Hoops Scouting USA (HSCT) 10-K 6 Jul 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2019
Details
Registrant CIK	0001721056
Fiscal Year End	--06-30
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	333-221200
Entity Registrant Name	HOOPS SCOUTING USA
Entity Incorporation, State or Country Code	WY
Entity Tax Identification Number	38-4010393
Entity Address, Address Line One	63 Rocio Court
Entity Address, City or Town	Palm Desert
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92260
City Area Code	604
Local Phone Number	715-0887
Entity Address, Address Description	Address, including zip code
Phone Fax Number Description	telephone number, including area code
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
Entity Ex Transition Period	false
Entity Shell Company	true
Entity Public Float			$ 0
Entity Common Stock, Shares Outstanding		500,000
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Balance sheets

Balance sheets - USD ($)		Jun. 30, 2020	Jun. 30, 2019
Current assets
Cash		$ 148	$ 302
Total assets		148	302
Current liabilities
Accounts payable and accrued liabilities		5,705	7,485
Due to related party (Note 3)	[1]	22,500	11,898
Total liabilities		28,205	19,383
Stockholders' deficit
Common Stock, Value		50	50
Deficit		(28,107)	(19,131)
Total stockholders' deficit		(28,057)	(19,081)
Total liabilities and stockholders' deficit		$ 148	$ 302
[1]	See note 3.

Balance sheets - Parenthetical

Balance sheets - Parenthetical - $ / shares	Jun. 30, 2020	Jun. 30, 2019
Details
Common Stock, Shares Authorized	1,000,000	1,000,000
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares, Issued	500,000	500,000
Common Stock, Shares, Outstanding	500,000	500,000

Statements of operations and co

Statements of operations and comprehensive loss - USD ($)	12 Months Ended	32 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating expenses
General and administrative	$ 154	$ 154
Professional fees	4,956	10,045
Transfer agent and filing fees	3,866	735
Net loss and comprehensive loss	$ (8,976)	$ (10,934)
Net loss per share, basic and diluted	$ (0.02)	$ (0.02)
Weighted average shares outstanding	500,000	500,000

Statements of stockholders' def

Statements of stockholders' deficit - USD ($)	Common Stock	Retained Earnings	Total
Equity Balance, Starting at Jun. 30, 2018	$ 50	$ (8,197)	$ (8,147)
Shares Outstanding, Starting at Jun. 30, 2018	500,000
Net Income (Loss)	$ 0	(10,934)	(10,934)
Shares Outstanding, Ending at Jun. 30, 2019	500,000
Equity Balance, Ending at Jun. 30, 2019	$ 50	(19,131)	(19,081)
Net Income (Loss)	$ 0	(8,976)	(8,976)
Shares Outstanding, Ending at Jun. 30, 2020	500,000
Equity Balance, Ending at Jun. 30, 2020	$ 50	$ (28,107)	$ (28,057)

Statements of cash flows

Statements of cash flows - USD ($)	12 Months Ended	32 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (8,976)	$ (10,934)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable and accrued liabilities	(1,780)	4,785
Due to related party	10,602	5,000
Net cash used in operating activities	(154)	(1,149)
Change in cash	(154)	(1,149)
Cash and Cash Equivalents, at Carrying Value, Beginning Balance	302	1,451
Cash and Cash Equivalents, at Carrying Value, Ending Balance	148	302
Supplemental disclosures:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

1. Nature of Operations and Con

1. Nature of Operations and Continuance of Business	12 Months Ended
	Jun. 30, 2020
Notes
1. Nature of Operations and Continuance of Business	1. Nature of Operations and Continuance of Business Hoops Scouting USA (the “Company”) was incorporated in the State of Wyoming on October 31, 2016. The Company is in the business of scouting high school and college basketball players in Colorado. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The impact on the Company has not been significant, but management continues to monitor the situation. These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. As at June 30, 2020, the Company has a working capital deficit of $28,057 and an accumulated deficit of $28,107 since inception. During the year ended June 30, 2020, the Company had no revenues and used $154 of cash for operating activities. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. 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.

2. Significant Accounting Polic

2. Significant Accounting Policies	12 Months Ended
	Jun. 30, 2020
Notes
2. Significant Accounting Policies	2. Significant Accounting Policies (a) These financial statements and related notes are prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. The Company’s fiscal year-end is June 30. (b) The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (c) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. (d) The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. (e) ASC 820, “ Fair Value Measurements and Disclosures Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, and amounts due to a related party. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. (f) The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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. (g) ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at June 30, 2020 and 2019, the Company had no items that affected comprehensive loss. (h) The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “ Foreign Currency Translation Matters (i) In February 2016, Topic 842, Leases was issued to replace the leases requirements in Topic 840, Leases. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. Topic 842 will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods and is to be retrospectively applied. Earlier application is permitted. The Company adopted this standard on July 1, 2019 and the adoption of Topic 842 did not have a material impact on the Company’s financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

3. Related Party Transactions

3. Related Party Transactions	12 Months Ended
	Jun. 30, 2020
Notes
3. Related Party Transactions	3. Related Party Transactions As at June 30, 2020, the Company owed $22,500 (2019 - $11,898) to the President of the Company, which is unsecured, non-interest bearing, and due on demand.

4. Income Taxes

4. Income Taxes	12 Months Ended
	Jun. 30, 2020
Notes
4. Income Taxes	4. Income Taxes The Company is subject to United States federal and state income taxes at a rate of 21% per annum. The reconciliation of the provision for income taxes at the statutory rate compared to the Company’s income tax expense as reported is as follows: 2020 $ 2019 $ Income tax recovery at statutory rate (1,884) (2,297) Valuation allowance change 1,884 2,297 Provision for income taxes – – The significant components of deferred income tax assets and liabilities as at June 30, 2020 and 2019 are as follows: 2020 $ 2019 $ Net operating losses carried forward 5,902 4,018 Valuation allowance (5,902) (4,018) Net deferred tax asset – – The Company has net operating losses carried forward of $28,107 which may be carried forward to apply against future years’ taxable income, subject to the final determination by taxation authorities, expiring in the following years: $ 2037 274 2038 7,923 2039 10,934 2040 8,976 28,107

5. Subsequent Events

5. Subsequent Events	12 Months Ended
	Jun. 30, 2020
Notes
5. Subsequent Events	5. Subsequent Events (a) (b) (c)

2. Significant Accounting Pol_2

2. Significant Accounting Policies: (a) Basis of Presentation (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(a) Basis of Presentation	(a) These financial statements and related notes are prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. The Company’s fiscal year-end is June 30.

2. Significant Accounting Pol_3

2. Significant Accounting Policies: (b) Use of Estimates and Judgments (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(b) Use of Estimates and Judgments	(b) The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

2. Significant Accounting Pol_4

2. Significant Accounting Policies: (c) Cash and Cash Equivalents (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(c) Cash and Cash Equivalents	(c) The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.

2. Significant Accounting Pol_5

2. Significant Accounting Policies: (d) Income Taxes (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(d) Income Taxes	(d) The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized.

2. Significant Accounting Pol_6

2. Significant Accounting Policies: (e) Financial Instruments and Fair Value Measures (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(e) Financial Instruments and Fair Value Measures	(e) ASC 820, “ Fair Value Measurements and Disclosures Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, and amounts due to a related party. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

2. Significant Accounting Pol_7

2. Significant Accounting Policies: (f) Loss Per Share (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(f) Loss Per Share	(f) The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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.

2. Significant Accounting Pol_8

2. Significant Accounting Policies: (g) Comprehensive Loss (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(g) Comprehensive Loss	(g) ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at June 30, 2020 and 2019, the Company had no items that affected comprehensive loss.

2. Significant Accounting Pol_9

2. Significant Accounting Policies: (h) Foreign Currency Translation (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(h) Foreign Currency Translation	(h) The Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management has adopted ASC 830, “ Foreign Currency Translation Matters

2. Significant Accounting Po_10

2. Significant Accounting Policies: (i) Recent Accounting Pronouncements (Policies)	12 Months Ended
	Jun. 30, 2020
Policies
(i) Recent Accounting Pronouncements	(i) In February 2016, Topic 842, Leases was issued to replace the leases requirements in Topic 840, Leases. The main difference between previous GAAP and Topic 842 is the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. A lessee should recognize in the balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. Topic 842 will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within those annual periods and is to be retrospectively applied. Earlier application is permitted. The Company adopted this standard on July 1, 2019 and the adoption of Topic 842 did not have a material impact on the Company’s financial statements. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

4. Income Taxes_ Schedule of Ef

4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables)	12 Months Ended
	Jun. 30, 2020
Tables/Schedules
Schedule of Effective Income Tax Rate Reconciliation	2020 $ 2019 $ Income tax recovery at statutory rate (1,884) (2,297) Valuation allowance change 1,884 2,297 Provision for income taxes – –

4. Income Taxes_ Schedule of De

4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Tables)	12 Months Ended
	Jun. 30, 2020
Tables/Schedules
Schedule of Deferred Tax Assets and Liabilities	2020 $ 2019 $ Net operating losses carried forward 5,902 4,018 Valuation allowance (5,902) (4,018) Net deferred tax asset – –

4. Income Taxes_ Schedule of Ne

4. Income Taxes: Schedule of Net Operating Losses carried forward (Tables)	12 Months Ended
	Jun. 30, 2020
Tables/Schedules
Schedule of Net Operating Losses carried forward	$ 2037 274 2038 7,923 2039 10,934 2040 8,976 28,107

1. Nature of Operations and C_2

1. Nature of Operations and Continuance of Business (Details) - USD ($)	12 Months Ended	32 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Details
Entity Incorporation, State or Country Code	WY
Entity Incorporation, Date of Incorporation	Oct. 31, 2016
Total stockholders' deficit	$ (28,057)	$ (19,081)
Deficit	(28,107)	(19,131)
Net cash used in operating activities	$ (154)	$ (1,149)

4. Income Taxes_ Schedule of _2

4. Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Details
Income tax recovery at statutory rate	$ (1,884)	$ (2,297)
Valuation allowance change	1,884	2,297
Provision for income taxes	$ 0	$ 0

4. Income Taxes_ Schedule of _3

4. Income Taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Details
Net operating losses carried forward	$ 5,902	$ 4,018
Valuation allowance	(5,902)	(4,018)
Net deferred tax asset	$ 0	$ 0

4. Income Taxes_ Schedule of _4

4. Income Taxes: Schedule of Net Operating Losses carried forward (Details)	Jun. 30, 2020USD ($)
2037
Operating Loss Carryforwards	$ 274
2038
Operating Loss Carryforwards	7,923
2039
Operating Loss Carryforwards	10,934
2040
Operating Loss Carryforwards	$ 8,976

5. Subsequent Events (Details)

5. Subsequent Events (Details)	12 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Transaction #1
Subsequent Event, Description	Company issued 330,000 common shares
Stock Issued During Period, Shares, New Issues | shares	330,000
Sale of Stock, Price Per Share | $ / shares	$ 0.10
Stock Issued	$ 33,000
Transaction #2
Subsequent Event, Description	Company issued a loan payable
Subsequent Event, Date	Aug. 18, 2020
Debt Instrument, Issuance Date	Aug. 18, 2020
Debt Instrument, Description	loan payable
Debt Instrument, Face Amount	$ 8,000
Debt Instrument, Collateral	unsecured
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Payment Terms	due on demand
Transaction #3
Subsequent Event, Description	Company issued a loan payable
Subsequent Event, Date	Aug. 27, 2020
Debt Instrument, Issuance Date	Aug. 27, 2020
Debt Instrument, Description	loan payable
Debt Instrument, Face Amount	$ 8,000
Debt Instrument, Collateral	unsecured
Debt Instrument, Interest Rate, Stated Percentage	0.00%
Debt Instrument, Payment Terms	due on demand