Legacy Ventures International (LGYV) 10-Q 15 Nov 21 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2021	Nov. 15, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	000-55849
Entity Registrant Name	LEGACY VENTURES INTERNATIONAL, INC
Entity Central Index Key	0001616788
Entity Tax Identification Number	30-0826318
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	27 Baycliffe Rd
Entity Address, City or Town	Markham
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	L3R 7T9
City Area Code	647
Local Phone Number	969-7383
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		315,064

Interim Condensed Balance Sheet

Interim Condensed Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Current assets
Cash		$ 22,780
Total assets		22,780
Current liabilities
Accounts payable and accrued liabilities	95,154	140,609
Secured promissory notes		165,000
Convertible notes		20,000
Interest payable		32,418
Advances from third parties		22,925
Total liabilities	95,154	380,952
Stockholders’ deficiency
Preferred Stock - no shares issued and outstanding September 30, 2021, and June 30, 2021
Common Stock - 315,064 shares issued and outstanding September 30, 2021 and June 30, 2021	32	32
Additional paid in capital	6,394,771	6,394,771
Accumulated deficit	(6,489,957)	(6,752,975)
Total stockholders’ deficiency	(95,154)	(358,172)
Total liabilities and stockholders’ deficiency		$ 22,780

Interim Condensed Balance She_2

Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
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 Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating expenses
Professional fees	$ 5,440	$ 13,250
Other general and administration expenses	3,720	1,316
Loss from operations	(9,160)	(14,566)
Other income (expenses)
Interest expense - Convertible and Secured notes	(13,363)	(3,668)
Gain on cancellation of secured promissory notes and convertible notes	225,000
Gain on cancellation of interest payable	45,781
Gain on cancellation of third party advances and accrued liabilities	14,760
Bank charges and other		21
Total other income (expenses)	272,178	(3,647)
Income (Loss) before taxes	263,018	(18,213)
Net income (loss) and comprehensive income (loss)	$ 263,018	$ (18,213)
Net income (loss) per share - basic and diluted	$ 0.83	$ (0.06)
Weighted average number of common shares outstanding - basic and diluted	315,064	315,064

Interim Condensed Statements _2

Interim Condensed Statements of Stockholder's Deficiency (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Balance, June 30, 2021	$ (358,172)	$ (255,780)
Net income (loss)	263,018	(18,213)
Balance, September 30, 2021	(95,154)	(273,993)
Common Stock [Member]
Balance, June 30, 2021	$ 32	$ 32
Beginning balance, shares	315,064	315,064
Net income (loss)
Balance, September 30, 2021	$ 32	$ 32
Ending balance, shares	315,064	315,064
Additional Paid-in Capital [Member]
Balance, June 30, 2021	$ 6,394,771	$ 6,394,771
Net income (loss)
Balance, September 30, 2021	6,394,771	6,394,771
AOCI Attributable to Parent [Member]
Balance, June 30, 2021	(6,752,975)	(6,650,583)
Net income (loss)	263,018	(18,213)
Balance, September 30, 2021	$ (6,489,957)	$ (6,668,796)

Interim Condensed Statements _3

Interim Condensed Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 263,018	$ (18,213)
Gain on cancellation of secured promissory notes and convertible notes	(225,000)
Gain on cancellation of interest payable	(45,781)
Gain on cancellation of third party advances and accrued liabilities	(14,760)
Changes in non-cash operating assets and liabilities
Interest payable - Convertible notes	13,363	3,668
Advances from third parties	(20,055)
Accounts payable and accrued liabilities	(33,565)	12,566
Net cash flows used in operating activities	(62,780)	(1,979)
CASH FLOWS FROM FINANCING ACTIVITY:
Proceeds from secured convertible note	40,000
Net cash flows provided by financing activity	40,000
Decrease in cash	(22,780)	(1,979)
Cash, beginning of period	22,780	15,136
Cash, end of period		13,157
Cash payments for:
Interest
Income taxes

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	3 Months Ended
	Sep. 30, 2021
Accounting Policies [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 On December 17, 2018, the former of 91 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. To date the Company has not experienced any impacts as a result of COVID-19.

GOING CONCERN AND BASIS OF PRES

GOING CONCERN AND BASIS OF PRESENTATION	3 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [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. As of September 30, 2021, the Company has a working capital deficiency of $ 95,154 6,489,957

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	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, 2021. 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, 2021, as filed with the SEC on September 28, 2021. Operating results for the three months ended September 30, 2021, are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending June 30, 2022. LEGACY VENTURES INTERNATIONAL, INC. NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (Expressed in US dollars) (Unaudited)

SECURED PROMISSORY AND CONVERTI

SECURED PROMISSORY AND CONVERTIBLE NOTES	3 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
SECURED PROMISSORY AND CONVERTIBLE 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 December 2, 2019 4 18 2,391 2,391 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 September 6, 2020 4 18 2,391 1,039 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 October 1, 2021 4 18 655 0 On August 13, 2021, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $ 40,000 August 13, 2022 4 18 470 nil As of September 30, 2021, each note holder has agreed to entered into a cancellation and release agreement to provide conclusive evidence of the cancellation, settlement and full and final mutual release with respect to all and any rights, obligations and disputes among the Parties arising under the Secured Note. There is no outstanding interest payable nor outstanding secured promissory note. The cancellation of secured promissory notes and the cancellation of interest payable were recorded as a gain on the statement of operation and comprehensive income (loss). The principal amount of $ 205,000 33,941 Unsecured Convertible Promissory Notes On June 28, 2017 the Company issued $ 20,000 June 27, 2018 8 0.75 20,000 20,000 248 238 As of September 30, 2021, each note holder has agreed to entered into a cancellation and release agreement to provide conclusive evidence of the cancellation, settlement and full and final mutual release with respect to all and any rights, obligations and disputes among the Parties arising under the Secured Note. Three is no outstanding interest payable nor outstanding secured promissory note. The cancellation of convertible promissory notes and the cancellation of interest payable were recorded as a gain on the statement of operation and comprehensive income (loss). The principal amount of $ 20,000 11,840 LEGACY VENTURES INTERNATIONAL, INC. NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (Expressed in US dollars) (Unaudited)

RELATED PARTY ADVANCES AND BALA

RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES	3 Months Ended
	Sep. 30, 2021
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 has agreed with the third party with respect to settlement of the amount advanced. As of September 30, 2021, there is no For the three months ended September 30, 2021, there were no For the three months ended September 30, 2020, $ 3,000 no

BASIC AND DILUTED NET INCOME (L

BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	3 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE	NOTE 6 - BASIC AND DILUTED NET INCOME (LOSS) PER SHARE The Company follows ASC Topic 260 to account for the income (loss) per share. Basic income (loss) per common share (“EPS”) calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted income (loss) per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents (if dilutive) outstanding. All dilutive common share equivalents were anti-dilutive for the three months ended September 30, 2021 and 2020.

COMMON AND PREFERRED STOCK TRAN

COMMON AND PREFERRED STOCK TRANSACTIONS	3 Months Ended
	Sep. 30, 2021
Equity [Abstract]
COMMON AND PREFERRED STOCK TRANSACTIONS	NOTE 7 - COMMON AND PREFERRED STOCK TRANSACTIONS As of September 30, 2021, the Company was authorized to issue 10,000,000 0.0001 100,000,000 0.0001 There were no common stock transactions in the three months ended September 30, 2021 and 2020. As of September 30, 2021, and June 30, 2021, the Company had 315,064

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 - SUBSEQUENT EVENTS In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after September 30, 2021 up through the date the Company issued the interim condensed financial statements.

ORGANIZATION AND DESCRIPTION _2

ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative)	Aug. 09, 2018
Former Holder [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of common stock outstanding	91.00%
Peter Sohn [Member]
Defined Benefit Plan Disclosure [Line Items]
Percentage of outstanding shares acquired	91.00%

GOING CONCERN AND BASIS OF PR_2

GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 95,154
Accumulated deficit	$ 6,489,957	$ 6,752,975

SECURED PROMISSORY AND CONVER_2

SECURED PROMISSORY AND CONVERTIBLE NOTES (Details Narrative) - USD ($)	Aug. 13, 2021	Oct. 02, 2020	Dec. 02, 2018	Sep. 06, 2019	Jun. 28, 2017	Sep. 30, 2021	Sep. 30, 2020
Additional Paid-in Capital [Member]
Debt Instrument [Line Items]
Beneficial Conversion Feature						$ 20,000
Secured Promissory Note [Member]
Debt Instrument [Line Items]
Debt instruments principal amount						205,000
Debt instruments principal interest						33,941
Secured Promissory Note [Member] | Accredited Investor [Member]
Debt Instrument [Line Items]
Aggregate principal amount	$ 40,000	$ 65,000	$ 50,000	$ 50,000
Maturity date	Aug. 13, 2022	Oct. 1, 2021	Dec. 2, 2019	Sep. 6, 2020
Interest rate	4.00%	4.00%	4.00%	4.00%
Default interest rate	18.00%	18.00%	18.00%	18.00%
Interest expense						2,391	$ 2,391
Secured Promissory Note1 [Member] | Accredited Investor [Member]
Debt Instrument [Line Items]
Interest expense						2,391	1,039
Secured Promissory Note2 [Member] | Accredited Investor [Member]
Debt Instrument [Line Items]
Interest expense						655	0
Secured Promissory Note3 [Member] | Accredited Investor [Member]
Debt Instrument [Line Items]
Interest expense						470	0
Unsecured Convertible Promissory Notes [Member]
Debt Instrument [Line Items]
Aggregate principal amount					$ 20,000
Maturity date					Jun. 27, 2018
Interest rate					8.00%
Interest expense						248	$ 238
Debt instruments principal amount						20,000
Debt instruments principal interest						11,840
Conversion Price					$ 0.75
Carrying value of convertible note						$ 20,000

RELATED PARTY ADVANCES AND BA_2

RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Related Party Transaction [Line Items]
Advances from third parties			$ 22,925
Related Parties fees	0
Director And Officer [Member]
Related Party Transaction [Line Items]
Related Parties fees	$ 0	$ 3,000

COMMON AND PREFERRED STOCK TR_2

COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
Equity [Abstract]
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares issued	315,064	315,064
Common stock, shares outstanding	315,064	315,064