Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2018 | Sep. 05, 2018 | Oct. 31, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | GLOBAL HOUSE HOLDINGS LTD. | ||
Entity Central Index Key | 1,673,475 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 110,075 | ||
Entity Common Stock, Shares Outstanding | 111,800,000 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Current Assets: | ||
Cash and cash equivalents | $ 29,728 | |
Prepaid expenses | 403 | 8 |
Total Current Assets | 403 | 29,736 |
Property, Plant, and Equipment | 5,600 | |
TOTAL ASSETS | 403 | 35,336 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 1,760 | |
Due to related party | 21,218 | 2,343 |
Total Current Liabilities | 22,978 | 2,343 |
Total Liabilities | 22,978 | 2,343 |
Stockholders' Equity (Deficit): | ||
Common stock, $0.001 par value, 1,500,000,000 shares authorized 111,800,000 and 251,800,000 shares issued and outstanding, respectively | 111,800 | 251,800 |
Additional paid-in capital (deficiency) | (83,737) | (215,900) |
Accumulated deficit | (50,638) | (2,907) |
Total Stockholders' Equity (Deficit) | (22,575) | 32,993 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 403 | $ 35,336 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2018 | Apr. 30, 2017 |
Stockholders' Equity (Deficit): | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued | 111,800,000 | 251,800,000 |
Common stock, shares outstanding | 111,800,000 | 251,800,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Consolidated Statements Of Operations | ||
Revenues | $ 13,600 | |
Operating Expenses | ||
General and administrative | 47,731 | 15,613 |
Total Operating Expenses | 47,731 | 15,613 |
Net Loss | $ (47,731) | $ (2,013) |
Net Loss Per Common Share: Basic and Diluted | $ .00 | $ .00 |
Weighted Average Number of Common Shares Outstanding: Basic and Diluted | 142,868,493 | 218,073,420 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common stock | Additional paid-in capital (deficiency) | Accumulated Deficit | Total | |
Beginning Balance, Shares at Apr. 30, 2016 | [1] | 200,000,000 | |||
Beginning Balance, Amount at Apr. 30, 2016 | [1] | $ 200,000 | $ (190,000) | $ (894) | $ 9,106 |
Common stock issued for cash, Shares | 51,800,000 | ||||
Common stock issued for cash, Amount | $ 51,800 | (25,900) | 25,900 | ||
Forgiveness of related party loans | |||||
Net loss for the period | (2,013) | (2,013) | |||
Ending Balance, Shares at Apr. 30, 2017 | 251,800,000 | ||||
Ending Balance, Amount at Apr. 30, 2017 | $ 251,800 | (215,900) | (2,907) | 32,993 | |
Common shares cancelled, Shares | (140,000,000) | ||||
Common shares cancelled, Amount | $ (140,000) | 140,000 | |||
Forgiveness of related party loans | 2,247 | 2,247 | |||
Fixed assets transferred to previous sole officer and director | (10,084) | (10,084) | |||
Net loss for the period | (47,731) | (47,731) | |||
Ending Balance, Shares at Apr. 30, 2018 | 111,800,000 | ||||
Ending Balance, Amount at Apr. 30, 2018 | $ 111,800 | $ (83,737) | $ (50,638) | $ (22,575) | |
[1] | retrospectively reflect forward stock split 20:1 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (47,731) | $ (2,013) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, net | 616 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses | (395) | 91 |
Accounts payable and accrued liabilities | 1,760 | |
Net cash used in Operating Activities | (45,750) | (1,922) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (5,100) | (5,600) |
Net cash used in Investing Activities | (5,100) | (5,600) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment of debt to previous sole shareholder | (96) | |
Proceeds from loan from shareholders | 21,218 | 1,300 |
Proceeds from sale of common stock | 25,900 | |
Net cash provided by Financing Activities | 21,122 | 27,200 |
Net cash increase (decrease) for period | (29,728) | 19,678 |
Cash at beginning of period | 29,728 | 10,050 |
Cash at end of period | 29,728 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for income taxes | ||
Cash paid for interest | ||
NON CASH INVESTING AND FINANCING ACTIVITIES | ||
Cancellation of common shares | 140,000 | |
Fixed assets transferred to previous sole officer and director | 10,084 | |
Forgiveness of related party loans | $ 2,247 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION | GLOBAL HOUSE HOLDINGS LTD. (formerly KOLDECK INC.) (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 29, 2016. The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan. On April 2, 2018, the Company approved an agreement and plan of merger for the purposes of changing our corporate name from Koldeck Inc. to Global House Holdings Ltd. Pursuant to the agreement and plan of merger, our company merged with our wholly-owned subsidiary Global House Holdings Ltd., a Nevada corporation. Koldeck Inc. remained the surviving company of the merger, continuing under the name Global House Holdings Ltd. The name change, as well as a 20:1 forward stock split, was approved by FINRA and effective April 3, 2018 (Note 4). Unless otherwise noted, impacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split as if it had occurred on the first day of the earliest period presented. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 2 - GOING CONCERN | The Company’s consolidated financial statements as of April 30, 2018, been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has incurred a cumulative net loss from inception (March 29, 2016) to April 30, 2018 of $50,638. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These consolidated financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year-end is April 30, 2018. Use of Estimates Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. Reclassifications Certain prior period amounts have been reclassified to conform with the current year presentation. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At April 30, 2018, the Company's bank deposits did not exceed the insured amounts. Financial Instruments The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. Basic and Diluted Loss Per Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations (see Note 6). Revenue Recognition The Company recognizes revenue from the sale of products and services in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. A performance obligation is satisfied over time if one of the following criteria are met: a. the customer simultaneously receives and consumes the benefits as the entity performs; b. the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or c. the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 4 - CAPTIAL STOCK | As of April 30, 2018, and April 30, 2017, the Company had 111,800,000, and 251,800,000 shares issued and outstanding, respectively. On July 20, 2017, the sole officer and director of the Company returned and cancelled 140,000,000 common shares. On October 26, 2017, our Board of Directors approved a forward stock split of the issued and authorized shares of common stock on the basis of 20 new shares for one (1) old share. The forward stock split was effective April 3, 2018 and resulted in the increase of our authorized capital from 75,000,000 shares of common stock to 1,500,000,000 shares of common stock. The issued and outstanding capital increased from 5,590,000 shares of common stock to 111,800,000 shares of common stock. The $0.001 par value of our common shares remains unchanged. Unless otherwise noted, impacted amounts and share information included in the consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split as if it had occurred on the first day of the earliest period presented. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS | In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. From March 29, 2016 (Inception) through April 30, 2018, the Company’s previous sole officer and director loaned the Company $2,343 to pay for incorporation costs and operating expenses. During the period ended April 30, 2018, upon the transfer of ownership to the new officer and director, the Company transferred the property, plant and equipment with a net book value of $10,084 to the prior officer and director, along with cash payment of $96. The prior officer and director forgave the remaining outstanding debt of $2,247. During the year ended April 30, 2018, the Company’s new sole officer and director loaned the Company $21,218 to pay for operating expenses. The amounts are non-interest bearing and due on demand. As of April 30, 2018, $21,218 is outstanding. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 6 - INCOME TAX | The Company provides for income taxes under ASC 740, “ Income Taxes.” On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has considered the accounting impact of the effects of the Act during the year ended April 30, 2018 including a reduction in the corporate tax rate from 34% to 21% among other changes. The components of the Company’s deferred tax asset and reconciliation of income taxes computed at the new statutory rate of 21% to the income tax amount recorded as of April 30, 2018 and April 30, 2017 are as follows: April 30, April 30, 2018 2017 Net operating loss carryforward $ (50,638 ) $ (2,907 ) Effective tax rate 21 % 34 % Deferred tax asset (10,634 ) (988 ) Less: Valuation allowance 10,634 988 Net deferred asset $ - $ - The change in the valuation allowance during the years ended April 30, 2018 and 2017 was $9,646 and $988, respectively. As of April 30, 2018, the Company had $50,638 in net operating losses (“NOLs”) that may be available to offset future taxable income, which begin to expire between 2033 and 2038. In accordance with Section 382 of the U.S. Internal Revenue Code. The usage of the Company’s net operating loss carry forwards is subject to annual limitations following greater than 50% ownership changes. Tax returns for the years ended 2016 through 2018 are subject to review by the tax authorities. The changes in deferred tax assets related to the changes in tax rates are as follows: Tax Rate at 21% Tax Rate at 34% Changes Year Ended April 30, 2017 $ (423 ) $ (684 ) $ 262 Year Ended April 30, 2018 $ (10,024 ) $ (16,229 ) $ 6,205 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2018 | |
Notes to Financial Statements | |
NOTE 7 - SUBSEQUENT EVENTS | Management has evaluated subsequent events through the date these consolidated financial statements were issued. Based on our evaluation no material events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Basis of Presentation | The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States and are expressed in U.S. dollars. The Company’s fiscal year-end is April 30, 2018. |
Use of Estimates | Preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions. |
Reclassifications | Certain prior period amounts have been reclassified to conform with the current year presentation. |
Cash and Cash Equivalents | For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At April 30, 2018, the Company's bank deposits did not exceed the insured amounts. |
Financial Instruments | The Company’s financial instruments consist primarily of accounts payable and debts. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. |
Basic and Diluted Loss Per Share | Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Income Taxes | Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations (see Note 6). |
Revenue Recognition | The Company recognizes revenue from the sale of products and services in accordance with ASC 606,” Revenue Recognition Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation The Company recognizes revenue when it satisfies its obligation by transferring control of the good or service to the customer. A performance obligation is satisfied over time if one of the following criteria are met: a. the customer simultaneously receives and consumes the benefits as the entity performs; b. the entity’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or c. the entity’s performance does not create an asset with an alternative use to the entity, and the entity has an enforceable right to payment for performance completed to date. |
New Accounting Pronouncements | There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Income Tax | |
Schedule of deferred tax assets | April 30, April 30, 2018 2017 Net operating loss carryforward $ (50,638 ) $ (2,907 ) Effective tax rate 21 % 34 % Deferred tax asset (10,634 ) (988 ) Less: Valuation allowance 10,634 988 Net deferred asset $ - $ - |
Changes in deferred tax assets related to changes in tax rates | The changes in deferred tax assets related to the changes in tax rates are as follows: Tax Rate at 21% Tax Rate at 34% Changes Year Ended April 30, 2017 $ (423 ) $ (684 ) $ 262 Year Ended April 30, 2018 $ (10,024 ) $ (16,229 ) $ 6,205 |
ORGANIZATION AND BASIS OF PRE16
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) | Apr. 03, 2018 | Apr. 30, 2018 |
Organization And Basis Of Presentation | ||
State of Incorporation | Nevada | |
Date of incorporation | Mar. 29, 2016 | |
Forward stock split | 20:1 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | 25 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | |
Going Concern | |||
Net Loss | $ (47,731) | $ (2,013) | $ (50,638) |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Apr. 30, 2018USD ($) |
Summary Of Significant Accounting Policies Details Narrative Abstract | |
Insured amount | $ 250,000 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - $ / shares | Apr. 03, 2018 | Oct. 26, 2017 | Apr. 30, 2018 | Jul. 20, 2017 | Apr. 30, 2017 |
Common stock, authorized | 1,500,000,000 | 1,500,000,000 | |||
Common stock, shares issued | 111,800,000 | 251,800,000 | |||
Common stock, shares outstanding | 111,800,000 | 251,800,000 | |||
Description of forward stock split | 20:1 | ||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Pre split [Member] | |||||
Common stock, authorized | 75,000,000 | ||||
Common stock, shares issued | 5,590,000 | ||||
Common stock, shares outstanding | 5,590,000 | ||||
Post split [Member] | |||||
Common stock, authorized | 1,500,000,000 | ||||
Common stock, shares issued | 111,800,000 | ||||
Common stock, shares outstanding | 111,800,000 | ||||
Sole officer and director [Member] | |||||
Common stock, shares cancelled | 140,000,000 | ||||
Board of Directors [Member] | |||||
Description of forward stock split | a forward stock split of the issued and authorized shares of common stock on the basis of 20 new shares for one (1) old share. | ||||
Common stock, par value | $ 0.001 | ||||
Forward stock split effective date | Apr. 3, 2018 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 12 Months Ended | 25 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | |
Outstanding amount | $ 21,218 | ||
Repayment of debt to previous sole shareholder | 96 | ||
Previous sole officer and director [Member] | |||
Borrowed loan for pay of incorporation costs and operating expenses | $ 2,343 | ||
Prior officer and director [Member] | |||
Repayment of debt to previous sole shareholder | 96 | ||
Forgivness of related party debt | 2,247 | 2,247 | |
Transfer of all assets to related party | 10,084 | $ 10,084 | |
New sole officer and director [Member] | |||
Borrowed loan for pay of incorporation costs and operating expenses | $ 21,218 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $ (50,638) | $ (2,907) |
Effective tax rate | 21.00% | 34.00% |
Deferred tax asset | $ (10,634) | $ (988) |
Less: Valuation allowance | 10,634 | 988 |
Net deferred asset |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Change in deferred tax assets due to change in tax rates | $ 6,205 | $ 262 |
Tax Rate at 21% [Member] | ||
Change in deferred tax assets due to change in tax rates | (10,024) | (423) |
Tax Rate at 34% [Member] | ||
Change in deferred tax assets due to change in tax rates | $ (16,229) | $ (684) |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 50,638 | |
Net operating losses expiration period | Between 2033 and 2038 | |
Change in valuation allowance | $ 9,646 | $ 988 |