Cover
Cover - shares | 9 Months Ended | |
Feb. 28, 2021 | Apr. 19, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Feb. 28, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --05-31 | |
Entity File Number | 000-56184 | |
Entity Registrant Name | Perk International Inc. | |
Entity Central Index Key | 0001579717 | |
Entity Incorporation, State or Country Code | NV | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | true | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 227,203,331 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Feb. 28, 2021 | May 31, 2020 |
Current Assets: | ||
Cash | $ 1,205 | $ 0 |
Current assets | 1,205 | 0 |
Noncurrent assets | 0 | 0 |
Total Assets | 1,205 | 0 |
Current Liabilities: | ||
Accounts payable | 362,650 | 343,319 |
Accrued interest | 18,592 | 962 |
Due to related parties | 30,093 | 24,340 |
Loans payable | 71,268 | 71,268 |
Note payable | 51,749 | 39,749 |
Total Current Liabilities | 534,352 | 479,638 |
Total Liabilities | 534,352 | 479,638 |
Commitments and contingencies | ||
Stockholders' Deficit: | ||
Common Stock, par value $0.001, 250,000,000 shares authorized; 227,203,331 shares issued and outstanding | 22,720 | 22,720 |
Additional paid-in capital | 1,040,408 | 1,028,408 |
Accumulated deficit | (1,596,275) | (1,530,766) |
Total Stockholders' Deficit | (533,147) | (479,638) |
Total Liabilities and Stockholders' Deficit | $ 1,205 | $ 0 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Feb. 28, 2021 | May 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, share authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 227,203,331 | 227,203,331 |
Common stock, shares authorized | 227,203,331 | 227,203,331 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2021 | Feb. 29, 2020 | Feb. 28, 2021 | Feb. 29, 2020 | |
Operating Expenses: | ||||
General and administrative | $ 22,845 | $ 747 | $ 47,878 | $ 2,241 |
Total operating expenses | 22,845 | 747 | 47,878 | 2,241 |
Loss from operations | (22,845) | (747) | (47,878) | (2,241) |
Other expense: | ||||
Interest expense | (2,073) | (221) | (17,631) | (667) |
Total other expense | (2,073) | (221) | (17,631) | (667) |
Net loss before provision for income tax | (24,918) | (968) | (65,509) | (2,908) |
Provision for income tax | 0 | 0 | 0 | 0 |
Net Loss | $ (24,918) | $ (968) | $ (65,509) | $ (2,908) |
Loss per share, basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common shares outstanding, basic and diluted | 227,203,331 | 227,203,331 | 227,203,331 | 227,203,331 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at May. 31, 2019 | 227,203,331 | |||
Beginning balance, value at May. 31, 2019 | $ 22,720 | $ 1,028,408 | $ (1,526,083) | $ (474,955) |
Net loss | (971) | (971) | ||
Ending balance, shares at Aug. 31, 2019 | 227,203,331 | |||
Ending balance, value at Aug. 31, 2019 | $ 22,720 | 1,028,408 | (1,527,054) | (475,926) |
Beginning balance, shares at May. 31, 2019 | 227,203,331 | |||
Beginning balance, value at May. 31, 2019 | $ 22,720 | 1,028,408 | (1,526,083) | (474,955) |
Net loss | (2,908) | |||
Ending balance, shares at Feb. 29, 2020 | 227,203,331 | |||
Ending balance, value at Feb. 29, 2020 | $ 22,720 | 1,028,408 | (1,528,991) | (477,863) |
Beginning balance, shares at Aug. 31, 2019 | 227,203,331 | |||
Beginning balance, value at Aug. 31, 2019 | $ 22,720 | 1,028,408 | (1,527,054) | (475,926) |
Net loss | (969) | (969) | ||
Ending balance, shares at Nov. 30, 2019 | 227,203,331 | |||
Ending balance, value at Nov. 30, 2019 | $ 22,720 | 1,028,408 | (1,528,023) | (476,895) |
Net loss | (968) | (968) | ||
Ending balance, shares at Feb. 29, 2020 | 227,203,331 | |||
Ending balance, value at Feb. 29, 2020 | $ 22,720 | 1,028,408 | (1,528,991) | (477,863) |
Beginning balance, shares at May. 31, 2020 | 227,203,331 | |||
Beginning balance, value at May. 31, 2020 | $ 22,720 | 1,028,408 | (1,530,766) | (479,638) |
Net loss | (36,239) | (36,239) | ||
Ending balance, shares at Aug. 31, 2020 | 227,203,331 | |||
Ending balance, value at Aug. 31, 2020 | $ 22,720 | 1,028,408 | (1,567,005) | (515,877) |
Beginning balance, shares at May. 31, 2020 | 227,203,331 | |||
Beginning balance, value at May. 31, 2020 | $ 22,720 | 1,028,408 | (1,530,766) | (479,638) |
Net loss | (65,509) | |||
Ending balance, shares at Feb. 28, 2021 | 227,203,331 | |||
Ending balance, value at Feb. 28, 2021 | $ 22,720 | 1,040,408 | (1,596,275) | (533,147) |
Beginning balance, shares at Aug. 31, 2020 | 227,203,331 | |||
Beginning balance, value at Aug. 31, 2020 | $ 22,720 | 1,028,408 | (1,567,005) | (515,877) |
Net loss | (4,352) | (4,352) | ||
Ending balance, shares at Nov. 30, 2020 | 227,203,331 | |||
Ending balance, value at Nov. 30, 2020 | $ 22,720 | 1,028,408 | (1,571,357) | (520,229) |
Beneficial conversion feature | 12,000 | 12,000 | ||
Net loss | (24,918) | (24,918) | ||
Ending balance, shares at Feb. 28, 2021 | 227,203,331 | |||
Ending balance, value at Feb. 28, 2021 | $ 22,720 | $ 1,040,408 | $ (1,596,275) | $ (533,147) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Feb. 28, 2021 | Feb. 29, 2020 | |
Cash flows from operating activities: | ||
Net Loss | $ (65,509) | $ (2,908) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Beneficial conversion features | 12,000 | 0 |
Changes in operating assets and liabilities: | ||
Accounts payable | 19,330 | 2,241 |
Accrued interest | 17,631 | 667 |
Net cash used in operating activities | (16,548) | 0 |
Cash flows from investing activities: | 0 | 0 |
Cash flows from financing activities: | ||
Cash advances from a related party | 5,753 | 0 |
Proceeds from loan payable | 12,000 | 0 |
Net cash provided by financing activities | 17,753 | 0 |
Net increase (decrease) in cash | 1,205 | 0 |
Cash, beginning of period | 0 | 0 |
Cash, end of period | 1,205 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
1. Organization and Description
1. Organization and Description of Business | 9 Months Ended |
Feb. 28, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Perk International Inc. (“the Company” or “Perk”) was incorporated under the laws of the State of Nevada on April 10, 2013. The Company On February 22, 2019, Marcus Southworth became, President, Secretary, Treasurer and Director of Perk International Inc. On April 27, 2020, Certification and Notice of Termination of Registration Under Section 12(g) of The Securities Exchange Act of 1934 of Duty to File Reports Under Sections 13 and 15 (d) of the Securities Exchange Act of 1934. On April 30, 2020 Marcus resigned from, President, Secretary, Treasurer and Director of Perk International Inc. Mr. Southworth no longer holds any officer position with Perk International Inc. On April 30, 2020, Nelson Grist became the sole director of Perk International Inc. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 9 Months Ended |
Feb. 28, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The Company’s unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending May 31, 2021. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Financial Statements for the year ended May 31, 2020. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Going Concern
3. Going Concern | 9 Months Ended |
Feb. 28, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 - GOING CONCERN The Company’s unaudited financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not established any source of revenue to cover its operating costs and has an accumulated deficit of $1,596,275, ($1,000,000 of which is from non-cash stock compensation expense). These conditions raise substantial doubt about the company’s ability to continue as a going concern. The Company will engage in limited activities without incurring significant liabilities that must be satisfied in cash until a source of funding is secured. The Company will offer noncash consideration and seek equity lines as a means of financing its operations. If the Company is unable to obtain revenue producing contracts or financing or if the revenue or financing it does obtain is insufficient to cover any operating losses it may incur, it may substantially curtail or terminate its operations or seek other business opportunities through strategic alliances, acquisitions or other arrangements that may dilute the interests of existing stockholders. |
4. Loans Payable
4. Loans Payable | 9 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Loans Payable | NOTE 4 - LOANS PAYABLE On July 24, 2013 the Company obtained a term loan for an amount of CAD $18,800 repayable in 59 monthly installments of CAD $367.63 including interest and principal and bears interest at 6.5% per annum (prime plus 3.5% per annum). The loan is secured by a personal guarantee of a director. As of , 2021 and May 31, 2020, there is a balance due on this loan of $10,776 and $10,776, respectively. This loan is in default. As of February 28 , 2021 and As of February 28 , 2021 and |
5. Notes Payable
5. Notes Payable | 9 Months Ended |
Feb. 28, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTE 5 - NOTES PAYABLE On November 3, 2016, the Company received a $25,000 loan from Securities Compliance Group, Ltd. The note is unsecured, bears interest at 25% and was due upon the final order of dismissal of the custodianship. As of February 28 , 2021 and On May 2, 2019, the Company executed a promissory note with Kim Southworth in the amount of $14,749. The loan is due either on demand or within five years and carries an interest rate of 6%, compounded annually. As of February 28 , 2021, and On December 16, 2020, the Company received a $12,000 loan from GPL Ventures, LLC. The note is unsecured, bears interest at 10% and matures on December 16, 2021. As of February 28 , 2021 |
6. Related Party Transactions
6. Related Party Transactions | 9 Months Ended |
Feb. 28, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 6 – RELATED PARTY TRANSACTIONS As of , 2021 and , the Company had a payable to a related party for $22,790 and $22,790, respectively, which is unsecured and due on demand. As of , 2021 and May 31,2020, the Company owed the CEO $7,303 and $1,550 for cash advances to the Company. The advances were used to pay for certain operating expenses. They are unsecured, non-interest bearing and due on demand. |
7. Subsequent Events
7. Subsequent Events | 9 Months Ended |
Feb. 28, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 7 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the unaudited financial statements were available to be issued and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following. On March 17, 2021, the Company amended its Articles of Incorporation increasing its authorized common stock from 250,000,000 to 950,000,000 shares. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Feb. 28, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The Company’s unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The accompanying unaudited financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending May 31, 2021. These unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Financial Statements for the year ended May 31, 2020. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) On June 20, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivative and Hedging (Topic 815, and Leases (Topic 841). This new guidance will be effective for annual reporting periods beginning after December 15, 2019, including interim periods within those annual reporting periods. While the Company is continuing to assess the potential impacts of ASU 2019-10, it does not expect ASU 2019-10 to have a material effect on its financial statements. The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
3. Going Concern (Details Narra
3. Going Concern (Details Narrative) - USD ($) | 9 Months Ended | |
Feb. 28, 2021 | May 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (1,596,275) | $ (1,530,766) |
Non-cash compensation expense | $ 1,000,000 |
4. Loans Payable (Details Narra
4. Loans Payable (Details Narrative) - USD ($) | Feb. 28, 2021 | May 31, 2020 |
Loan Payable [Member] | ||
Loan payable balance | $ 10,776 | $ 10,776 |
Third Party Loan 1 [Member] | ||
Loan payable balance | 39,991 | 39,991 |
Third Party Loan 2 [Member] | ||
Loan payable balance | $ 20,501 | $ 20,501 |
5. Notes Payable (Details Narra
5. Notes Payable (Details Narrative) - USD ($) | Feb. 28, 2021 | Dec. 16, 2020 | May 31, 2020 | May 02, 2019 | Nov. 03, 2016 |
Interest payable | $ 18,592 | $ 962 | |||
Securities Compliance Group [Member] | |||||
Debt face amount | $ 25,000 | ||||
Note payable balance | 25,000 | 25,000 | |||
Kim Southworth [Member] | |||||
Debt face amount | $ 14,749 | ||||
Debt stated interest rate | 6.00% | ||||
Note payable balance | 14,749 | 14,749 | |||
Interest payable | 1,670 | $ 962 | |||
GPL Ventures [Member] | |||||
Debt face amount | $ 12,000 | ||||
Debt stated interest rate | 10.00% | ||||
Interest payable | $ 296 |
6. Related Party Transactions (
6. Related Party Transactions (Details Narrative) - USD ($) | Feb. 28, 2021 | May 31, 2020 |
CEO [Member] | ||
Note payable, related party | $ 7,303 | $ 1,550 |
Note Payable [Member] | ||
Note payable, related party | $ 22,790 | $ 22,790 |