Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Aug. 01, 2019 | |
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 333-219148 | |
Entity Registrant Name | VIVIC CORP. | |
Entity Central Index Key | 0001703073 | |
Entity Primary SIC Number | 7999 | |
Entity Tax Identification Number | 98-1353606 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 189 E Warm Spring Rd. | |
Entity Address, Address Line Two | PMB#B450 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89119 | |
City Area Code | 702 | |
Local Phone Number | 899-0818 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2018 | |
Common Stock | ||
Entity Common Stock, Shares Outstanding | 29,346,000 | |
Preferred Stock | ||
Entity Common Stock, Shares Outstanding | 832,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Current Assets | ||
Cash | $ 170,519 | $ 14,006 |
Prepayments | 11,000 | 200 |
Total current assets | 181,519 | 14,206 |
Non-current assets: | ||
Property, plant and equipment, net | 4,704 | |
Total Assets | 181,519 | 18,910 |
Current Liabilities | ||
Accrued liabilities and other payable | 11,255 | |
Amounts from related parties | 99,937 | 10,078 |
Income tax payable | 6,941 | |
Total Current liabilities | 118,133 | 10,078 |
Total Liabilities | 118,133 | 10,078 |
Commitments and contingencies | ||
Stockholder's Equity | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; 832,000 and 0 shares issued and outstanding as of April 30, 2019 and 2018, respectively | 832 | |
Common stock, $0.001 par value; 70,000,000 shares authorized; 29,346,000 and 5,340,000 shares issued and outstanding as of April 30, 2019 and 2018, respectively | 29,346 | 5,340 |
Additional Paid-In Capital | 27,963 | 24,360 |
Retained earnings (accumulated losses) | 5,245 | (20,868) |
Total stockholder's equity | 63,386 | 8,832 |
Total Liabilities and stockholder's equity | $ 181,519 | $ 18,910 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Apr. 30, 2019 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 832,000 | 0 |
Preferred Stock, Shares Outstanding | 832,000 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 70,000,000 | 70,000,000 |
Common Stock, Shares Issued | 29,346,000 | 5,340,000 |
Common Stock, Shares Outstanding | 29,346,000 | 5,340,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Revenues, net | $ 99,975 | $ 16,300 |
Cost of revenue | 9,265 | |
Gross profit | 99,975 | 7,035 |
Operating expenses | ||
General and administrative expenses | 66,921 | 25,945 |
Total operating expenses | 66,921 | 25,945 |
Income (loss) from operation | 33,054 | (18,910) |
Income (loss) before income taxes | 33,054 | (18,910) |
Income tax expense | (6,941) | |
NET INCOME (LOSS) | $ 26,113 | $ (18,910) |
Net income (loss) per share - Basic and Diluted | $ 0 | $ 0 |
Weighted average common shares outstanding - Basic and Diluted | 7,378,866 | 4,813,000 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash flows from Operating Activities | ||
Net loss | $ 26,113 | $ (18,910) |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation of property, plant and equipment | 1,026 | 1,446 |
Change in operating assets and liabilities: | ||
Prepayments | (10,800) | |
Accrued liabilities and other payable | 11,255 | |
Income tax payable | 6,941 | |
Net cash used in operating activities | 34,535 | (17,464) |
Cash flows from Investing Activities | ||
Purchase of fixed assets | (6,150) | |
Net cash used in investing activities | (6,150) | |
Cash flows from Financing Activities | ||
Advances from a shareholder | 99,937 | |
Proceeds of loan from shareholder | 2,025 | 7,850 |
Payments on loan from shareholder | (4,822) | |
Proceeds from issuance of common and preferred stocks | 24,838 | 25,200 |
Net cash provided in financing activities | 121,978 | 33,050 |
Net increase (decrease) in cash and equivalents | 156,513 | 9,436 |
Cash and equivalents at beginning of the period | 14,006 | 4,570 |
Cash and equivalents at end of the period | 170,519 | 14,006 |
Cash paid for: | ||
Interest | ||
Income Taxes | ||
NON-CASH FINANCING TRANSACTIONS | ||
Exchange of property & equipment for settlement of debt | 3,678 | |
Gain on settlement of debt | $ 3,603 |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained earnings (accumulated losses) | Total |
Beginning Balance at Apr. 30, 2017 | $ 4,500 | $ (1,958) | $ 2,542 | ||
Beginning Balance, Shares at Apr. 30, 2017 | 4,500,000 | ||||
Shares Issued | $ 840 | 24,360 | 25,200 | ||
Shares Issued, Shares | 840,000 | ||||
Gain on settlement of debt | |||||
Net Income (loss) | (18,910) | (18,910) | |||
Ending Balance at Apr. 30, 2018 | $ 5,340 | 24,360 | (20,868) | 8,832 | |
Ending Balance, Shares at Apr. 30, 2018 | 5,340,000 | ||||
Shares Issued | $ 832 | $ 24,006 | 24,838 | ||
Shares Issued, Shares | 832,000 | 24,006,000 | |||
Gain on settlement of debt | 3,603 | 3,603 | |||
Net Income (loss) | 26,113 | 26,113 | |||
Ending Balance at Apr. 30, 2019 | $ 832 | $ 29,346 | $ 27,963 | $ 5,245 | $ 63,386 |
Ending Balance, Shares at Apr. 30, 2019 | 832,000 | 29,346,000 |
ORGANIZATION AND BUSINESS BACKG
ORGANIZATION AND BUSINESS BACKGROUND | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS BACKGROUND | NOTE – 1 ORGANIZATION AND BUSINESS BACKGROUND VIVIC CORP. (the "Company" or “VIVC”) is a corporation established under the corporation laws in the State of Nevada on February 16, 2017. VIVIC CORP. is in the tourism business. Starting from December 27, 2018, the Company expanded its main business operations to the research and development of yacht manufacturing, tourism, pier, real estate operations and the application of new energy saving technologies. In the field of yacht manufacturing, the Company has developed a series of new energy saving yacht for environmental protection, which can be used in waters with strict environmental protection requirements. In the field of marine tourism, the number of yachts that can be rented has been increased through yacht sharing program system, which can provide services for more customers. In the field of yacht real estate, we are actively developing wharfs. Two wharf projects have reached development intentions with the local government, with a total berth of more than 600. The application of new energy-saving technology has begun trial operation, and market work will be carried out in an all-round way after achieving ideal results. The Company has adopted an April 30 fiscal year end. |
GOING CONCERN UNCERTAINTY
GOING CONCERN UNCERTAINTY | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
GOING CONCERN UNCERTAINTY | NOTE – 2 GOING CONCERN UNCERTAINTY The accompanying financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the year ended April 30, 2019, the Company has not established a recurring source of revenue to sufficiently cover its operating costs in the next twelve months. These factors raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business and expansion plans. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that the current actions to obtain additional funding and implement its strategic plans provide the opportunity for the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE – 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Use of estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful life Buggy and computer equipment 3 years Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Revenue recognition The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition The Company recognized revenue in the amount of $16,300 for organizing tours for the year ended April 30, 2018. The cost of revenue was $9,265 for purchasing these tours from the tour providers. The Company recognized revenue in the amount of $99,975 for consulting service for the year ended April 30, 2019. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the years ended April 30, 2019 and 2018, the Company did not have any interest and penalties associated with tax positions. As of April 30, 2019 and 2018, the Company did not have any significant unrecognized uncertain tax positions. Net income (loss) per share The Company calculates net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share.” Stock-based compensation As of April 30, 2019 and 2018, the Company has not issued any stock-based compensation to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and trust accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Fair value of financial instruments The carrying value of the Company’s financial instruments (excluding finance lease): cash and cash equivalents, accounts receivable, amount due to a related party, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 : ● Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") No. 2014-09, Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-02 , Leases In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE – 4 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: As of April 30, 2019 2018 Buggy and computer equipment, at cost $ — $ 6,150 Less: accumulated depreciation — (1,446 ) $ — $ 4,704 Depreciation expense for the years ended April 30, 2019 and 2018 were $1,026 and $1,446, as part of cost of revenue, respectively. During the year ended April 30, 2019, all the loans and due owned to the shareholder has been paid off or forgiven by exchange of buggy and computer equipment. |
AMOUNTS DUE TO RELATED PARTIES
AMOUNTS DUE TO RELATED PARTIES | 12 Months Ended |
Apr. 30, 2019 | |
Notes to Financial Statements | |
AMOUNTS DUE TO RELATED PARTIES | NOTE – 5 AMOUNTS DUE TO RELATED PARTIES The amounts represented temporary advances to the Company by one of its shareholders Honetech Inc., which were unsecured, interest-free and had no fixed terms of repayments. Imputed interest from related party loan is not significant. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE – 6 INCOME TAXES VIVC is registered in the State of Delaware and is subject to US federal corporate income tax. The U.S. Tax Cuts and Jobs Act (the “Tax Reform Act”) was signed into law. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the years presented. The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended April 30, 2019 and 2018 are as follows: Years ended April 30, 2019 2018 Income before income taxes $ 33,054 $ (18,910 ) Statutory income tax rate 21 % 21 % Income tax expense at statutory rate 6,941 (3,971 ) Tax effect of non-deductible items — (411 ) Tax effect of allowance — 4,382 Income tax expense $ 6,941 $ — |
STOCKHOLDERS' DEFICIT
STOCKHOLDERS' DEFICIT | 12 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' DEFICIT | NOTE – 7 STOCKHOLDERS’ DEFICIT The Company’s authorized share are 5,000,000 preferred shares and 70,000,000 common shares with a par value of $0.001 per share. For the year ended April 30, 2018, the Company issued 840,000 shares of its common stock at $0.03 per share for total proceeds of $25,200. For the year ended April 30, 2019, the Company issued 832,000 shares of its preferred stock at $0.001 per share and 24,006,000 shares of its common stock at $0.001 for total proceeds of $24,838. As of April 30, 2019 and 2018, the Company had a total of 832,000 and 0 shares of its preferred stock issued and outstanding, respectively. As of April 30, 2019 and 2018, the Company had a total of 29,346,000 and 5,340,000 shares of its common stock issued and outstanding, respectively. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 12 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NOTE – 8 NET INCOME (LOSS) PER SHARE Basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the year. The dilutive effect of potential common shares outstanding is included in diluted net (loss) income per share. The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended April 30, 2019 and 2018: Years ended April 30, 2019 2018 Net income (loss) attributable to common shareholders $ 26,113 $ (18,910 ) Weighted average common shares outstanding – Basic and diluted 7,378,866 4,813,000 Net (loss) income per share – Basic and diluted $ 0.00 $ (0.00 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE – 9 RELATED PARTY TRANSACTIONS In support of the Company’s efforts and cash requirements, it may rely on advances from related parties 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 shareholders. 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. In December 2018, all the loans and due owned to the shareholder has been paid off or forgiven by exchange of buggy and computer equipment. The Company paid $13,500 consulting fee to Honetech Inc., its controlling shareholder during the year ended April 30, 2019. Also, the Company received $99,975 consultancy service income from one of its shareholders during the year ended April 30, 2019. The Company has been provided office space by its majority shareholder at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE – 10 COMMITMENTS AND CONTINGENCIES (a) Operating lease commitments As of April 30, 2019, the Company has no material commitments under operating leases. (b) Capital commitment As of April 30, 2019, the Company has no material capital commitments in the next twelve months. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE – 11 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events On June 25, 2019, the Company formed Vivic Corporation (Hong Kong) Co., Ltd (“Vivic HK”), a wholly owned subsidiary company in Hong Kong. On July 11, 2019, the Company formed a wholly owned branch company in Taiwan (“VIVIC Taiwan Branch”) at 19 Jianping Third Street, Tainan City. VIVIC Taiwan Branch will be responsible for the research, development and application of energy-saving technologies, and the research and development of the manufacturing of electric ships. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation These accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of Estimates | Use of estimates In preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful life Buggy and computer equipment 3 years Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. |
Revenue Recognition | Revenue recognition The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition The Company recognized revenue in the amount of $16,300 for organizing tours for the year ended April 30, 2018. The cost of revenue was $9,265 for purchasing these tours from the tour providers. The Company recognized revenue in the amount of $99,975 for consulting service for the year ended April 30, 2019. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. For the years ended April 30, 2019 and 2018, the Company did not have any interest and penalties associated with tax positions. As of April 30, 2019 and 2018, the Company did not have any significant unrecognized uncertain tax positions. |
Net income (loss) per share | Net income (loss) per share The Company calculates net income (loss) per share in accordance with ASC Topic 260, “Earnings per Share.” |
Stock-Based Compensation | Stock-based compensation As of April 30, 2019 and 2018, the Company has not issued any stock-based compensation to its employees. Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Related parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Concentration of credit risk | Concentration of credit risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and trust accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Fair value of financial instruments | Fair value of financial instruments The carrying value of the Company’s financial instruments (excluding finance lease): cash and cash equivalents, accounts receivable, amount due to a related party, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments. Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount. The Company also follows the guidance of the ASC Topic 820-10, “ Fair Value Measurements and Disclosures ● Level 1 ● Level 2 : ● Level 3 Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Recent accounting pronouncements | Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company's financial statements properly reflect the change. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Updates ("ASU") No. 2014-09, Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-02 , Leases In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s financial statements upon adoption. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Summary Of Significant Accounting Policies | |
Schedule of Useful life of Assets | Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful life Buggy and computer equipment 3 years |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consisted of the following: As of April 30, 2019 2018 Buggy and computer equipment, at cost $ — $ 6,150 Less: accumulated depreciation — (1,446 ) $ — $ 4,704 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Rate of Income Tax | The reconciliation of income tax rate to the effective income tax rate based on income before income taxes for the years ended April 30, 2019 and 2018 are as follows: Years ended April 30, 2019 2018 Income before income taxes $ 33,054 $ (18,910 ) Statutory income tax rate 21 % 21 % Income tax expense at statutory rate 6,941 (3,971 ) Tax effect of non-deductible items — (411 ) Tax effect of allowance — 4,382 Income tax expense $ 6,941 $ — |
NET INCOME (LOSS) PER SHARE (Ta
NET INCOME (LOSS) PER SHARE (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income (loss) per share | The following table sets forth the computation of basic and diluted net income (loss) per share for the years ended April 30, 2019 and 2018: Years ended April 30, 2019 2018 Net income (loss) attributable to common shareholders $ 26,113 $ (18,910 ) Weighted average common shares outstanding – Basic and diluted 7,378,866 4,813,000 Net (loss) income per share – Basic and diluted $ 0.00 $ (0.00 ) |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Apr. 30, 2019 | |
Buggy and Computer Equipment [Member] | |
Useful life of assets | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Disclosure Summary Of Significant Accounting Policies Details Narrative Abstract | ||
Revenue Recognization | $ 99,975 | $ 16,300 |
Cost of Revenue | $ 9,265 | |
Cash and Trust Account Insured by FDIC | $ 250,000 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Property Plant and Equipment, Gross | $ 6,150 | |
Less: accumulated depreciation | (1,446) | |
Property Plant and Equipment, Net | 4,704 | |
Buggy and Computer Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 6,150 |
PROPERTY, PLANT AND EQUIPMENT_3
PROPERTY, PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,026 | $ 1,446 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income before income taxes | $ 33,054 | $ (18,910) |
Statutory income tax rate | 21.00% | 21.00% |
Income tax expense at statutory rate | $ 6,941 | $ (3,971) |
Tax effect of non-deductible items | (411) | |
Tax effect of allowance | 4,382 | |
Income tax expense | $ 6,941 |
STOCKHOLDERS' DEFICIT (Details
STOCKHOLDERS' DEFICIT (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 832,000 | 0 |
Preferred Stock, Shares Outstanding | 832,000 | 0 |
Common Stock, Shares Authorized | 70,000,000 | 70,000,000 |
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Outstanding | 29,346,000 | 5,340,000 |
Common Stock, Shares Issued | 29,346,000 | 5,340,000 |
Shares Issued | $ 24,838 | $ 25,200 |
Common Stock | ||
Common Stock, Par Value | $ 0.001 | $ 0.03 |
Shares Issued | $ 24,006 | $ 840 |
Shares Issued, Shares | 24,006,000 | 840,000 |
Preferred Stock | ||
Preferred Stock, Shares Authorized | 0.001 | |
Shares Issued | $ 832 | |
Shares Issued, Shares | 832,000 |
NET INCOME (LOSS) PER SHARE (De
NET INCOME (LOSS) PER SHARE (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common shareholders | $ 26,113 | $ (18,910) |
Weighted average common shares outstanding - Basic and diluted | 7,378,866 | 4,813,000 |
Net (loss) income per share - Basic and diluted | $ 0 | $ 0 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Honetech Inc. [Member] | |
Consulting Fees Paid | $ 13,500 |
Shareholder [Member] | |
Consultancy Service Income | $ 99,975 |