Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2020 | Feb. 12, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | LEGACY VENTURES INTERNATIONAL INC. | |
Entity Central Index Key | 0001616788 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity File Number | 333-107179 | |
Is Entity a Shell Company? | false | |
Entity Small Business | true | |
Is Entity an Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | NV | |
Entity Common Stock, Shares Outstanding | 315,064 |
INTERIM CONDENSED BALANCE SHEET
INTERIM CONDENSED BALANCE SHEETS (unaudited) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Current assets | ||
Cash | $ 47,022 | $ 15,136 |
Total assets | 47,022 | 15,136 |
Current liabilities | ||
Accounts payable and accrued liabilities | 110,539 | 116,097 |
Secured promissory note | 165,000 | 100,000 |
Convertible note | 20,000 | 20,000 |
Interest payable | 21,233 | 11,894 |
Advances from third parties | 22,925 | 22,925 |
Total liabilities | 339,697 | 270,916 |
Stockholders' deficiency | ||
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized: Preferred Stock - no shares issued and outstanding December 31, 2020 and June 30, 2020 | 0 | 0 |
Common Stock, $0.0001 par value; 100,000,000 shares authorized: Common Stock - 315,064 shares issued and outstanding December 31, 2020 and June 30, 2020 | 32 | 32 |
Additional paid in capital | 6,394,771 | 6,394,771 |
Accumulated deficit | (6,687,478) | (6,650,583) |
Total stockholders' deficiency | (292,675) | (255,780) |
Total liabilities and stockholders' deficiency | $ 47,022 | $ 15,136 |
INTERIM CONDENSED BALANCE SHE_2
INTERIM CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
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 | 315,064 | 315,064 |
Common stock, shares outstanding | 315,064 | 315,064 |
INTERIM CONDENSED STATEMENTS OF
INTERIM CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating expenses | ||||
Professional fees | $ 11,450 | $ 10,350 | $ 24,700 | $ 21,600 |
Other general and administration | 1,316 | 494 | 2,632 | 3,198 |
Loss from operations | (12,766) | (10,844) | (27,332) | (24,798) |
Other (expenses) income | ||||
Interest expense - Convertible and Secured notes | (5,671) | (1,322) | (9,339) | (2,055) |
Bank charges and other | (245) | 0 | (224) | 0 |
Total other expenses | (5,916) | (1,322) | (9,563) | (2,055) |
Loss before taxes | (18,682) | (12,166) | (36,895) | (26,853) |
Net loss and comprehensive loss | $ (18,682) | $ (12,166) | $ (36,895) | $ (26,853) |
Net loss per share - basic and diluted | $ (0.06) | $ (0.04) | $ (0.12) | $ (0.09) |
Weighted average number of common shares outstanding - basic and diluted | 315,064 | 315,064 | 315,064 | 315,064 |
INTERIM CONDENSED STATEMENTS _2
INTERIM CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (EQUITY) (unaudited) - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Beginning balance at Jun. 30, 2019 | $ 32 | $ 6,394,771 | $ (6,561,398) | $ (166,595) |
Beginning balance, shares at Jun. 30, 2019 | 315,064 | |||
Net Loss | (26,853) | (26,853) | ||
Ending balance at Dec. 31, 2019 | $ 32 | 6,394,771 | (6,588,251) | (193,448) |
Ending balance, shares at Dec. 31, 2019 | 315,064 | |||
Net Loss | (62,332) | (62,332) | ||
Ending balance at Jun. 30, 2020 | $ 32 | 6,394,771 | (6,650,583) | (255,780) |
Ending balance, shares at Jun. 30, 2020 | 315,064 | |||
Net Loss | (36,895) | (36,895) | ||
Ending balance at Dec. 31, 2020 | $ 32 | $ 6,394,771 | $ (6,687,478) | $ (292,675) |
Ending balance, shares at Dec. 31, 2020 | 315,064 |
INTERIM CONDENSED STATEMENTS _3
INTERIM CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash used in operating activities | ||
Net loss | $ (36,895) | $ (26,853) |
Changes in non-cash operating assets and liabilities | ||
Interest payable | 9,339 | 2,055 |
Accounts payable and accrued liabilities | (5,558) | (8,817) |
Net cash used in operating activities | (33,114) | (33,615) |
Cash flow from investing activities | ||
Net cash used in investing activities | 0 | 0 |
Cash flow from financing activity | ||
Proceeds from secured convertible note | 65,000 | 50,000 |
Net cash provided by financing activity | 65,000 | 50,000 |
Increase in cash | 31,886 | 16,385 |
Cash, beginning of period | 15,136 | 12,745 |
Cash, end of period | 47,022 | 29,130 |
Cash payments for Interest | 0 | 0 |
Cash payments for Income taxes | $ 0 | $ 0 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada The Company currently has no ongoing operations except for the incurring of general and administrative expenditures. On August 9, 2018, the former holder of 91% of the outstanding shares of common stock of the Company, approved the appointment of Peter Sohn as the Chief Executive Officer and Chief Financial Officer and Director of the Company. Effective December 17, 2018, and Mr. Sohn accepted the appointments as Chief Executive Officer and Chief Financial Officer and Director of the Company. On December 17, 2018, the former of 91% of the outstanding shares of common stock of the Company delivered to Peter Sohn an agreement for the acquisition by Mr. Sohn of the Shares from Mr. Letcavage, which agreement is dated August 9, 2018, but was delivered and deemed effective on December 17, 2018 (the “Agreement”). As a result Mr. Sohn is now able to unilaterally control the election of our Board of Directors, all matters upon which shareholder approval is required and, ultimately, the direction of the Company. Covid-19 The outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and conditions of the Company in future periods. |
GOING CONCERN AND BASIS OF PRES
GOING CONCERN AND BASIS OF PRESENTATION | 6 Months Ended |
Dec. 31, 2020 | |
Going Concern [Abstract] | |
GOING CONCERN AND BASIS OF PRESENTATION | NOTE 2 – GOING CONCERN AND BASIS OF PRESENTATION The Company’s unaudited interim condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the current period, the Company has incurred recurring losses from operations and as at December 31, 2020, has a working capital deficiency of $292,675 (June 30, 2020 - $255,780), and an accumulated deficit of $6,687,478 (June 30, 2020 - $6,650,583). The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the unaudited interim condensed financial statements. The unaudited interim condensed financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS SIGNIFICANT ACCOUNTING POLICIES The Company's significant accounting policies have not changed from the year ended June 30, 2020. The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended June 30, 2020, as filed with the SEC on October 13, 2020. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending June 30, 2021. |
SECURED PROMISSORY AND CONVERTI
SECURED PROMISSORY AND CONVERTIBLE NOTES | 6 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
SECURED PROMISSORY AND CONVERTIBLE PROMISSORY NOTES | NOTE 4 – SECURED PROMISSORY AND CONVERTIBLE NOTES Secured Promissory Note On December 2, 2018, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor. The Secured Note has an aggregate principal amount of $50,000, and is payable on December 2, 2019 (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the Secured Note is secured by the assets of the Company. The Secured Note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended December 31, 2020 and 2019 was $2,391 and $806, respectively. Interest expense for the six months ended December 31, 2020 and 2019 was $4,782 and $1,310. On September 6, 2019, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor. The Secured Note has an aggregate principal amount of $50,000, and is payable on September 6, 2020 (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum. The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended December 31, 2020 and 2019 was $2,391 and $285, respectively. Interest expense for the six months ended December 31, 2020 and 2019 was $3,430 and $285. On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor. The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%. The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three and six months ended December 31, 2020 was $648. Unsecured Convertible Promissory Notes On June 28, 2017 the Company issued $20,000 of unsecured convertible promissory notes (“Convertible Notes”). The notes were assigned to 5 different arm’s length parties, each holding $4,000. The Convertible Notes matured on June 27, 2018, and bear interest at a rate of 8% per annum, and 12% for amounts owing past the default date. The Convertible Notes are convertible into the Common Stock of the Company at a fixed conversion rate of $0.75 per share at any time prior to the maturity date. The Company evaluated the terms and conditions of the Convertible Notes under the guidance of ASC 815, Derivatives and Hedging. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round protection features contained in the contracts. The Company was required to consider whether the hybrid contracts embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount resulted in a BCF because the fair value of the conversion was greater than the Company’s stock price on the date of issuance and a BCF was recorded in the amount of $20,000 and accordingly the amount of $20,000 was credited to Additional Paid in Capital. The BCF which represents debt discount is accreted over the life of the loan using the effective interest rate. Interest expense for the three months ended December 31, 2020 and 2019 was $241 and $231, respectively. Interest expense for the six months ended December 31, 2020 and 2019 was $479 and $460, respectively. As at December 31, 2020, the carrying value of the Convertible Note was $20,000. No amounts have been paid to date for the above mentioned notes, nor have any of the notes been called or converted. As at December 31, 2020 the Company had interest payable of $21,233 on the secured promissory notes and convertible notes (June 30, 2020 - $11,894). |
RELATED PARTY ADVANCES AND BALA
RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES | 6 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES | NOTE 5 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES The Company was previously advanced funds by a third party, the funds were used to pay certain professional fees including auditors, and accountants. The Company is currently in the process of negotiating with the third party with respect to settlement of the amount advanced. There are no prescribed terms of repayment or rate of interest on the advances. For the three and six months ended December 31, 2020 and 2019, was $3,000 and $6,000 was paid to the Company’s sole Director and Officer, the amount expensed is in Professional fees in the interim unaudited condensed statements of operations and compreshensive loss. There were no other related party transactions. |
COMMON AND PREFERRED STOCK TRAN
COMMON AND PREFERRED STOCK TRANSACTIONS | 6 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
COMMON AND PREFERRED STOCK TRANSACTIONS | NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS COMMON STOCK - AUTHORIZED As at December 31, 2020, the Company was authorized to issue 10,000,000 of preferred stock, with a par value of $0.0001 and 100,000,000 of common stock, with a par value of $0.0001. There were no common stock transactions in the three and six months ended December 31, 2020 and 2019. As at December 31, 2020 and June 30, 2020, the Company had 315,064 common stock issued and outstanding. |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - Peter Sohn [Member] | Aug. 09, 2018 |
Percentage of common stock approved | 91.00% |
Percentage of outstanding shares acquired | 91.00% |
GOING CONCERN AND BASIS OF PR_2
GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Dec. 31, 2020 | Jun. 30, 2020 |
Going Concern [Abstract] | ||
Working capital | $ 292,675 | $ 255,780 |
Accumulated deficit | $ (6,687,478) | $ (6,650,583) |
SECURED PROMISSORY AND CONVER_2
SECURED PROMISSORY AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | Oct. 02, 2020 | Dec. 02, 2018 | Sep. 06, 2019 | Jun. 28, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2020 |
Interest payable | $ 21,233 | $ 21,233 | $ 11,894 | ||||||
Additional Paid-in Capital | |||||||||
Beneficial Conversion Feature | 20,000 | ||||||||
Secured Promissory Note [Member] | |||||||||
Interest payable | 21,233 | 21,233 | |||||||
Convertible notes | $ 11,894 | ||||||||
Secured Promissory Note [Member] | Accredited investor [Member] | |||||||||
Interest expense | 2,391 | $ 806 | 4,782 | $ 1,310 | |||||
Secured Promissory Note [Member] | Accredited investor [Member] | |||||||||
Aggregate principal amount | $ 50,000 | $ 50,000 | |||||||
Maturity date | Dec. 2, 2019 | Sep. 6, 2020 | |||||||
Interest rate | 4.00% | 4.00% | |||||||
Default interest rate | 18.00% | 18.00% | |||||||
Interest expense | 2,391 | 285 | 3,430 | 285 | |||||
Unsecured Convertible Promissory Notes [Member] | |||||||||
Aggregate principal amount | $ 20,000 | ||||||||
Maturity date | Jun. 27, 2018 | ||||||||
Interest rate | 8.00% | ||||||||
Interest expense | 241 | $ 231 | 479 | $ 460 | |||||
Conversion Price | $ 0.75 | ||||||||
Carrying value of convertible note | 20,000 | 20,000 | |||||||
Secured Note [Member] | Accredited investor [Member] | |||||||||
Aggregate principal amount | $ 65,000 | ||||||||
Maturity date | Oct. 1, 2021 | ||||||||
Interest rate | 4.00% | ||||||||
Default interest rate | 18.00% | ||||||||
Interest expense | $ 648 | $ 648 |
RELATED PARTY ADVANCES AND BA_2
RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Director And Officer [Member] | ||||
Related Parties fees | $ 3,000 | $ 3,000 | $ 6,000 | $ 6,000 |
COMMON AND PREFERRED STOCK TR_2
COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - $ / shares | Dec. 31, 2020 | Jun. 30, 2020 |
Equity [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 315,064 | 315,064 |
Common stock, shares outstanding | 315,064 | 315,064 |