| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
| Apr. 30, 2022 |
| 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
Company’s 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. Balances at financial
institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal
Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $ 250,000 28,542 6,899 |
| 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 Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s
obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at
April 30, 2022 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 Company’s 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 Company’s 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 Company’s reporting currency are partially responsible
for some of the periodic changes in the consolidated financial statements. Assets and liabilities of the Company’s foreign operations
are translated into U.S. dollars at the spot rate in effect at the applicable reporting date. Revenues and expenses of the Company’s
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 six months period ended April 30,
2022 and 2021 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
April 30, April 30,
Period end USD: RMB exchange rate 6.6177 6.6462
Average USD: RMB exchange rate 6.4222 6.4672 |
| 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 and nine months ended
April 30, 2022 and 2021, there were no potentially dilutive equity instruments issued or outstanding. |
| Financial Instrument | Financial
Instrument The
carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, 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, “Compensation – Stock Compensation”,
which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument
issued and recognized as compensation expense over the requisite service period. 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 April 30, 2022 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the
Company’s financial statements. |
| Recently Issued Accounting Pronouncements Not Yet Adopted | Recently
Issued Accounting Pronouncements Not Yet Adopted As
of April 30, 2022, there was no recently issued accounting standards adopted which would have a material effect on the Company’s
consolidated financial statements. |
