Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2020 | May 20, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | KELINDA | |
Entity Central Index Key | 0001741257 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,950,500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | true | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 333-227350 | |
Entity Incorporation, State or Country Code | NV |
CONDENSED BALANCE SHEETS (Unaud
CONDENSED BALANCE SHEETS (Unaudited) - USD ($) | Mar. 31, 2020 | Jun. 30, 2019 |
Current Assets | ||
Cash | $ 0 | $ 412 |
Total Current Assets | 0 | 412 |
Fixed Assets | ||
Furniture and Equipment | 0 | 1,969 |
Accumulated Depreciation | 0 | (459) |
Total Fixed Assets | 0 | 1,510 |
Intangible Assets | ||
Application Development Costs | 0 | 98,870 |
TOTAL ASSETS | 0 | 100,792 |
Current Liabilities | ||
Accounts Payable | 0 | 53,150 |
Related Party Loan | 0 | 33,215 |
Total Current Liabilities | 0 | 86,365 |
Total Liabilities | 0 | 86,365 |
Stockholders' Equity (Deficit) | ||
Common Stock: $0.001 par value, 75,000,000 shares authorized, 7,950,500 shares issued and outstanding | 7,950 | 7,950 |
Additional Paid-in Capital | 132,878 | 27,565 |
Accumulated Deficit | (140,828) | (21,088) |
Total Stockholders' Equity (Deficit) | 0 | 14,427 |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $ 0 | $ 100,792 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2020 | Jun. 30, 2019 |
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 | 7,950,500 | 7,950,500 |
Common Stock shares outstanding | 7,950,500 | 7,950,500 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||||
REVENUE: | $ 0 | $ 0 | $ 0 | $ 0 |
EXPENSES: | ||||
General and Administrative Expenses | 838 | 62 | 1,144 | 418 |
Amortization and Depreciation Expense | 6,915 | 98 | 23,590 | 295 |
Professional Fees | 1,561 | 924 | 18,005 | 8,489 |
Rent Expense | 0 | 138 | 211 | 408 |
Total expenses | 9,314 | 1,222 | 42,950 | 9,610 |
OTHER INCOME (EXPENSE): | ||||
Write-off of fixed assets and intangible assets | (76,790) | 0 | (76,790) | 0 |
Total other income (expense) | (76,790) | 0 | (76,790) | 0 |
Income (loss) before income taxes | (86,104) | (1,222) | (119,740) | (9,610) |
Income tax expense | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (86,104) | $ (1,222) | $ (119,740) | $ (9,610) |
Net loss per common share - basic & diluted | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Weighted average of common shares outstanding - basic & diluted | 7,950,500 | 7,008,667 | 7,950,500 | 7,002,847 |
CONDENSED STATEMENTS OF STOCKHO
CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at beginning at Jun. 30, 2018 | $ 7,000 | $ (3,759) | $ 3,241 | |
Balance at beginning (in shares) at Jun. 30, 2018 | 7,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (5,887) | (5,887) | ||
Balance at end at Sep. 30, 2018 | $ 7,000 | (9,646) | (2,646) | |
Balance at end (in shares) at Sep. 30, 2018 | 7,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (2,501) | (2,501) | ||
Balance at end at Dec. 31, 2018 | $ 7,000 | (12,147) | (5,147) | |
Balance at end (in shares) at Dec. 31, 2018 | 7,000,000 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (1,222) | (1,222) | ||
Issuance of shares for cash | $ 195 | 5,655 | 5,850 | |
Issuance of shares for cash (in shares) | 195,000 | |||
Balance at end at Mar. 31, 2019 | $ 7,000 | (13,369) | (519) | |
Balance at end (in shares) at Mar. 31, 2019 | 7,000,000 | |||
Balance at beginning at Jun. 30, 2019 | $ 7,950 | 27,565 | (21,088) | 14,427 |
Balance at beginning (in shares) at Jun. 30, 2019 | 7,950,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (14,133) | (14,133) | ||
Balance at end at Sep. 30, 2019 | $ 7,950 | 27,565 | (35,221) | 294 |
Balance at end (in shares) at Sep. 30, 2019 | 7,950,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (19,503) | (19,503) | ||
Balance at end at Dec. 31, 2019 | $ 7,950 | 27,565 | (54,724) | (19,209) |
Balance at end (in shares) at Dec. 31, 2019 | 7,950,500 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net Income (loss) | (86,104) | (86,104) | ||
Forgiveness of related party loans | 83,903 | 83,903 | ||
Contributions from shareholders | 21,410 | 21,410 | ||
Balance at end at Mar. 31, 2020 | $ 7,950 | $ 132,878 | $ (140,796) | $ 0 |
Balance at end (in shares) at Mar. 31, 2020 | 7,950,500 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (119,740) | $ (9,610) |
Adjustments to reconcile Net Loss to net cash used by operations: | ||
Amortization and depreciation expense | 23,590 | 296 |
Write-off of fixed assets and intangible assets | 76,790 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses | 0 | 862 |
Accounts payable | (53,150) | 0 |
Net cash used by Operating Activities | (72,510) | (8,452) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related party loan | 50,688 | 8,715 |
Proceeds from sale of common stock | 0 | 5,850 |
Capital contributions | 21,410 | 0 |
Net cash provided by Financing Activities | 72,098 | 14,565 |
Net cash increase (decrease) for period | (412) | 6,113 |
Cash at beginning of period | 412 | 87 |
Cash at end of period | 0 | 6,200 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Non-cash transaction - forgiveness of related party loan | 83,903 | 0 |
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended |
Mar. 31, 2020 | |
- ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Kelinda (the “Company,” “we,” “us” or “our”) was incorporated on December 18, 2017 in the State of Nevada. The Company specializes in application development with its first project being an application of the same name, Kelinda. It offers panels of various analyses with schedules and reminders about the necessity of visiting doctors sent through the application and emails, as well as storage of personal data (analyses and conclusions). Users may upload them at their discretion and exchange their personal data. Users who download the application can access the lists and data of another user upon receipt of an invitation from the latter. We offer free basic schedules and more serious panels to both adults and children in order to prevent development of numerous diseases. In addition, Kelinda offers drug-taking reminders for an even more effective use of the application. Revenue is to be generated by subscription-based access sales. Pursuant to a Stock Purchase Agreement (the “Agreement”), entered into as of March 16, 2020, by and between Fuming Yang (the “Purchaser”) and Petru Afanasenco, Andrei Afanasenco and Yuriy Turchynskyy, as the representative of certain stockholders (collectively, the “Sellers”) of the Company, the Sellers sold an aggregate of 7,948,000 shares of common stock, par value $0.001 per share, of the Company to the Purchaser in consideration for an aggregate purchase price of $330,000 in cash from the Purchaser’s personal funds (the “Transaction”). Following consummation of the Transaction, the Purchaser holds approximately 99% of the issued and outstanding shares of common stock of the Company. The Transaction resulted in a change in control (“Change in Control”) of the Company from the Sellers to the Purchaser. Following this Change in Control, the Company changed its business plan to engage in online business services in the People’s Republic of China. The Company plans to engage in developments of personal daily life assistance mobile applications, online educational trainings, and employment recruitment services in China. The Company plans to roll out the plan with a focus in the tier-3 and tier-4 cities in the provinces of Guangdong and Guangxi first. The Company is presently evaluating the optimal corporate and legal structures in China necessary to establish and implement these business plans. The Company aims to start implementing these business plans in 2020 but its ability to execute on its business plans and initiatives will depend upon the developments of the pandemic, including the duration and spread of the COVID-19 and lockdown restrictions imposed by the respective various governments and oversight bodies in China. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Mar. 31, 2020 | |
Going Concern | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared in conformity with United States generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a start-up, the Company has had no revenues and has accumulated losses through March 31, 2020. The Company currently has limited working capital and has not established a source of revenues sufficient to cover operating costs over an extended period of time. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital from its principal stockholder to fund operating expenses. The Company may also raise additional funds through equity and/or debt financing. However, there are no assurances that the Company will be successful in any of its endeavors or become financially viable and continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019. The functional and reporting currency of the Company is the U.S. dollar. 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 nil and $412 cash as of March 31, 2020 and June 30, 2019, respectively. Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and future income tax provision recorded for the three and nine months ended March 31, 2020 and 2019 since the Company was a start-up company and did not generate any revenues in the these fiscal periods. Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. As a result of the Change in Control and change of the Company’s business, the capitalized intangible assets related to these application development costs will no longer be useful for the Company’s new business plans. Therefore, the carrying value of $75,526 of the intangible assets as at the date of the Change of Control, March 16, 2020, was fully written off and recorded in other expenses in the Statement of Operations. Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method. We estimate that the useful life of equipment is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment 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. As a result of the Change in Control and change of the Company’s business, the equipment fixed assets will no longer be useful for the Company’s new business plans. Therefore, the carrying value of $1,264 of the equipment as at the date of Change of Control, March 16, 2020, was fully written off and recorded in other expenses in the Statement of Operations. Use of Estimates The preparation of financial statements in conformity with United States 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. Basic Earnings (Loss) Per Share The Company computes earnings (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 antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2020 and June 30, 2019. 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. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 4 – STOCKHOLDERS’ EQUITY The Company has 75,000,000 shares of common stock, $0.001 par value per share, authorized. On March 19, 2018, the Company issued 4,000,000 shares of common stock to the former President, Petru Afanasenco, at a price of $0.001 per share for total cash consideration of $4,000. On March 20, 2018, the Company issued 3,000,000 shares of common stock to the former Secretary, Andrei Afanasenco, at $0.001 per share for cash consideration of $3,000. During March 2019, the Company issued 195,000 shares of common stock for cash proceeds of $5,850 at $0.03 per share. During April 2019, the Company issued 547,500 shares of common stock for cash proceeds of $16,425 at $0.03 per share. During May 2019, the Company issued 208,000 shares of common stock for cash proceeds of $6,240 at $0.03 per share. There were 7,950,500 shares of common stock issued and outstanding as of March 31, 2020. On March 16, 2020, the Company’s two former major shareholders and officers, Petru Afanasenco and Andrei Afanasenco, forgave related party loans in the total amount of $83,903 that the Company owed to them. Therefore, the Company recorded the $83,903 forgiven loan as capital transactions in the three months ended March 31, 2020. (See Note 5 for details). During the three months ended March 31, 2020, the Company’s two former major shareholders and officers, Petru Afanasenco and Andrei Afanasenco, contributed a total of $21,410 capital contributions to support the Company’s working capital uses. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS Petru Afanasenco and Andrei Afanasenco had formal commitments to loan the Company funds of $50,000 and $40,000, respectively. These loans were unsecured, non-interest bearing and due on demand. During the nine months ended March 31, 2020 and 2019, the former President of the Company, Petru Afanasenco, loaned the Company $44,888 and $0, respectively. During the nine months ended March 31, 2020 and 2019, the Company’s former Treasurer/Secretary, Andrei Afanasenco, loaned the Company $5,800 and $8,715, respectively. On March 16, 2020, in connection with the Change in Control, Petru Afanasenco and Andrei Afanasenco entered into debt forgiveness agreements pursuant to which the two related parties forgave loans in the total amount of $83,903 that the Company owed to them. These forgiven loans were treated as capital contributions from the Company’s related parties and therefore a total gain of $83,903 was recorded in equity. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 6 – COMMITMENTS AND CONTINGENCIES On August 21, 2019, the Company entered into a new rental agreement for use of an address, office facilities, IT and telecommunication systems, office equipment and secretarial services. The contract is $73 per month and is entered into for an unspecified term. As a result of the Change in Control, the Company is no longer using these virtual office secretarial services. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 9 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | NOTE 7 – INTANGIBLE ASSETS As of June 30, 2019, the unamortized balance of the intangible assets related to the purchase or internal development and production of software to be sold, leased, or otherwise marketed was $98,870. During the nine months ended March 31, 2020, the Company recorded amortization expense of $23,344, resulting in an unamortized balance of $75,526 at March 16, 2020, before the Change in Control. As a result of the Change in Control, the carrying value of the intangible assets in the amount of $75,526 was fully written off. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events,” the Company has analyzed its operations subsequent to March 31, 2020, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending June 30, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2019. The functional and reporting currency of the Company is the U.S. dollar. |
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 nil and $412 cash as of March 31, 2020 and June 30, 2019, respectively. |
Taxation | Taxation Current income taxes are provided on the basis of net profit for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are recognized for temporary differences between the tax bases of assets and liabilities and their reported amounts in the consolidated financial statements, net operating loss carry forwards and credits. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current income taxes are provided in accordance with the laws of the relevant taxing authorities. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in which temporary differences are expected to be reversed or settled. The effect on deferred tax assets and liabilities of changes in tax rates is recognized in the statement of comprehensive income in the period of the enactment of the change. The Company considers positive and negative evidence when determining whether a portion or all of its deferred tax assets will more likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carry-forward periods, its experience with tax attributes expiring unused, and its tax planning strategies. The ultimate realization of deferred tax assets is dependent upon its ability to generate sufficient future taxable income within the carry-forward periods provided for in the tax law and during the periods in which the temporary differences become deductible. When assessing the realization of deferred tax assets, the Company has considered possible sources of taxable income including (i) future reversals of existing taxable temporary differences, (ii) future taxable income exclusive of reversing temporary differences and carry-forwards, (iii) future taxable income arising from implementing tax planning strategies, and (iv) specific known trend of profits expected to be reflected within the industry. The Company recognizes a tax benefit associated with an uncertain tax position when, in its judgment, it is more likely than not that the position will be sustained upon examination by a taxing authority. For a tax position that meets the more-likely-than-not recognition threshold, the Company initially and subsequently measures the tax benefit as the largest amount that the Company judges to have a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority. The Company’s liability associated with unrecognized tax benefits is adjusted periodically due to changing circumstances, such as the progress of tax audits, case law developments and new or emerging legislation. Such adjustments are recognized entirely in the period in which they are identified. The Company’s effective tax rate includes the net impact of changes in the liability for unrecognized tax benefits and subsequent adjustments as considered appropriate by management. The Company classifies interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. There were no current and future income tax provision recorded for the three and nine months ended March 31, 2020 and 2019 since the Company was a start-up company and did not generate any revenues in the these fiscal periods. |
Application Development Costs | Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. As a result of the Change in Control and change of the Company’s business , the capitalized intangible assets related to these application development costs will no longer be useful for the Company’s new business plans. Therefore, the carrying value of $75,526 of the intangible assets as at the date of the Change of Control, March 16, 2020, was fully written off and recorded in other expenses in the Statement of Operations. |
Equipment | Equipment Equipment is stated at cost, net of accumulated depreciation. The cost of equipment is depreciated using the straight-line method. We estimate that the useful life of equipment is 5 years. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment 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. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with United States 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. |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes earnings (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 antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of March 31, 2020 and June 30, 2019. |
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. |
ORGANIZATION AND NATURE OF BU_2
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||
May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2020 | |
Stock issued for cash | 208,000 | 547,500 | 195,000 | |
Proceeds from issuance of stock | $ 6,240 | $ 16,425 | $ 5,850 | |
Stock Price | $ 0.03 | $ 0.03 | $ 0.03 | |
Stock Purchase Agreement [Member] | ||||
Stock issued for cash | 7,948,000 | |||
Proceeds from issuance of stock | $ 330,000 | |||
Stock Price | $ 0.001 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | |
Summary Of Significant_ Accounting Policies_ [Abstract] | |||||
Cash | $ 0 | $ 0 | $ 412 | ||
Income tax provision | $ 0 | $ 0 | 0 | $ 0 | |
Intangible assets written off | 75,526 | ||||
Equipment written off | $ 1,264 |
STOCKHOLDERS' EQUITY (Details N
STOCKHOLDERS' EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Mar. 20, 2018 | Mar. 19, 2018 | Mar. 31, 2020 | Jun. 30, 2019 | |
Common Stock, par or stated value | $ 0.001 | $ 0.001 | |||||
Common Stock, shares authorized | 75,000,000 | 75,000,000 | |||||
Common Stock, shares issued | 7,950,500 | 7,950,500 | |||||
Common Stock, shares outstanding | 7,950,500 | 7,950,500 | |||||
Stock issued for cash | 208,000 | 547,500 | 195,000 | ||||
Proceeds from issuance of stock | $ 6,240 | $ 16,425 | $ 5,850 | ||||
Stock Price | $ 0.03 | $ 0.03 | $ 0.03 | ||||
Gain in equity | $ 83,903 | ||||||
Capital contribution | $ 21,410 | ||||||
Petru Afanasenco | |||||||
Stock issued for cash | 4,000,000 | ||||||
Proceeds from issuance of stock | $ 4,000 | ||||||
Stock Price | $ 0.001 | ||||||
Andrei Afanasenco | |||||||
Stock issued for cash | 3,000,000 | ||||||
Proceeds from issuance of stock | $ 3,000 | ||||||
Stock Price | $ 0.001 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Mar. 20, 2018 | Mar. 19, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Jun. 30, 2019 | |
Loan | $ 50,000 | $ 40,000 | |||
Gain in equity | $ 83,903 | ||||
Petru Afanasenco | |||||
Loan from relted party | $ 44,888 | $ 8,715 | |||
Andrei Afanasenco | |||||
Loan from relted party | $ 5,800 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) | Aug. 21, 2019USD ($) |
Accrued Liabilities and Other Liabilities [Abstract] | |
Contract fee | $ 73 |
INTANGIBLE ASSETS (Details Narr
INTANGIBLE ASSETS (Details Narrative) - USD ($) | 9 Months Ended | ||
Mar. 31, 2020 | Mar. 16, 2020 | Jun. 30, 2019 | |
Intangible Assets Text Details [Abstract] | |||
Application Development Costs | $ 0 | $ 75,526 | $ 98,870 |
Amortization expense | 16,478 | ||
Intangible assets written off | $ 75,526 |