |||||
Convertible Notes Two [Member] | April, 1 2018- 1, 2 [Member] | ||||||
Convertible note conversion price | $ 0.01 | |||||
Convertible note bearing interest | 45.00% | |||||
Beneficial conversion feature | $ 20,000 | |||||
Patent purchase | 10,000 | |||||
Convertible promissory note | $ 20,000 |
DUE TO RELATED PARTIES (Details
DUE TO RELATED PARTIES (Details Narrative) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Chief Executive Officer [Member] | ||
Due to related parties | $ 41,025 | $ 41,025 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | |
EQUITY (Details Narrative) | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 90,000,000 | 90,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 59,423,598 | 155,798 |
Common stock, shares outstanding | 59,423,598 | 155,798 |
Common stock shares issued upon conversion of debt, shares | 59,267,800 | |
Common stock shares issued upon conversion of debt, amount | $ 30,417 |