Hoops Scouting USA (HSCT) 10-Q 14 Nov 22 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
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, 2022
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		850,000
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-260704
Entity Incorporation State Country Code	WY
Entity Tax Identification Number	38-4010393
Entity Interactive Data Current	Yes
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

Balance sheets

Balance sheets - USD ($)	Sep. 30, 2022	Jun. 30, 2022
Current assets
Cash	$ 222	$ 392
Total assets	222	392
Current liabilities
Accounts payable and accrued liabilities	4,146	4,903
Due to related party (Note 3)	65,581	61,581
Loans Payable (Note 5)	16,000	16,000
Total current liabilities	85,727	82,484
Non-current liabilities	0	0
Total liabilities	85,727	82,484
Stockholders' deficit
Common stock Authorized: 1,000,000 common shares, $0.0001 par value 850,000 shares issued and outstanding	85	85
Additional paid-in capital	34,965	34,965
Deficit	(120,555)	(117,142)
Total stockholders' deficit	(85,505)	(82,092)
Total liabilities and stockholders' deficit	$ 222	$ 392

Balance sheets (Parenthetical)

Balance sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Jun. 30, 2022
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	850,000	850,000
Common Stock, Shares, Outstanding	850,000	850,000

Statements of operations (Unaud

Statements of operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Expenses
General and administrative	$ 103	$ 565
Professional fees	3,000	15,450
Transfer agent	310	815
Total expenses	3,413	16,830
Net loss	$ (3,413)	$ (16,830)
Loss per share, basic and diluted	$ 0	$ (0.03)
Weighted average shares outstanding	850,000	500,000

Statements of stockholders' def

Statements of stockholders' deficit (Unaudited) - USD ($)	Total	Common Stock [Member]	Share Subscriptions Received [Member]	Additional Paid-In Capital [Member]	Deficit [Member]
Balance, shares at Jun. 30, 2021		500,000
Balance, amount at Jun. 30, 2021	$ (32,649)	$ 50	$ 32,000	$ 0	$ (64,699)
Share subscriptions received	(3,000)		3,000	0
Net loss for the period	(16,830)			0	(16,830)
Balance, amount at Sep. 30, 2021	(46,479)	$ 50	35,000	0	(81,529)
Balance, Shares at Sep. 30, 2021		500,000
Balance, shares at Jun. 30, 2022		850,000
Balance, amount at Jun. 30, 2022	(82,092)	$ 85	0	34,965	(117,142)
Net loss for the period	(3,413)			0	(3,413)
Balance, amount at Sep. 30, 2022	$ (85,505)	$ 85	$ 0	$ 34,965	$ (120,555)
Balance, Shares at Sep. 30, 2022		850,000

Statements of cash flows (Unaud

Statements of cash flows (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net loss	$ (3,413)	$ (16,830)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable and accrued liabilities	(757)	3,395
Net cash used in operating activities	(4,170)	(13,435)
Financing activities
Proceeds from related parties	4,000	0
Proceeds from share subscriptions received	0	3,000
Net cash provided by financing activities	4,000	3,000
Change in cash	(170)	(10,435)
Cash, beginning of period	392	10,586
Cash, end of period	222	151
Supplemental disclosures:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

Nature of Operations and Contin

Nature of Operations and Continuance of Business	3 Months Ended
	Sep. 30, 2022
Nature of Operations and Continuance of Business
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, 2022, the Company had no revenues and incurred a net loss of $3,413. As at September 30, 2022, the Company has a working capital deficit of $(85,505) and an accumulated deficit of $120,555. 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, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies (a) Basis of Presentation The accompanying 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, 2022. These financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for annual audited financial statements. Loans payable (Note 5) which matures December 31, 2022 has been reclassified from long term liabilities to current liabilities. This reclassification should have occurred in the year ended June 30, 2022. In the opinion of management, the accompanying unaudited 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 these condensed 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, 2022
Related Party Transactions
Related Party Transactions	3. Related Party Transactions During the three months ended September 30, 2022, president loaned the Company $4,000 to pay for expenses. As at September 30, 2022, the Company owed $65,581 (June 30, 2022 - $61,581) 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, 2022
Common Stock
Common Stock	4. Common Stock During the three months ended September 30, 2021 $3,000 proceeds from share subscriptions were received. We did not receive any share subscription proceeds during the three months ended September 30, 2022.

Loans Payable

Loans Payable	3 Months Ended
	Sep. 30, 2022
Loans Payable
Loans Payable	5. Loans Payable As at September 30, 2022, the Company owed $16,000 (June 30, 2022 - $16,000) to non-related parties for loans payable. 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, 2022
Subsequent Event
Subsequent Event	6. Subsequent Event The Company evaluated all events or transactions that occurred after September 30, 2022 through November 14, 2022. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended September 30, 2022 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2022
Significant Accounting Policies
Basis of Presentation	The accompanying 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, 2022. These financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all information and footnotes required by generally accepted accounting principles for annual audited financial statements. Loans payable (Note 5) which matures December 31, 2022 has been reclassified from long term liabilities to current liabilities. This reclassification should have occurred in the year ended June 30, 2022. In the opinion of management, the accompanying unaudited 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 Judgments	The preparation of these condensed 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, 2022	Sep. 30, 2021	Jun. 30, 2022
Nature of Operations and Continuance of Business
Net loss	$ (3,413)	$ (16,830)
Working capital deficit	(85,505)
Accumulated Deficit	$ (120,555)		$ (117,142)

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022
Proceeds from related parties	$ 4,000	$ 0
Due to related party (Note 3)	65,581		$ 61,581
President and Director [Member]
Due to related party (Note 3)	$ 65,581		$ 61,581
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, 2022	Sep. 30, 2021
Common Stock
Proceeds from share subscriptions received	$ 0	$ 3,000

Loans Payable (Details Narrativ

Loans Payable (Details Narrative) - Non Related Parties [Member] - Loans Payable [Member] - USD ($)	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022
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