Token Communities (TKCM) 10-Q/A 5 May 23 2023 Q1 Quarterly report (amended) Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2022	Nov. 21, 2022
Cover [Abstract]
Entity Registrant Name	Token Communities, Ltd.
Entity Central Index Key	0001683252
Document Type	10-Q/A
Amendment Flag	true
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding		2,095,671,162
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-55688
Entity Incorporation State Country Code	DE
Entity Tax Identification Number	81-3709511
Entity Address Address Line 1	850 Tidewater Shore Loop
Entity Address Address Line 2	Suite 402
Entity Address City Or Town	Bradenton
Entity Address State Or Province	FL
Entity Address Postal Zip Code	34208
City Area Code	631
Amendment Description	Token Communities Ltd. (the “Company”) is filing this Amendment No. 1 (this “Form 10-Q/A”) to its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2022 (the “Original Form 10-Q”), as originally filed with the Securities and Exchange Commission on November 21, 2022. Changes and revisions have been made to the following items: (i) relabel an asset on the Balance Sheet (from “Deposit” to “Accounts Receivable”) and to amend related footnotes, (ii) revise Footnote 2 to the Financial Statements to reflect the Company has more than one revenue category, (iii) relabel Operating Expenses on the Consolidated Statements of Operations to provide more detailed disclosure on the expenses incurred by the Company and revise related footnotes, and (iv) remove liabilities that were forgiven as part of the acquisition transaction. The aforementioned changes have no effect on the Income Statement but resulted in a restatement in liabilities and equity of $725,113 on the Balance Sheet. This Form 10-Q/A includes new certifications as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended, from our Chief Executive Officer and Chief Financial Officer, dated as of the date of filing of this Form 10-Q/A.
Local Phone Number	397-1111
Entity Interactive Data Current	Yes

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Current Assets:
Cash and equivalents	$ 312	$ 312
Accounts Receivable	50,000	50,000
Total current assets	50,312	50,312
Other assets	836	836
TOTAL ASSETS	51,148	51,148
Current Liabilities:
Accounts payable and accrued expenses	101,916	101,916
Due to related parties	1,385,409	1,258,676
Total current liabilities	1,487,325	1,360,592
STOCKHOLDERS' DEFICIT
2,095,872,947 shares of common stock issued and outstanding, respectively	209,587	209,587
Additional paid-in capital	1,039,610	1,039,610
Other comprehensive income	(5,653)	(5,603)
Accumulated deficit	(2,679,721)	(2,553,038)
Total stockholders' deficit	(1,436,177)	(1,309,444)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 51,148	$ 51,148

CONSOLIDATED BALANCE SHEET (Par

CONSOLIDATED BALANCE SHEET (Parentheticals) - shares	Sep. 30, 2022	Jun. 30, 2022
CONSOLIDATED BALANCE SHEET
Common stock, shares issued	2,095,872,947	2,095,872,947
Common stock, shares outstanding	2,095,872,947	2,095,872,947

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
REVENUES	$ 0	$ 0
OPERATING EXPENSES
Payroll Related Expenses	22,414	22,967
Rent Expense	10,234	60,395
Audit and Legal Fees	35,000	31,250
General and administrative	59,035	13,310
TOTAL OPERATING EXPENSES	126,683	127,922
LOSS FROM OPERATIONS	(126,683)	(127,922)
Gain on foregiveness of debt	0	0
Gain on sale of Lukki exchange	0	0
TOTAL OTHER INCOME (EXPENSE)	0	0
PROVISION FOR INCOME TAXES	0	0
NET INCOME (LOSS)	(126,683)	(127,922)
Foreign exchange translation gain (loss)	(29)	(7,741)
Comprehensive income	$ (126,712)	$ (135,663)
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,095,871,947	2,095,871,947

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY - USD ($)	Total	Common Stock	Additional Paid-In Capital	Comprehensive Income [Member]	Retained Earnings (Accumulated Deficit)
Balance, shares at Jun. 30, 2021		2,095,872,947
Balance, amount at Jun. 30, 2021	$ (1,028,756)	$ 209,587	$ 1,039,610	$ 12,720	$ (2,290,673)
Foreign currency translation gain, amount	(7,741)	0	0	(7,741)
Net income for the period, amount	(127,922)	$ 0	0	0	(127,922)
Balance, shares at Sep. 30, 2021		2,095,872,947
Balance, amount at Sep. 30, 2021	(1,164,419)	$ 209,587	1,039,610	4,979	(2,418,595)
Balance, shares at Jun. 30, 2022		2,095,872,947
Balance, amount at Jun. 30, 2022	(1,309,444)	$ 209,587	1,039,610	(5,603)	(2,553,038)
Foreign currency translation gain, amount	(4,950)	0	0	(50)	0
Net income for the period, amount	(126,683)	$ 0	0	0	(126,683)
Balance, shares at Sep. 30, 2022		2,095,872,947
Balance, amount at Sep. 30, 2022	$ (1,436,177)	$ 209,587	$ 1,039,610	$ (5,653)	$ (2,679,721)

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (126,683)	$ (127,922)
Accrued expenses	0	6,196
Net cash used in operating activities	(126,683)	(121,726)
CASH FLOWS FROM INVESTING ACTIVITIES:
Payment for other assets	0	0
Net cased in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related parties, net	126,712	129,467
Net cash provided by financing activities	126,712	129,467
Effect of exchange rate changes on cash and equivalents	(29)	(7,741)
NET DECREASE IN CASH AND EQUIVALENTS	0	0
CASH AND EQUIVALENTS, BEGINNING OF PERIOD	312	312
CASH AND EQUIVALENTS, END OF PERIOD	312	312
Interest	0	0
Income taxes	$ 0	$ 0

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Sep. 30, 2022
Organization and Basis of Presentation
Organization and Basis of Presentation	Note 1 - Organization and Basis of Presentation Organization and Line of Business Token Communities Ltd. (the “Company” or “Limited”) was organized under the laws of the State of Delaware on March 6, 2014, under the name Pacific Media Group Enterprises, Inc. On April 7, 2017, the Company amended its Certificate of Incorporation with the Secretary of State of Delaware, changing its name to Extract Pharmaceuticals Inc. On January 26, 2018, the Board of Directors adopted an Amendment to its Certificate of Incorporation, changing its name to Token Communities Ltd. The Company is a development stage company that researches and creates white paper analysis for companies regarding block chain technology. On February 26, 2018, the Company entered into an Acquisition and Share Exchange Agreement with Token Communities PLC (“PLC”). Under the Agreement, the Company’s majority shareholder returned 19,266,000 common shares to treasury, and at closing 100% of the issued and outstanding shares of PLC were acquired by the Company, for 172,800,000 newly issued common shares equal to 64% of the Company’s outstanding common stock as of the closing date, thus making the stockholders of PLC the majority stockholders of the Company. The transaction closed on May 18, 2018. This transaction was accounted for as a reverse acquisition under the purchase method of accounting since PLC obtained control of Limited. Accordingly, the merger of PLC into Limited was recorded as a recapitalization of PLC, PLC being treated as the continuing entity. The transaction was treated as a recapitalization and not as a business combination. Limited had 116,466,000 shares outstanding prior to the merger. At the time of the merger, Limited’s principal stockholder surrendered 19,266,000 shares, which were cancelled. After the merger the total number of Limited shares outstanding was 270,000,000. PLC is a Gibraltar Financial Advisory firm which specializes in Blockchain, Artificial Intelligence and Fin-Tech investment in incubating as well as advising and managing qualified companies in the blockchain and distributed ledger technologies arena, including smart contracts, TGEs, DApps, and more. Advisement comprises the authoring of industry standard White Papers, technical aspects, design and implementation of market strategies, business appraisal and more. All potential clients are vetted and Anti-Money Laundering / Know-Your-Customer approved. The Company is also developing its own software technology with its dedicated team of developers. The historical financial statements presented are the financial statements of PLC. The Acquisition and Share Exchange Agreement was treated as a recapitalization and not as a business combination; therefore, no pro forma information is disclosed. At the date of the merger, the net liabilities of the legal acquirer, Limited, were $57,107. The combined entities are referred to hereafter as the “Company.” On May 28, 2020, the Company acquired 3.5 billion iRide tokens in exchange for 80 million shares provided to iRide.io Tech Pte., Ltd., valued at $8,000, which was immediately expensed. On July 14, 2020, a change in control of the Company was affected by a privately held corporation (American Software Company, controlled by two individuals) acquiring 83% of the outstanding stock from other control individuals. As part of this transaction, the Company transferred the 3.5 billion iRide tokens and 1,745,406 shares of its common stock to American Software in exchange for all technology, software codes and other intelligent products of the Lukki Exchange, a non-operating cyber coin exchange. Since the Lukki exchange had no previous material revenue nor assets, the acquisition has been accounted for as an asset acquisition and due to the fact that it has no value, and the parties to this transaction are related, the transaction has been accounted for as $(0), the value of the tokens are $(0), and no financial statements are being provided as part of the transaction. As a condition to the closing of the transactions contemplated in the Asset Purchase Agreement shareholders agreed to cancel an aggregate of 174,540,600 shares of Common Stock of the Company, and the holders of the Company’s Series A, B, C, D and E warrants agreed to the cancellation of all such warrants. During the last quarter of fiscal 2022 during the Company’s planned expansion of the token business into China the regulations in China relating to cryptocurrencies changed which made the expansion difficult. At about this time, in order to diversify the Company’s business the Company began research and development of naturopathic medicine. Employees there were primarily focused on the research and development of naturopathic medicine, so the Company considers payroll and related costs to be related to research and development. On April 25, 2022 the Company closed on the sale of the “Lukki Exchange” and related Lukki tokens in exchange for Fifty Thousand Dollars. With the sale of the Lukki Exchange the Company instead will only be involved in the advisory and consulting or companies regarding block chain technology. This consideration has not been received by the Company and has been reflected under Accounts Receivable heading in the Consolidated Balance Sheet. There are no terms for payment of this amount. Basis of Presentation The accompanying consolidated financial statements (“CFS”) were prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). Limited’s functional currency is the United States Dollars (“$” or “USD”) and Limited’s wholly-owned subsidiary, PLC’s functional currency is the Pound Sterling (“GBP”). Going Concern The accompanying CFS were prepared in conformity with U.S. GAAP, which contemplates the continuation of the Company as a going concern. The Company had a stockholders’ deficit of $3,404,855 at September 30, 2022 and has incurred losses from operations since inception and expects to continue to generate operating losses and negative cash flows for the foreseeable future. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The continued operations of the Company are dependent upon its ability to raise additional capital, obtain additional financing and/or acquire or develop a business that generates sufficient positive cash flows from operations. The accompanying CFS do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event the Company cannot continue as a going concern. Foreign Currency Translation The accounts of Limited are maintained in USD and the accounts of PLC are maintained in GBP. The accounts of PLC are translated into USD in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income June 30, 2022 September 30, 2021 Period end: GBP to USD exchange rate $ 1.12 $ 1.30 Average period: GBP to USD exchange rate $ 1.17 $ 1.29

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Use of Estimates The preparation of CFS in conformity with U.S. GAAP 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 CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Principles of Consolidation Cash Equivalents For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less. Accounts Receivable Accounts receivable are recorded, net of allowance for doubtful accounts and sales returns. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness, current economic trends and changes in customer payment patterns to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance for doubtful accounts when identified. As of September 30, 2022 and 2021, the allowance for uncollectible accounts receivable was zero, respectively. Fair Value of Financial Instruments For certain of the Company’s financial instruments, including cash and equivalents, accounts receivable, accounts payable, trust liability and advances, the carrying amounts approximate their fair values due to their short maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the FV measurement. The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging The Company uses Level 2 inputs for its valuation methodology for derivative liabilities as their fair values were determined by using the Black-Scholes-Merton pricing model based on various assumptions. Derivative liabilities are adjusted to reflect FV at each period end, with any increase or decrease in the FV being recorded in results of operations as adjustments to fair value of derivatives. Revenue Recognition ASU No. 2014-09 Revenue from Contracts with Customers Topic 606. Topic 605, Revenue Recognition Revenue from advisory fees and related services are recognized under Topic 606 ● executed contract(s) with our customer(s) that we believe is legally enforceable; ● identification of performance obligation in the respective contract; ● determination of the transaction price for each performance obligation in the respective contract; ● allocation of the transaction price to each performance obligation; and ● recognition of revenue only when the Company satisfies each performance obligation. These five elements, as applied to the Company’s only revenue category, are summarized below: ● Advisory fees and related services – the Company charges advisory fees for a suite of one to two dozen services that include advising on where to establish a corporation, establishing the corporation (often Gibraltar or Malta), writing white paper, setting up website, making videos or animations describing the company and its business, engaging in public relations, and introducing potential investors. Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented. Basic and Diluted Earnings (loss) Per Share Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share Foreign Currency Transactions and Comprehensive Income U.S. GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s subsidiary is the GBP. Translation loss of $5,630 at June 30, 2022 is classified as an item of other comprehensive income in the stockholders’ deficit section of the balance sheet. Statement of Cash Flows Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying CFS. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances. Management’s Evaluation of Subsequent Events The Company evaluates events that have occurred after the balance sheet date of September 30, 2022, through the date which the CFS were issued. Based upon the review, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the CFS.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Sep. 30, 2022
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses	Note 3 – Accounts Payable and Accrued Expenses Accrued expenses payable consisted of the following at September 30, 2022 and June 30, 2022: September 30, 2022 June 30, 2022 Accrued professional services $ 31,000 $ 31,000 Other 70,916 70,916 Total Accrued Expenses $ 101,916 $ 101,916

Stockholders Equity

Stockholders Equity	3 Months Ended
	Sep. 30, 2022
Stockholders Equity
Stockholders' Equity	Note 4 – Stockholders’ Equity As of September 30, 2022, the authorized share capital of the Company consists of 5,000,000,000 shares of common and 20,000,000 shares of preferred stock with $0.0001 par value. Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote. All shares of common stock are non-assessable and non-cumulative, with no pre-emptive rights. On July 23, 2019, the Company issued 80,000,000 shares as part of an acquisition whose terms were considered immaterial. On June 30, 2020 the Company issued 277,200 shares of common stock in settlement of debt of $268,942. On July 14, 2020, the Company issued 1,745,000,585 shares as part of the acquisition agreement described in Note 1. This resulted in an expense on the income statement in the amount of $ 174,500. On August 12, 2020, the Company issued 595,162 shares of common stock for services with a deemed value of $ 595,162.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	Note 5 - Related Party Transactions Amounts due to a related party are for advances made by a stockholder of the Company. The balance due of $1,384,409 and $1,258,676 as at September 30, 2022 and June 30, 2022 respectively, is presented as due to related parties in the accompanying consolidated balance sheet. The amounts due are non-interest bearing and payable upon demand. In the period ended June 30, 2021, certain related parties forgave advances and accrued expenses in the amount of $262,116. This resulted in a gain on forgiveness of debt on the income statement in the amount of $262,116.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 6 – Commitments and Contingencies The Company is party to certain legal proceedings from time to time incidental to the conduct of its business. These proceedings could result in fines, penalties, compensatory or treble damages or non-monetary relief. The nature of legal proceedings is such that the Company cannot assure the outcome of any particular matter, and an unfavorable ruling or development could have a materially adverse effect on the Company’s CFS in the period in which a ruling or settlement occurs. However, based on information available to the Company’s management to date, the Company’s management does not expect the outcome of any matter pending against the Company is likely to have a material effect on the Company’s CFS. On July 6, 2018 PLC entered into a binding agreement to purchase 75% of new issued ordinary shares of i-Deal Corp Limited, which has developed a communication platform for Publicly Listed, Private companies and investors around the globe. i-Deal Corp Limited established the i-DX communication platform for companies and investors and has more than 2,000 diverse users. The i-DX platform has seen activity from more than 40 countries with placings of equity and debt across a broad range of industries including oil and gas, real estate, automotive, pharmaceuticals, beverages, software, mining, alternative energy, and financial services These users include listed and private companies, and blockchain companies; private and institutional investors; investment companies (angel investors and VCs); and P2P lending funds. The platform is also used by intermediaries representing multiple clients to reach international investors to enlarge their existing distribution network. i-Dx is exclusively a communication platform that matches and allows companies and potential investors to initially contact each other. i-Deal Corp Limited and i-DX does not transact, promote, advise, make recommendations, trade, bring about or earn commission on any financial transactions. In order for the transaction to become effective it was acknowledged by both parties that the Company needs to raise the required funding to finance the transaction. Both parties agreed that the date for the first closing ($500,000) will take place by bank transfer no later than mid-March 2019. The following payments will be 90 days later (i.e. on or before May 31, 20219) as follows: $2,250,000 by way of bank transfer and $2,250,000 by the issue of 2,250,000 new shares of common stock of the Company. As of the date of this report the transaction had not yet closed and the Company does not anticipate this will close. On April 2, 2019, the Company executed an Acquisition and Exchange Agreement with Lalit Kumar Verma and Manickam Mahalingam, who together control 100% of the common shares of ABT Auto Investments Ltd., a private English company. Pursuant to the Agreement, Messrs. Verma and Mahalingam were to exchange 96,001 shares, representing 100% of the common shares of ABT Auto Investments Ltd for a total of 3,530,000,000 new issue treasury shares issued by the Company, representing 95% ownership of the Company. On June 20, 2019, the Company executed a Mutual Rescission and Release Agreement, mutually rescinding the Acquisition and Exchange Agreement with Fortress Ventures LLC represented by Lalit Kumar Verma and with ABT Investments India Pvt Ltd represented by Manickam Mahalingam. The Mutual Rescission and Release agreement executed and became effective as of June 20, 2019. As a consequence of its execution and the rescinding of the Share Exchange and Acquisition Agreement, the Company will not issue the 3,530,000,000 shares of common stock.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Use of Estimates	The preparation of CFS in conformity with U.S. GAAP 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 CFS and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Principles of Consolidation	The accompanying CFS include the accounts of Limited and its wholly-owned Subsidiary, PLC. All significant intercompany transactions and balances were eliminated in consolidation.
Cash Equivalents	For the purpose of the statement of cash flows, cash equivalents include time deposits, certificate of deposits, and all highly liquid debt instruments with original maturities of three months or less.
Accounts Receivable	Accounts receivable are recorded, net of allowance for doubtful accounts and sales returns. Management reviews the composition of accounts receivable and analyzes historical bad debts, customer concentration, customer credit worthiness, current economic trends and changes in customer payment patterns to determine if the allowance for doubtful accounts is adequate. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Delinquent account balances are written-off after management has determined that the likelihood of collection is not probable and known bad debts are written off against the allowance for doubtful accounts when identified. As of September 30, 2022 and 2021, the allowance for uncollectible accounts receivable was zero, respectively.
Fair Value of Financial Instruments	For certain of the Company’s financial instruments, including cash and equivalents, accounts receivable, accounts payable, trust liability and advances, the carrying amounts approximate their fair values due to their short maturities. FASB ASC Topic 820, Fair Value Measurements and Disclosures Financial Instruments ● Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. ● Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. ● Level 3 inputs to the valuation methodology use one or more unobservable inputs which are significant to the FV measurement. The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic 480, Distinguishing Liabilities from Equity Derivatives and Hedging The Company uses Level 2 inputs for its valuation methodology for derivative liabilities as their fair values were determined by using the Black-Scholes-Merton pricing model based on various assumptions. Derivative liabilities are adjusted to reflect FV at each period end, with any increase or decrease in the FV being recorded in results of operations as adjustments to fair value of derivatives.
Revenue Recognition	ASU No. 2014-09 Revenue from Contracts with Customers Topic 606. Topic 605, Revenue Recognition Revenue from advisory fees and related services are recognized under Topic 606 ● executed contract(s) with our customer(s) that we believe is legally enforceable; ● identification of performance obligation in the respective contract; ● determination of the transaction price for each performance obligation in the respective contract; ● allocation of the transaction price to each performance obligation; and ● recognition of revenue only when the Company satisfies each performance obligation. These five elements, as applied to the Company’s only revenue category, are summarized below: ● Advisory fees and related services – the Company charges advisory fees for a suite of one to two dozen services that include advising on where to establish a corporation, establishing the corporation (often Gibraltar or Malta), writing white paper, setting up website, making videos or animations describing the company and its business, engaging in public relations, and introducing potential investors.
Income Taxes	The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes Under ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.
Basic and Diluted Earnings (loss) Per Share	Earnings per share is calculated in accordance with ASC Topic 260, Earnings Per Share
Foreign Currency Transactions and Comprehensive Income	U.S. GAAP generally requires recognized revenue, expenses, gains and losses be included in net income. Certain statements, however, require entities to report specific changes in assets and liabilities, such as gain or loss on foreign currency translation, as a separate component of the equity section of the balance sheet. Such items, along with net income, are components of comprehensive income. The functional currency of the Company’s subsidiary is the GBP. Translation loss of $5,630 at June 30, 2022 is classified as an item of other comprehensive income in the stockholders’ deficit section of the balance sheet.
Statement of Cash Flows	Cash flows from the Company’s operations are calculated based upon the local currencies using the average translation rates. As a result, amounts related to assets and liabilities reported on the statements of cash flows will not necessarily agree with changes in the corresponding balances on the balance sheets.
Recent Accounting Pronouncements	Management does not believe that any recently issued, but not yet effective, accounting standards could have a material effect on the accompanying CFS. As new accounting pronouncements are issued, we will adopt those that are applicable under the circumstances.
Management's Evaluation of Subsequent Events	The Company evaluates events that have occurred after the balance sheet date of September 30, 2022, through the date which the CFS were issued. Based upon the review, the Company did not identify any recognized or non-recognized subsequent events that would have required adjustment or disclosure in the CFS.

Organization and Basis of Pre_2

Organization and Basis of Presentation (Tables)	3 Months Ended
	Sep. 30, 2022
Organization and Basis of Presentation
Schedule of exchange rates used for the periods	June 30, 2022 September 30, 2021 Period end: GBP to USD exchange rate $ 1.12 $ 1.30 Average period: GBP to USD exchange rate $ 1.17 $ 1.29

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Sep. 30, 2022
Accounts Payable and Accrued Expenses
Schedule of Accrued expenses payable	September 30, 2022 June 30, 2022 Accrued professional services $ 31,000 $ 31,000 Other 70,916 70,916 Total Accrued Expenses $ 101,916 $ 101,916

Organization and Basis of Pre_3

Organization and Basis of Presentation (Details)	Jun. 30, 2022	Sep. 30, 2021
Organization and Basis of Presentation
Period end: GBP to USD exchange rate	1.12	1.30
Average period: GBP to USD exchange rate	1.17	1.29

Organization and Basis of Pre_4

Organization and Basis of Presentation (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended
	Jul. 14, 2020	May 28, 2020	Feb. 26, 2018	Sep. 30, 2022
Common shares to treasury			19,266,000
Common stock of ownership percentage			100%
PLC acquired			172,800,000
Shares outstanding, prior to merger				116,466,000
Surrendered shares, amount				19,266,000
Net liabilities of legal acquirer (in Dollars)				$ 57,107
Stock cancelled during period	174,540,600
Stockholders' deficit (in Dollars)				$ 3,404,855
Acquired shares, value (in Dollars)	$ 174,500
iRideio Tech Pte Ltd [Member]
Tokens acquired		3,500,000,000
Stock Issued During Period, Shares, Acquisitions		80,000,000
Acquired shares, value (in Dollars)		$ 8,000
American Software Capital, Inc. [Member]
Tokens acquired	3,500,000,000
Percentage of outstanding stock, acquired	83%
Acquired shares, amount	1,745,406
Transaction cost (in Dollars)	$ 0
Token Communities PLC [Member]
Shares outstanding, after merger				270,000,000
Common Stock
Common stock of ownership percentage			64%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2021
Summary of Significant Accounting Policies
Allowance for uncollectible accounts receivable	$ 0		$ 0
Largest amount of tax benefit percentage	50%
Other comprehensive income		$ 5,630

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Accounts Payable and Accrued Expenses
Accrued professional services	$ 31,000	$ 31,000
Other	70,916	70,916
Total Accrued Expenses	$ 101,916	$ 101,916

Stockholders Equity (Details Na

Stockholders Equity (Details Narrative) - USD ($)			1 Months Ended		3 Months Ended
	Aug. 12, 2020	Jul. 14, 2020	Jun. 30, 2020	Jul. 23, 2019	Sep. 30, 2022
Stockholders Equity
Common stock, shares authorized					5,000,000,000
Preferred stock, shares authorized					20,000,000
Preferred stock, par value (in Dollars per share)					$ 0.0001
Common stock, voting rights					Each outstanding share of common stock entitles the holder to one vote per share on all matters submitted to a stockholder vote
Issued shares of acquisition		1,745,000,585		80,000,000
Shares, Issued			277,200
Settelment of debt (in Dollars)			$ 268,942
Expense on income statement (in Dollars)		$ 174,500
Common stock for services	595,162
Common stock for services, value (in Dollars)	$ 595,162

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2021	Jun. 30, 2022
Related Party Transactions
Due of related parties	$ 1,384,409		$ 1,258,676
Related parties forgave advances and accrued expenses		$ 262,116
Gain on forgiveness of debt	$ 262,116

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - shares			3 Months Ended
	Apr. 02, 2019	Jul. 06, 2018	Sep. 30, 2022	Jun. 30, 2022	Jun. 20, 2019
Commitments and Contingencies
Purchase percentage		75%
Common shares issued			2,095,872,947	2,095,872,947	3,530,000,000
Description of transaction description			Both parties agreed that the date for the first closing ($500,000) will take place by bank transfer no later than mid-March 2019. The following payments will be 90 days later (i.e. on or before May 31, 20219) as follows: $2,250,000 by way of bank transfer and $2,250,000 by the issue of 2,250,000 new shares of common stock of the Company. As of the date of this report the transaction had not yet closed and the Company does not anticipate this will close
Acquisition and exchange agreement description	the Company executed an Acquisition and Exchange Agreement with Lalit Kumar Verma and Manickam Mahalingam, who together control 100% of the common shares of ABT Auto Investments Ltd., a private English company. Pursuant to the Agreement, Messrs. Verma and Mahalingam were to exchange 96,001 shares, representing 100% of the common shares of ABT Auto Investments Ltd for a total of 3,530,000,000 new issue treasury shares issued by the Company, representing 95% ownership of the Company