Cover
Cover - shares | 3 Months Ended | |
Oct. 31, 2021 | Dec. 13, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 31, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --07-31 | |
Entity File Number | 333-213698 | |
Entity Registrant Name | CLANCY CORP. | |
Entity Central Index Key | 0001681769 | |
Entity Tax Identification Number | 30-0944559 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 2nd Floor, BYD | |
Entity Address, Address Line Two | No. 56, Dongsihuan South Road | |
Entity Address, Address Line Three | Chaoyang District | |
Entity Address, City or Town | Beijing | |
Entity Address, Country | CN | |
Entity Address, Postal Zip Code | 100023 | |
Country Region | +86 | |
City Area Code | 189 | |
Local Phone Number | 1098-4577 | |
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 | true | |
Entity Common Stock, Shares Outstanding | 153,105,464 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Oct. 31, 2021 | Jul. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 8,812 | $ 54,375 |
Prepaid expense | 15,124 | 15,260 |
Business advances | ||
TOTAL CURRENT ASSETS | 23,936 | 69,635 |
OTHER ASSETS | ||
Deposit | 15,022 | 14,860 |
Operating lease right of use – building | 97,260 | 112,515 |
TOTAL ASSETS | 136,218 | 197,010 |
CURRENT LIABILITIES: | ||
Accounts payable | 33,343 | 30,385 |
Advances - Related Party | 265,529 | 222,738 |
Operating lease liability – current | 74,878 | 72,648 |
TOTAL CURRENT LIABILITIES | 373,750 | 325,771 |
Operating lease liability – non-current | 1,911 | 3,292 |
TOTAL LIABILITIES | 375,661 | 329,063 |
STOCKHOLDERS DEFICIT | ||
Common Stock, $0.001 par value, authorized 345,000,000 shares 153,105,464 shares issued and outstanding as of October 31, 2021 and July 31,2021 | 153,105 | 153,105 |
Additional Paid in Capital | 213,251 | 213,251 |
Accumulated Other Comprehensive Loss | (3,684) | (2,489) |
Accumulated Deficit | (602,115) | (495,920) |
TOTAL STOCKHOLDERS DEFICIT | (239,443) | (132,053) |
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT | $ 136,218 | $ 197,010 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Oct. 31, 2021 | Jul. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 345,000,000 | 345,000,000 |
Common Stock, Shares, Issued | 153,105,464 | 153,105,464 |
Common Stock, Shares, Outstanding | 153,105,464 | 153,105,464 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Income Statement [Abstract] | ||
REVENUE | $ 7,927 | |
REVENUE- related party | 6,589 | |
Cost of goods sold | 19,255 | |
Gross loss | (4,739) | |
EXPENSES | ||
Research & development expense - software | 70,481 | 39,531 |
General and administrative expenses | 35,719 | 25,254 |
TOTAL OPERATING EXPENSES | 106,200 | 64,785 |
Other income (expense) | ||
Interest income | 5 | |
NET LOSS FROM CONTINUING OPERATIONS | (106,195) | (69,524) |
Provision for Income Taxes | ||
NET LOSS | (106,195) | (69,524) |
Currency translation adjustment | (1,195) | (1,824) |
COMPREHENSIVE LOSS | $ (107,390) | $ (71,348) |
NET LOSS PER COMMON SHARE - BASIC & DILUTED | $ 0 | $ (0.02) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC & DILUTED | 153,105,464 | 3,105,250 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (EQUITY) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Comprehensive Income [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jul. 31, 2020 | $ 3,105 | $ 63,251 | $ (147,025) | $ (80,669) | |
Beginning Balance, Shares at Jul. 31, 2020 | 3,105,250 | ||||
Net Loss | (69,524) | (69,524) | |||
Currency Translation Adjustment | (1,824) | (1,824) | |||
Ending balance, value at Oct. 31, 2020 | $ 3,105 | 63,251 | (1,824) | (216,549) | (152,017) |
Ending Balance, Shares at Oct. 31, 2020 | 3,105,250 | ||||
Beginning balance, value at Jul. 31, 2021 | $ 153,105 | 213,251 | (2,489) | (495,920) | (132,053) |
Beginning Balance, Shares at Jul. 31, 2021 | 153,105,464 | ||||
Net Loss | (106,195) | (106,195) | |||
Currency Translation Adjustment | (1,195) | (1,195) | |||
Ending balance, value at Oct. 31, 2021 | $ 153,105 | $ 213,251 | $ (3,684) | $ (602,115) | $ (239,443) |
Ending Balance, Shares at Oct. 31, 2021 | 153,105,464 |
STATEMENT OF CASH FLOWS (Unaudi
STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
OPERATING ACTIVITIES | ||
Net Loss | $ (106,195) | $ (69,524) |
Adjustments to Reconcile Net Cash Used in Operating Activities: | ||
Lease Expense | 16,508 | 15,437 |
Research & Development Expense - Software | 39,531 | |
Changes in Assets and Liabilities: | ||
Prepaid Expenses | 297 | 137 |
Accounts Payable | 2,680 | 189 |
Total Net Cash Used in Operating Activities | (86,710) | (14,230) |
FINANCING ACTIVITIES | ||
Business Advances Received | 83,348 | |
Repayment of Loan from a Related Party | 41,017 | (57,206) |
Net Cash Provided by Financing Activities | 41,017 | 26,142 |
Effects Of Exchange Rate Changes On Cash | 130 | 740 |
NET INCREASE IN CASH | (45,564) | 12,652 |
CASH AT BEGINNING OF PERIOD | 54,375 | 21,821 |
CASH AT END OF PERIOD | 8,812 | 34,473 |
Supplemental Cash flow Information: | ||
Interest Paid | ||
Taxes Paid | ||
Supplemental Disclosure of Non Cash Lease Activity: | ||
Recognition of Right of use asset | ||
Recognition of Lease liability |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Clancy Corp. (the Company) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA. The Company initially was formed for the purpose of producing and selling handcrafted soaps. On April 13, 2020, the Company registered Shanghai Clancy Enterprise Management Co., Ltd. (Shanghai Clancy) as a wholly foreign-owned entity and as a wholly owned subsidiary in Shanghai, China. Shanghai Clancy had no business activity from inception through October 31, 2021. On April 24, 2020, Shanghai Clancy registered Beijing Clancy Information Technology Co., Ltd. (Beijing Clancy) in Beijing as its wholly-owned subsidiary and a second tier subsidiary of the Company. From August 1, 2020 to April 30, 2021, the Company business centered on providing IT services to a small number of clients. Beginning in May 2021, the Company terminated its IT services and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services. |
MANAGEMENT PLANS
MANAGEMENT PLANS | 3 Months Ended |
Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
MANAGEMENT PLANS | NOTE 2 – MANAGEMENT PLANS The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Although Beijing Clancy started business operation and had generated revenue for the three months ended October 31, 2021, the Company incurred loss, an accumulated deficit and experienced negative cash flow from operations. These conditions raise substantial doubt about the Companys ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Mr. Meng, the majority stockholder, Chief Executive Officer and sole director of Company, verbally has agreed to provide continued financial support to the Company. The Companys business objective for the next twelve month and beyond such time will be to expand business operations and increase revenue. The Company will focus on product management, digital marketing, refined user operations, performance optimization, after-sales service, etc. to provide customers with more convenient and high- quality service experience. The Covid-19 pandemic presents novel challenges and a chaotic business environment globally. The duration and intensity of the impact of the Covid-19 to business entities differ geographically. Covid-19 has a limited impact on the Companys activities since Shanghai Clancy has no activities and Beijing Clancy operations are limited to Beijing, PRC. The impact on the Companys result of operation and the financial statements was immaterial as of October 31, 2021. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Fiscal year end The Companys year end is July 31. 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. 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 ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values. Concentration of Credit Risk The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. A portion of the Companys cash and cash equivalents are deposited with Industrial and Commercial Bank of China Limited in the PRC, which is not insured or otherwise protected. The Company had deposits of $ 23,693 Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at October 31, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases. Reporting Currency and Translation The financial statements of the Companys foreign subsidiaries are measured using the local currency, Renminbi (RMB), as the functional currency; whereas the functional currency of Clancy Corp. and reporting currency of the Company is the United States dollar (USD or $). The Company has operations in China where the local currency of RMB is used to prepare the consolidated financial statements which are translated into the Companys reporting currency, U.S. dollars. The local currency of RMB is the functional currency for the operations outside the United States. Changes in the exchange rates between this currency and the Companys reporting currency, are partially responsible for some of the periodic changes in the consolidated financial statements. Assets and liabilities of the Companys foreign operations are translated into U.S. dollars at the spot rate in effect at the applicable reporting date. Revenues and expenses of the Companys foreign operations are translated at the average exchange rate during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive income (loss) in stockholders deficit. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in general and administrative expense in the period in which they occur. For the three months period ended October 31, 2021 and 2020 there were no realized or unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entities. The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: Schedule of exchange rates October 31, October 31, Period end USD: RMB exchange rate 6.39 6.69 Average USD: RMB exchange rate 6.45 6.83 Foreign Operations All of the Companys operations and assets are located in Beijing China. The Company may be adversely affected by possible political or economic events in this country. The effect of these factors cannot be accurately predicted. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (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. In the three months ended October 31, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding. Comprehensive Income The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220, Comprehensive Income, in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The Company has one item of other comprehensive loss, consisting of a currency translation adjustment of $ 1,195 1,824 Financial Instrument The carrying value of the Companys short-term financial instruments, such as accounts payable and advances, approximates their fair values because of their short maturities. 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. Recently Adopted Accounting Pronouncements As of October 31, 2021 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Companys financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted As of October 31, 2021, there was no recently issued accounting standards not yet adopted which would have a material effect on the Companys consolidated financial statements. |
OPERATING LEASE RIGHT-OF- USE A
OPERATING LEASE RIGHT-OF- USE ASSETS | 3 Months Ended |
Oct. 31, 2021 | |
Operating Lease Right-of- Use Assets | |
OPERATING LEASE RIGHT-OF- USE ASSETS | NOTE 4 - OPERATING LEASE RIGHT-OF- USE ASSETS As of October 31, 2021, the total operating lease Right of Use assets were $ 97,260 16,508 15,437 |
LEASE LIABILITIES- OPERATING LE
LEASE LIABILITIES- OPERATING LEASE | 3 Months Ended |
Oct. 31, 2021 | |
Lease Liabilities- Operating Lease | |
LEASE LIABILITIES- OPERATING LEASE | NOTE 5 - LEASE LIABILITIES- OPERATING LEASE Future minimum lease payments under the operating lease as of October 31, 2021 are: Schedule of Future Minimum Lease Payment 12 months ended October 31, 2021 $ 81,147 12 months ended October 31, 2022 — 12 months ended October 31, 2023 — Total Lease payments 81,147 Less Imputed Interest (4,358 ) Net Lease liability $ 76,789 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Oct. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS The Companys major shareholder has orally agreed to loan funds to the Company for its operations on an as needed basis. For the three months ended October 31, 2021, the major shareholder loaned the Company $ 41,017 57,206 As of October 31, 2021 and July 31, 2021, the balance owing to a related party was $ 265,529 222,738 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSE | 3 Months Ended |
Oct. 31, 2021 | |
Research And Development Expense | |
RESEARCH AND DEVELOPMENT EXPENSE | NOTE 7 - RESEARCH AND DEVELOPMENT EXPENSE The Company incurred significant expenses in research and development (R&D). For the three months ended October 31, 2021 and 2020, the R&D expenses were $ 70,481 39,531 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 - INCOME TAXES Income tax expense was $0 for the three months ended October 31, 2021 and 2020. As of July 31, 2021, the Company had no unrecognized tax benefits and, accordingly, the Company did not recognize interest or penalties during the three months ended October 31, 2021 related to unrecognized tax benefits. There was no accrual for uncertain tax positions as of October 31, 2021. There is no income tax benefit for the losses for the three months ended October 31, 2021 and 2020, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Oct. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of filing the financial statements with the Securities and Exchange Commission, the date the financial statements were available to be issued. Management is not aware of any reportable events that occurred subsequent to the balance sheet date up to the date of filing this report. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Fiscal year end | Fiscal year end The Companys year end is July 31. |
Use of Estimates | 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. |
Income Taxes | 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 | Revenue Recognition The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values. |
Concentration of Credit Risk | Concentration of Credit Risk The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. A portion of the Companys cash and cash equivalents are deposited with Industrial and Commercial Bank of China Limited in the PRC, which is not insured or otherwise protected. The Company had deposits of $ 23,693 |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets. ROU assets represent the Companys right to use an underlying asset for the lease term and lease liabilities represent the Companys obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at October 31, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases. |
Reporting Currency and Translation | Reporting Currency and Translation The financial statements of the Companys foreign subsidiaries are measured using the local currency, Renminbi (RMB), as the functional currency; whereas the functional currency of Clancy Corp. and reporting currency of the Company is the United States dollar (USD or $). The Company has operations in China where the local currency of RMB is used to prepare the consolidated financial statements which are translated into the Companys reporting currency, U.S. dollars. The local currency of RMB is the functional currency for the operations outside the United States. Changes in the exchange rates between this currency and the Companys reporting currency, are partially responsible for some of the periodic changes in the consolidated financial statements. Assets and liabilities of the Companys foreign operations are translated into U.S. dollars at the spot rate in effect at the applicable reporting date. Revenues and expenses of the Companys foreign operations are translated at the average exchange rate during the applicable period. The resulting unrealized cumulative translation adjustment is recorded as a component of accumulated other comprehensive income (loss) in stockholders deficit. Realized and unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entity are recorded in general and administrative expense in the period in which they occur. For the three months period ended October 31, 2021 and 2020 there were no realized or unrealized transaction gains and losses generated by transactions denominated in a currency different from the functional currency of the applicable entities. The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: Schedule of exchange rates October 31, October 31, Period end USD: RMB exchange rate 6.39 6.69 Average USD: RMB exchange rate 6.45 6.83 |
Foreign Operations | Foreign Operations All of the Companys operations and assets are located in Beijing China. The Company may be adversely affected by possible political or economic events in this country. The effect of these factors cannot be accurately predicted. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 Earnings per Share. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (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. In the three months ended October 31, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding. |
Comprehensive Income | Comprehensive Income The Company follows Financial Accounting Standards Board Accounting Standards Codification (FASB ASC) 220, Comprehensive Income, in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. The Company has one item of other comprehensive loss, consisting of a currency translation adjustment of $ 1,195 1,824 |
Financial Instrument | Financial Instrument The carrying value of the Companys short-term financial instruments, such as accounts payable and advances, approximates their fair values because of their short maturities. |
Stock-Based Compensation | 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements As of October 31, 2021 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Companys financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted As of October 31, 2021, there was no recently issued accounting standards not yet adopted which would have a material effect on the Companys consolidated financial statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of exchange rates | The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows: Schedule of exchange rates |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | October 31, October 31, Period end USD: RMB exchange rate 6.39 6.69 Average USD: RMB exchange rate 6.45 6.83 |
LEASE LIABILITIES- OPERATING _2
LEASE LIABILITIES- OPERATING LEASE (Tables) | 3 Months Ended |
Oct. 31, 2021 | |
Lease Liabilities- Operating Lease | |
Schedule of Future Minimum Lease Payment | Future minimum lease payments under the operating lease as of October 31, 2021 are: Schedule of Future Minimum Lease Payment |
LEASE LIABILITIES- OPERATING LEASE | 12 months ended October 31, 2021 $ 81,147 12 months ended October 31, 2022 — 12 months ended October 31, 2023 — Total Lease payments 81,147 Less Imputed Interest (4,358 ) Net Lease liability $ 76,789 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Oct. 31, 2021 | Oct. 31, 2020 |
Period End R M B U S D Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Average USD: RMB exchange rate | 0.0639 | 0.0669 |
Period Average R M B U S D Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Average USD: RMB exchange rate | 0.0645 | 0.0683 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Accounting Policies [Abstract] | ||
Due from Banks | $ 23,693 | |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 1,195 | $ 1,824 |
OPERATING LEASE RIGHT-OF- USE_2
OPERATING LEASE RIGHT-OF- USE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | |
Operating Lease Right-of- Use Assets | |||
Operating Lease, Right-of-Use Asset | $ 97,260 | $ 112,515 | |
Operating Lease, Expense | $ 16,508 | $ 15,437 |
LEASE LIABILITIES- OPERATING _3
LEASE LIABILITIES- OPERATING LEASE (Details) | Oct. 31, 2021USD ($) |
Lease Liabilities- Operating Lease | |
12 months ended October 31, 2021 | $ 81,147 |
12 months ended October 31, 2022 | |
12 months ended October 31, 2023 | |
Total Lease payments | 81,147 |
Less Imputed Interest | (4,358) |
Net Lease liability | $ 76,789 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Proceeds from Related Party Debt | $ 41,017 | $ (57,206) | |
Proceeds from Related Party Debt | (41,017) | $ 57,206 | |
Director [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Contract with Customer, Liability, Current | $ 265,529 | $ 222,738 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSE (Details Narrative) - USD ($) | 3 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Research And Development Expense | ||
Research and Development Expense | $ 70,481 | $ 39,531 |