Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Aug. 10, 2019 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2019 | |
Current Fiscal Year End Date | --04-30 | |
Entity File Number | 333-219700 | |
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 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 | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 5,035,000 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2019 |
BALANCE SHEET
BALANCE SHEET - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Current Assets | ||
Cash | $ 7,257 | |
Prepaid expenses | 950 | |
Total Current Assets | 8,207 | |
Fixed Assets | ||
Equipment and furniture, net | 21,286 | |
Total Fixed Assets | 21,286 | |
Total Assets | 0 | 29,493 |
Current Liabilities | ||
Accounts Payable | 1,899 | 8,500 |
Customer Deposits | 8,700 | 7,000 |
Short Term Loans | 16,763 | |
Related Party Loan | 17,790 | 10,563 |
Total Current Liabilities | 45,152 | 26,063 |
Total Liabilities | 45,152 | 26,063 |
Stockholder's Equity | ||
Common stock, par value $0.001; 75,000,000 shares authorized,5,035,000 and 5,035,000 shares issued and outstanding | 5,035 | 5,035 |
Additional paid in capital | 38,665 | 38,665 |
Accumulated deficit | (88,852) | (40,270) |
Total Stockholder's Equity | (45,152) | 3,430 |
Total Liabilities and Stockholder's Equity | $ 0 | $ 29,493 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Apr. 30, 2019 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares Issued | 5,035,000 | 5,035,000 |
Common Stock, Shares Outstanding | 5,035,000 | 5,035,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
REVENUES | $ 14,150 | $ 15,200 |
Cost of Revenues | 11 | |
Gross Profit | 14,150 | 15,189 |
OPERATING EXPENSES | ||
General and Administrative Expenses | 62,732 | 54,645 |
TOTAL OPERATING EXPENSES | (62,732) | (54,645) |
NET LOSS FROM OPERATIONS | (48,582) | (39,456) |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (48,582) | $ (39,456) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 5,035,000 | 3,825,623 |
STATEMENT OF CHANGES IN STOCKHO
STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY - USD ($) | Common Stock | Additional Paid-In Capital | Deficit Accumulated | Total |
Beginning Balance at Apr. 30, 2017 | $ 3,000 | $ (814) | $ 2,186 | |
Beginning Balance, Shares at Apr. 30, 2017 | 3,000,000 | |||
Shares issued for Cash | $ 2,035 | 38,665 | 40,700 | |
Shares issued for Cash, Shares | 2,035,000 | |||
Net (Loss) for the period | (39,456) | (39,456) | ||
Ending Balance at Apr. 30, 2018 | $ 5,035 | 38,665 | (40,270) | 3,430 |
Ending Balance, Shares at Apr. 30, 2018 | 5,035,000 | |||
Net (Loss) for the period | (48,582) | (48,582) | ||
Ending Balance at Apr. 30, 2019 | $ 5,035 | $ 38,665 | $ (88,852) | $ (45,152) |
Ending Balance, Shares at Apr. 30, 2019 | 5,035,000 |
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 | $ (48,582) | $ (39,456) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 3,566 | 2,485 |
Loss on disposal of fixed assets | 17,720 | |
Changes in operating assets and liabilities: | ||
Increase in Prepaid Expenses | 950 | (950) |
Increase in Accounts Payable | (6,601) | 8,310 |
Increase in Customer Deposits | 1,700 | |
CASH FLOWS USED IN OPERATING ACTIVITIES | (31,247) | (29,611) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of equipment | (21,129) | |
CASH FLOWS USED IN INVESTING ACTIVITIES | (21,129) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase in Short Term Loans | 6,200 | |
Increase in related party Loan | 17,790 | 9,900 |
Proceed from sales of Capital Stock | 40,700 | |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES | 23,990 | 50,600 |
NET DECREASE IN CASH | (7,257) | (140) |
Cash, beginning of period | 7,257 | 7,397 |
Cash, end of period | 7,257 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Interest paid | ||
Income taxes paid |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | Note 1 – ORGANIZATION AND NATURE OF BUSINESS Beliss Corp, which changed its name to Treasure & Shipwreck Recovery Corp. (“the Company”, “we”, “us” or “our”), was incorporated in the State of Nevada on October 24, 2016. Our general business plan initially included in the development of high impact internet marketing, search engine optimization ( “ SEO ” ) software and techniques, and the development of digital properties to internet based businesses and small businesses. Since incorporation, we have maintained our own website at www.belisscorp.com, have created contracts for clients and have engaged in negotiations with potential clients concerning services we might provide to them. Subsequent to April 30, 2019 the Company has shifted its business strategy to the focus on the sunken treasure industry (See Note 9 – SUBSEQENT EVENTS) and does not expect to generate much, if any at all, revenue from its web development and SEO business. Our general business strategy is to be actively engaged in the sunken treasure industry, researching, surveying, finding and recovering from valuable historical shipwrecks from the 15th to the current century. We have taken on certain persons who are experts in the necessary fields of treasure finds, as well as securing the rights for treasure salvage through court and other means. We will contract with outside service providers to conduct salvage operations. Any recovered finds by the Company are split with Dr. Lee Spence who is the worlds foremost treasure expert and has taken on the role of Chief Operating Officer as well as Chairman of the Board. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Apr. 30, 2019 | |
Going Concern | |
GOING CONCERN | Note 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. For year ended April 30, 2019 the Company had $14,150. The Company currently has losses and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are issued. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. Despite management’s ongoing efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SIGNIFCANT ACCOUNTING POLICIES
SIGNIFCANT ACCOUNTING POLICIES | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFCANT ACCOUNTING POLICIES | Note 3 – SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is April 30. 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 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. The Company had $0 of cash as of April 30, 2019 and $7,257 as of April 30, 2018. Customer Deposit Customer Deposit discloses an amount paid by a customer to a company prior to the company providing it with goods or services. The company receiving the money has an obligation to provide the goods or services to the customer or to return the money. The Company had $8,700 in customer deposits as of April 30, 2019 and $7,000 as of April 30, 2018. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of furniture is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. We incurred $3,567 and $2,485 of depreciation expense during the years ended April 30, 2019 and April 30, 2018. Fair Value of Financial Instruments As topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company’s loan from shareholder approximates its fair value due to their short-term maturity. 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. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Our product is providing high impact internet marketing to internet based businesses and small businesses seeking to create websites and provide better search engine optimization (“SEO”) software and techniques to small internet based businesses and people seeking to create websites. Basic Loss per Share The Company computes loss per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of April 30, 2019 and April 30, 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company in the fiscal year beginning October 1, 2019. Early adoption is permitted. The Company has reviewed this guidance and believes it has no impact on its financial statements and related disclosures. ASC 606, Revenue from Contracts with Customers, was issued jointly by the FASB and IASB on May 28, 2014. It was originally effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016, for public entities. Early application was not permitted (however, early adoption was optional for entities reporting under IFRSs). On August 12, 2015, the FASB issued an ASU, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP. The Company has reviewed this guidance and believes it has no impact on its financial statements and related disclosures. |
FIXED ASSETS
FIXED ASSETS | 12 Months Ended |
Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | Note 4 – FIXED ASSETS As of April 30, 2019, our fixed asset balance was $0. The Company determined that it would not be cost effective to move its furniture and office equipment from India to the United States so the Company wrote down its previous fixed asset balance of $17,720 to $0. |
LOANS
LOANS | 12 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
LOANS | Note 5 – LOANS Loan from Officer As of April 30, 2019, our sole officer and director provided loans to the Company of $17,790 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 director was $17,790 as of April 30, 2019, and $0 as of April 30, 2018. Our previous CEO Ajay Rajendron assigned $14,063 of a loan balance of $16,763 to a third party. Short Term Loans As of April 30, 2019, 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. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
COMMON STOCK | Note 6 – COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. In April 2017, the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share. In December 2017 the Company issued 750,000 shares for cash proceeds of $15,000 at $0.02 per share. In January 2018 the Company issued 1,135,000 shares for cash proceeds of $22,700 at $0.02 per share. In February 2018 the Company issued 150,000 shares for cash proceeds of $3,000 at $0.02 per share. Other Stock Issuances In February 2019 the Company issued 5,500,000 restricted control shares to J.D. Brammer under the acquisition agreement in order for Mr. Brammer to meet the qualification of Southern Amusement being acquired into the Company where the State of West Virginia required control of the company since it was involved in the lottery business, to be held by a registered and cleared individual which Mr. Brammer is and has been. So the additional shares were issued under certain restrictions to Mr. Brammer for purposes of control under West Virginia law. In the event the transaction could not occur or licensing issued occurred then Mr. Brammer surrendered control of such shares to the Escrow Agent. Effective April 28, 2019, such transaction was cancelled and such shares changed control to Mr. Craig A. Huffman, the Escrow Agent and Counsel for the Company for later transaction, via agreement. The shares continued under Mr. Brammers name on book form with the transfer agent, but all rights to such shares were surrendered by Mr. Brammer. In order to purchase the control of Southern Amusement, an additional 571,429 shares of restricted common stock were issued to Vicki Ferrell who was part owner of Southern for the Company to receive her shares. At the cancellation of the transaction, those shares were also under the control of Craig A. Huffman for cancellation as required in the immediate future upon direction of the board of directors. The company does not have any other classes of stock issued or outstanding as of April 30, 2019 and 2018. The Company does not have any warrants or options as of April 30, 2019 and 2018. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Apr. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 7 – COMMITMENTS AND CONTINGENCIES The Company had no commitment and contingencies for the period ending April 30, 2019 and April 30, 2018. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | Note 8 – INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. The Company has no tax position at April 30, 2019 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company does not recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the period presented. The Company had no accruals for interest and penalties at April 30, 2019. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended activities. The valuation allowance at April 30, 2019 was $30,210. The net change in valuation allowance during the year ended April 30, 2019 was $16,518. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of April 30, 2019 and 2018. All tax years since inception remains open for examination only by taxing authorities of US Federal and state of Nevada. Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2019 and 34% for 2018 is as follows: For the Year Ended For the Year Ended April 30, 2019 April 30, 2018 Income tax at federal statutory rate 21.00 % 34.00 % Valuation allowance (21.00 )% (34.00 )% Income tax expense — — The Company has a net operating loss carryforward for tax purposes totaling $88,852 at April 30, 2019, expiring through 2035. There is a limitation on the amount of taxable income that can be offset by carryforwards after a change in control (generally greater than a 50% change in ownership). Temporary differences, which give rise to a net deferred tax asset, are as follows: As of April 30, 2019 As of April 30, 2018 Non-current deferred tax assets: Net operating loss carryforward $ (88,852 ) (40,270 ) Total deferred tax assets $ (30,210 ) (13,692 ) Valuation allowance $ 30,210 13,692 Net deferred tax assets $ — — The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the year ended April 30, 2019 as follows: Year ended April 30, 2019 Year ended April 30, 2018 Computed "expected" tax expense (benefit) (16,518 ) (13,415 ) Change in valuation allowance 16,518 13,415 Actual tax expense (benefit) — — The Company is currently in the process of gathering the information necessary for filing tax returns for past years, due to the Company’s lack of revenue since inception management does not believe that there is any income tax liability for past years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 9 - SUBSEQUENT EVENTS Subsequent to April 30, 2019 the Company focused its efforts on entering the treasure recovery business and securing the services of a known historic shipwreck treasure expert, Dr. E. Lee Spence (“Spence”), to be involved and to use his resources, including a potential historic shipwreck site located off the Cape Romain, South Carolina as a search and recovery area for the Company. Subsequently, on June 26, 2019, Spence was appointed as a Director and took the role of being a Chief Operating Officer. At that time the Company name was changed with the State of Nevada to Treasure & Shipwreck Recovery, Inc. The Company is in the process of cancellation of the shares issued to J.D. Brammer and Vicki Ferrel from the cancelled Southern Amusement transaction. All such shares are held in escrow under our Counsel and CEO for cancellation. |
SIGNIFCANT ACCOUNTING POLICIES
SIGNIFCANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is April 30. |
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 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. The Company had $0 of cash as of April 30, 2019 and $7,257 as of April 30, 2018. |
Customer Deposit | Customer Deposit Customer Deposit discloses an amount paid by a customer to a company prior to the company providing it with goods or services. The company receiving the money has an obligation to provide the goods or services to the customer or to return the money. The Company had $8,700 in customer deposits as of April 30, 2019 and $7,000 as of April 30, 2018. |
Depreciation, Amortization, and Capitalization | Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line balance method over the estimated useful life of the assets. We estimate that the useful life of furniture is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. We incurred $3,567 and $2,485 of depreciation expense during the years ended April 30, 2019 and April 30, 2018. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments As topic 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of cash and the Company’s loan from shareholder approximates its fair value due to their short-term maturity. |
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. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” ("ASC-605"), ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Our product is providing high impact internet marketing to internet based businesses and small businesses seeking to create websites and provide better search engine optimization (“SEO”) software and techniques to small internet based businesses and people seeking to create websites. |
Basic Loss per Share | Basic Loss per Share The Company computes loss per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. As of April 30, 2019 and April 30, 2018 there were no potentially dilutive debt or equity instruments issued or outstanding. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance must be adopted using the modified retrospective approach and will be effective for the Company in the fiscal year beginning October 1, 2019. Early adoption is permitted. The Company has reviewed this guidance and believes it has no impact on its financial statements and related disclosures. ASC 606, Revenue from Contracts with Customers, was issued jointly by the FASB and IASB on May 28, 2014. It was originally effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016, for public entities. Early application was not permitted (however, early adoption was optional for entities reporting under IFRSs). On August 12, 2015, the FASB issued an ASU, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred for one year the effective date of the new revenue standard for public and nonpublic entities reporting under U.S. GAAP. The Company has reviewed this guidance and believes it has no impact on its financial statements and related disclosures. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income tax Provision | Reconciliation between the provision for income taxes and the expected tax benefit using the federal statutory rate of 21% for 2019 and 34% for 2018 is as follows: For the Year Ended For the Year Ended April 30, 2019 April 30, 2018 Income tax at federal statutory rate 21.00 % 34.00 % Valuation allowance (21.00 )% (34.00 )% Income tax expense — — The actual tax benefit at the expected rate of 34% differs from the expected tax benefit for the year ended April 30, 2019 as follows: Year ended April 30, 2019 Year ended April 30, 2018 Computed "expected" tax expense (benefit) (16,518 ) (13,415 ) Change in valuation allowance 16,518 13,415 Actual tax expense (benefit) — — |
Schedule of Deferred Tax Assets | Temporary differences, which give rise to a net deferred tax asset, are as follows: As of April 30, 2019 As of April 30, 2018 Non-current deferred tax assets: Net operating loss carryforward $ (88,852 ) (40,270 ) Total deferred tax assets $ (30,210 ) (13,692 ) Valuation allowance $ 30,210 13,692 Net deferred tax assets $ — — |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Going Concern | ||
Revenue | $ 14,150 | $ 15,200 |
SIGNIFCANT ACCOUNTING POLICIE_2
SIGNIFCANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Apr. 30, 2018 | Apr. 30, 2017 | |
Cash | $ 7,257 | $ 7,397 | |
Customer Deposit | 8,700 | 7,000 | |
Depreciation expense | $ 3,566 | $ 2,485 | |
Furniture and Fixtures [Member] | |||
Useful Life of Assets | 5 years |
FIXED ASSETS (Details Narrative
FIXED ASSETS (Details Narrative) | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Fixed Assets Disclosure Abstract | |
Inventory Writedown | $ 17,720 |
LOANS (Details Narrative)
LOANS (Details Narrative) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Loan from Director | $ 17,790 | $ 10,563 |
Short-term Loan [Member] | ||
Loan from Director | 16,763 | |
Short-term Loan - First Party [Member] | ||
Loan from Director | 14,063 | |
Short-term Loan - Second Party [Member] | ||
Loan from Director | 2,700 | |
Director [Member] | ||
Loan from Director | $ 17,790 | $ 0 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Feb. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Apr. 30, 2017 | Apr. 30, 2018 | Apr. 30, 2019 | |
Equity [Abstract] | ||||||
Common Stock, Par Value | $ 0.02 | $ 0.02 | $ 0.02 | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 | ||||
Common Shares Issued, Value | $ 3,000 | $ 22,700 | $ 15,000 | $ 3,000 | $ 40,700 | |
Common Shares Issued, Shares | 150,000 | 1,135,000 | 750,000 | 3,000,000 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Income tax at federal statutory rate | 21.00% | 34.00% |
Valuation allowance | (21.00%) | (34.00%) |
Income tax expense |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ (88,852) | $ (40,270) |
Total deferred tax assets | (30,210) | (13,692) |
Less valuation allowance | 30,210 | 13,692 |
Deferred Tax Assets |
INCOME TAXES (Details 3)
INCOME TAXES (Details 3) - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Computed "expected" tax expense (benefit) | $ (16,518) | $ (13,415) |
Change in valuation allowance | 16,518 | 13,415 |
Actual tax expense (benefit) |