Cover
Cover - shares | 6 Months Ended | |
Jan. 31, 2023 | Mar. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jan. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2023 | |
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 ($) | Jan. 31, 2023 | Jul. 31, 2022 |
CURRENT ASSETS | ||
Cash and equivalents | $ 45,525 | $ 19,511 |
Prepaid expenses | 1,230 | 212 |
Business advances | ||
Total current assets | 46,755 | 19,723 |
NONCURRENT ASSETS | ||
Deposit - rent | 14,200 | 14,236 |
Right of use asset, net | 18,934 | 48,831 |
Total noncurrent assets | 33,134 | 63,067 |
TOTAL ASSETS | 79,889 | 82,790 |
CURRENT LIABILITIES | ||
Accounts payable | 17,579 | 18,377 |
Advance from related party | 706,514 | 541,750 |
Operating lease liability | 21,060 | 20,820 |
Total current liabilities | 745,153 | 580,947 |
Operating lease liability, non-current | ||
TOTAL LIABILITIES | 745,153 | 580,947 |
STOCKHOLDERS’ EQUITY (DEFICIT) | ||
Common stock, $0.001 par value; authorized 345,000,000 shares; 153,105,464 shares issued and outstanding at July 31, 2022 and January 31, 2023 | 153,105 | 153,105 |
Additional paid-in capital | 213,251 | 213,251 |
Accumulated other comprehensive income | 8,019 | 12,058 |
Accumulated deficit | (1,039,639) | (876,571) |
TOTAL EQUITY (DEFICIT) | (665,264) | (498,157) |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $ 79,889 | $ 82,790 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jan. 31, 2023 | Jul. 31, 2022 |
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 | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Revenues - related party | ||||
Total Revenues | ||||
Cost of revenues | ||||
Gross loss | ||||
Operating expenses | ||||
Research and development expense-software | 15,109 | 70,020 | 41,534 | 140,501 |
General and administrative | 54,745 | 33,393 | 121,556 | 69,112 |
Total operating expenses | 69,854 | 103,413 | 163,090 | 209,613 |
Loss from operations | (69,854) | (103,413) | (163,090) | (209,613) |
Non-operating income | ||||
Interest income | 9 | 42 | 22 | 47 |
Total non-operating loss, net | 9 | 42 | 22 | 47 |
Loss before income tax | (69,845) | (103,371) | (163,068) | (209,566) |
Income tax expense | 0 | 0 | 0 | 0 |
Net loss | (69,845) | (103,371) | (163,068) | (209,566) |
Other comprehensive item | ||||
Foreign currency translation loss | (27,194) | (541) | (4,039) | (1,736) |
Comprehensive loss | $ (97,039) | $ (103,912) | $ (167,107) | $ (211,302) |
Basic weighted average shares outstanding | 153,105,464 | 153,105,464 | 153,105,464 | 153,105,464 |
Basic net loss per share | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jan. 31, 2023 | Jan. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (163,068) | $ (209,566) |
Lease expense | 29,004 | 33,151 |
(Increase) decrease in assets and liabilities: | ||
Accounts receivable | ||
Prepaid expense | (1,018) | 400 |
Accounts payable | (725) | (3,822) |
Advances from customers | ||
Net cash used in operating activities | (135,807) | (179,837) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from shares issued for equity financing | ||
Changes in due to related party | 161,314 | 154,628 |
Net cash provided by financing activities | 161,314 | 154,628 |
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND EQUIVALENTS | 507 | 481 |
NET INCREASE IN CASH AND EQUIVALENTS | 26,014 | (24,728) |
CASH AND EQUIVALENTS, BEGINNING OF PERIOD | 19,511 | 54,375 |
CASH AND EQUIVALENTS, END OF PERIOD | 45,525 | 29,647 |
Supplemental cash flow data: | ||
Income tax paid | ||
Interest paid | ||
Supplemental Disclosure of Non-cash lease activities: | ||
Recognition of right of use asset | ||
Recognition of lease liability |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
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 | ||||
Net Loss | (103,371) | (103,371) | |||
Currency translation | (541) | (541) | |||
Ending balance, value at Jan. 31, 2022 | $ 153,105 | 213,251 | (4,225) | (705,486) | (343,355) |
Ending balance, shares at Jan. 31, 2022 | 153,105,464 | ||||
Beginning balance, value at Jul. 31, 2022 | $ 153,105 | 213,251 | 12,058 | (876,571) | (498,157) |
Beginning balance, shares at Jul. 31, 2022 | 153,105,464 | ||||
Net Loss | (93,223) | (93,223) | |||
Currency Translation Adjustment | 23,155 | 23,155 | |||
Ending balance, value at Oct. 31, 2022 | $ 153,105 | 213,251 | 35,213 | (969,794) | (568,225) |
Ending balance, shares at Oct. 31, 2022 | 153,105,464 | ||||
Net Loss | (69,845) | (69,845) | |||
Currency translation | (27,194) | 27,194 | |||
Ending balance, value at Jan. 31, 2023 | $ 153,105 | $ 213,251 | $ 8,019 | $ (1,039,639) | $ (665,264) |
Ending balance, shares at Jan. 31, 2023 | 153,105,464 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Clancy Corp. (“Company”) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA. 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 January 31, 2023. 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. |
GOING CONCERN
GOING CONCERN | 6 Months Ended |
Jan. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. For the three and six months ended January 31, 2023, the Company incurred loss, an accumulated deficit and experienced negative cash flow from operations. These conditions raise substantial doubt about the Company’s 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 major stockholder, Chief Executive Officer and sole director of Company, verbally has agreed to provide continued financial support to the Company. The Company’s 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 Company’s activities since Shanghai Clancy has no activities and Beijing Clancy operations are limited to Beijing, PRC. The impact on the Company’s result of operation and the financial statements was immaterial as of January 31, 2023. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jan. 31, 2023 | |
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 Company’s 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 Company’s cash and cash equivalents are deposited with Industrial and Commercial Bank of China Limited and Pingan Bank in the PRC, which is not insured or otherwise protected. The Company had deposits of $ 33,423 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 January 31, 2023 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 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 January 31, 2023 and 2022 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 January 31, 2023 January 31, 2022 Period end USD: RMB exchange rate 6.7604 6.3746 Average USD: RMB exchange rate 7.0115 6.4191 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 six months ended January 31, 2023 and 2022, there were no 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 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 As of January 31, 2023 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 As of January 31, 2023, there was no recently issued accounting standards adopted which would have a material effect on the Company’s consolidated financial statements. |
OPERATING LEASE RIGHT-OF-USE AS
OPERATING LEASE RIGHT-OF-USE ASSETS | 6 Months Ended |
Jan. 31, 2023 | |
Operating Lease Right-of-use Assets | |
OPERATING LEASE RIGHT-OF-USE ASSETS | NOTE 4 - OPERATING LEASE RIGHT-OF-USE ASSETS As of January 31, 2023, the total operating lease Right of Use assets were $ 18,934 13,376 16,718 26,753 33,360,397 |
LEASE LIABILITIES- OPERATING LE
LEASE LIABILITIES- OPERATING LEASE | 6 Months Ended |
Jan. 31, 2023 | |
Lease Liabilities- Operating Lease | |
LEASE LIABILITIES- OPERATING LEASE | NOTE 5 - LEASE LIABILITIES- OPERATING LEASE Future minimum lease payments under the operating lease as of January 31, 2023 are: Schedule of future minimum lease payment 12 months ended January 31, 2024 $ 21,060 12 months ended January 31, 2025 — Total Lease payments 21,060 Less Imputed Interest — Net Lease liability $ 21,060 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jan. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 - RELATED PARTY TRANSACTIONS The Company’s major shareholder has orally agreed to loan funds to the Company for its operations on an as needed basis. For the six months ended January 31, 2023 and 2022, the major shareholder loaned the Company $ 161,314 154,628 As of January 31, 2023 and July 31, 2022, the balance owing the major shareholder was $ 706,514 541,750 |
RESEARCH AND DEVELOPMENT EXPENS
RESEARCH AND DEVELOPMENT EXPENSE | 6 Months Ended |
Jan. 31, 2023 | |
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 January 31, 2023 and 2022, the R&D expenses were $ 15,109 70,020 41,534 140,501 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jan. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 8 - INCOME TAXES Income tax expense was $ 0 As of January 31, 2023, the Company had no no no There is no income tax benefit for the losses for the three and six months ended January 31, 2023 and 2022, 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 | 6 Months Ended |
Jan. 31, 2023 | |
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) | 6 Months Ended |
Jan. 31, 2023 | |
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. A portion of the Company’s cash and cash equivalents are deposited with Industrial and Commercial Bank of China Limited and Pingan Bank in the PRC, which is not insured or otherwise protected. The Company had deposits of $ 33,423 |
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 January 31, 2023 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 January 31, 2023 and 2022 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 January 31, 2023 January 31, 2022 Period end USD: RMB exchange rate 6.7604 6.3746 Average USD: RMB exchange rate 7.0115 6.4191 |
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 six months ended January 31, 2023 and 2022, there were no |
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 January 31, 2023 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 January 31, 2023, there was no recently issued accounting standards adopted which would have a material effect on the Company’s consolidated financial statements. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of exchange rates | Schedule of exchange rates January 31, 2023 January 31, 2022 Period end USD: RMB exchange rate 6.7604 6.3746 Average USD: RMB exchange rate 7.0115 6.4191 |
LEASE LIABILITIES- OPERATING _2
LEASE LIABILITIES- OPERATING LEASE (Tables) | 6 Months Ended |
Jan. 31, 2023 | |
Lease Liabilities- Operating Lease | |
Schedule of future minimum lease payment | Schedule of future minimum lease payment 12 months ended January 31, 2024 $ 21,060 12 months ended January 31, 2025 — Total Lease payments 21,060 Less Imputed Interest — Net Lease liability $ 21,060 |
BASIS OF PRESENTATION AND SUM_4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Jan. 31, 2023 | Jan. 31, 2022 |
Period End R M B U S D Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Average USD: RMB exchange rate | 6.7604 | 6.3746 |
Period Average R M B U S D Exchange Rate [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
Average USD: RMB exchange rate | 7.0115 | 6.4191 |
BASIS OF PRESENTATION AND SUM_5
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Bank Deposits | $ 33,423 | $ 33,423 | ||
Potentially dilutive shares | 0 | 0 | 0 | 0 |
OPERATING LEASE RIGHT-OF-USE _2
OPERATING LEASE RIGHT-OF-USE ASSETS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Operating Lease Right-of-use Assets | |||||
Operating lease right of use assets | $ 18,934 | $ 18,934 | $ 48,831 | ||
Operating lease cost | $ 13,376 | $ 16,718 | $ 26,753 | $ 33,360,397 |
LEASE LIABILITIES- OPERATING _3
LEASE LIABILITIES- OPERATING LEASE (Details) | Jan. 31, 2023 USD ($) |
Lease Liabilities- Operating Lease | |
12 months ended January 31, 2024 | $ 21,060 |
12 months ended January 31, 2025 | |
Total Lease payments | 21,060 |
Less Imputed Interest | |
Net Lease liability | $ 21,060 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |||
Proceeds from related party debt | $ 161,314 | $ 154,628 | |
Advance from related party | $ 706,514 | $ 541,750 |
RESEARCH AND DEVELOPMENT EXPE_2
RESEARCH AND DEVELOPMENT EXPENSE (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Research And Development Expense | ||||
Research and development expense | $ 15,109 | $ 70,020 | $ 41,534 | $ 140,501 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jan. 31, 2023 | Jan. 31, 2022 | Jan. 31, 2023 | Jan. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Unrecognized tax benefits | 0 | 0 | ||
Unrecognized tax benefits interest or penalties | 0 | 0 | ||
Uncertain tax positions | $ 0 | $ 0 |