Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2019 | Feb. 12, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 333-197692 | |
Entity Registrant Name | Star Alliance International Corp. | |
Entity Central Index Key | 0001614556 | |
Entity Incorporation, State or Country Code | NV | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 94,120,000 |
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Current assets: | ||
Cash | $ 2,207 | $ 471 |
Total current assets | 2,207 | 471 |
Other assets: | ||
Property and equipment | 450,000 | 0 |
Mining claims | 57,532 | 0 |
Total other assets | 507,532 | 0 |
Total Assets | 509,739 | 471 |
Current liabilities: | ||
Accounts payable | 35,935 | 32,692 |
Accrued expenses | 3,669 | 2,863 |
Accrued compensation | 40,000 | 0 |
Note payable | 470,000 | 20,000 |
Note payable - former related party | 32,000 | 32,000 |
Related party advance | 18,088 | 3,980 |
Due to former related party | 42,651 | 42,651 |
Total current liabilities | 642,343 | 134,186 |
Total liabilities | 642,343 | 134,186 |
COMMITMENTS AND CONTINGENCIES (see footnotes) | ||
Stockholders' deficit: | ||
Common stock, $0.001 par value, 175,000,000 shares authorized, 90,200,000 and 83,450,000 shares issued and outstanding, respectively | 90,200 | 83,450 |
Additional paid-in capital | 558,789 | 551,289 |
Common stock to be issued | 60,080 | 7,000 |
Preferred stock to be issued | 7,532 | 0 |
Accumulated deficit | (849,205) | (775,454) |
Total stockholders' deficit | (132,604) | (133,715) |
Total liabilities and stockholders' deficit | 509,739 | 471 |
Series A Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | 0 | 0 |
Series B Preferred Stock [Member] | ||
Stockholders' deficit: | ||
Preferred stock | $ 0 | $ 0 |
Balance Sheets (Unaudited) (Par
Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2019 | Jun. 30, 2019 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 175,000,000 | 175,000,000 |
Common stock, shares issued | 90,200,000 | 83,450,000 |
Common stock, shares outstanding | 90,200,000 | 83,450,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ .001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,900,000 | 1,900,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||
General and administrative | $ 17,444 | $ 3,498 |
Professional fees | 7,500 | 18,909 |
Director compensation | 13,000 | 0 |
Officer compensation | 35,000 | 0 |
Total operating expenses | 72,944 | 22,407 |
Loss from operations | (72,944) | (22,407) |
Other expense: | ||
Interest expense | (807) | (403) |
Total other expense | (807) | (403) |
Loss before provision for income taxes | (73,751) | (22,810) |
Provision for income taxes | 0 | 0 |
Net loss | $ (73,751) | $ (22,810) |
Net loss per common share - basic and diluted | $ 0 | $ 0 |
Weighted average common shares outstanding - basic and diluted | 87,990,761 | 35,450,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Common Stock To Be Issued | Preferred Stock To Be Issued | Accumulated Deficit | Total |
Beginning balance, shares at Jun. 30, 2018 | 35,450,000 | |||||
Beginning balance, value at Jun. 30, 2018 | $ 35,450 | $ 503,289 | $ (633,572) | $ (94,833) | ||
Net loss | (22,810) | (22,810) | ||||
Ending balance, shares at Sep. 30, 2018 | 35,450,000 | |||||
Ending balance, value at Sep. 30, 2018 | $ 35,450 | 503,289 | (656,382) | (117,643) | ||
Beginning balance, shares at Jun. 30, 2019 | 83,450,000 | |||||
Beginning balance, value at Jun. 30, 2019 | $ 83,450 | 551,289 | $ 7,000 | (775,454) | (133,715) | |
Stock issued for services, shares | 1,500,000 | |||||
Stock issued for services, value | $ 1,500 | 1,500 | 80 | 3,080 | ||
Stock issued for services - related party, shares | 4,000,000 | |||||
Stock issued for services - related party, value | $ 4,000 | 4,000 | 8,000 | |||
Stock issued for conversion of debt, shares | 250,000 | |||||
Stock issued for conversion of debt, value | $ 250 | 250 | ||||
Stock sold for cash, shares | 1,000,000 | |||||
Stock sold for cash, value | $ 1,000 | 2,000 | 53,000 | 56,000 | ||
Preferred stock issued for acquisition, value | $ 7,532 | 7,532 | ||||
Net loss | (73,751) | (73,751) | ||||
Ending balance, shares at Sep. 30, 2019 | 90,200,000 | |||||
Ending balance, value at Sep. 30, 2019 | $ 90,200 | $ 558,789 | $ 60,080 | $ 7,532 | $ (849,205) | $ (132,604) |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (73,751) | $ (22,810) |
Changes in assets and liabilities: | ||
Common stock issued for services | 11,080 | 0 |
Accounts payable | 3,243 | 9,299 |
Accrued expenses | 807 | 3,503 |
Accrued compensation | 40,000 | 0 |
Net cash used in operating activities | (18,621) | (10,008) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net cash provided by / (used in) investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds of borrowings from a related party | 24,029 | 19,741 |
Repayment to related party | (9,672) | (7,503) |
Proceeds from the sale of common stock | 56,000 | 0 |
Payment on note payable | (50,000) | 0 |
Net cash provided by financing activities | 20,357 | 12,238 |
Net increase in cash | 1,736 | 2,230 |
Cash at the beginning of period | 471 | 300 |
Cash at the end of period | 2,207 | 2,530 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH TRANSACTIONS: | ||
Operating expenses paid directly by related party | $ 0 | $ 3,100 |
1. Nature of Business
1. Nature of Business | 3 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | NOTE 1 – NATURE OF BUSINESS Star Alliance International Corp. (“the Company”, “we”, “us”) was originally incorporated with the name Asteriko Corp. in the State of Nevada on April 17, 2014 under the laws of the State of Nevada, for the purpose of acquiring and developing gold mines as well as certain other mining properties worldwide. |
2. Significant And Critical Acc
2. Significant And Critical Accounting Policies and Practices | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant And Critical Accounting Policies and Practices | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended June 30, 2018, have been omitted. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of liabilities, and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time, however, actual results could differ materially from those estimates. |
3. Going Concern
3. Going Concern | 3 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As shown in the accompanying financial statements, the Company has an accumulated deficit of $849,205 and negative working capital of $640,136 as of September 30, 2019. For the three months ended September 30, 2019 the Company had a net loss of $73,751 with $18,621 of cash used in operating activities. Due to these conditions, it raises substantial doubt about the Company’s ability to continue as a going concern. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
4. Related Party Transactions
4. Related Party Transactions | 3 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 – RELATED PARTY TRANSACTIONS In June 2018, Richard Carey, the Company’s Chairman, advanced the Company $300 to open a bank account. During the year ended June 30, 2019, Mr. Carey advanced the Company an additional $72,085, of which $34,005 was repaid. On June 12, 2019, Mr. Carey converted $48,000 of the amount due to him into 48,000,000 shares of common stock. The stock was fair valued at $0.002 per share by an independent valuation firm resulting in a loss on conversion of $48,000. As of September 30, 2019 and June 30, 2019, the balance due to Mr. Carey is $16,351 and $3,980, respectively. The advances are unsecured, non-interest bearing and due on demand. As of September 30, 2019, the Company owes Anthony Anish, a board member, $1,736 for expense reimbursement. Mr. Carey is using his personal office space at no cost to the Company. |
5. Notes Payable
5. Notes Payable | 3 Months Ended |
Sep. 30, 2019 | |
Debt Disclosure [Abstract] | |
Note Payable | NOTE 5 – NOTES PAYABLE As of September 30, 2019 and June 30, 2019, the Company owed Kok Chee Lee, the former CEO and Director of the Company, $42,651 and $42,651, respectively for operating expenses he paid on behalf of the Company during the year ended June 30, 2018. The borrowing is unsecured, non-interest-bearing and due on demand. On June 1, 2018, the Company executed a promissory note in the amount of $32,000 with the former Secretary of the Board for $30,128 of accrued expenses for services previously provided and an additional $1,872 for services rendered. The note is unsecured, bears interest at 5% per annum and matures on December 1, 2018. As of September 30, 2019 and June 30, 2019, there is $2,135 and $1,732, respectively, of accrued interest due on the note. The note is past due and in default. On October 15, 2018, the Company executed a promissory note for $20,000, for amounts previously accrued and payable to the Company’s former attorney. The note bears interest at 8% and is due on October 15, 2019. As of June 30, 2019, there is $1,531 and $1,131, of accrued interest due on the note. On June 11, 2019, the company executed a promissory note with Troy for $500,000 (Note 6). The Company paid the initial $50,000 due on the note on August 13, 2019. In order to pay the initial $50,000 required under the APA and the Purchase Note, the Company obtained funding under a Convertible Promissory Note in the amount of $50,000 issued to a private investor. The Convertible Promissory Note accrues interest at an annual rate of 10% and is due and payable in full in 60 days. The Convertible Promissory Note is convertible to shares of our common stock at a price of $0.05 per share. |
6. Acquisition
6. Acquisition | 3 Months Ended |
Sep. 30, 2019 | |
Business Combinations [Abstract] | |
Acquisition | NOTE 6 – ACQUISITION On August 13, 2019, The Company closed an Asset Purchase Agreement (the “APA”) with Troy Mining Corporation (“Troy”). Under the APA, the company acquired 78 gold mining claims consisting of approximately 4,800 acres, located east/southeast of El Portal, California, in Mariposa County, together with all of Troy’s rights to related equipment and buildings currently located on the mining claims. In exchange for the mining claims and related assets, the company Under the Purchase Note, we paid $50,000 at the time of the closing, and are required to pay an additional $50,000 within sixty days of the closing, and $25,000 every other month thereafter, with the entire remaining amount due no later than March 31, 2020. In the event of default under the Purchase Note, all assets acquired under the APA will be forfeited back to Troy. We are current on all the terms of the agreement. |
8. Common Stock
8. Common Stock | 3 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Common Stock | NOTE 8 – COMMON STOCK During the three months ended September 30, 2019, the Company granted 1,540,000 shares of common stock for services. The shares were valued at $0.002 per share for total non-cash expense of $3,080. As of September 30, 2019, 40,000 shares have not yet been issued by the transfer agent; accordingly, $80 has been credited to common stock to be issued. During the three months ended September 30, 2019, the Company sold 2,290,000 shares of common stock for total cash proceeds of $56,000. In addition, the Company issued 1,000,000 shares of common stock that had been purchased in the prior period. During the three months ended September 30, 2019, the Company issued 250,000 shares of common stock in conversion of a $250 loan payable. During the three months ended September 30, 2019, the Company granted 4,000,000 shares of common stock to an officer and two directors for services rendered. The shares were valued at $0.002 per share for total non-cash expense of $8,000. |
9. Subsequent Event
9. Subsequent Event | 3 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 9 – SUBSEQUENT EVENT On October 9, 2019, the parties have agreed to extend the date for filing the registration statement relating to the preferred shares of the Company to be issued to the Troy shareholders and that would in turn extend the date that the shares would become free trading. This extension will be for 150 days for filing the registration statement and obtaining approval for the shares to become free trading. All the remaining terms included in the contract will remain the same. On August 1, 2019, employment agreements for Richard Carey, John Baird and Anthony Anish were signed providing for annual salaries of $120,000 per annum for Richard Carey and $60,000 for John Baird and Anthony Anish. On October 7, 2019, a new $250,000 Convertible Promissory Note with initial funding of $50,000 was issued to a private investor. The Convertible Promissory Note accrues interest at an annual rate of 10% and is due and payable in full in 60 days. The Convertible Promissory Note is convertible to shares of our common stock at a price of $0.05 per share. The investor converted the $50,000 and $50,000 from Q1 into 2,260,000 shares of common stock. On October 9, 2019, a contract extension was agreed between Star Alliance International Corp. and Troy Mining Corporation. The agreement gives the Company 150 days to file an S-1 registration statement and obtain approval for the shares that are to be issued to the Troy shareholders to become free trading. Subsequent to September 30, 2019, the transfer agent issued 1,560,000 (in addition to the 50,000 mentioned above) shares of common stock formerly booked as common stock payable. Subsequent to September 30, 2019, the Company granted 100,000 shares of common stock for services. In February 2020, 1,833,000 Series B Preferred shares were issued to the shareholders of Troy Mining Corporation at the rate of one Star Alliance Series B Preferred share for each common share of Troy Mining Corporation stock held. These shares may be converted to Star Alliance common stock at the rate of two common shares for every one share of Star Alliance Preferred stock. In February 2020 1,000,000 Series A Preferred shares were issued to Richard Carey. These shares cannot be converted, are not eligible for dividends but carry a 50% voting preference. |
2. Significant And Critical A_2
2. Significant And Critical Accounting Policies and Practices (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended June 30, 2018, have been omitted. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of liabilities, and the disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of expenses during the reporting periods. Management makes these estimates using the best information available at the time, however, actual results could differ materially from those estimates. |
3. Going Concern (Details Narra
3. Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (849,205) | $ (775,454) | |
Working capital | (640,136) | ||
Net loss | (73,751) | $ (22,810) | |
Net cash used in operating activities | $ (18,621) | $ (10,008) |
4. Related Party Transactions (
4. Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Stock owned | 90,200,000 | 83,450,000 | |
Proceeds from related party | $ 24,029 | $ 19,741 | |
Repayment to related party | 9,672 | 7,503 | |
Richard Carey [Member] | |||
Proceeds from related party | 72,085 | $ 300 | |
Repayment to related party | 34,005 | ||
Conversion of debt, amount converted | $ 48,000 | ||
Conversion of debt, shares issued | 48,000,000 | ||
Loss on conversion of stock | $ (48,000) | ||
Due to related party | 16,351 | $ 3,980 | |
Anthony Anish [Member] | |||
Due to related party | $ 1,736 |
5. Notes Payable (Details Narra
5. Notes Payable (Details Narrative) - USD ($) | 3 Months Ended | 11 Months Ended | |||
Sep. 30, 2019 | Oct. 15, 2018 | Jun. 01, 2018 | Jun. 30, 2019 | Jun. 11, 2019 | |
Kok Chee Lee [Member] | |||||
Note payable | $ 42,651 | $ 42,651 | |||
Former Secretary of the Board [Member] | |||||
Debt face amount | $ 32,000 | ||||
Debt stated interest rate | 5.00% | ||||
Debt maturity date | Dec. 1, 2018 | ||||
Accrued interest | 2,135 | 1,732 | |||
Note in default | 32,000 | 32,000 | |||
Former Attorney [Member] | |||||
Debt face amount | $ 20,000 | ||||
Debt stated interest rate | 8.00% | ||||
Debt maturity date | Oct. 15, 2019 | ||||
Accrued interest | $ 1,531 | $ 1,131 | |||
Troy [Member] | |||||
Debt face amount | $ 500,000 | ||||
Debt maturity date | Aug. 13, 2019 | ||||
Initial payment | $ 50,000 | ||||
Private Investor [Member] | |||||
Debt face amount | $ 50,000 | ||||
Debt stated interest rate | 10.00% |
6. Acquisition (Details Narrati
6. Acquisition (Details Narrative) | 1 Months Ended | |
Aug. 13, 2019USD ($)shares | Sep. 30, 2019Integera | |
Asset Purchase Agreement [Member] | Series B Preferred Stock [Member] | ||
Stock issued for acquisition, shares | shares | 1,833,000 | |
Payment for acquisition | $ | $ 50,000 | |
Troy [Member] | ||
Number of mining claims | Integer | 78 | |
Acreage of mining claims | a | 4,800 |
7. Preferred Stock (Details Nar
7. Preferred Stock (Details Narrative) - USD ($) | 1 Months Ended | ||
Aug. 13, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | |
Preferred stock to be issued | $ 7,532 | $ 0 | |
Asset Purchase Agreement [Member] | Series B Preferred Stock [Member] | |||
Stock issued for acquisition, shares | 1,833,000 |
8. Common Stock (Details Narrat
8. Common Stock (Details Narrative) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Stock issued for services, value | $ 3,080 | ||
Common stock to be issued, value | 60,080 | $ 7,000 | |
Proceeds from sale of stock | 56,000 | $ 0 | |
Stock issued for conversion of debt, value | 250 | ||
Stock issued for services - related party, value | $ 8,000 | ||
Officer And Two Directors [Member] | |||
Stock issued for services - related party, shares | 4,000,000 | ||
Stock issued for services - related party, value | $ 8,000 | ||
Common Stock [Member] | |||
Stock issued for services, shares | 1,540,000 | ||
Stock issued for services, value | $ 3,080 | ||
Common stock to be issued, shares | 40,000 | ||
Common stock to be issued, value | $ 80 | ||
Proceeds from sale of stock | $ 56,000 | ||
Stock issued for conversion of debt, shares | 250,000 | ||
Stock issued for conversion of debt, value | $ 250 |