Treasure & Shipwreck Recovery (BLIS) 10-Q 17 Mar 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2021	Mar. 15, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2021
Current Fiscal Year End Date	--04-30
Entity File Number	333-219700
Entity Registrant Name	Treasure & Shipwreck Recovery, Inc.
Entity Central Index Key	0001703625
Entity Tax Identification Number	37-1844836
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	13046 Racetrack Road
Entity Address, Address Line Two	#234 Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33626
City Area Code	813
Local Phone Number	504-7831
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,646,502
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Current Assets
Cash	$ 22,432	$ 6,678
Total Current Assets	22,432	6,678
Fixed Assets
Fixed assets, net of depreciation	110,639	147,036
Total fixed assets	110,639	147,036
Other Assets
Trademarks	636,000	636,000
Security deposit	1,000	1,000
Total other assets	637,000	637,000
Total Assets	770,071	790,714
Current Liabilities
Accounts Payable		55,500
Customer Deposits	8,700	8,700
Short Term Loans	16,763	16,763
Related Party Loan	46,390	46,390
Total Current Liabilities	71,853	127,353
Total Liabilities	71,853	127,353
Stockholder's Equity
Preferred stock, $0.001 par value; 100 shares authorized, 51 and 0 shares issued and outstanding at January 31, 2020 and April 30, 2020, respectively
Common stock, par value $0.001; 75,000,000 shares authorized, 7,646,502 and 7,396,502 shares issued and outstanding at January 31, 2021 and April 30, 2020, respectively	7,647	7,397
Common stock to be issued	212,688	79,500
Additional paid in capital	1,584,570	1,257,553
Accumulated deficit	(1,106,687)	(681,089)
Total Stockholder's Equity	698,218	663,361
Total Liabilities and Stockholder's Equity	$ 770,071	$ 790,714

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jan. 31, 2021	Apr. 30, 2020
Statement of Financial Position [Abstract]
Preferred Stock, Par Value	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	100	100
Preferred Stock, Shares Issued	51	0
Preferred Stock, Shares Outstanding	51	0
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	7,646,502	7,396,502
Common Stock, Shares Outstanding	7,646,502	7,396,502

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Income Statement [Abstract]
REVENUES
Cost of Revenues
Gross Profit
OPERATING EXPENSES
Professional Fees	98,105	64,716	396,726	99,667
Boat Expenses	4,496	56,038	39,007	107,664
General and Administrative Expenses	7,175	14,061	25,081	16,100
Labor	10,887	10,417	10,887	41,667
Depreciation	12,132	3,632	36,398	6,054
TOTAL OPERATING EXPENSES	132,795	148,864	508,099	271,152
NET LOSS FROM OPERATIONS	(132,795)	(148,864)	(508,099)	(271,152)
Other Income			82,500
NET LOSS BEFORE INCOME TAX	(132,795)	(148,864)	(425,599)	(271,152)
PROVISION FOR INCOME TAXES
NET LOSS	$ (132,795)	$ (148,864)	$ (425,599)	$ (271,152)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.05)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	7,646,502	6,388,437	7,479,835	5,572,467

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES TO STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($)	Preferred Stock	Common Stock	Common Stock to be Issued [Member]	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance at Apr. 30, 2019		$ 5,035		$ 38,665	$ (88,852)	$ (45,152)
Beginning Balance, Shares at Apr. 30, 2019		5,035,000
Net loss					(2,500)	(2,500)
Ending Balance at Jul. 31, 2019		$ 5,035		38,665	(91,352)	(47,652)
Ending Balance, Shares at Jul. 31, 2019		5,035,000
Beginning Balance at Apr. 30, 2019		$ 5,035		38,665	(88,852)	(45,152)
Beginning Balance, Shares at Apr. 30, 2019		5,035,000
Sale of common stock						352,750
Net loss						(271,152)
Ending Balance at Jan. 31, 2020		$ 8,160		388,290	(360,004)	36,446
Ending Balance, Shares at Jan. 31, 2020		8,159,577
Beginning Balance at Jul. 31, 2019		$ 5,035		38,665	(91,352)	(47,652)
Beginning Balance, Shares at Jul. 31, 2019		5,035,000
Issuance of Shares		$ 456		148,044		148,500
Issuance of Shares, shares		456,002
Net loss					(119,788)	(119,788)
Ending Balance at Oct. 31, 2019		$ 5,491		186,709	(211,140)	(18,940)
Ending Balance, Shares at Oct. 31, 2019		5,491,002
Issuance of Shares		$ 2,669		201,581		204,250
Issuance of Shares, shares		2,668,575
Net loss					(148,864)	(148,864)
Ending Balance at Jan. 31, 2020		$ 8,160		388,290	(360,004)	36,446
Ending Balance, Shares at Jan. 31, 2020		8,159,577
Beginning Balance at Apr. 30, 2020		$ 7,397	79,500	1,257,553	(681,089)	663,361
Beginning Balance, Shares at Apr. 30, 2020		7,396,502
Issuance of Shares				202,455		202,455
Issuance of Shares, shares	51
Stock compensation			93,750			93,750
Net loss					(200,730)	(200,730)
Ending Balance at Jul. 31, 2020		$ 7,397	173,250	1,460,008	(881,819)	758,836
Ending Balance, Shares at Jul. 31, 2020	51	7,396,502
Beginning Balance at Apr. 30, 2020		$ 7,397	79,500	1,257,553	(681,089)	663,361
Beginning Balance, Shares at Apr. 30, 2020		7,396,502
Sale of common stock						100,000
Net loss						(425,599)
Ending Balance at Jan. 31, 2021		$ 7,647	212,688	1,584,570	(1,106,687)	698,218
Ending Balance, Shares at Jan. 31, 2021	51	7,646,502
Beginning Balance at Jul. 31, 2020		$ 7,397	173,250	1,460,008	(881,819)	758,836
Beginning Balance, Shares at Jul. 31, 2020	51	7,396,502
Stock compensation			39,250			39,250
Net loss					(92,073)	(92,073)
Ending Balance at Oct. 31, 2020		$ 7,397	212,500	1,460,008	(973,892)	706,013
Ending Balance, Shares at Oct. 31, 2020	51	7,396,502
Stock compensation		$ 250		24,750		25,000
Stock compensation, shares		250,000
Sale of common stock			188	99,812		100,000
Net loss					(132,795)	(132,795)
Ending Balance at Jan. 31, 2021		$ 7,647	$ 212,688	$ 1,584,570	$ (1,106,687)	$ 698,218
Ending Balance, Shares at Jan. 31, 2021	51	7,646,502

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (425,599)	$ (271,152)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	36,398	6,054
Stock Compensation	158,000
Changes in operating assets and liabilities:
Prepaid Expense		(3,000)
Accounts payable	(55,500)	(1,899)
CASH FLOWS USED IN OPERATING ACTIVITIES	(286,701)	(269,997)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets		(60,390)
CASH FLOWS USED IN INVESTING ACTIVITIES		(60,390)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sales of common stock	100,000	352,750
Increase in related party convertible loan		38,600
Proceed from sales of preferred stock	202,455
CASH FLOWS FROM FINANCING ACTIVITIES	302,455	391,350
NET INCREASE (DECREASE) IN CASH	15,754	60,963
Cash, beginning of period	6,678
Cash, end of period	22,432	60,963
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	Note 1 – ORGANIZATION AND NATURE OF BUSINESS Treasure& Shipwreck Recovery, Inc (“TSR” or the “Company”), was incorporated in the State of Nevada on October 24, 2016 as Beliss Corp. The Company changed its name to Treasure & Shipwreck Recovery Inc. on June 26, 2019. TSR formed TSR Holdings, Inc., a wholly owned subsidiary, on August 22, 2019 as the Company’s operating vehicle to focus on the recovery of sunken treasure from historic shipwrecks. The Company was originally focused on the development of high impact internet marketing, search engine optimization (“SEO”) software and techniques, and the development of digital properties (collectively “Internet Marketing”). On April 6, 2020, TSR formed TSR Media Group, Inc. (“TSR Media”), a wholly owned subsidiary, in order to develop various digital media properties. TSR Media is in the process of developing, through an outside app developer, a treasure search and salvage gaming app. TSR Media also entered into an agreement to purchase a domain called www.flavorfullapps.com and approximately 60 food related apps that are currently listed on Amazon.com, Blackberry World and Google Play.

GOING CONCERN

GOING CONCERN	9 Months Ended
	Jan. 31, 2021
Going Concern
GOING CONCERN	Note 2 – GOING CONCERN These condensed consolidated unaudited financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred net losses since inception, which raises substantial doubt about the Company’s ability to continue as a going concern. Based on its historical rate of expenditures, the Company expects to expend its available cash in less than one month from March 15, 2021. Management’s plans include raising capital through the equity markets to fund operations and, eventually, the generation of revenue through its business. The Company does not expect to generate any significant revenues for the foreseeable future. At January 31, 2021, the Company had a net working capital deficit of $49,421. The Company is in immediate need of further working capital and is seeking options, with respect to financing, in the form of debt, equity or a combination thereof. Failure to raise adequate capital and generate adequate revenues could result in the Company having to curtail or cease operations. The Company’s ability to raise additional capital through future issuances of the common stock is unknown. Additionally, even if the Company does raise sufficient capital to support its operating expenses and generate adequate revenues, there can be no assurances that the revenue will be sufficient to enable it to develop to a level where it will generate profits and cash flows from operations. These matters raise substantial doubt about the Company’s ability to continue as a going concern; however, the accompanying condensed consolidated unaudited financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. These condensed consolidated unaudited financial statements do not include any adjustments relating to the recovery of the recorded assets or the classifications of the liabilities that might be necessary should the Company be unable to continue as a going concern. Covid-19 Disclosure The Company’s operations may be adversely affected by the ongoing outbreak of the coronavirus disease 2019 (“COVID-19”) which was declared a pandemic by the World Health Organization (“WHO”) in March 2020. The ultimate disruption which may be caused by the outbreak is uncertain; however, it may result in a material adverse impact on TSR’s financial position, operations and cash flows. Additionally, it is possible that the Company may face additional challenges in obtaining financing due to COVID-19’s effects on the general economy and the capital markets. If the Company is not able to obtain financing due to COVID-19, then it is highly likely that it will be forced to cease operations. The impact on smaller companies such as TSR of having to cease operations due to the effects of COVID-19 would likely result in the Company not being able to survive and would cause a complete loss of all capital invested in the Company.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation Management acknowledges its responsibility for the preparation of the accompanying interim financial statements which reflect all adjustments, consisting of normal recurring adjustments, considered necessary in its opinion for a fair statement of its financial position and the results of its operations for the interim period presented. These condensed consolidated unaudited financial statements should be read in conjunction with the summary of significant accounting policies and notes to financial statements included in the Company’s Form 10-K annual report for the year ended April 30, 2020. The results of the nine months ended January 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year ending April 30, 2021. Principles of Consolidation The consolidated financial statements of the Company include the accounts of TSR Holdings, Inc. and TSR Media, which are wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. There were no cash equivalents at January 31, 2021 and April 30, 2020. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of January 31, 2021, the Company had $0 in excess of the FDIC insured limit. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers. For the Company’s service contracts, the services provided are considered to be one single performance obligation. Revenue and expenses are recognized as services are rendered. The average period for satisfying the performance obligation is three months. The Company has analyzed all of its contracts and can confirm that all the requirements are considered in these contracts: 1) The contracts with customers were identified; 2) The performance obligation was the creation of a website and the provision of SEO-optimization and other services for this site; 3) The transaction price was determined; 4) The Company has only one performance obligation, so the whole transaction price is related to this performance obligation; 5) The revenue was recognized when the performance obligation had been satisfied. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract. Basic Loss per Share The Company computes loss per share in accordance with Financial Accounting Standards Board (FASB) ASC 260 “ Earnings per Share Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, short term loans, and the Company’s related party loan from a shareholder approximate their fair values because of the short maturity of these instruments. Fixed Assets Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Gains and losses upon disposition are reflected in the consolidated statements of operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred. Currently the Company’s only assets are a diving vessel, a magnetometer, and website and apps and are being depreciated over three to twelve year useful lives. Impairment of Long-Lived and Intangible Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. The Company has not recognized impairment on its long-lived assets as of January 31, 2021. Identified intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our existing intangible assets consists solely of trademarks. Stock Based Compensation to Employees and Service Providers The Company recognizes all share-based payments to employees and service providers, including grants of employee stock options, as compensation expense in the financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the share-based payments vest immediately. Customer Deposits Customer deposits discloses an amount paid by a customer prior to the Company providing it with goods or services. The Company has an obligation to provide the goods or services to the customer or to return the money. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Public Company Accounting Oversight Board did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

FIXED ASSETS

FIXED ASSETS	9 Months Ended
	Jan. 31, 2021
Property, Plant and Equipment [Abstract]
FIXED ASSETS	Note 4 – FIXED ASSETS Fixed assets are summarized below: Fixed Assets January 31, April 30, App $ 102,000 $ 102,000 Diving Vessel 36,390 36,390 Magnetometer 24,000 24,000 Accumulated Depreciation (51,751 ) (15,354 ) Fixed Assets, Net $ 110,639 $ 147,036 Depreciation expense was $36,398 and $6,054 for the nine months periods ended January 31, 2021 and 2020, respectively. TSR Media entered into an App Company and App Purchase agreement with an individual on February 12, 2020 to purchase a website, www.flavorfullapps.com as well as 50 related recipe and cooking apps. Under the original terms of the agreement TSR agreed to pay the individual 300,000 shares of restricted common stock. The agreement was amended on April 26, 2020 to increase the share amount paid for the website and apps to 600,000 shares of restricted common stock, reflecting the current market value of TSR’s share price as well as additional consideration for the individual assisting with redoing the website and consulting for new apps. The purchase of the website and associated apps was valued at $102,000 based on the fair value of TSR’s shares on the date of the amended purchase agreement.

PURCHASE OF TRADEMARK, GRAPHICS

PURCHASE OF TRADEMARK, GRAPHICS, RELATED MEDIA AND PRODUCT MATERIALS	9 Months Ended
	Jan. 31, 2021
Business Combinations [Abstract]
PURCHASE OF TRADEMARK, GRAPHICS, RELATED MEDIA AND PRODUCT MATERIALS	Note 5 – PURCHASE OF TRADEMARK, GRAPHICS, RELATED MEDIA AND PRODUCT MATERIALS The Company entered into a Trademark and Usage Purchase Agreement with Galleon Quest, LLC (“GQ”), a privately held limited liability company, on March 5, 2020. Under the terms of the Trademark and Usage Purchase Agreement, the Company agreed to issue 1,200,000 shares of its restricted common stock to GQ in exchange for the acquisition of a registered trademark and all other developed graphics, including for gaming, web site and all other material for television, multimedia, gaming, food and products such as beverages, and all other issues. In addition, the Company agreed that GQ shall retain the right to ten percent of the gaming rights and five percent of the television media revenue, which shall be for rights of the gaming name rights, as used in all app, online or other gaming as owned by TSR and any television related media. All shares issued by both parties under the agreement have all rights and entitlements as the common stock of every other shareholder of such share class. The purchase of the trademark and related graphics and materials was valued at $636,000 based on the fair value of TSR’s shares on the date of the Trademark and Usage Purchase Agreement.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Jan. 31, 2021
Notes Payable
NOTES PAYABLE	Note 6 – NOTES PAYABLE Related Party Convertible Loan An officer of the Company has provided a loan to TSR under a convertible promissory note. This convertible promissory note is unsecured, non-interest bearing, and is convertible into common shares of the Company stock at $2.75 per share and due on demand. The balance due to the officer was $46,390 as of January 31, 2021 and April 30, 2020. Short Term Loans As of January 31, 2021, the Company had loans totaling $16,763 with two non-related parties, a loan in the amount of $14,063 and a loan in the amount of $2,700. These loans are unsecured, non-interest bearing and due on demand.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	9 Months Ended
	Jan. 31, 2021
Equity [Abstract]
STOCKHOLDERS' EQUITY	Note 7 – STOCKHOLDERS’ DEFICIT Common Stock The Company is authorized to issue 75,000,000 shares of common stock, $0.001 par value per share. Common Stock Issuances The Company is in the process of cancelling the shares issued to an individual from the cancelled Southern Amusement transaction. All such shares are held in escrow for cancellation under our Counsel and President. The Company issued 250,000 shares of common stock to a consultant for services provided. Preferred Shares On May 1, 2020, the Board of Directors of TSR designated 2,000,000 shares of the total 75,000,000 shares authorized to be designated as Preferred Class Shares, with such class to be designated by class and preferences by the Board of Directors. On the same day the Company’s Board authorized the creation of 100 Series A preferred shares. Series A Preferred Stock The Series A Preferred Share will exist in one hundred (100) Preferred A Shares authorized, maximum. Each Series A Preferred Share will cost $4,000, with a three share minimum purchase ($12,000) to accredited investors only in a Preferred Class A Share Agreement. Each Series A Preferred share gets .2% of TSR Game Net Profit, after deductions for costs and other distributions below. Each Series A Preferred Share will continue to exist, unless the game app is sold to another entity, at which time the Series A Preferred Shareholders will receive their same percentage of the TSR net sales proceeds price. All hosting and sales platforms costs, developer costs, marketing and advertising costs, game improvement costs, costs of hosting on servers either internally or outside the company, store costs and all other sources of cost are excluded from any net that a designer would receive for game build out and maintaining the game, advertising and marketing, which shall be fees excluded from all gross revenues before revenue and profit for TSR. TSR has or will have partnerships with game developers which may gain a percent of the revenue for the game which may deduct from the TSR portion, and the Preferred A Shareholders’ revenue. The Series A Preferred Shares have no voting rights, and no rights to ordinary dividends that other share classes may receive, the Preferred Series A Shares shall each be entitled to such revenue rights only as stated above. The Series A Preferred Shares are not convertible into any other shares of the Company’s stock. Such shares shall be transferable with consent of the Company. During the nine month period ended January 31, 2021, the Company issued 51 shares of Series A preferred shares for total proceeds of $202,455.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jan. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 8 – COMMITMENTS AND CONTINGENCIES Operations Manager’s Agreement In October, 2020, TSR entered into an agreement with an individual consultant to be the Company’s operations manager for site selection and operational oversight. The term of the agreement is for a minimum of one year. The services to be rendered, on an as needed basis include selection for sites, and personnel for diving for recovery operations, assistance in the selection of personnel, contractors, and parties for wreck site scanning, search operations, and recovery operations of wreck sites, analysis and review of shipwreck sites, interaction with state and governmental authorities as necessary for wreck site approval and operations, and at the option of TSR participate in and have the right to appear in media productions involving the Company. TSR agreed to pay the operations manager $500 per week for a minimum of two months and an additional $100 per day for time spent at sea on a site, pre approved expenses including travel, lodging and meals, and thirty percent of the net value of any artifacts that are recovered from a site brought to TSR by the consultant. Upon execution of the agreement TSR also agreed to pay the consultant 100,000 shares of restricted common stock. Furthermore, TSR agreed to pay the consultant an additional 250,000 shares of restricted common stock after the Company was successful in recovering a net of $250,000 of valuable artifacts from a site brought to TSR by the consultant. TSR additionally agreed to the pay the consultant shares of the Company’s restricted common stock as follows: A) Upon recovery of over $250 , 000 value as net to TSR, the consultant shall receive an additional 100 , 000 common shares of TSR. B) Upon recovery of over $500 , 000 value as net to TSR, the consultant shall recei v e an additional 50 , 000 common shares of TSR. C) Upon recovery of over $1,000 , 000 value as net to TSR, the consultant shall receive an additional 50 , 000 common shares of TSR. D) For each additional $1 , 000 , 000 value as net to TSR , t he consultant shall receive an additional 50 , 000 common shares of TSR up to $5,000 , 000 in recovery. E) For each additional $5 , 000 , 000 value as net to TSR , after the first $5 , 000 , 000 in artifacts net to TSR, the consultant shall receive an additional 50 , 000 common shares of TSR up to $20 , 000 , 000 in recovery. F) If TSR is able to enter into a media agreement for a reality television series through the material assistance of the consultant , and such series goes to an initial production and episodes , t he consultant shall receive 100 , 000 common shares. Additional compensation under a media agreement will be forthcoming if such media agreement is entered into. G) Consultant shall receive , for any project w hich he brings and initiates to TSR, and opera tes in his role with TSR , fo rty p ercent (40%) of the net recovery of artifacts , as defined below, to TSR. This percentage shall include any portion that the consultant w ished to subdivide or name other recipients for such 40% of the recovered artifacts. The consultant shall sell such artifacts in coordination w ith TSR. If the consultant does not bring a site for a shipwreck , but operates as operations manager to point of recovery, then he shall receive twenty percent (20%) of the recov ered artifacts which are net to TSR after other splits. Net to TS R means after portions and percentages to investors , outside contractors , state or other governmental entities , rights holders, etc . H) For any proj ect or site n ot brought to TSR b y the consultant , he shall receive o ne qu arter of s u ch shares above , if he is active on site as a p ro ject manager . Treasure Game App Development and Ownership Memorandum of Understanding and Agreement On February 10, 2020, TSR Media entered into an agreement with a game app developer to develop a gaming app based on treasure search and salvage. The gaming developer agreed to provide programmers and developers to complete the game. Under the terms of the agreement TSR Media agreed to pay the gaming developer a total fee of $240,000. TSR Media also agreed that the developer would receive thirty percent of the profits from the game with profits being defined as revenues calculated after distribution platforms receive their portion of gross sales and costs paid for game hosting services. TSR Media and the app developer agreed that the game will be developed for a final product within four to six months, with a launch goal in the year 2020. TSR Media and the app developer agreed that they will pay a continuing development fee to expand, improve and upgrade the game. In September of 2020, TSR Media and the game app developer entered into a Mutual Release and Settlement Agreement and agreed to unwind the Treasure Game App Development and Ownership Memorandum of Understanding and Agreement. Under the terms of the Mutual Release and Settlement Agreement, the game app developer agreed to pay TSR Media $50,000. Additionally, the outstanding amount owed by TSR Media, $32,500, was cancelled. TSR Media does not owe any further payments or fees to the game app developer and the Settlement Agreement concludes all business between the parties. The $82,500 was recorded as other income on the condensed consolidated statements of operations. Trademark and Usage Purchase Agreement Gaming and Media Rights Payments TSR entered into a Trademark and Usage Purchase Agreement on March 5, 2020, see Note 5. Under the terms of the agreement TSR is obligated to pay ten percent of the gaming rights and five percent of television media revenue, which shall be for rights of the gaming name rights, as used in all such app, online or other gaming as owned by TSR and any television related media. Interim Chief Executive Officer Engagement Agreement On March 1, 2020, TSR entered into an agreement with a limited liability company to designate one of its members to provide services to the Company as an interim CEO. The term of the agreement is for six months. Under the terms of the agreement, the interim CEO shall receive a five percent bonus of investment paid when the Company receives funding, be responsible for the technical and intellectual property development of the gaming side of the businesses, including overseeing the gaming production, values, and marketing partners, be responsible for overseeing the proposed television or multimedia production of a reality television series pilot, potential series production, agreements and other matters as related, actively engage as required for all necessary funding presentations, gaming presentations, television and multi-media presentations and all other necessary public or publicized appearances, act as a conduit for any necessary technology applications for sea search and recovery and advise on presented or available technologies for the sea research, finding and recovery side of the Company, and review of necessary matters as determined by the Board of Directors and the Chairman. This agreement has expired and has not been renewed. The Company is in discussions regarding a new agreement. TSR agreed to pay the limited liability company $10,000 per month and if the game and/or television component creates enough additional revenue for the Company in profit within the first eighteen months to equal such compensation at 5% as achieved by the Company, then such compensation shall be increased up to that amount or up to twice the monthly amount of compensation, whichever is greater. TSR additionally agreed to grant to the limited liability company common stock of TSR as follows: A) 250,000 shares of common stock of TSR on execution of this agreement, however, if this agreement is terminated for any reason other than termination with cause by the Company, change in control of the Company or death during the six months the limited liability company shall return to the Company the shares of common stock on a pro rata basis for every month not completed by the limited liability company. B) An additional 250,000 shares of common stock of TSR, will be issued and vested upon the fielding of the game envisioned and contracted with the third party app developer, and for marketing with game roll out within six months of the date of this agreement, or any extension granted there under. C) In year two and three of such agreement, if applicable, the limited liability company shall be granted an additional 250,000 shares of common stock of TSR upon the anniversary of this Agreement. D) Additional compensation for game production and revenues, television or multi-media performance, and other indicators shall be considered liberally for success of the Company in revenue, including if within two months of game deployment and success, the amount of 100,000 common shares for each the game and the television pilot, if it leads to a sale or marketing of such pilot. E) Additional compensation for matters as decided by the compensation part of the Board. F) An additional amount of shares equal to 5% of such required game monies needed and raised through the Interim CEO for game development and an additional amount of shares at market value on each level of money raised for such game and marketing, if limited liability company is directly involved in such gaming development. G) If the limited liability company is involved, past one year, of the creation of the game then the limited liability company shall have a one percent game revenue that will exist for three years from game release.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jan. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 9 – SUBSEQUENT EVENTS There are no subsequent events.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jan. 31, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation Management acknowledges its responsibility for the preparation of the accompanying interim financial statements which reflect all adjustments, consisting of normal recurring adjustments, considered necessary in its opinion for a fair statement of its financial position and the results of its operations for the interim period presented. These condensed consolidated unaudited financial statements should be read in conjunction with the summary of significant accounting policies and notes to financial statements included in the Company’s Form 10-K annual report for the year ended April 30, 2020. The results of the nine months ended January 31, 2021 are not necessarily indicative of the results to be expected for the full fiscal year ending April 30, 2021.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of the Company include the accounts of TSR Holdings, Inc. and TSR Media, which are wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation.
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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. There were no cash equivalents at January 31, 2021 and April 30, 2020. Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash deposits. Accounts at each institution are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000. As of January 31, 2021, the Company had $0 in excess of the FDIC insured limit.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, Revenue from contracts with customers. For the Company’s service contracts, the services provided are considered to be one single performance obligation. Revenue and expenses are recognized as services are rendered. The average period for satisfying the performance obligation is three months. The Company has analyzed all of its contracts and can confirm that all the requirements are considered in these contracts: 1) The contracts with customers were identified; 2) The performance obligation was the creation of a website and the provision of SEO-optimization and other services for this site; 3) The transaction price was determined; 4) The Company has only one performance obligation, so the whole transaction price is related to this performance obligation; 5) The revenue was recognized when the performance obligation had been satisfied. The Company offers no discounts, rebates, rights of return, or other allowances to clients which would result in the establishment of reserves against service revenue. Additionally, to date, the Company has not incurred incremental costs in obtaining a client contract.
Basic Loss per Share	Basic Loss per Share The Company computes loss per share in accordance with Financial Accounting Standards Board (FASB) ASC 260 “ Earnings per Share
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of financial assets and liabilities, such as cash, accounts payable, short term loans, and the Company’s related party loan from a shareholder approximate their fair values because of the short maturity of these instruments.
Fixed Assets	Fixed Assets Fixed assets are recorded at historical cost. Depreciation is computed on the straight-line method over the estimated useful lives of the respective assets. Gains and losses upon disposition are reflected in the consolidated statements of operations in the period of disposition. Maintenance and repair expenditures are charged to expense as incurred. Currently the Company’s only assets are a diving vessel, a magnetometer, and website and apps and are being depreciated over three to twelve year useful lives.
Impairment of Long-Lived Assets	Impairment of Long-Lived and Intangible Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the book value of the asset may not be recoverable. The Company periodically evaluates whether events and circumstances have occurred that indicate possible impairment. When impairment indicators exist, the Company uses market quotes, if available or an estimate of the future undiscounted net cash flows of the related asset or asset group over the remaining life in measuring whether or not the asset values are recoverable. The Company has not recognized impairment on its long-lived assets as of January 31, 2021. Identified intangible assets are reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Our existing intangible assets consists solely of trademarks.
Stock Based Compensation to Employees and Service Providers	Stock Based Compensation to Employees and Service Providers The Company recognizes all share-based payments to employees and service providers, including grants of employee stock options, as compensation expense in the financial statements based on their fair values. That expense will be recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period) or immediately if the share-based payments vest immediately.
Customer Deposits	Customer Deposits Customer deposits discloses an amount paid by a customer prior to the Company providing it with goods or services. The Company has an obligation to provide the goods or services to the customer or to return the money.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.
Recent Accounting Pronouncements	Recent Accounting Pronouncements All other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Public Company Accounting Oversight Board did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	9 Months Ended
	Jan. 31, 2021
Disclosure Fixed Assets Tables Abstract
Schedule of Fixed Assets	Fixed assets are summarized below: Fixed Assets January 31, April 30, App $ 102,000 $ 102,000 Diving Vessel 36,390 36,390 Magnetometer 24,000 24,000 Accumulated Depreciation (51,751 ) (15,354 ) Fixed Assets, Net $ 110,639 $ 147,036

GOING CONCERN (Details Narrativ

GOING CONCERN (Details Narrative)	Jan. 31, 2021USD ($)
Disclosure Going Concern Details Narrative Abstract
Working Capital Deficit	$ 49,421

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Accumulated Depreciation	$ (51,751)	$ (15,354)
Total Fixed Assets	110,639	147,036
App [Member]
Fixed Assets	102,000	102,000
Diving Vessel [Member]
Fixed Assets	36,390	36,390
Magnetometer [Member]
Fixed Assets	$ 24,000	$ 24,000

FIXED ASSETS (Details Narrative

FIXED ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jan. 31, 2021	Jan. 31, 2020
Fixed Assets Disclosure Abstract
Depreciation expenses	$ 12,132	$ 3,632	$ 36,398	$ 6,054

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) - USD ($)	Jan. 31, 2021	Apr. 30, 2020
Loan from Related Parties	$ 46,390	$ 46,390
Short-term Loan [Member]
Loan from Non-Related Parties	16,763
Short-term Loan - First Party [Member]
Loan from Non-Related Parties	14,063
Short-term Loan - Second Party [Member]
Loan from Non-Related Parties	2,700
Officer [Member]
Loan from Related Parties	$ 46,390	$ 46,390