Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jan. 31, 2021 | May 18, 2021 | Jun. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | ARION GROUP CORP. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --01-31 | ||
Entity Common Stock, Shares Outstanding | 7,630,000 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001698702 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jan. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Entity File Number | 333-216895 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Interactive Data Current | No |
Balance Sheets
Balance Sheets - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 19,894 | $ 5,999 |
Total Current Assets | 19,894 | 5,999 |
Property and equipment, net | 278 | 278 |
Total Assets | 20,172 | 6,277 |
Current Liabilities | ||
Accounts payable | 7,000 | 12,560 |
Accrued expense | 4,500 | |
Loan from stockholder | 80,001 | 60,432 |
Total Current Liabilities | 91,501 | 72,992 |
Total Liabilities | 91,501 | 72,992 |
Stockholders’ Deficit | ||
Common stock, $0.001 par value, 75,000,000 shares authorized; 7,630,000 shares issued and outstanding | 7,630 | 7,630 |
Additional paid-in capital | 91,102 | 23,670 |
Accumulated deficit | (170,061) | (98,015) |
Total Stockholders' Deficit | (71,329) | (66,715) |
Total Liabilities and Stockholders’ Deficit | $ 20,172 | $ 6,277 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jan. 31, 2021 | Jan. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 7,630,000 | 7,630,000 |
Common stock, shares outstanding | 7,630,000 | 7,630,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 6,000 | |
Operating Expenses | ||
General and administrative expenses | 71,246 | 58,971 |
Total Operating Expenses | 71,246 | 58,971 |
Loss from Operations | (71,246) | (52,971) |
Loss Before Income Taxes | (71,246) | (52,971) |
Provision for Income Taxes | ||
Income tax expense | 800 | 800 |
Net Loss | $ (72,046) | $ (53,771) |
Weighted average number of common shares outstanding: | ||
Basic and Diluted (in Shares) | 7,630,000 | 7,630,000 |
Loss per common share: | ||
Basic and Diluted (in Dollars per share) | $ (0.01) | $ (0.01) |
Statements of Changes in Stockh
Statements of Changes in Stockholders’ Deficit - USD ($) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jan. 31, 2019 | $ 7,630 | $ 23,670 | $ (44,244) | $ (12,944) |
Balance (in Shares) at Jan. 31, 2019 | 7,630,000 | |||
Net loss for the year | (53,771) | (53,771) | ||
Balance at Jan. 31, 2020 | $ 7,630 | 23,670 | (98,015) | (66,715) |
Balance (in Shares) at Jan. 31, 2020 | 7,630,000 | |||
Capital contribution due to forgiveness of debt from former stockholder | 67,432 | 67,432 | ||
Net loss for the year | (72,046) | (72,046) | ||
Balance at Jan. 31, 2021 | $ 7,630 | $ 91,102 | $ (170,061) | $ (71,329) |
Balance (in Shares) at Jan. 31, 2021 | 7,630,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net loss | $ (72,046) | $ (53,771) |
Adjustment to reconcile net loss to net cash used in operating activities | ||
Depreciation expense | 232 | |
Changes in operating assets and liabilities | ||
Accounts payable | (5,560) | 10,448 |
Accrued expense | 4,500 | |
Net cash used in operating activities | (73,106) | (43,091) |
Financing Activities | ||
Repayment of loan from stockholder | (3,000) | |
Proceeds of loan from stockholder | 90,001 | 40,000 |
Net cash provided by financing activities | 87,001 | 40,000 |
Net increase (decrease) in cash and cash equivalents | 13,895 | (3,091) |
Cash and cash equivalents at beginning of the year | 5,999 | 9,090 |
Cash and cash equivalents at end of the year | 19,894 | 5,999 |
Cash paid for: | ||
Interest | ||
Taxes | 800 | 800 |
Significant noncash transactions: | ||
Capital contribution due to forgiveness of debt from former stockholder | $ 67,432 |
Organization and Business
Organization and Business | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS | NOTE 1 – ORGANIZATION AND BUSINESS ARION GROUP CORP. (“we”, “our”, the “Company”) is a corporation established under the corporation laws in the State of Nevada on November 7, 2016. The Company has adopted January 31 as its fiscal year end. On November 21, 2018, a change in control of the Company occurred, pursuant to which Mr. Mingyong Huang acquired a total of 5,000,000 shares of the Company’s common stock (or approximately 65.53% of the total issued and outstanding shares of the Company as of the date of acquisition) from Ms. Nataliia Kriukova, a former principal stockholder of the Company. Pursuant to the Stock Purchase Agreement (the “SPA”) and other related agreements, Ms. Kriukova resigned from all management and Board positions. The Company also paid off stockholder loan owed to Ms. Kriukova in the amount of $2,663 with cash and inventory on hand pursuant to the SPA on November 21, 2018. On May 5, 2020, Mr. Hui Song, a former member of the Board of Directors of the Company, resigned as a director. On June 3, 2020, Mr. Mingyong Huang entered into another Stock Purchase Agreement (the “2020 SPA”), pursuant to which Mr. Huang sold all of his 5,000,000 shares of the Company’s common stock to Mr. Jay Hamilton, who becomes the Company’s majority and controlling stockholder. On June 4, 2020, Ms. Maria Itzel Torres Siegrist resigned as Secretary of the Company. In connection with the change of control as of June 17, 2020 the Board appointed Mr. Hamilton to the Company’s Board of Directors. Also, on June 17, 2020, the Board appointed Mr. Hamilton as President/CEO and Ms. Brenda Bin Wang as CFO and Mr. Huang as Secretary. Mr. Huang remains a director of the Company. Prior to November 21, 2018, we distributed an assortment of cedar phyto barrels in the USA and Europe. The business of distribution of cedar phyto barrels was discontinued after November 21, 2018. We have classified the results of the cedar phyto barrels business as discontinued operations in our financial statements. We are currently a start-up company exploring various manufacturing and distribution business opportunities in the dietary ingredient and nutritional supplement industry. However, as of the filling date, no definitive agreement has been entered into in connection with our business plan related to the above targeted industry. |
Going Concern
Going Concern | 12 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The Company’s financial statements as of and for the year ended January 31, 2021 have been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs, incurred a net loss in fiscal year 2021 and has a working capital deficit as of January 31, 2021. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, going concern and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. The current COVID-19 pandemic and general economic environment also increase the degree of uncertainty inherent in these estimates and assumptions. Related Parties Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax effects of uncertain tax positions only if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. The Company has not identified any material uncertain tax positions and recognizes interest and penalties in income tax expense, if applicable. Cash and Cash Equivalents Cash and cash equivalents are maintained with financial institutions. Deposits held with banks may exceed the federally insured limits. These deposits are maintained with reputable financial institutions and are redeemable upon demand. We have not experienced any losses in such accounts. Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net earnings attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common stock outstanding and dilutive potential common stock during the period. Revenue Recognition We have adopted Accounting Standards Update No. 2014-09 (Topic 606, or ASC 606) “Revenue from Contracts with Customers” and related amendments. ASC 606’s core principle is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring good or services to a customer. The principles in the standard are applied in five steps: 1) Identify the contract(s) with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. Otherwise, control to the promised goods or services transfers to customers at a point in time. Property and Equipment and Depreciation Policy Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years. Long-Lived Assets The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances have indicated that and asset may not be recoverable. The long-lived asset is grouped with other assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows is less than the carrying value of the assets, the assets are written down to the estimated fair value. New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS The Company may rely on advances from related parties in support of the Company’s efforts and cash requirements until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or stockholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. During the year ended January 31, 2021, the Company’s controlling stockholder Mr. Jay Hamilton loaned the Company $80,001 and the Company’s former controlling stockholder Mr. Mingyong Huang loaned the Company $10,000 to cover the Company’s operating expenses. The loans are unsecured, non-interest bearing and due on demand. On June 3, 2020, in connection with the sale of his shares of the Company, Mr. Huang agreed to forgive $67,432 he had previously loaned to the Company. The Company has recorded the amount of loan forgiven by Mr. Huang as capital contribution due to forgiveness of debt from former stockholder as of January 31, 2021. On July 16, 2020, the Company repaid the entire remaining balance of $3,000 to Mr. Huang. As of January 31, 2021, the total outstanding balance of loan from stockholder was $80,001. During the year ended January 31, 2020, the Company’s major and former stockholder Mr. Mingyong Huang loaned the Company $40,000 to cover the Company’s operating expenses. As of January 31, 2020, the amount outstanding was $60,432. The loan is non-interest bearing, unsecured, and is due upon demand. The Company’s office at 16839 Gale Ave., #210, City of Industry, CA 91745 is a warehouse-office solely owned by Mr. Mingyong Huang. Given that the Company had only minimal operations as of January 31, 2021, Mr. Huang does not charge the Company any fee for using the office at this time. |
Income Taxes
Income Taxes | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Arion Group Corp. was registered in the State of Nevada and has been subject to the tax laws of the United States of America and, beginning in January 2019, the state of California, where the Company’s executive office is now located. The federal corporate statutory tax rate of 21% is effective January 1, 2018. California’s statutory tax rate is 8.84%. The Company’s income tax returns have not been audited by U.S. Internal Revenue Service and any state tax authorities and all of its tax returns for prior years, including the initial tax year ended January 31, 2017, could be subject to examination. The Company believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues addressed in the Company’s tax audits are resolved in a manner inconsistent with its expectations, the Company could be required to adjust its provision for income taxes in the period such resolution occurs. The provision for income taxes consists of the following: Year Ended Year Ended January 31 January 31 2021 2020 Current Federal $ - $ - State 800 800 Deferred Federal - - State - - Income Tax Provisions $ 800 $ 800 The reconciliation of the difference between the Company’s statutory tax rates and effective tax rates for the years ended January 31, 2021 and 2020 consists of the following: Year Ended Year Ended January 31 January 31 2021 2020 Loss before Income Taxes $ (71,246 ) $ (52,971 ) Provision for Income Taxes 800 800 Effective Tax Rate (1.12 )% (1.51 )% Reconciliation of Statutory Tax Rates to Effective Tax Rates Federal Statutory Rate 21.00 % 21.00 % State Statutory Rate 8.84 % 8.84 % Total Statutory Rates 29.84 % 29.84 % Less: Valuation Allowance (29.84 )% (29.84 )% Add: CA State Minimum Tax (1.12 )% (1.51 )% Effective Tax Rate (1.12 )% (1.51 )% As of January 31, 2021, the Company had net operating loss (“NOL”) carry forwards of approximately $170,870 and $169,270 for Federal and California state income tax purposes that may be available to reduce future years’ taxable income. The U.S. Congress enacted the CARES Act in March 2020 with provisions providing tax reliefs to businesses and individuals, including a new rule to allow federal NOL carryback to each of the five taxable years in which the NOL arises. As of January 31, 2021, California has temporarily suspended NOL carryback but generally allows the NOL to be carried forward for 20 years. As of January 31, 2021, all of the $170,870 of Federal NOL is carried forward indefinitely, while the $169,270 California NOL is being carried forward into the next 20 years and will start expiring on January 31, 2038 if not fully utilized. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740-10-30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740-10-40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented. Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carryforwards are expected to be available to reduce taxable income. As the achievement of required future taxable income is uncertain, the Company recorded a 100% valuation allowance. Year Ended Year Ended January 31 January 31 2021 2020 Deferred tax assets: Net operating loss carryforward $ 47,816 $ 27,589 Valuation allowance (47,816 ) (27,589 ) Net deferred tax assets $ - $ - |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | NOTE 6 – SUBSEQUENT EVENT On May 4, 2021, Mr. Jay Hamilton loaned the Company $10,000 to cover the Company’s operating expenses. The loans are unsecured, non-interest bearing and due on demand. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on historical experience and on various other assumptions and information that are believed to be reasonable under the circumstances. Estimates and assumptions of future events and their effects cannot be perceived with certainty and, accordingly, these estimates may change as new events occur, as more experience is acquired, as additional information is obtained and as our operating environment changes. Significant estimates and assumptions by management include, among others, going concern and income taxes including the valuation allowance for deferred tax assets. While the Company believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the financial statements in the period they are determined to be necessary. The current COVID-19 pandemic and general economic environment also increase the degree of uncertainty inherent in these estimates and assumptions. |
Related Parties Transactions | Related Parties Transactions A related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families, (ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. The Company conducts business with its related parties in the ordinary course of business. Related parties may be individuals or corporate entities. Transactions involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive, free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. It is not, however, practical to determine the fair value of amounts due from/to related parties due to their related party nature. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax effects of uncertain tax positions only if the position is more likely than not to be sustained upon audit, based on the technical merits of the position. The Company has not identified any material uncertain tax positions and recognizes interest and penalties in income tax expense, if applicable. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are maintained with financial institutions. Deposits held with banks may exceed the federally insured limits. These deposits are maintained with reputable financial institutions and are redeemable upon demand. We have not experienced any losses in such accounts. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings per common share is computed by dividing net earnings attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common stockholders by the sum of the weighted average number of common stock outstanding and dilutive potential common stock during the period. |
Revenue Recognition | Revenue Recognition We have adopted Accounting Standards Update No. 2014-09 (Topic 606, or ASC 606) “Revenue from Contracts with Customers” and related amendments. ASC 606’s core principle is that an entity will recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring good or services to a customer. The principles in the standard are applied in five steps: 1) Identify the contract(s) with a customer; 2) Identify the performance obligations in the contract; 3) Determine the transaction price; 4) Allocate the transaction price to the performance obligations in the contract; and 5) Recognize revenue when (or as) the entity satisfies a performance obligation. The Company recognizes revenue over time based on the transfer of control of the promised goods or services to the customer. This transfer occurs over time when the Company has an enforceable right to payment for performance completed to date, and our performance does not create an asset that has an alternative use to the Company. Otherwise, control to the promised goods or services transfers to customers at a point in time. |
Property and Equipment and Depreciation Policy | Property and Equipment and Depreciation Policy Property and equipment are stated at cost and depreciated on the straight-line method over the estimated life of the asset, which is 3 years. |
Long-Lived Assets | Long-Lived Assets The Company evaluates the recoverability of its long-lived assets whenever events or changes in circumstances have indicated that and asset may not be recoverable. The long-lived asset is grouped with other assets at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. If the sum of the projected undiscounted cash flows is less than the carrying value of the assets, the assets are written down to the estimated fair value. |
New Accounting Pronouncements | New Accounting Pronouncements There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jan. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Year Ended Year Ended January 31 January 31 2021 2020 Current Federal $ - $ - State 800 800 Deferred Federal - - State - - Income Tax Provisions $ 800 $ 800 |
Schedules of statutory tax rates | Year Ended Year Ended January 31 January 31 2021 2020 Loss before Income Taxes $ (71,246 ) $ (52,971 ) Provision for Income Taxes 800 800 Effective Tax Rate (1.12 )% (1.51 )% Reconciliation of Statutory Tax Rates to Effective Tax Rates Federal Statutory Rate 21.00 % 21.00 % State Statutory Rate 8.84 % 8.84 % Total Statutory Rates 29.84 % 29.84 % Less: Valuation Allowance (29.84 )% (29.84 )% Add: CA State Minimum Tax (1.12 )% (1.51 )% Effective Tax Rate (1.12 )% (1.51 )% |
Schedule of deferred tax assets | Year Ended Year Ended January 31 January 31 2021 2020 Deferred tax assets: Net operating loss carryforward $ 47,816 $ 27,589 Valuation allowance (47,816 ) (27,589 ) Net deferred tax assets $ - $ - |
Organization and Business (Deta
Organization and Business (Details) - USD ($) | Jun. 03, 2020 | Nov. 21, 2018 |
Mr. Mingyong Huang [Member] | ||
Organization and Business (Details) [Line Items] | ||
Share value of common stock acquired | 5,000,000 | 5,000,000 |
Percentage of issued and outstanding shares | 65.53% | |
Ms. Kriukova [Member] | ||
Organization and Business (Details) [Line Items] | ||
Cash and inventory (in Dollars) | $ 2,663 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Estimated life | 3 years |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | Jul. 16, 2020 | Jan. 31, 2021 | Jan. 31, 2020 | Jun. 03, 2020 |
Related Party Transactions (Details) [Line Items] | ||||
Unpaid balances | $ 80,001 | |||
Outstanding balance on loan amount | 80,001 | $ 60,432 | ||
Mr. Mingyong Huang [Member] | ||||
Related Party Transactions (Details) [Line Items] | ||||
Unpaid balances | $ 3,000 | |||
Operating expenses | $ 10,000 | $ 40,000 | ||
Shareholder loan forgiven amount | $ 67,432 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Jan. 31, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Corporate statutory rate, percentage | 21.00% |
Statutory tax rate, percentage | 8.84% |
Net operating loss carry forwards (in Dollars) | $ 170,870 |
Federal income tax (in Dollars) | $ 169,270 |
Description of operating loss carry forward | California has temporarily suspended NOL carryback but generally allows the NOL to be carried forward for 20 years. As of January 31, 2021, all of the $170,870 of Federal NOL is carried forward indefinitely, while the $169,270 California NOL is being carried forward into the next 20 years and will start expiring on January 31, 2038 if not fully utilized. |
Valuation allowance, percentage | 100.00% |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of provision for income taxes - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Current | ||
Federal | ||
State | 800 | 800 |
Deferred | ||
Federal | ||
State | ||
Income Tax Provisions | $ 800 | $ 800 |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedules of statutory tax rates - USD ($) | 12 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | |
Schedules of statutory tax rates [Abstract] | ||
Loss before Income Taxes (in Dollars) | $ (71,246) | $ (52,971) |
Provision for Income Taxes (in Dollars) | $ 800 | $ 800 |
Effective Tax Rate | (1.12%) | (1.51%) |
Reconciliation of Statutory Tax Rates to Effective Tax Rates | ||
Federal Statutory Rate | 21.00% | 21.00% |
State Statutory Rate | 8.84% | 8.84% |
Total Statutory Rates | 29.84% | 29.84% |
Less: Valuation Allowance | (29.84%) | (29.84%) |
Add: CA State Minimum Tax | (1.12%) | (1.51%) |
Effective Tax Rate | (1.12%) | (1.51%) |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of deferred tax assets - USD ($) | Jan. 31, 2021 | Jan. 31, 2020 |
Schedule of deferred tax assets [Abstract] | ||
Net operating loss carryforward | $ 47,816 | $ 27,589 |
Valuation allowance | (47,816) | (27,589) |
Net deferred tax assets |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
May 04, 2021USD ($) | |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Operating expenses | $ 10,000 |