Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jul. 31, 2020 | Sep. 15, 2020 | |
Document Information Line Items | ||
Entity Registrant Name | Gushen, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 29,018,750 | |
Amendment Flag | false | |
Entity Central Index Key | 0001639327 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jul. 31, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity File Number | 000-55666 | |
Entity Incorporation, State or Country Code | NV | |
Entity Interactive Data Current | No |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) | Jul. 31, 2020 | Apr. 30, 2020 |
ASSETS | ||
Total Assets | ||
LIABILITIES & STOCKHOLDERS’ DEFICIT | ||
Accounts payable and accrued liabilities | 15,600 | 15,600 |
Notes payable -related party | 18,534 | 16,534 |
Total current liabilities | 34,134 | 32,134 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Preferred stock, par value $0.0001, 200,000,000 shares authorized, 10,000,000 shares issued and outstanding as of July 31, 2020 and April 30, 2020 | 1,000 | 1,000 |
Common stock, Par Value $0.0001, 600,000,000 shares authorized, 29,018,750 and 29,018,750 shares issued and outstanding as of July 31, 2020 and April 30, 2019, respectively | 2,902 | 2,902 |
Additional paid in capital | 122,948 | 122,948 |
Retained earnings (deficit) | (160,984) | (158,984) |
Total Stockholders’ (Deficit) | (34,134) | (32,134) |
Total Liabilities and Stockholders’ (Equity) |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parentheticals) - $ / shares | Jul. 31, 2020 | Apr. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 10,000,000 | 10,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 29,018,750 | 29,018,750 |
Common stock, shares outstanding | 29,018,750 | 29,018,750 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | ||
Operating Expenses: | ||
Administrative expenses -related party | 2,000 | |
Total operating expenses | 2,000 | |
(Loss) from operations | (2,000) | |
Other expense | ||
Other (expense) net | ||
Income (loss) before provision for income taxes | (2,000) | |
Provision for income taxes | ||
Net (Loss) | $ (2,000) | |
Basic and diluted earnings(loss) per common share (in Dollars per share) | $ 0 | |
Weighted average number of shares outstanding (in Shares) | 29,018,750 | 29,018,750 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jul. 31, 2020 | Jul. 31, 2019 | |
Cash Flows From Operating Activities: | ||
Net income (loss) | $ (2,000) | |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Net cash provided by (used for) operating activities | (2,000) | |
Cash Flows From Investing Activities: | ||
Net cash provided by (used for) investing activities | ||
Cash Flows From Financing Activities: | ||
Proceeds from related party loans | 2,000 | |
Net cash provided by (used for) financing activities | 2,000 | |
Net Increase (Decrease) In Cash | ||
Cash At The Beginning Of The Period | ||
Cash At The End Of The Period | ||
Cash paid for interest |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes In Stockholders’ Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Balance at Apr. 30, 2019 | $ 2,902 | $ 113,948 | $ (132,450) | $ (15,600) | |
Balance (in Shares) at Apr. 30, 2019 | 29,018,750 | ||||
Net loss | |||||
Balance at Jul. 31, 2019 | $ 2,902 | 113,948 | (132,450) | (15,600) | |
Balance (in Shares) at Jul. 31, 2019 | 29,018,750 | ||||
Balance at Apr. 30, 2020 | $ 1,000 | $ 2,902 | 122,948 | (158,984) | (32,134) |
Balance (in Shares) at Apr. 30, 2020 | 10,000,000 | 29,018,750 | |||
Net loss | (2,000) | (2,000) | |||
Balance at Jul. 31, 2020 | $ 1,000 | $ 2,902 | $ 122,948 | $ (160,984) | $ (34,134) |
Balance (in Shares) at Jul. 31, 2020 | 10,000,000 | 29,018,750 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS Gushen, Inc., a Nevada corporation ( “we”, “us” or “the Company”) was incorporated under the laws of the State of Nevada on March 9, 2015. Gushen, Inc. is a holding Company operating through its wholly-owned subsidiary, Gushen Holding Limited. Gushen Holding Limited was incorporated in Seychelles, and intended to operate in Malaysia. On August 5, 2016, the Company acquired a Hong Kong company, namely Gushen Credit Limited, with a money lender license registered according to Cap163 Money Lenders Ordinance of Hong Kong. Due to the competition and high rental expense in Hong Kong, on April 27, 2017, the Company decided to dispose of the asset for a consideration of $105,000 and ceased the business in Hong Kong. On April 28, 2017, the Company, through its subsidiary Gushen Holding Limited, sold two (2) ordinary shares of Gushen Credit Limited to a third party, representing 100% of ownership for a consideration of $0.26. The Company, with effect from April 28, 2017, ceased to carry on money lending business in Hong Kong. Gushen attempted to assist companies that are just getting off the ground and that are at an early stage of operations but will not rule out a business that is a little further along. The primary purpose behind focusing on companies at an early stage of development will be for Gushen to establish and nurture long-term lasting relationships with clients as they grow and develop. Gushen intended target companies located in Malaysia. During the period from November 2017 through March 2020, the Company was dormant. The Company’s accounting year-end is April 30. On March 27, 2020, as a result of the custodianship in Clark County, Nevada, Case Number: A-20-810740-B, Custodian Ventures, LLC was appointed custodian of Gushen Inc. David Lazar, a private investor is the managing member of Custodian Ventures, LLC. On March 27, 2020, the custodian appointed David Lazar, as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. COVID-19 On March 11, 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most US states and many countries have issued policies intended to stop or slow the further spread of the disease. Covid-19 and the U.S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the Covid-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. We do not yet know the full extent of the effects on the economy, the markets we serve, our business, or our operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s Representation of Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. The Company has incurred significant operating losses since inception. As of July 31, 2020, the company had a working capital deficit of $34,134 and negative shareholders’ equity of $34,134. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020, the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On July 31, 2020, and April 30, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively. Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We intend to adopt ASC 842 on November 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements. Stockholders’ Equity The Company has authorized 600,000,000 shares of Common Stock with a par value of $0.001. As of July 31, 2020, and April 30, 2020, there were 29,018,750 shares outstanding, respectively. Additionally, the Company’s authorized capital stock of Preferred Shares consists of 200,000,000 shares of which 10,000,000 shares of Series A Preferred stock was issued to Mr. Lazar in April 2020 as compensation for the funding he has provided to the Company. Each preferred share is convertible in 10 shares of common stock. Since the trading activity on the Company was very sparse prior to the issuance, the shares were valued at par or approximately $10,000. The Company recorded stock-based compensation of $9,000 on this issuance for the period ended April 30, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 – COMMITMENTS AND CONTINGENCIES The Company did not have any contractual commitments of July 31, 2020, and 2019. |
Notes Payable-Related Pary
Notes Payable-Related Pary | 3 Months Ended |
Jul. 31, 2020 | |
Related Party Transactions [Abstract] | |
NOTES PAYABLE-RELATED PARY | NOTE 5 –NOTES PAYABLE-RELATED PARY Mr. Lazar, the principal member of the Company’s Court-appointed custodian is considered a related party. During the year ended July 31, 2020, he extended $18,534 in interest-free demand loans to the Company. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS In accordance with FASB ASC 855-10, Subsequent Events |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Jul. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP |
Management’s Representation of Interim Financial Statements | Management’s Representation of Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. |
Going Concern | Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following the date of these financial statements. The Company has incurred significant operating losses since inception. As of July 31, 2020, the company had a working capital deficit of $34,134 and negative shareholders’ equity of $34,134. Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest-free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. |
Revenue Recognition | Revenue Recognition On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As of and for the year ended April 30, 2020, the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues. |
Cash and cash equivalents | Cash and cash equivalents The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On July 31, 2020, and April 30, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively. |
Income taxes | Income taxes The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes” “Accounting for Uncertainty in Income Taxes” The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit. |
Stock-based Compensation | Stock-based Compensation The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service. |
Net Loss per Share | Net Loss per Share Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We intend to adopt ASC 842 on November 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements. |
Stockholders’ Equity | Stockholders’ Equity The Company has authorized 600,000,000 shares of Common Stock with a par value of $0.001. As of July 31, 2020, and April 30, 2020, there were 29,018,750 shares outstanding, respectively. Additionally, the Company’s authorized capital stock of Preferred Shares consists of 200,000,000 shares of which 10,000,000 shares of Series A Preferred stock was issued to Mr. Lazar in April 2020 as compensation for the funding he has provided to the Company. Each preferred share is convertible in 10 shares of common stock. Since the trading activity on the Company was very sparse prior to the issuance, the shares were valued at par or approximately $10,000. The Company recorded stock-based compensation of $9,000 on this issuance for the period ended April 30, 2020. |
Organization and Description _2
Organization and Description of Business (Details) - USD ($) | Apr. 28, 2017 | Apr. 27, 2017 |
Accounting Policies [Abstract] | ||
Asset for a consideration | $ 105,000 | |
Ownership consideration percentage | 100.00% | |
Ownership for a consideration Per share | $ 0.26 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Apr. 30, 2019 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Working capital deficit (in Dollars) | $ 34,134 | |||
Shareholders’ equity (in Dollars) | $ (34,134) | $ (32,134) | $ (15,600) | $ (15,600) |
Common Stock, Shares Authorized | 600,000,000 | 600,000,000 | ||
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares outstanding | 29,018,750 | 29,018,750 | ||
Preferred stock, shares authorized | 200,000,000 | 200,000,000 | ||
Convertible preferred stock | 10 | |||
issuance of common stock Value (in Dollars) | $ 10,000 | |||
Stock-based compensation (in Dollars) | $ 9,000 | |||
Series A Preferred Stock [Member] | ||||
Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 |
Notes Payable-Related Pary (Det
Notes Payable-Related Pary (Details) | 3 Months Ended |
Jul. 31, 2020USD ($) | |
Related Party Transactions [Abstract] | |
Interest-free demand loans | $ 18,534 |