Document and Entity Information
Document and Entity Information - USD ($) | 9 Months Ended | ||
Mar. 31, 2018 | May 14, 2018 | Dec. 31, 2016 | |
Document and Entity Information: | |||
Entity Registrant Name | TOKEN COMMUNITIES LTD. | ||
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2018 | ||
Trading Symbol | pmge | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,683,252 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 97,200,000 | ||
Entity Public Float | $ 97,200 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | Q3 |
Statement of Financial Position
Statement of Financial Position - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Assets, Current | ||
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 0 |
Assets, Current | 0 | 0 |
Assets, Noncurrent | ||
Assets | 0 | 0 |
Liabilities, Current | ||
AccountsPayableAndAccruedLiabilities | 3,700 | 1,200 |
Liabilities, Current | 3,700 | 1,200 |
Liabilities, Noncurrent | ||
Notes Payable, Noncurrent | 53,407 | 5,375 |
Liabilities, Noncurrent | 53,407 | 5,375 |
Liabilities | 57,107 | 6,575 |
Common Stock, Value, Issued | 11,647 | 11,389 |
Additional Paid in Capital, Preferred Stock | (2,179) | |
Additional Paid in Capital, Common Stock | (2,437) | |
Retained Earnings (Accumulated Deficit) | (66,317) | (15,785) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (57,107) | (6,575) |
Liabilities and Equity | $ 0 |
Statement of Income
Statement of Income - USD ($) | 9 Months Ended | 15 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Expenses | ||||
General and Administrative Expense | $ 50,740 | $ 22,492 | $ 30,000 | $ 1,400 |
Operating Expenses | 50,740 | 22,492 | 30,000 | 1,400 |
Operating Income (Loss) | (50,740) | (22,492) | (30,000) | (1,400) |
Interest and Debt Expense | ||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | (50,740) | (22,492) | (30,000) | (1,400) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (50,740) | (22,492) | $ (30,000) | $ (1,400) |
Net Income (Loss) Attributable to Parent | $ (50,740) | $ (22,492) | ||
Earnings Per Share | ||||
Earnings Per Share, Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Basic | 115,015,336 | 113,886,000 | 115,015,336 | 113,886,000 |
Earnings Per Share, Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Number of Shares Outstanding, Diluted | 115,015,336 | 113,886,000 | 115,015,336 | 113,886,000 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss) Attributable to Parent | $ (50,740) | $ (22,492) |
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Issuance of Stock and Warrants for Services or Claims | 258 | |
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 2,500 | |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | 2,758 | |
Net Cash Provided by (Used in) Operating Activities | (47,982) | (22,492) |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from (Repayments of) Related Party Debt | 47,982 | 22,492 |
Net Cash Provided by (Used in) Financing Activities | 47,982 | 22,492 |
Cash and Cash Equivalents, at Carrying Value | 0 | 500 |
Cash and Cash Equivalents, at Carrying Value | $ 0 | $ 500 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements Disclosure | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | Note 1 Nature of Business, Presentation and Going Concern Organization Token Communities Ltd. ("the Company" or "the Issuer") was organized under the laws of the State of Delaware on March 6, 2014, under the name Pacific Media Group Enterprises, Inc. Token Communities Ltd. (the Company) is a US based development stage company that researches and creates white paper analysis for companies regarding block chain technology. On February 26 th Basis of Presentation The accompanying unaudited financial statements were prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial statement presentation and in accordance with Form 10-Q. Accordingly, they do not include all of the information and footnotes required in annual financial statements. In the opinion of management, the unaudited financial statements contain all adjustments (consisting only of normal recurring accruals) necessary to present fairly the financial position and results of operations and cash flows. The results of operations presented are not necessarily indicative of the results to be expected for any other interim period or for the entire year. These unaudited financial statements should be read in conjunction with our 2017 annual financial statements included in our Form 10-K, filed with the U.S. Securities and Exchange Commission (SEC) on November 20 th |
Substantial Doubt about Going C
Substantial Doubt about Going Concern | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Substantial Doubt about Going Concern | Going Concern The accompanying financial statements were prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred a net loss of $30,000 for the three months ended March 31, 2018 and has incurred cumulative losses since inception of $66,317. The ability of the Company to continue as a going concern is dependent upon its abilities to generate revenues, to continue to raise investment capital, and develop and implement its business plan. No assurance can be given that the Company will be successful in these efforts. The unaudited financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that actions presently being taken to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. No assurance can be given that the Company will be successful in these efforts. |
Related Party Transactions Disc
Related Party Transactions Disclosure | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Related Party Transactions Disclosure | Note 2 Related Party Transactions On June 1, 2014, the Company issued 1,520,000 shares of common stock in a private placement for services valued at par value of $0.0001 per share. Of these shares, 20,000 were issued to the former CEO and director of the Company and 1,500,000 were issued to the current CEO and director of the Company. At various dates between April 1, 2016 and March 30, 2017 the Company issued various Notes totaling $23,492 to a former officer. On April 5, 2017 all of these Notes were cancelled. On June 29, 2017 a Note for $5,375 was issued to a Shareholder. This Note is non-interest bearing and has no fixed term but is callable by the lender at any time. From June 2017 to March 2018 the company issued a further note $42,607 to the shareholder ( Trends Mergers and Acquisitions and Mergers LLC ) for continued operational expenses support The Company utilizes an office space of approximately 100 square feet in the residence of the Companys CEO, which is provided at no cost by the CEO. The value of the space is immaterial. The space is believed to be adequate for the Companys needs at this time. March 31, 2018 June 30, 2017 Notes Payable 53,407 5,375 |
Stockholders' Equity Note Discl
Stockholders' Equity Note Disclosure | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Stockholders' Equity Note Disclosure | Note 3 Stockholders Equity (Deficit) Authorized Shares As of March 31, 2018, the authorized share capital of the Company consists of 300,000,000 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. Common Stock The Company's first issuance of common stock, totaling 580,000 shares, took place on March 6, 2014 pursuant to the Chapter 11 Plan of Reorganization confirmed by the U.S. Bankruptcy Court in the matter of Pacific Shores Development, Inc. (PSD). The Court ordered the distribution of shares in the Company to all general unsecured creditors of PSD, with these creditors to receive their PRO RATA share (according to amount of debt held) of a pool of 80,000 shares in the Company. The Court also ordered the distribution of shares in the Company to all administrative creditors of PSD, with these creditors to receive one share of common stock in the Company for each $0.10 of PSD's administrative debt which they held. A total of 500,000 shares were issued to PSDs administrative creditors. The Court also ordered the distribution of 2,500,000 warrants in the Company to all administrative creditors of PSD, with these creditors to receive five warrants in the Company for each $0.10 of PSD's administrative debt which they held. These creditors received 2,500,000 warrants consisting of 500,000 "A Warrants" each convertible into one share of common stock at $4.00; 500,000 "B Warrants" each convertible into one share of common stock at an exercise price of $5.00; 500,000 "C Warrants" each convertible into one share of common stock at $6.00; 500,000 "D Warrants" each convertible into one share of common stock at $7.00; and 500,000 "E Warrants" each convertible into one share of common stock at $8.00. All warrants are exercisable at any time prior to August 30, 2019. As of the date of this report, no warrants have been exercised. On June 1, 2014 the Company issued 1,520,000 common shares for services at par value, $0.0001 per share for $152. On April 1, 2016 the Company issued 9,000 common shares for services related to mobile app programming and development valued at $1.00 per share for $9,000. As a result of these issuances there were 2,109,000 common shares issued and outstanding, and a total of 2,500,000 warrants to acquire common shares issued and outstanding, at March 31, 2018. Stock Split On April 5, 2017, the Company s Board of Directors declared a 54:1 forward stock split of all outstanding shares of common stock. The stock split was approved by FINRA on July 25, 2017. The effect of the stock split increased the number of shares of common stock outstanding from 2,109,000 to 113,886,000. All common share and per common share data in these financial statements and related notes hereto have been retroactively adjusted to account for the effect of the stock split for all periods presented prior to July 25, 2017. The total number of authorized common shares and the par value thereof was not changed by the split. |
Commitments and Contingencies D
Commitments and Contingencies Disclosure | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Commitments and Contingencies Disclosure | Note 4 Commitments and Contingencies None. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2018 | |
Notes | |
Subsequent Events | Note 5 Subsequent Events None. |
Revenue Recognition, Policy (Po
Revenue Recognition, Policy (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Policies | |
Revenue Recognition, Policy | Revenues Revenue is recognized when all of the following criteria are met: there is persuasive evidence of an arrangement; the product has been delivered or services have been rendered; the fee is fixed and determinable; and collectability is probable. |
Related Party Transactions Di12
Related Party Transactions Disclosure: Schedule of Related Party Transactions (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Related Party Transactions | March 31, 2018 June 30, 2017 Notes Payable 53,407 5,375 |
Related Party Transactions Di13
Related Party Transactions Disclosure: Schedule of Related Party Transactions (Details) - USD ($) | Mar. 31, 2018 | Jun. 30, 2017 |
Details | ||
Notes Payable | $ 53,407 | $ 5,375 |