Document and Entity Information
Document and Entity Information - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Document and Entity Information: | ||
Entity Registrant Name | STAR WEALTH GROUP INC. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Trading Symbol | star | |
Amendment Flag | false | |
Entity Central Index Key | 0001626696 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | No | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Common Stock, Shares Outstanding | 49,248,800 | |
Entity Public Float | $ 49,248,800 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
CURRENT ASSETS | ||
Prepayments | $ 4,833 | $ 13,394 |
Total Current Assets | 4,833 | 13,394 |
TOTAL ASSETS | 4,833 | 13,394 |
CURRENT LIABILITIES | ||
Accounts payable | 1,322 | 1,011 |
Loans from related parties | 117,483 | 94,509 |
Total Current Liabilities | 118,805 | 95,520 |
STOCKHOLDERS' DEFICIT | ||
Common stock, par value $0.001; 75,000,000 shares authorized, 29,737,000 shares issued and outstanding | 29,737 | 29,737 |
Additional paid-in capital | 119,393 | 119,393 |
Accumulated deficit | (263,102) | (231,256) |
Total Stockholders' Deficit | (113,972) | (82,126) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 4,833 | $ 13,394 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING EXPENSES | ||||
Professional Fees | $ 15,085 | $ 12,270 | $ 31,196 | $ 38,212 |
General and Administrative | 650 | 650 | ||
Total Operating Expenses | 15,735 | 12,270 | 31,846 | 38,212 |
LOSS FROM OPERATIONS | (15,735) | (12,270) | (31,846) | (38,212) |
LOSS BEFORE INCOME TAXES | (15,735) | (12,270) | (31,846) | (38,212) |
NET INCOME LOSS | $ (15,735) | $ (12,270) | $ (31,846) | $ (38,212) |
BASIC AND DILUTED LOSS PER SHARE | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED | 29,737,000 | 29,737,000 | 29,737,000 | 29,737,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ (31,846) | $ (38,212) |
Changes in operating assets and liabilities: | ||
Change in prepaid expenses | 8,561 | 5,001 |
Change in accounts payable | 311 | 17,366 |
Net Cash Used in Operating Activities | (22,974) | (15,845) |
FINANCING ACTIVITIES | ||
Proceeds from related party loans | 22,974 | 15,845 |
Net Cash Provided by Financing Activities | $ 22,974 | $ 15,845 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS We were incorporated in the State of Nevada on February 26, 2014 under the name Terafox Corp. On December 13, 2017, we changed our name to Star Wealth Group Inc. (the Company). From inception until first fiscal quarter of 2015, the Companys principal business consisted of producing flyers, posters and printing images on multiple surfaces, such as glass, leather, and plastic, using an automated industrial flatbed printing machine. Effective March 16, 2015, a change of control occurred with respect to the Company and the Company ceased its operations. Consequently, the Company is a shell company seeking to merge with another entity with experienced management and opportunities for growth in return for shares of our common stock to create value for our shareholders. |
Note 2 - Going Concern
Note 2 - Going Concern | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 2 - Going Concern | NOTE 2 GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company on a going concern basis. This assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company currently has no business or recurring income which raises substantial doubt about its ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Companys ability to merge with or acquire profitable operations in the future and, or, obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. There is no assurance that this series of events will be satisfactorily completed. |
Note 3 - Summary of Signifcant
Note 3 - Summary of Signifcant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 3 - Summary of Signifcant Accounting Policies | NOTE 3 SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC"), including the instructions to Form 10-Q and Regulation S-X. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"), have been condensed or omitted from these statements pursuant to such rules and regulations and, accordingly, they do not include all the information and notes necessary for comprehensive financial statements and should be read in conjunction with our audited financial statements included in our Annual Report on Form 10-K for the year ended September 30, 2018. In the opinion of management, all adjustments necessary for a fair statement of the results for the interim periods have been made, and all adjustments are of a normal recurring nature and amount. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (GAAP accounting). The Company has adopted a September 30 fiscal year end. 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had no cash balances at March 31, 2019 ($0 at September 30, 2018). Fair Value of Financial Instruments Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. Accounting Standards Codification (ASC) 820-10 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. ASC 820 establishes a fair value hierarchy that prioritizes the use of inputs used in valuation methodologies into the following three levels: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs which reflect a reporting entitys own assumptions about the assumptions that market participants would use for pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. As of March 31, 2019, the Companys financial instruments consisted of prepaid expenses, accounts payable, accruals and amounts due to related parties. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 606, Revenue Recognition (ASC-606), ASC-606 requires that five basic criteria must be met before revenue can be recognized: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect consideration it is entitled to in exchange for the goods or services it transfers to the customer. Determination of criteria (3), (4) and (5) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product or servicers has not been delivered or provided or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. Basic Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity, unless their effect would be antidilutive. There were no such common stock equivalents outstanding during the three and six months ended March 31, 2019 and 2018. Recent Accounting Pronouncements The Company does not expect the adoption of recently issued, but not yet effective, accounting pronouncements to have a significant impact on the Companys results of operations, financial position or cash flow. |
Note 4 - Prepaid Expenses
Note 4 - Prepaid Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 4 - Prepaid Expenses | NOTE 4 PREPAID EXPENSES As of March 31, 2019, the balance of prepaid expenses was $4,833 (September 30, 2018 - $13,394). The outstanding balance of prepaid expenses is related to the OTCQB annual membership that was paid in full in July 2018. This prepaid expense balance will be totally amortized by August 31, 2019. |
Note 5 - Loans From Related Par
Note 5 - Loans From Related Parties | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 5 - Loans From Related Parties | <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><b>NOTE 5 – LOANS FROM RELATED PARTIES</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'><i>Principal Shareholder</i></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>During the six months ended March 31, 2019, an individual, who is affiliated with the Company’s principal shareholder, advanced a total of $22,974 to provide working capital for the Company. The loans were unsecured, non-interest bearing and due on demand.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'> </p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify'>The total balance due under the loans as of March 31, 2019 and September 30, 2018 was $117,483 and $94,509, respectively.</p> |
Note 6 - Common Stock
Note 6 - Common Stock | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 6 - Common Stock | NOTE 6 COMMON STOCK Common Stock The Company has 75,000,000, $0.001 par value shares of common stock authorized. There were 29,737,000 shares of common stock issued and outstanding as of September 30, 2018 and March 31, 2019. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 7 - Commitments and Contingencies | NOTE 7 COMMITMENTS AND CONTINGENCIES Legal We were not subject to any legal proceedings during the six months ended March 31, 2019 and none are threatened or pending to the best our knowledge and belief. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Notes | |
Note 8 - Subsequent Events | NOTE 8 SUBSEQUENT EVENTS On April 8, 2019, the Company executed a loan conversion agreement. In exchange for a discharge of a loan from Smart Mate Limited of $97,559, the Company issued 19,511,800 shares of common stock to Smart Mate Limited. |