Document and Entity Information
Document and Entity Information - USD ($) | Aug. 09, 2018 | Apr. 30, 2018 | Oct. 31, 2017 |
Details | |||
Registrant Name | QUANTA INC | ||
Registrant CIK | 1,691,430 | ||
SEC Form | 10-K | ||
Period End date | Apr. 30, 2018 | ||
Fiscal Year End | --04-30 | ||
Trading Symbol | fsi | ||
Tax Identification Number (TIN) | 812,749,032 | ||
Number of common stock shares outstanding | 40,900,000 | ||
Public Float | $ 34,500 | ||
Filer Category | Smaller Reporting Company | ||
Current with reporting | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Incorporation, State Country Name | Nevada | ||
Entity Address, Address Line One | 110 E. 9th Street, 12B | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90,079 | ||
City Area Code | 424 | ||
Local Phone Number | 261-2568 | ||
Share Price | $ 0.01 | ||
Entity Listing, Par Value Per Share | $ 0.001 |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
CURRENT ASSETS: | ||
Cash | $ 6,314 | $ 2,016 |
Prepaid expense | 54 | 3,827 |
Total Current Assets | 6,368 | 5,843 |
Intangible assets, net | 0 | 0 |
Deferred offering costs | 0 | 26,173 |
TOTAL ASSETS | 6,368 | 32,016 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expense | 262,000 | 125,900 |
Nonrelated party loans | 24,738 | 43,371 |
TOTAL LIABILITIES | 286,738 | 169,271 |
STOCKHOLDERS' EQUITY (DEFICIT): | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 21,500 | 15,000 |
Additional paid in capital | 29,339 | 0 |
Accumulated deficit | (331,209) | (152,255) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (280,370) | (137,255) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 6,368 | $ 32,016 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 21,500,000 | 15,000,000 |
Common Stock, Shares, Outstanding | 21,500,000 | 15,000,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Revenue | $ 0 | $ 0 |
Cost of revenue | 0 | 0 |
Gross margin | 0 | 0 |
Expenses: | ||
Development costs - internal use software | 85,000 | 74,000 |
Administrative and other costs | 28,954 | 49.993 |
Amortization expense | 0 | 4,000 |
Legal and professional fees | 65,000 | 5,000 |
Loss before income tax | 178,954 | 132,993 |
Provision for income tax | 0 | 0 |
Net Income (Loss) Attributable to Parent | $ (178,954) | $ (132,993) |
Earnings Per Share, Basic and Diluted | $ (0.01) | $ (0.01) |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 19,783,000 | 15,000,000 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Retained Earnings | Total |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Apr. 27, 2016 | $ 11,000 | $ 0 | $ 0 | $ 11,000 |
Shares, Outstanding, Beginning Balance at Apr. 27, 2016 | 11,000,000 | |||
Common shares issued, Value | $ 4,000 | 0 | 0 | 4,000 |
Shares issued for intangible assets | 4,000,000 | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (19,262) | (19,262) |
Shares, Outstanding, Ending Balance at Apr. 30, 2016 | 15,000,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Apr. 30, 2016 | $ 15,000 | 0 | (19,262) | (4,262) |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (132,993) | (132,993) |
Shares, Outstanding, Ending Balance at Apr. 30, 2017 | 15,000,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Apr. 30, 2017 | $ 15,000 | 0 | (152,255) | (137,255) |
Shares issued pursuant to direct public offering | $ 7,000 | 28,839 | 0 | 35,839 |
Shares issued pursuant to direct public offering, shares | 7,000,000 | |||
Shares returned to treasury at no cost, amount | $ (500) | 500 | 0 | 0 |
Shares returned to treasury at no cost, shares | (500,000) | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | 0 | (178,954) | (178,954) |
Shares, Outstanding, Ending Balance at Apr. 30, 2018 | 21,500,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Apr. 30, 2018 | $ 21,500 | $ 29,339 | $ (331,209) | $ (280,370) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Net Cash Provided by (Used in) Operating Activities | ||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (178,954) | $ (132,993) |
Amortization expense | 0 | 4,000 |
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities | ||
Change in prepaid expense | 3,773 | (3,827) |
Change in deferred offering costs | (7,988) | (26,173) |
Change in accounts payable | 136,100 | 118,700 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | (47,069) | (40,293) |
Net Cash Provided by (Used in) Investing Activities | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | ||
Proceeds from sale of common stock | 70,000 | 0 |
Payments on nonrelated party loans | (59,800) | 0 |
Loans from nonrelated parties | 41,167 | 42,309 |
Net Cash Provided by (Used in) Financing Activities | 51,367 | 42,309 |
Cash and Cash Equivalents, Period Increase (Decrease) | 4,298 | 2,016 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 2,016 | 0 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 6,314 | 2,016 |
Supplemental Cash Flow Information | ||
Interest Paid | 0 | 0 |
Income Taxes Paid, Net | 800 | 0 |
Non-cash operating activities: | ||
Offset of deferred offering costs against additional paid in capital received from sale of common stock | 34,161 | 0 |
Return to treasury of common stock - no cost - additional paid in capital | 500 | 0 |
Return to treasury of common stock - no cost - common stock | $ (500) | $ 0 |
Note 1 - Organization and Natur
Note 1 - Organization and Nature of Business | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 1 - Organization and Nature of Business | NOTE 1 ORGANIZATION AND NATURE OF BUSINESS History We were incorporated on April 28, 2016 (date of inception) under the laws of the State of Nevada, as Freight Solution, Inc. The Company acquired the business of its founder Mr. Shane Ludington. On June 5, 2018 the Company experienced a change in control of its equity (see Change in Control below). In association with the change in control the Company acquired Bioanomaly through its wholly-owned California corporation subsidiary (see New Business below). On July 11, 2018 the Company changed its name with the Secretary of State of Nevada from Freight Solution, Inc. to Quanta, Inc. (Quanta, Inc. and hereinafter be collectively referred to as Quanta, the Company, we or us). Former Business The Company is developing an internet and smartphone app based software product that will match shipments with available drivers. The software as a service will focus on less-than-truckload (LTL) services that allows shippers to connect with truck drivers in the same way that city dwellers can find a ride home. This software as a service will allow shippers, based on a pre-negotiated price, to deliver products at an affordable cost and on time to its ultimate destination. Change in Control On June 5, 2018, the Company experienced a change in control (Change in Control). With the Change in Control transaction certain liabilities of the Company were forgiven and/or paid for on behalf of the Company by our founder, a former president and chief executive officer of the Company. Total liabilities at the time approximated $266,000 which included professional fees owed to our software development firm and other consultants. The board nominated Mr. Eric Rice to the board of directors on June 5, 2018. New Business On June 6, 2018, the Company executed an Agreement of Merger and Plan of Reorganization, with Bioanomaly, Inc., a California corporation, d/b/a Quanta and Quanta Acquisition Corp., a California corporation and wholly-owned subsidiary of the Company. Pursuant to the terms of the Merger Agreement, Acquisition merged with and into Quanta in a statutory reverse triangular merger with Quanta surviving as a wholly-owned subsidiary of the Company. Following the Merger, the Company adopted the business plan of Quanta. Quanta is an applied science company focused on increasing energy levels in plant matter to increase performance within the human body. Our proprietary technology uses quantum mechanics to increases bio-activity of targeted molecules to enhance the desired effects. We specialize in potentiating rare naturally occurring elements to create impactful and sustainable healing solutions that are as powerful and predictable as pharmaceutical drugs. We offer our technology as a platform, making it accessible to existing high-quality product makers with existing distribution channels, as well as consumer products. Our mission is to power as many impactful, high-performing wholly organic solutions as possible through a series of licensing and distribution partnerships. Bioanomaly Inc. was founded in 2016 by a group of technology and industry entrepreneurs and provides licensed technology solutions to natural product companies engaged in multiple verticals. Our headquarters is located in Los Angeles, California. Year end The Companys year-end is April 30. The Companys wholly-owned subsidiary has a calendar year end. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies | NOTE 2 BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. There were no cash equivalents as of April 30, 2018 and April 30, 2017, respectively. Revenue recognition We recognize revenue when all of the conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the consumer; (3) the amount of fees to be paid by the consumer is fixed or determinable; and (4) the collection of fees or product revenue is probable. The Company will record revenue when realizable and earned and when product has been shipped to the consumer or our services have been rendered to the consumer. Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs for the years ended April 30, 2018 or April 30, 2017, respectively. Fair value of financial instruments We adopted the Financial Accounting Standards Board's (the FASB) Accounting Codification Standard No. 820 (ASC 820), Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 applies under other accounting pronouncements that require or permit fair value measurements and accordingly, does not require any new fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. Earnings per share The Company follows ASC Topic 260 to account for earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expense or benefit is based on the changes in the asset or liability for each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax asset will not be realized, a valuation allowance is required to reduce the deferred tax asset to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income tax in the period of change. Deferred income tax may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by taxing authorities. As of April 30, 2017 and April 30, 2018, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. For the years ended April 30, 2018 and April 30, 2017, respectively, no federal income tax expense was recorded. Recent pronouncements The Company evaluated recent accounting pronouncements through April 30, 2018 and believe that none of them would have a material effect on the Companys financial statements except for the following. With the acquisition of the new business we will be subject to ASC Topic 606, Revenue from Contracts with Customers. Management also believes that other recently issued, but not yet effective accounting pronouncements, if adopted, would again not have a material effect on the accompanying financial statements. |
Note 3 - Going Concern
Note 3 - Going Concern | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 3 - Going Concern | NOTE 3 GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is development stage and, accordingly, has not yet generated revenues from operations. Since inception, the Company has been engaged in financing activities and executing its business plan of operations and incurring costs and expenses related to its direct public offering. As a result, the Company incurred accumulated net losses for the period April 28, 2016 (date of inception) through April 30, 2018 totaling $307,032. Negative working capital for the Company as of April 30, 2018 was $280,370. The Companys activities and the payment of such activities has been primarily through debt financing and through the deferral accounts payable and other expenses. The Company intends to raise further capital (beyond its self-directed public offering) through the sale of equity securities, an offering of debt securities, or borrowings from financial institutions and possibly related and nonrelated parties who may lend to the Company. Management believes that its actions to secure additional funding will likely provide the Company the opportunity to continue as a going concern. There is no guarantee the Company will be successful in achieving any of these objectives. The ability of the Company to continue as a going concern is dependent upon managements ability to raise capital from the sale of its equity and, ultimately, the achievement of operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that may result from this uncertainty. |
Note 4 - Intangible Assets
Note 4 - Intangible Assets | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 4 - Intangible Assets | NOTE 4 INTANGIBLE ASSETS Intangible assets with finite lives are amortized over their estimated useful life. The Company monitors conditions related to these assets to determine whether events and circumstances warrant a revision to the remaining amortization period. The Company tests its intangible assets with finite lives for potential impairment whenever management concludes events or changes in circumstances indicate that the carrying amount may not be recoverable. The original estimate of an asset's useful life and the impact of an event or circumstance on either an asset's useful life or carrying value involve significant judgment. On April 29, 2016 the Company acquired certain intangible assets from its founder which consisted of a business plan, along with costs related to development of internal-use software to be used in its operations. The total value attributable to the intangible assets purchased by the Company was $4,000. This amount is less than the actual costs paid for by our founder. Our founder incurred more than $10,000 in expense over a period of two years to further develop and refine the Companys business plan and operations. Intangible assets includes the following: April 30, 2018 April 30, 2017 (audited) (audited) Intangible assets consisting of certain development costs and purchased software $ 4,000 $ 4,000 Less: Accumulated amortization (4,000) (4,000) Net property and equipment $ - $ - For the year ended April 30, 2017 the Company recognized $4,000 in amortization expense. Intangible assets were placed in service by us on April 29 th |
Note 5 - Related Party Transact
Note 5 - Related Party Transactions | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 5 - Related Party Transactions | NOTE 5 RELATED PARTY TRANSACTIONS The Company recorded compensation expense of $11,000 from the issuance of common stock to its founder for organizational services. This expense was recorded during our initial reporting period April 28, 2016 (inception) through April 30, 2016. The Company recorded its purchase of $4,000 in intangible assets from its founder on April 29, 2016 (see Note 4 - Intangible Assets). In connection with the Change in Control transaction (see Note 1 Organization) the Company has no obligations or liabilities due to our founder and former officer and director, Mr. Shane Ludington. No related party transactions occurred during the years ended April 30, 2018 or April 30, 2017. |
NOTE 6 - NONRELATED PARTY NOTES
NOTE 6 - NONRELATED PARTY NOTES PAYABLE | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 6 - NONRELATED PARTY NOTES PAYABLE | NOTE 6 NONRELATED PARTY NOTES PAYABLE As of and through April 30, 2018, the Company executed several promissory notes with nonrelated parties in the aggregate of $75,071 of which $24,738 was outstanding at the end of the period. The unsecured promissory notes bear interest at 0% per annum and are due and payable upon demand. The Company in connection with its direct public offering repaid approximately $59,800 in principal on two unrelated party notes. The two loans were unsecured and carried no interest rate or specific repayment terms The Change in Control (see Note 1 Organization) transaction included our founder who negotiated and guaranteed the forgiveness of certain debts of the Company. The Company recognized debt forgiveness of $18,538 from the nonrelated party note payable. This transaction occurred on or about June 5, 2018. |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 7 - Income Taxes | NOTE 7 INCOME TAXES At April 30, 2018, the Company had a net operating loss carryforward of $331,209, which begins to expire in 2035. Components of net deferred tax asset, including a valuation allowance. These amounts are as follows for April 30, 2018 and April 30, 2017, respectively: April 30, 2018 April 30, 2017 Deferred tax asset: (audited) (audited) Net operating loss carryforward $ 69,554 $ 53,289 Total deferred tax asset 69,554 53,289 Less: Valuation allowance (69,554) (53,289) Net deferred tax asset $ - $ - Valuation allowance for deferred tax assets as of April 30, 2018 and April 30, 2017 was $69,554 and $53,289, respectively. In assessing the recovery of the deferred tax asset, management considers whether it is more likely than not that some portion or all of the deferred tax asset will not be realized. The ultimate realization of the deferred tax asset is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not deferred tax assets will not be realized and recognized a full valuation allowance for each period presented. Reconciliation between statutory rate and the effective tax rate for both periods then ended and as of April 30, 2018 (21%) and April 30, 2017 (35%), respectively: April 30, 2018 April 30, 2017 Federal statutory rate (21.0% (35.0)% State taxes, net of federal benefit (0.00)% (0.00)% Change in valuation allowance 21.0% 35.0% Effective tax rate 0.0% 0.0% Effective income tax rate and new tax law. Our effective income tax rate was (0.0%) for the year ended April 30, 2018. The effective income tax rates for both periods were based upon the estimated rate applicable for the entire fiscal year adjusted to reflect any significant items related specifically to interim periods. On December 22, 2017, the Tax Cuts and Jobs Act (the Act) was enacted, which, among other changes, reduced the federal statutory corporate tax rate from 35% to 21%. Based on the provisions of the Act, we re-measured our deferred tax liabilities and adjusted our estimated annual federal income tax rate to incorporate the lower corporate tax rate into our tax provision for the current quarter as the change represents a discrete item for purposes of income tax accounting. The re-measurement of deferred tax liabilities at the lower enacted corporate tax rate resulted in no current difference in income tax expense. We are still in process of evaluating the income tax effect of the Act with respect to any other limitations that will be effective for our fiscal year 2019. |
NOTE 8 - SHARE CAPITAL
NOTE 8 - SHARE CAPITAL | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
NOTE 8 - SHARE CAPITAL | NOTE 8 SHARE CAPITAL The Company is authorized to issue 100,000,000 shares of its $0.001 par value common stock and 25,000,000 shares of its $0.001 par value preferred stock. Common stock On April 28, 2016, the Company issued to its founder, an officer and director of the Company, 11,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for services provided upon organization. The services were valued at $11,000. On April 29, 2016, the Company issued to its founder 4,000,000 shares of its $0.001 par value common stock at a price of $0.001 per share for certain intangible assets (see Note 4 - Intangible Assets). Mr. Shane Ludington, our sole officer and director, incurred more than $10,000 in developing or acquiring the intangible assets for which we recorded their value at $4,000. On August 23, 2017 the Company completed its direct public offering. The offering was conducted through a registration statement filed on Form S-1. The Company issued 7,000,000 shares of its common stock to 34 investors. The investors paid $0.01 per share for a combined investment of $70,000. During March 2018 100,000 shares and 400,000 shares of common stock were returned to treasury by certain shareholders for no consideration. The Company recognized a reduction in its common stock and its additional paid in capital of $500, respectively. Deferred offering costs Deferred offering expense consisted of accounting fees, legal fees and other fees incurred through the balance sheet date related to our direct public offering. Upon completion of our direct public offering we offset deferred offering costs of $34,161 against net offering proceeds of $70,000. We recorded an offset of approximately $34,000 in costs incurred against additional paid in capital received during the period ended April 30, 2018. As of April 30, 2018 and April 30, 2017, there were 21,500,000 and 15,000,000 shares of common stock issued and outstanding, respectively. No shares of blank check preferred stock have been issued for either of the periods presented. See Note 9 Subsequent Events for issuances that occurred subsequent to the balance sheet date and in connection with the Change in Control transaction (see Note 1 Organization). |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 12 Months Ended |
Apr. 30, 2018 | |
Notes | |
Note 9 - Subsequent Events | NOTE 9 SUBSEQUENT EVENTS The Company evaluated all events that occurred after the balance sheet date of April 30, 2018 through the date the financial statements were issued. The following occurred: · · · · · · · · · · · |
Note 2 - Basis of Presentatio16
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Use of Estimates (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Note 2 - Basis of Presentatio17
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Cash and Cash Equivalents | Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. There were no cash equivalents as of April 30, 2018 and April 30, 2017, respectively. |
Note 2 - Basis of Presentatio18
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Revenue recognition (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Revenue recognition | Revenue recognition We recognize revenue when all of the conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the consumer; (3) the amount of fees to be paid by the consumer is fixed or determinable; and (4) the collection of fees or product revenue is probable. The Company will record revenue when realizable and earned and when product has been shipped to the consumer or our services have been rendered to the consumer. |
Note 2 - Basis of Presentatio19
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Advertising Costs (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Advertising Costs | Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs for the years ended April 30, 2018 or April 30, 2017, respectively. |
Note 2 - Basis of Presentatio20
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Fair Value of Financial Instruments | Fair value of financial instruments We adopted the Financial Accounting Standards Board's (the FASB) Accounting Codification Standard No. 820 (ASC 820), Fair Value Measurements and Disclosures. ASC 820 defines fair value, establishes a framework for measuring fair value and expands disclosure of fair value measurements. ASC 820 applies under other accounting pronouncements that require or permit fair value measurements and accordingly, does not require any new fair value measurements. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 - Observable inputs such as quoted prices in active markets; Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Note 2 - Basis of Presentatio21
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Stock-based compensation (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Stock-based compensation | Stock-based compensation The Company records stock based compensation in accordance with the guidance in ASC Topic 505 and Topic 718 which requires the Company to recognize expense related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with ASC 718-10 and the conclusions reached by the ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by ASC 505-50. |
Note 2 - Basis of Presentatio22
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Earnings Per Share (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Earnings Per Share | Earnings per share The Company follows ASC Topic 260 to account for earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Note 2 - Basis of Presentatio23
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Income taxes (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Income taxes | Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expense or benefit is based on the changes in the asset or liability for each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax asset will not be realized, a valuation allowance is required to reduce the deferred tax asset to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income tax in the period of change. Deferred income tax may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by taxing authorities. As of April 30, 2017 and April 30, 2018, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. For the years ended April 30, 2018 and April 30, 2017, respectively, no federal income tax expense was recorded. |
Note 2 - Basis of Presentatio24
Note 2 - Basis of Presentation and Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 12 Months Ended |
Apr. 30, 2018 | |
Policies | |
Recent Pronouncements | Recent pronouncements The Company evaluated recent accounting pronouncements through April 30, 2018 and believe that none of them would have a material effect on the Companys financial statements except for the following. With the acquisition of the new business we will be subject to ASC Topic 606, Revenue from Contracts with Customers. Management also believes that other recently issued, but not yet effective accounting pronouncements, if adopted, would again not have a material effect on the accompanying financial statements. |
Note 4 - Intangible Assets_ Sch
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Finite-Lived Intangible Assets | April 30, 2018 April 30, 2017 (audited) (audited) Intangible assets consisting of certain development costs and purchased software $ 4,000 $ 4,000 Less: Accumulated amortization (4,000) (4,000) Net property and equipment $ - $ - |
Note 7 - Income Taxes_ Schedule
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | April 30, 2018 April 30, 2017 Deferred tax asset: (audited) (audited) Net operating loss carryforward $ 69,554 $ 53,289 Total deferred tax asset 69,554 53,289 Less: Valuation allowance (69,554) (53,289) Net deferred tax asset $ - $ - |
Note 7 - Income Taxes_ Schedu27
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Apr. 30, 2018 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | April 30, 2018 April 30, 2017 Federal statutory rate (21.0% (35.0)% State taxes, net of federal benefit (0.00)% (0.00)% Change in valuation allowance 21.0% 35.0% Effective tax rate 0.0% 0.0% |
Note 1 - Organization and Nat28
Note 1 - Organization and Nature of Business (Details) | 12 Months Ended |
Apr. 30, 2018 | |
Details | |
Entity Incorporation, Date of Incorporation | Apr. 28, 2016 |
Entity Incorporation, State Country Name | Nevada |
Note 3 - Going Concern (Details
Note 3 - Going Concern (Details) | 24 Months Ended |
Apr. 30, 2018USD ($) | |
Details | |
Accumulated net losses | $ 307,032 |
Working Capital | $ (280,370) |
Note 4 - Intangible Assets_ S30
Note 4 - Intangible Assets: Schedule of Finite-Lived Intangible Assets (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Details | ||
Intangible assets consisting of certain development costs and purchased software | $ 4,000 | $ 4,000 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment, Excluding Capital Leased Assets | (4,000) | (4,000) |
Net property and equipment | $ 0 | $ 0 |
Note 5 - Related Party Transa31
Note 5 - Related Party Transactions (Details) - USD ($) | Apr. 30, 2016 | Apr. 30, 2018 | Apr. 30, 2017 |
Details | |||
Labor and Related Expense | $ 11,000 | ||
Intangible assets consisting of certain development costs and purchased software | $ 4,000 | $ 4,000 | |
Related Party Transaction, Amounts of Transaction | $ 0 |
NOTE 6 - NONRELATED PARTY NOT32
NOTE 6 - NONRELATED PARTY NOTES PAYABLE (Details) | 12 Months Ended |
Apr. 30, 2018USD ($) | |
Details | |
Debt Instrument, Description | several promissory notes with nonrelated parties |
Long-term Debt, Gross | $ 75,071 |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
Debt Instrument, Payment Terms | due and payable upon demand |
Note 7 - Income Taxes_ Schedu33
Note 7 - Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Apr. 30, 2018 | Apr. 30, 2017 |
Deferred tax asset: | ||
Net operating loss carryforward | $ 69,554 | $ 53,289 |
Total deferred tax asset | 69,554 | 53,289 |
Less: Valuation allowance | (69,554) | (53,289) |
Net deferred tax asset | $ 0 | $ 0 |
Note 7 - Income Taxes_ Schedu34
Note 7 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Details | ||
Federal statutory rate | (21.00%) | (35.00%) |
State taxes, net of federal benefit | (0.00%) | (0.00%) |
Change in valuation allowance | 21.00% | 35.00% |
Effective tax rate | 0.00% | 0.00% |
NOTE 8 - SHARE CAPITAL (Details
NOTE 8 - SHARE CAPITAL (Details) - $ / shares | Apr. 30, 2018 | Apr. 30, 2017 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares, Issued | 21,500,000 | 15,000,000 |
Common Stock, Shares, Outstanding | 21,500,000 | 15,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
On April 28, 2016 | ||
Shares, Issued | 11,000,000 | |
Shares Issued, Price Per Share | $ 0.001 | |
On April 29, 2016 | ||
Shares, Issued | 4,000,000 | |
Shares Issued, Price Per Share | $ 0.001 |
Note 9 - Subsequent Events (Det
Note 9 - Subsequent Events (Details) | 12 Months Ended |
Apr. 30, 2018 | |
Event 1 | |
Subsequent Event, Description | Company received an additional $750 in non-related party loans |
Event 2 | |
Subsequent Event, Description | Company experienced a change in control |
Subsequent Event, Date | Jun. 5, 2018 |
Event 3 | |
Subsequent Event, Description | our founder negotiated and guaranteed the forgiveness of certain debts of the Company through the sale of his shares |
Event 4 | |
Subsequent Event, Description | Company formed a wholly-owned subsidiary Quanta Acquisition Corp |
Subsequent Event, Date | Jun. 6, 2018 |
Event 5 | |
Subsequent Event, Description | Company executed an Agreement of Merger and Plan of Reorganization, with Bioanomaly, Inc. |
Subsequent Event, Date | Jun. 6, 2018 |
Event 6 | |
Subsequent Event, Description | Company cancelled 15,000,000 shares of common stock |
Subsequent Event, Date | Jun. 6, 2018 |
Event 7 | |
Subsequent Event, Description | Company agreed to issue the shareholders of Quanta an aggregate of 25,900,000 shares of our common stock |
Event 8 | |
Subsequent Event, Description | Company accepted subscriptions for 6,500,000 shares of Common Stock in a private placement offering |
Event 9 | |
Subsequent Event, Description | Company also accepted subscriptions from two non-affiliated investors for warrants to purchase 3,000,000 shares of the Company’s Common Stock |
Event 10 | |
Subsequent Event, Description | State of Nevada approved the name change from Freight Solution, Inc. to Quanta, Inc. |
Subsequent Event, Date | Jul. 11, 2018 |
Event 11 | |
Subsequent Event, Description | Company sold the former business assets related to the internet and smartphone app based software product |
Subsequent Event, Date | Jul. 25, 2018 |