Hoops Scouting USA (HSCT) 10-K 5 Oct 21 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2021	Sep. 30, 2021	Jun. 30, 2020
Details
Registrant CIK	0001721056
Fiscal Year End	--06-30
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2021
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, and telephone number, including area code, of registrant’s principal executive offices
Phone Fax Number Description	Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices
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	2021
Document Fiscal Period Focus	FY

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Current assets
Cash	$ 10,586	$ 148
Total assets	10,586	148
Current liabilities
Accounts payable and accrued liabilities	655	5,705
Due to related party (Note 3)	26,580	22,500
Total current liabilities	27,235	28,205
Non-current liabilities
Loans payable (Note 4)	16,000	0
Total liabilities	43,235	28,205
Stockholders' deficit
Common stock Authorized: 1,000,000 shares, $0.0001 par value 500,000 shares issued and outstanding	50	50
Share subscriptions received (Note 5)	32,000	0
Deficit	(64,699)	(28,107)
Total stockholders' deficit	(32,649)	(28,057)
Total liabilities and stockholders' deficit	$ 10,586	$ 148

Balance Sheets - Parenthetical

Balance Sheets - Parenthetical - $ / shares	Jun. 30, 2021	Jun. 30, 2020
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
	Jun. 30, 2021	Jun. 30, 2020
Operating expenses
General and administrative	$ 1,793	$ 154
Professional fees	31,774	4,956
Transfer agent and filing fees	3,025	3,866
Total expenses	36,592	8,976
Net loss and comprehensive loss	$ (36,592)	$ (8,976)
Net loss per share, basic and diluted	$ (0.07)	$ (0.02)
Weighted average shares outstanding	500,000	500,000

Statements of stockholders' def

Statements of stockholders' deficit - USD ($)	Common Stock	Share Subscriptions Received	Retained Earnings	Total
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Jun. 30, 2019	$ 50	$ 0	$ (19,131)	$ (19,081)
Equity Balance, Shares at Jun. 30, 2019	500,000
Net loss and comprehensive loss	$ 0	0	(8,976)	$ (8,976)
Equity Balance, Shares at Jun. 30, 2020	500,000			500,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2020	$ 50	0	(28,107)	$ (28,057)
Share subscriptions received	0	32,000	0	32,000
Net loss and comprehensive loss	$ 0	0	(36,592)	$ (36,592)
Equity Balance, Shares at Jun. 30, 2021	500,000			500,000
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Jun. 30, 2021	$ 50	$ 32,000	$ (64,699)	$ (32,649)

Statements of cash flows

Statements of cash flows - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net loss and comprehensive loss	$ (36,592)	$ (8,976)
Adjustments to reconcile net loss to net cash used in operating activities:
Accounts payable and accrued liabilities	(5,050)	(1,780)
Due to related party	4,080	10,602
Net cash used in operating activities	(37,562)	(154)
Financing activities
Proceeds from loans payable	16,000	0
Proceeds from share subscriptions	32,000	0
Net cash provided by financing activities	48,000	0
Change in cash	10,438	(154)
Cash, beginning of year	148	302
Cash, end of year	10,586	148
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, 2021
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, 2021, the Company has a working capital deficit of $16,649 and an accumulated deficit of $64,699 since inception. During the year ended June 30, 2021, the Company had no revenues and used $37,562 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, 2021
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, amounts due to a related party, and loans payable. 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, 2021 and 2020, 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) 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, 2021
Notes
3. Related Party Transactions	3. Related Party Transactions As at June 30, 2021, the Company owed $26,580 (2020 - $22,500) to the President of the Company, which is unsecured, non-interest bearing, and due on demand.

4. Loans Payable

4. Loans Payable	12 Months Ended
	Jun. 30, 2021
Notes
4. Loans Payable	4. Loans Payable As at June 30, 2021, the Company owed $16,000 (2020 - $nil) of loans payable to non-related parties which are unsecured, non-interest bearing, and due on or before December 31, 2022.

5. Common Stock

5. Common Stock	12 Months Ended
	Jun. 30, 2021
Notes
5. Common Stock	5. Common Stock During the year ended June 30, 2021, the Company received $32,000 of share subscriptions relating to a private placement of common shares at $0.10 per share.

6. Income Taxes

6. Income Taxes	12 Months Ended
	Jun. 30, 2021
Notes
6. Income Taxes	6. 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: 2021 $ 2020 $ Income tax recovery at statutory rate (7,685) (1,884) Valuation allowance change 7,685 1,884 Provision for income taxes - - The significant components of deferred income tax assets and liabilities as at June 30, 2021 and 2020 are as follows: 2021 $ 2020 $ Net operating losses carried forward 13,587 5,902 Valuation allowance (13,587) (5,902) Net deferred tax asset - - The Company has net operating losses carried forward of $64,699 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 2041 36,592 Total 64,699

7. Subsequent Event

7. Subsequent Event	12 Months Ended
	Jun. 30, 2021
Notes
7. Subsequent Event	7. Subsequent Event In July 2021, the Company received proceeds of $3,000 relating to share subscriptions at $0.10 per share. As of the date of the financial statements, the common shares have not been issued.

2. Significant Accounting Pol_2

2. Significant Accounting Policies: (a) Basis of Presentation (Policies)	12 Months Ended
	Jun. 30, 2021
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, 2021
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, 2021
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, 2021
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, 2021
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, amounts due to a related party, and loans payable. 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, 2021
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, 2021
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, 2021 and 2020, 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, 2021
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, 2021
Policies
(i) Recent Accounting Pronouncements	(i) 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.

6. Income Taxes_ Schedule Of Pr

6. Income Taxes: Schedule Of Provision For Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2021
Tables/Schedules
Schedule Of Provision For 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: 2021 $ 2020 $ Income tax recovery at statutory rate (7,685) (1,884) Valuation allowance change 7,685 1,884 Provision for income taxes - -

6. Income Taxes_ Schedule of De

6. Income Taxes: Schedule of Deferred Income Tax Assets (Tables)	12 Months Ended
	Jun. 30, 2021
Tables/Schedules
Schedule of Deferred Income Tax Assets	The significant components of deferred income tax assets and liabilities as at June 30, 2021 and 2020 are as follows: 2021 $ 2020 $ Net operating losses carried forward 13,587 5,902 Valuation allowance (13,587) (5,902) Net deferred tax asset - -

6. Income Taxes_ Summary of Ope

6. Income Taxes: Summary of Operating Loss Carryforwards (Tables)	12 Months Ended
	Jun. 30, 2021
Tables/Schedules
Summary of Operating Loss Carryforwards	The Company has net operating losses carried forward of $64,699 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 2041 36,592 Total 64,699

1. Nature of Operations and C_2

1. Nature of Operations and Continuance of Business (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Details
Working capital deficit	$ 16,649
Accumulated deficit	64,699
Net cash used in operating activities	$ 37,562	$ 154

3. Related Party Transactions (

3. Related Party Transactions (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Due to related party (Note 3)	$ 26,580	$ 22,500
President and Director
Due to related party (Note 3)	$ 26,580	$ 22,500
Debt Instrument, Description	unsecured, non-interest bearing, and due on demand.	unsecured, non-interest bearing, and due on demand.

4. Loans Payable (Details)

4. Loans Payable (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Loans payable (Note 4)	$ 16,000	$ 0
Loans Payable | Non-Related Parties
Loans payable (Note 4)	$ 16,000	$ 0
Debt Instrument, Description	unsecured, non-interest bearing, and due on or before December 31, 2022.	unsecured, non-interest bearing, and due on or before December 31, 2022.
Debt Instrument, Maturity Date	Dec. 31, 2022	Dec. 31, 2022

5. Common Stock (Details)

5. Common Stock (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Proceeds from share subscriptions	$ 32,000	$ 0
Common Stock
Proceeds from share subscriptions	$ 32,000
Shares Issued, Price Per Share	$ 0.10

6. Income Taxes_ Schedule Of _2

6. Income Taxes: Schedule Of Provision For Income Taxes (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Details
Statutory Federal Income Tax Rate	21.00%
Income tax recovery at statutory rate	$ (7,685)	$ (1,884)
Valuation allowance change	7,685	1,884
Provision for income taxes	$ 0	$ 0

6. Income Taxes_ Schedule of _3

6. Income Taxes: Schedule of Deferred Income Tax Assets (Details) - USD ($)	Jun. 30, 2021	Jun. 30, 2020
Details
Net operating losses carried forward	$ 13,587	$ 5,902
Valuation allowance	(13,587)	(5,902)
Net deferred tax asset	$ 0	$ 0

6. Income Taxes_ Summary of O_2

6. Income Taxes: Summary of Operating Loss Carryforwards (Details)	Jun. 30, 2021USD ($)
Tax Year 2037
Operating loss carryforward available for future years' taxable income	$ 274
Tax Year 2038
Operating loss carryforward available for future years' taxable income	7,923
Tax Year 2039
Operating loss carryforward available for future years' taxable income	10,934
Tax Year 2040
Operating loss carryforward available for future years' taxable income	8,976
Tax Year 2041
Operating loss carryforward available for future years' taxable income	36,592
Operating Loss Carryforwards	64,699
Operating loss carryforward available for future years' taxable income	$ 64,699

7. Subsequent Event (Details)

7. Subsequent Event (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Proceeds from share subscriptions		$ 32,000	$ 0
Common Stock
Proceeds from share subscriptions		$ 32,000
Shares Issued, Price Per Share		$ 0.10
Subsequent Event | Common Stock
Proceeds from share subscriptions	$ 3,000
Shares Issued, Price Per Share	$ 0.10