| 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. |
