Cover
Cover - shares | 3 Months Ended | |
Sep. 30, 2021 | Nov. 12, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-56131 | |
Entity Registrant Name | FORZA INNOVATIONS INC | |
Entity Central Index Key | 0001683131 | |
Entity Tax Identification Number | 30-0852686 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 30 Forzani Way NW | |
Entity Address, City or Town | Calgary | |
Entity Address, State or Province | WY | |
Entity Address, Postal Zip Code | 1L5 | |
City Area Code | 702 | |
Local Phone Number | 205-2064 | |
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 | false | |
Entity Common Stock, Shares Outstanding | 291,644,231 |
BALANCE SHEETS (Unaudited)
BALANCE SHEETS (Unaudited) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Current assets: | ||
Cash | $ 5,375 | $ 13,677 |
Assets of discontinued operations | 0 | 0 |
Total current assets | 5,375 | 13,677 |
Machinery and equipment, net | 102,427 | 108,954 |
Website, net | 13,750 | 15,250 |
Total Assets | 121,552 | 137,881 |
Current liabilities: | ||
Accounts payable | 96,335 | 35,400 |
Accrued interest | 66,001 | 57,649 |
Convertible note payable, net of discount of $0 and $12,500, respectively | 120,000 | 150,000 |
Loan Payable | 22,729 | 122,729 |
Due to related party | 55,929 | 54,833 |
Total current liabilities | 360,994 | 420,611 |
Total liabilities | 360,994 | 420,611 |
Commitments and contingencies | 0 | 0 |
Stockholders' deficit: | ||
Class B Preferred stock, $0.001 par value, 25,000,000 shares authorized, 10,000,000 issued and outstanding | 10,000 | 10,000 |
Common stock, $0.001 par value, 700,000,000 shares authorized; 281,544,231 and 281,000,000 shares issued and outstanding, respectively | 281,544 | 281,000 |
Common stock to be issued | 100,000 | 0 |
Additional paid-in capital | 3,825,006 | 2,921,000 |
Accumulated deficit | (4,455,992) | (3,494,730) |
Total stockholders' (deficit) equity | (239,442) | (282,730) |
Total Liabilities and Stockholders' Equity | $ 121,552 | $ 137,881 |
BALANCE SHEETS (Unaudited) (Par
BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Debt discount | $ 0 | $ 12,500 |
Common Stock Par Value | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 700,000,000 | 700,000,000 |
Common Stock Shares Issued | 281,544,231 | 281,000,000 |
Common Stock Shares Outstanding | 281,544,231 | 281,000,000 |
Series B Preferred Stock [Member] | ||
Preferred Stock Par Value | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock Shares Issued | 10,000,000 | 10,000,000 |
Preferred Stock Shares Outstanding | 10,000,000 | 10,000,000 |
STATEMENTS OF OPERATIONS (Unaud
STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Expenses: | ||
General & administrative expenses | $ 98,360 | $ 0 |
Stock based compensation | 854,550 | 0 |
Total operating expenses | 952,910 | 0 |
Loss from operations | (952,910) | 0 |
Other expense: | ||
Interest expense | (8,352) | (1,530) |
Debt discount amortization | 0 | (12,500) |
Total other expense | (8,352) | (14,030) |
Loss before income taxes | (961,262) | (14,030) |
Provision for income taxes | 0 | 0 |
Net loss from continuing operations | (961,262) | (14,030) |
Net income from discontinued operations | 0 | 21,690 |
Net (Loss) Income | $ (961,262) | $ 7,660 |
Net loss per common share, basic & diluted from continuing operations | $ 0 | $ 0 |
Net income per common share, basic & diluted from discontinued operations | 0 | 0 |
Net Loss Per Common Share, basic & diluted | $ 0 | $ 0 |
Weighted Common Shares Outstanding, basic & diluted | 281,234,197 | 181,000,000 |
STATEMENT OF STOCKHOLDERS' DEFI
STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Common Stock To Be Issued [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 181,000 | $ 10,000 | $ 221,000 | $ (351,590) | $ 60,410 | |
Net loss | 7,660 | 7,660 | ||||
Ending balance, value at Sep. 30, 2020 | $ 181,000 | $ 10,000 | 221,000 | (343,930) | 68,070 | |
Ending balance, shares at Sep. 30, 2020 | 181,000,000 | 10,000,000 | ||||
Beginning balance, shares at Jun. 30, 2020 | 181,000,000 | 10,000,000 | ||||
Net loss | 7,660 | |||||
Ending balance, value at Sep. 30, 2020 | $ 181,000 | $ 10,000 | 221,000 | (343,930) | 68,070 | |
Ending balance, shares at Sep. 30, 2020 | 181,000,000 | 10,000,000 | ||||
Beginning balance, value at Jun. 30, 2021 | $ 281,000 | $ 10,000 | 2,921,000 | (3,494,730) | (282,730) | |
Beginning balance, shares at Jun. 30, 2021 | 281,000,000 | 10,000,000 | ||||
Shares issued for conversion of debt | $ 144 | 29,856 | 100,000 | $ 130,000 | ||
Shares issued for conversion of debt ,shares | 144,231 | 10,144,231 | ||||
Options exercised – related party | $ 400 | 19,600 | $ 20,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 400,000 | 400,000 | ||||
Fair value of options granted | 854,550 | $ 854,550 | ||||
Net loss | (961,262) | (961,262) | ||||
Ending balance, value at Sep. 30, 2021 | $ 281,544 | $ 10,000 | $ 3,825,006 | $ 100,000 | $ (4,455,992) | $ (239,442) |
Ending balance, shares at Sep. 30, 2021 | 281,544,231 | 10,000,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net Loss from continuing operations | $ (961,262) | $ (14,030) |
Less: income from discontinued operations | 0 | 21,690 |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 8,027 | 0 |
Debt discount amortization | 0 | 12,500 |
Stock based compensation | 854,550 | 0 |
Changes in operating assets and liabilities: | ||
Accounts payable | 60,935 | 0 |
Accrued interest | 8,352 | 1,530 |
Operating cash flow from discontinued operations | 0 | 9,589 |
Net cash (used) provided by operating activities | (29,398) | 31,279 |
Cash flows from investing activities: | ||
Investing cash flow from discontinued operations | 0 | (27,530) |
Net cash used in investing activities | 0 | (27,530) |
Cash flows from financing activities: | ||
Advances from related party | 21,096 | 0 |
Financing cash flow from discontinued operations | 0 | 8,829 |
Net cash provided by financing activities | 21,096 | 8,829 |
Net change in cash | (8,302) | 12,578 |
Cash, beginning of period | 13,677 | 174,879 |
Less: cash of discontinued operations, end of period | 0 | (187,457) |
Cash of continuing operations at end of period | 5,375 | 0 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for taxes | $ 0 | $ 0 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS Forza Innovations Inc. (the “Company”), was incorporated on December 9, 2014 under the laws of the State of Florida. The Company was a diversified multi-industry manufacturer of complex metal components and products. We serve all general industrial markets such as Aerospace, Automotive, Commercial, Food Processing, Industrial, Maritime, Medical, Railroad, Oil and Gas, Packaging, Telecom, Textiles, Robotics, Space Travel, Transportation and many more. We are a vertically integrated precision CNC manufacturing and fabrication company with core emphasis on product design, engineering and precision manufacturing of complex components and products. On February 5, 2018, the Company formed Genesys Industries, LLC as a wholly owned subsidiary in the state of Missouri. On January 21, 2021, Shefali Vibhakar, President of the Company closed a Share Purchase Agreement (the “Agreement”) that she entered into with Johnny Forzani to sell all of her 170,000,000 10,000,000 177,000 Further, as part of the Agreement, Ms. Vibhakar agrees to spin out all of the Company’s assets (except for certain machinery valued at $40,000 – which is subject to a separate purchase agreement) as well as all of the Company’s liabilities (except the Company’s note with Tangiers Capital, LLC). The value date of the assets and liabilities will be January 21, 2021. On January 21, 2021, a change in control of the Company occurred pursuant to the Agreement. Mr. Forzani now has voting control over 93.9% of the Company’s issued and outstanding common stock. On January 21, 2021, the Company received the resignation of Shefali Vibhakar as the Company’s President, Chief Executive Officer, Treasurer, Chief Financial Officer, Secretary and Director and appointed Johnny Forzani as its President, Chief Executive Officer, Treasurer, Chief Financial Officer and Secretary. Effective January 21, 2021, the Company’s new address is 30 Forzani Way NW, Calgary, Alberta, Canada T3Z 1L5. On February 17, 2021, the Company filed Articles of Continuance with the Secretary of State for the state of Wyoming. Accordingly, the Company transferred its state of formation from Florida to Wyoming and became a Wyoming entity. On February 18, 2021, the Company filed a Certificate of Dissolution with the Secretary of State for the State of Florida, effectively dissolving the Company's existence in Florida. As of June 30, 2021, Forza Innovations has moved out of the precision CNC manufacturing and fabrication business and has moved into the health-tech wearable performance business. The Company has acquired the ownership and rights to certain late developmental stage products, including the J4 Sport, J4 X and J4 Fitbelt. These products are wearable back compression devices, used to relax, warmup, loosen, or relax stiff & sore muscles. The therapeutic application of heat causes a change in temperature of the soft tissues which decreases joint stiffness and relieves inflammation. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2021 and for the related periods presented have been made. The results for the three months ended September 30, 2021 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, filed with the Securities and Exchange Commission 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no Property, Plant and Equipment Property and equipment are carried at the lower of cost or net realizable value. Major betterments that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3 - GOING CONCERN The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As of September 30, 2021, the Company has an accumulated deficit of $ 4,455,992 3,069,884 While the Company is successfully executing its growth strategy, its cash position may not still be sufficient to support the Company’s daily operations without additional financing. While the Company believes in the viability of its strategy to produce sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenues. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. |
PROPERTY, PLANT & EQUIPMENT
PROPERTY, PLANT & EQUIPMENT | 3 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT & EQUIPMENT | NOTE 4 – PROPERTY, PLANT & EQUIPMENT Long lived assets, including property and equipment and certain intangible assets to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Impairment losses are recognized if expected future cash flows of the related assets are less than their carrying values. Measurement of an impairment loss is based on the fair value of the asset. Long-lived assets and certain identifiable intangibles to be disposed of are reported at the lower of carrying amount or fair value less cost to sell. Property and Equipment and intangible assets are first recorded at cost. Depreciation and/or amortization is computed using the straight-line method over the estimated useful lives of the various classes of assets between three and five years. Leasehold improvements are being depreciated over ten years, and the building over twenty years. Maintenance and repair expenses, as incurred, are charged to expense. Betterments and renewals are capitalized in plant and equipment accounts. Cost and accumulated depreciation applicable to items replaced or retired are eliminated from the related accounts with any gain or loss on the disposition included as income. Property, Plant and equipment stated at cost, less accumulated depreciation for continuing operations consisted of the following: Property, Plant & Equipment September 30, 2021 June 30, 2021 Machinery and Equipment $ 117,135 $ 117,135 Less: accumulated depreciation 14,708 8,118 Fixed assets, net $ 102,427 $ 109,017 Depreciation expense Depreciation expense for the three months ended September 30, 2021 and 2020 was $ 6,527 0 Our capitalized software cost, less accumulated amortization consisted of the following: Software cost September 30, 2021 Software $ 18,000 Less: accumulated depreciation 2,750 Software, net $ 15,250 Amortization expense Amortization expense for the years ended September 30, 2021 and 2020 was $ 1,500 0 |
CONVERTIBLE DEBT
CONVERTIBLE DEBT | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE DEBT | NOTE 5 – CONVERTIBLE DEBT On January 2, 2020, the Company executed a 10% convertible promissory note in which it agreed to borrow up to $300,000. The note is convertible at a price per share equal to the lower of (a) the Fixed Conversion Price (which is fixed at a price equal to $0.30); or (b) 80% of the lowest trading price of the Company’s common stock during the 5 consecutive trading days prior to the date on which lender elects to convert all or part of the Note. 125,000 25,000 200,000 150,000 75,000 30,000 144,231 120,000 47,055 |
NOTE PAYABLE
NOTE PAYABLE | 3 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTE PAYABLE | NOTE 6 - NOTE PAYABLE On November 5, 2017, to fund its working capital requirements the Company obtained a Special Line of Credit (“LOC”) also recognized as a Blanket Secured Promissory Note for the total draw down amount of up to $ 500,000 5 100,000 10,000,000 22,729 122,729 18,946 11,279 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 7 - STOCKHOLDERS’ EQUITY On February 19, 2021, the Company filed a Definitive 14C in order to ratify the written consent received from one shareholder, holding 96.1% of our voting power to: (1) to amend the Company’s Articles of Incorporation, as amended (the “Articles”) to change our corporate name from Genesys Industries, Inc. to Forza Innovations Inc. (the “Name Change”); (2) to amend the Articles to increase the number of authorized shares of Class A Common Stock we may issue from 100,000,000 700,000,000 10 shares every 1 share Common stock During the quarter ended September 30, 2021, the Company issued 10,144,231 130,000 100,000 Preferred stock Preferred stock includes 25,000,000 0.001 25,000,000 0.001 The Preferred Stock constitutes a convertible stock in which (1) one Preferred Share is convertible into (5) five Common Shares. The Preferred Stockholders are entitled to vote on any matters on which the common stockholders are entitled to vote. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 8 - RELATED PARTY TRANSACTIONS On January 21, 2021, the Company entered into an acquisition agreement with Mr. Forzani to acquire all of the ownership and the rights to certain late developmental stage products, including the J4 Sport, J4 X and J4 Fitbelt in exchange for the issuance of 10,000,000 0.28 2,800,000 95,135 2,704,865 During the year ended June 30, 2021, Mr. Forzani advanced the Company $ 54,833 21,096 55,929 On August 23, 2021, Mr. Forzani exercised 400,000 20,000 |
STOCK OPTIONS
STOCK OPTIONS | 3 Months Ended |
Sep. 30, 2021 | |
Stock Options | |
STOCK OPTIONS | NOTE 9 – STOCK OPTIONS On August 3, 2021, the Company granted 1,000,000 250,000 250,000 0.05 The aggregate fair value of the 1,500,000 854,550 0.17 704.9 2 A summary of the status of the Company’s outstanding stock options and changes during the three months ended September 30, 2021 is presented below: Schedule of Stock Options Outstanding Stock Options Options Weighted Average Aggregate Options outstanding at June 30, 2021 — $ — — Granted 1,500,000 0.05 — Exercised (400,000 ) $ — Expired — $ — Options outstanding September 30, 2021 1,100,000 $ 0.05 Options exercisable at September 30, 2021 1,100,000 $ 0.05 $ 187,000 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 10 – DISCONTINUED OPERATIONS On January 21, 2021, Shefali Vibhakar, President of the Company closed a Share Purchase Agreement (the “Agreement”) that she entered into with Johnny Forzani to sell all of her 17,000,000 10,000,000 177,000 Further, as part of the Agreement, Ms. Vibhakar agrees to spin out all of the Company’s assets (except for certain machinery valued at $40,000 – which is subject to a separate purchase agreement) as well as all of the Company’s liabilities (except the Company’s note with Tangiers Capital, LLC and Twiga Capital). The value date of the assets and liabilities will be January 21, 2021. In accordance with the provisions of ASC 205-20, Presentation of Financial Statements Disposal Groups, Including Discontinued Operations For the Three Months Ended September 30, 2020 Revenue $ 179,056 Cost of revenue 113,760 Gross Margin 65,296 Operating Expenses: Payroll expense 15,068 General & administrative expenses 16,335 Total operating expenses 31,403 Income from operations 33,893 Total other expense (12,203 ) Net income $ 21,690 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 - SUBSEQUENT EVENTS In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued and has determined that it has no material subsequent events to disclose in these unaudited financial statements other than the following. On October 20, 2021, the Company entered into a $ 3,000,000 equity line financing agreement (the “Investment Agreement”) with Tangiers Global, LLC (“Tangiers”), as well as a registration right agreement related thereto (the “Registration Rights Agreement”). The financing is over a maximum of 36 months. Pursuant to the Registration Rights Agreement, a maximum of 7,000,000 shares of our common stock that we may sell to Tangiers from time to time will be registered by us on Form S-1 with the Securities and Exchange Commission under the Securities Act of 1933, as amended, for this financing. We are required to use our best efforts to file the Registration Statement within 45 days of the date the Investment Agreement. The Company is also required to issue Tangiers 25,000 On October 26, 2021, Mr. Stanbury exercised 100,000 5,000 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at September 30, 2021 and for the related periods presented have been made. The results for the three months ended September 30, 2021 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2021, filed with the Securities and Exchange Commission |
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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk We maintain our cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. We continually monitor our banking relationships and consequently have not experienced any losses in our accounts. We believe we are not exposed to any significant credit risk on cash. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. There were no |
Property, Plant and Equipment | Property, Plant and Equipment Property and equipment are carried at the lower of cost or net realizable value. Major betterments that extend the useful lives of assets are also capitalized. Normal maintenance and repairs are charged to expense as incurred. When assets are sold or otherwise disposed of, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in operations. |
Recently issued accounting pronouncements | Recently issued accounting pronouncements The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
PROPERTY, PLANT & EQUIPMENT (Ta
PROPERTY, PLANT & EQUIPMENT (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant & Equipment | Property, Plant & Equipment September 30, 2021 June 30, 2021 Machinery and Equipment $ 117,135 $ 117,135 Less: accumulated depreciation 14,708 8,118 Fixed assets, net $ 102,427 $ 109,017 |
Software cost | Software cost September 30, 2021 Software $ 18,000 Less: accumulated depreciation 2,750 Software, net $ 15,250 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Stock Options | |
Schedule of Stock Options Outstanding | Schedule of Stock Options Outstanding Stock Options Options Weighted Average Aggregate Options outstanding at June 30, 2021 — $ — — Granted 1,500,000 0.05 — Exercised (400,000 ) $ — Expired — $ — Options outstanding September 30, 2021 1,100,000 $ 0.05 Options exercisable at September 30, 2021 1,100,000 $ 0.05 $ 187,000 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Disposal Groups, Including Discontinued Operations For the Three Months Ended September 30, 2020 Revenue $ 179,056 Cost of revenue 113,760 Gross Margin 65,296 Operating Expenses: Payroll expense 15,068 General & administrative expenses 16,335 Total operating expenses 31,403 Income from operations 33,893 Total other expense (12,203 ) Net income $ 21,690 |
NATURE OF OPERATIONS (Details N
NATURE OF OPERATIONS (Details Narrative) | 1 Months Ended |
Jan. 21, 2021USD ($)shares | |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | |
Offsetting Assets [Line Items] | |
Cash consideration | $ | $ 177,000 |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Common Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | 170,000,000 |
Share Purchase Agreement [Member] | Shefali Vibhakar [Member] | Preferred Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | 10,000,000 |
Acquisition Agreement [Member] | Forzani [Member] | |
Offsetting Assets [Line Items] | |
Common Stock, Voting Rights | Mr. Forzani now has voting control over 93.9% of the Company’s issued and outstanding common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Accounting Policies [Abstract] | ||
Cash equivalents | $ 0 | $ 0 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated Deficit | $ 4,455,992 | $ 3,494,730 |
Gain loss on Disposition of Assets | $ 3,069,884 |
PROPERTY, PLANT & EQUIPMENT- Pr
PROPERTY, PLANT & EQUIPMENT- Property, Plant and equipment stated at cost (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 |
Property, Plant and Equipment [Abstract] | ||
Machinery and Equipment | $ 117,135 | $ 117,135 |
Less: accumulated depreciation | 14,708 | 8,118 |
Fixed assets, net | $ 102,427 | $ 109,017 |
PROPERTY, PLANT & EQUIPMENT- So
PROPERTY, PLANT & EQUIPMENT- Software cost (Details) | Sep. 30, 2021USD ($) |
Property, Plant and Equipment [Abstract] | |
Software | $ 18,000 |
Less: accumulated depreciation | 2,750 |
Software, net | $ 15,250 |
PROPERTY, PLANT & EQUIPMENT (De
PROPERTY, PLANT & EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation Expense | $ 6,527 | $ 0 |
Amortization expense | $ 1,500 | $ 0 |
CONVERTIBLE DEBT (Details Narra
CONVERTIBLE DEBT (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Sep. 28, 2021 | Aug. 17, 2021 | Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |||
Promissory note | Company executed a 10% convertible promissory note in which it agreed to borrow up to $300,000. The note is convertible at a price per share equal to the lower of (a) the Fixed Conversion Price (which is fixed at a price equal to $0.30); or (b) 80% of the lowest trading price of the Company’s common stock during the 5 consecutive trading days prior to the date on which lender elects to convert all or part of the Note. | ||
Principal amount | $ 125,000 | ||
Original debt discount | 25,000 | ||
Beneficial conversion feature | 200,000 | ||
Debt discount | 150,000 | ||
Loss on issuance of convertible debt | 75,000 | ||
Note Converted | $ 30,000 | ||
Debt Conversion, Converted Instrument, Shares Issued | 10,000,000 | 144,231 | |
Principal due | 120,000 | ||
Interest due | $ 47,055 |
NOTE PAYABLE (Details Narrative
NOTE PAYABLE (Details Narrative) - USD ($) | Nov. 05, 2017 | Sep. 28, 2021 | Aug. 17, 2021 | Sep. 30, 2021 | Jun. 30, 2021 |
Line of Credit Facility [Line Items] | |||||
Debt conversion amount converted | $ 100,000 | ||||
Debt Conversion, Converted Instrument, Shares Issued | 10,000,000 | 144,231 | |||
Loan Payable | $ 22,729 | $ 122,729 | |||
Accrued Interest | 66,001 | 57,649 | |||
Line of Credit [Member] | Twiga Capital Partners | |||||
Line of Credit Facility [Line Items] | |||||
Line of Credit maximum limit | $ 500,000 | ||||
Interest rate | 5.00% | ||||
Loan Payable | 22,729 | 122,729 | |||
Accrued Interest | $ 18,946 | $ 11,279 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Feb. 19, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | |
Class of Stock [Line Items] | |||
Common Stock Shares Authorized | 700,000,000 | 700,000,000 | 700,000,000 |
Forward stock split | 10 shares every 1 share | ||
Shares Issued | 10,144,231 | ||
Shares issued for conversion of debt | $ 130,000 | ||
Common stock to be issued | $ 100,000 | $ 0 | |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common Stock Shares Authorized | 100,000,000 | ||
Series B Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Preferred Stock Shares Authorized | 25,000,000 | 25,000,000 | |
Preferred Stock Par Value | $ 0.001 | $ 0.001 | |
Stock Conversion | The Preferred Stock constitutes a convertible stock in which (1) one Preferred Share is convertible into (5) five Common Shares. The Preferred Stockholders are entitled to vote on any matters on which the common stockholders are entitled to vote. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Aug. 23, 2021 | Jan. 21, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction [Line Items] | |||||
Common stock issued for assets | $ 95,135 | ||||
Loss on asset acquisition related party | 2,704,865 | ||||
Advances from related party | 21,096 | $ 0 | |||
Due to related party | $ 55,929 | $ 55,929 | |||
Option Exercised, Shares | 400,000 | 400,000 | |||
Option Exercised | $ 20,000 | $ 20,000 | |||
Mr Forzani [Member] | |||||
Related Party Transaction [Line Items] | |||||
Advances from related party | $ 54,833 | ||||
Acquisition Agreement [Member] | Forzani [Member] | |||||
Related Party Transaction [Line Items] | |||||
Stock issued for asset acquisitions, Shares | 10,000,000 | ||||
Share Price | $ 0.28 | ||||
Stock issued for asset acquisitions, Value | $ 2,800,000 |
STOCK OPTIONS (Details)
STOCK OPTIONS (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Aug. 23, 2021 | Aug. 03, 2021 | Sep. 30, 2021 | |
Stock Options | |||
Outstanding at beginning of period | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Beginning Balance | |||
Granted | 1,500,000 | ||
Granted | $ 0.05 | ||
Exercised | (400,000) | (400,000) | |
Exercised | |||
Expired | |||
Expired | |||
Outstanding at end of period | 1,100,000 | ||
Outstanding at end of period | $ 0.05 | ||
Exercisable at end of period | 1,100,000 | ||
Exercisable at end of period | $ 0.05 | $ 0.05 | |
Exercisable at end of period | $ 187,000 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |
Aug. 03, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Option Granted | 1,500,000 | ||
Exercisable | $ 0.05 | $ 0.05 | |
Aggregate fair value | 1,500,000 | ||
Stock based compensation | $ 854,550 | $ 0 | |
Risk Free Rate | 0.17% | ||
Volatility | 704.90% | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years | ||
Johnny Forzani [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Option Granted | 1,000,000 | ||
Geoff Stanbury [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Option Granted | 250,000 | ||
Tom Forzani [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Option Granted | 250,000 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) | 3 Months Ended |
Sep. 30, 2020USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Revenue | $ 179,056 |
Cost of revenue | 113,760 |
Gross Margin | 65,296 |
Operating Expenses: | |
Payroll expense | 15,068 |
General & administrative expenses | 16,335 |
Total operating expenses | 31,403 |
Income from operations | 33,893 |
Total other expense | (12,203) |
Net income | $ 21,690 |
DISCONTINUED OPERATIONS (Deta_2
DISCONTINUED OPERATIONS (Details Narrative) - Share Purchase Agreement [Member] | 1 Months Ended |
Jan. 21, 2021USD ($)shares | |
Johnny Forzani [Member] | Common Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | 17,000,000 |
Shefali Vibhakar [Member] | |
Offsetting Assets [Line Items] | |
Cash consideration | $ | $ 177,000 |
Shefali Vibhakar [Member] | Common Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | 170,000,000 |
Shefali Vibhakar [Member] | Preferred Stock [Member] | |
Offsetting Assets [Line Items] | |
Number of stock sold | 10,000,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Oct. 26, 2021 | Aug. 23, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Oct. 20, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Fair Value Disclosure, Off-balance Sheet Risks, Face Amount, Asset | $ 3,000,000 | ||||
Commitment Fee | 25,000 | ||||
Option Exercised, shares | 400,000 | 400,000 | |||
Option Exercised, value | $ 20,000 | $ 20,000 | |||
Mr Stanbury [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Option Exercised, shares | 100,000 | ||||
Option Exercised, value | $ 5,000 |