Hoops Scouting USA (HSCT) 10-Q 15 Nov 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2021	Nov. 15, 2021
Cover [Abstract]
Entity Registrant Name	HOOPS SCOUTING USA
Entity Central Index Key	0001721056
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Sep. 30, 2021
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Entity Common Stock Shares Outstanding		850,000
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Entity File Number	333-260704
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	38-4010393
Entity Address Address Line 1	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	760
Local Phone Number	636-4353

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2021	Jun. 30, 2021
Current assets
Cash	$ 151	$ 10,586
Total assets	151	10,586
Current liabilities
Accounts payable and accrued liabilities	4,050	655
Due to related party (Note 3)	26,580	26,580
Total current liabilities	30,630	27,235
Non-current liabilities
Loans payable (Note 5)	16,000	16,000
Total liabilities	46,630	43,235
Stockholders' deficit
Common stock Authorized: 1,000,000 common shares, $0.0001 par value 500,000 shares issued and outstanding	50	50
Share subscriptions received (Note 4)	35,000	32,000
Deficit	(81,529)	(64,699)
Total stockholders' deficit	(46,479)	(32,649)
Total liabilities and stockholders' deficit	$ 151	$ 10,586

Condensed Balance Sheets Parent

Condensed Balance Sheets Parenthetical - $ / shares	Sep. 30, 2021	Jun. 30, 2020
Condensed Balance Sheets
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

Condensed statemets of operatio

Condensed statemets of operations and comprehensive loss - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Expenses
General and administrative	$ 565	$ 5,255
Professional fees	15,450
Transfer agent	815	820
Total expenses	16,830	6,075
Net loss and comprehensive loss for the period	$ (16,830)	$ (6,075)
Loss per share, basic and diluted	$ (0.03)	$ (0.01)
Weighted average shares outstanding	500,000	500,000

Condensed Statements of Stockho

Condensed Statements of Stockholders Deficit - USD ($)	Total	Common Stock [Member]	Retained Earnings [Member]	Share Subscriptions received [Member]
Balance, shares at Jun. 30, 2020		500,000
Balance, amount at Jun. 30, 2020	$ (28,057)	$ 50	$ (28,107)
Share subscriptions received	12,000			$ 12,000
Net Income (Loss)	(6,075)		(6,075)
Balance, shares at Sep. 30, 2020		500,000
Balance, amount at Sep. 30, 2020	(22,132)	$ 50	(34,182)	12,000
Balance, shares at Jun. 30, 2021		500,000
Balance, amount at Jun. 30, 2021	(32,649)	$ 50	(64,699)	32,000
Share subscriptions received	3,000			3,000
Net Income (Loss)	(16,830)		(16,830)
Balance, shares at Sep. 30, 2021		500,000
Balance, amount at Sep. 30, 2021	$ (46,479)	$ 50	$ (81,529)	$ 35,000

Condensed statements of Cash Fl

Condensed statements of Cash Flows - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities
Net loss	$ (16,830)	$ (6,075)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable and accrued liabilities	3,395	820
Due to related party		4,650
Net cash used in operating activities	(13,435)	(605)
Financing activities
Proceeds from loans payable		16,000
Proceeds from share subscriptions received	3,000	12,000
Net cash provided by financing activities	3,000	28,000
Change in cash	(10,435)	27,395
Cash, beginning of period	10,586	148
Cash, end of period	$ 151	$ 27,543

Nature of Operations and Contin

Nature of Operations and Continuance of Business	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
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 condensed 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. During the period ended September 30, 2021, the Company had no revenues and incurred a net loss of $16,830. As at September 30, 2021, the Company has a working capital deficit of $30,479 and an accumulated deficit of $81,529. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed 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.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
2. Significant Accounting Policies	2. Significant Accounting Policies (a) Basis of Presentation The accompanying interim condensed financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2021. In the opinion of management, the accompanying interim condensed financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown. (b) Use of Estimates and Judgments 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) Recent Accounting Pronouncements 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

Related Party Transactions

Related Party Transactions	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
3. Related Party Transactions	3. Related Party Transactions As at September 30, 2021 the Company owed $26,580 (June 30, 2021 - $26,580) to the President and Director of the Company, which is unsecured, non-interest bearing, and due on demand.

Common Stock

Common Stock	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
4. Common Stock	4. Common Stock During the period ended September 30, 2021, the Company received proceeds of $3,000 (2020 - $12,000) relating to share subscriptions for the issuance of common shares at $0.10 per share. Refer to Note 6.

Loans Payable

Loans Payable	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
5. Loans Payable	5. Loans Payable As at September 30, 2021, the Company owed $16,000 (June 30, 2021 - $16,000) to non-related parties.The amounts owing are unsecured, non-interest bearing, and due on or before December 31, 2022.

Subsequent Event

Subsequent Event	3 Months Ended
	Sep. 30, 2021
Nature of Operations and Continuance of Business
6. Subsequent Event	6. Subsequent Event On October 18, 2021, the Company issued 350,000 common shares at $0.10 per share relating to private placement proceeds of $35,000 that was received as at September 30, 2021.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2021
Significant Accounting Policies (Policies)
Basis of Presentation	The accompanying interim condensed financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2021. In the opinion of management, the accompanying interim condensed financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.
Use of estimates and Judgements	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.
Recent accounting pronouncements	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

Nature of Operations and Cont_2

Nature of Operations and Continuance of Business (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Condensed Balance Sheets
Working capital deficit	$ 30,479
Deficit	(81,529)		$ (64,699)
Net loss	$ (16,830)	$ (6,075)

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Due to related party (Note 3)	$ 26,580	$ 26,580
President and Director
Due to related party (Note 3)	$ 26,580	$ 26,580
Debt Instrument, Description	unsecured, non-interest bearing, and due on demand.

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Common Stock (Details Narrative)
Proceeds from share subscriptions received	$ 3,000	$ 12,000
Shares Issued, Price per share	$ 0.10

Loans Payable (Details Narrativ

Loans Payable (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021
Loans payable (Note 5)	$ 16,000	$ 16,000
Loans Payable [Member] | Non Related Parties [Member]
Loans payable (Note 5)	$ 16,000	$ 16,000
Debt Instrument, Description	The amounts owing are unsecured, non-interest bearing, and due on or before December 31, 2022.
Debt Instrument, Maturity Date	Dec. 31, 2022

Subsequent Event (Details Narra

Subsequent Event (Details Narrative) - Subsequent Event [Member]	1 Months Ended
	Oct. 18, 2021USD ($)$ / sharesshares
Proceeds from common shares issued | $	$ 35,000
Common stock shares issued | shares	350,000
Common stock per share | $ / shares	$ 0.10