Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2021 | Feb. 09, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2021 | |
Document Fiscal Period Focus | Q2 | |
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 ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Current assets | ||
Cash | $ 22,780 | |
Total assets | 22,780 | |
Current liabilities | ||
Accounts payable and accrued liabilities | 95,407 | 140,609 |
Secured promissory notes | 165,000 | |
Convertible notes | 20,000 | |
Interest payable | 32,418 | |
Advances from third parties | 22,925 | |
Advances from a shareholder | 8,091 | |
Total liabilities | 103,498 | 380,952 |
Stockholders’ deficiency | ||
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized: Preferred Stock – no shares issued and outstanding December 31, 2021, and June 30, 2021 | ||
Common Stock, $0.0001 par value; 100,000,000 shares authorized: Common Stock – 315,064 shares issued and outstanding December 31, 2021 and June 30, 2021 | 32 | 32 |
Additional paid in capital | 6,394,771 | 6,394,771 |
Accumulated deficit | (6,498,301) | (6,752,975) |
Total stockholders’ deficiency | (103,498) | (358,172) |
Total liabilities and stockholders’ deficiency | $ 22,780 |
Interim Condensed Balance She_2
Interim Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 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 | 6 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating expenses | ||||
Professional fees | $ 7,377 | $ 11,450 | $ 12,817 | $ 24,700 |
Other general and administration expenses | 967 | 1,316 | 4,687 | 2,632 |
Loss from operations | (8,344) | (12,766) | (17,504) | (27,332) |
Other income (expenses) | ||||
Interest expense – Convertible and Secured notes | (5,671) | (13,363) | (9,339) | |
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 | (245) | (224) | ||
Total other income (expenses) | (5,916) | 272,178 | (9,563) | |
Income (Loss) before taxes | (8,344) | (18,682) | 254,674 | (36,895) |
Net income (loss) and comprehensive income (loss) | $ (8,344) | $ (18,682) | $ 254,674 | $ (36,895) |
Net income (loss) per share – basic and diluted | $ (0.03) | $ (0.06) | $ 0.81 | $ (0.12) |
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 Stockholder's Deficiency (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
September 30, 2021 | $ (95,154) | $ (358,172) | $ (273,993) | $ (255,780) | $ (358,172) | $ (255,780) |
Net income (loss) | (8,344) | 263,018 | (18,682) | (18,213) | 254,674 | (36,895) |
Ending Balance | (103,498) | (95,154) | (292,675) | (273,993) | (103,498) | (292,675) |
Common Stock [Member] | ||||||
September 30, 2021 | $ 32 | $ 32 | $ 32 | $ 32 | $ 32 | $ 32 |
Beginning balance, shares | 315,064 | 315,064 | 315,064 | 315,064 | 315,064 | 315,064 |
Net income (loss) | ||||||
Ending Balance | $ 32 | $ 32 | $ 32 | $ 32 | $ 32 | $ 32 |
Ending balance, shares | 315,064 | 315,064 | 315,064 | 315,064 | 315,064 | 315,064 |
Additional Paid-in Capital [Member] | ||||||
September 30, 2021 | $ 6,394,771 | $ 6,394,771 | $ 6,394,771 | $ 6,394,771 | $ 6,394,771 | $ 6,394,771 |
Net income (loss) | ||||||
Ending Balance | 6,394,771 | 6,394,771 | 6,394,771 | 6,394,771 | 6,394,771 | 6,394,771 |
Retained Earnings [Member] | ||||||
September 30, 2021 | (6,489,957) | (6,752,975) | (6,668,796) | (6,650,583) | (6,752,975) | (6,650,583) |
Net income (loss) | (8,344) | 263,018 | (18,682) | (18,213) | ||
Ending Balance | $ (6,498,301) | $ (6,489,957) | $ (6,687,478) | $ (6,668,796) | $ (6,498,301) | $ (6,687,478) |
Interim Condensed Statements _3
Interim Condensed Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 254,674 | $ (36,895) |
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 | 9,339 |
Advances from third parties | (20,055) | |
Advances from a shareholder | 8,091 | |
Accounts payable and accrued liabilities | (33,312) | (5,558) |
Net cash flows used in operating activities | (62,780) | (33,114) |
CASH FLOWS FROM FINANCING ACTIVITY: | ||
Proceeds from secured convertible note | 40,000 | 65,000 |
Net cash flows provided by financing activity | 40,000 | 65,000 |
(Decrease) Increase in cash | (22,780) | 31,886 |
Cash, beginning of period | 22,780 | 15,136 |
Cash, end of period | 47,022 | |
Cash payments for: | ||
Interest | ||
Income taxes |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 31, 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. 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 | 6 Months Ended |
Dec. 31, 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 December 31, 2021, the Company has a working capital deficiency of $ 103,498 6,498,301 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Dec. 31, 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 six months ended December 31, 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 | 6 Months Ended |
Dec. 31, 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 4,782 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 3,430 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 18 655 648 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 statements of operations and comprehensive income (loss). The principal amount of $ 205,000 , plus accumulated interest of $ 33,941 , were forgiven. Unsecured Convertible Promissory Notes On June 28, 2017 the Company issued $ 20,000 4,000 June 27, 2018 8 12 0.75 20,000 20,000 248 479 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 statements of operations and comprehensive income (loss). The principal amount of $ 20,000 , plus accumulated interest of $ 11,840 , were forgiven. 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 | 6 Months Ended |
Dec. 31, 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 December 31, 2021, no For the six months ended December 31, 2021, 8,091 For the six months ended December 31, 2020, $ 3,000 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 comprehensive income (loss). There were no other related party transactions. |
BASIC AND DILUTED NET INCOME (L
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Dec. 31, 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 period. 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 six months ended December 31, 2021 and 2020. |
COMMON AND PREFERRED STOCK TRAN
COMMON AND PREFERRED STOCK TRANSACTIONS | 6 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
COMMON AND PREFERRED STOCK TRANSACTIONS | NOTE 7 - COMMON AND PREFERRED STOCK TRANSACTIONS As of December 31, 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 six months ended December 31, 2021 and 2020. As of December 31, 2021, and June 30, 2021, the Company had 315,064 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 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 the interim condensed financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 2021 up through the date the Company issued the interim condensed financial statements. |
GOING CONCERN AND BASIS OF PR_2
GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | Dec. 31, 2021 | Jun. 30, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficiency | $ 103,498 | |
Accumulated deficit | $ 6,498,301 | $ 6,752,975 |
SECURED PROMISSORY AND CONVER_2
SECURED PROMISSORY AND CONVERTIBLE NOTES (Details Narrative) - USD ($) | Aug. 13, 2021 | Oct. 02, 2020 | Sep. 06, 2019 | Dec. 02, 2018 | Jun. 28, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2021 |
Debt Instrument [Line Items] | ||||||||
Unsecured debt | $ 4,000 | |||||||
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 Forgiven | $ 205,000 | |||||||
Debt Instruments Principal Interest Forgiven | 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 | Sep. 6, 2020 | Dec. 2, 2019 | ||||
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 | $ 4,782 | ||||||
Secured Promissory Note One [Member] | Accredited Investor [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense | 2,391 | 3,430 | ||||||
Secured Promissory Note Two [Member] | Accredited Investor [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense | 655 | 648 | ||||||
Secured Promissory Note Three [Member] | Accredited Investor [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest expense | 470 | |||||||
Unsecured Convertible Promissory Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 20,000 | |||||||
Maturity date | Jun. 27, 2018 | |||||||
Interest rate | 8.00% | |||||||
Default interest rate | 12.00% | |||||||
Interest expense | 248 | $ 479 | ||||||
Debt Instruments Principal Amount Forgiven | 20,000 | |||||||
Debt Instruments Principal Interest Forgiven | $ 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 ($) | 6 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2021 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | |||
Advances from third parties | $ 22,925 | ||
Advances from a shareholder | $ 8,091 | ||
Director and Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Costs | $ 3,000 |
COMMON AND PREFERRED STOCK TR_2
COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - $ / shares | Dec. 31, 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 |