Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jan. 31, 2021 | Apr. 06, 2021 | |
Document And Entity Information | ||
Entity Registrant Name | Business Solutions Plus, Inc. | |
Entity Central Index Key | 0001787412 | |
Document Type | 10-Q | |
Document Period End Date | Jan. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --07-31 | |
Smaller Reporting Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | true | |
Entity Common Stock Shares Outstanding | 500,000,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
State of Incorporation | NV | |
Transition Period | false | |
Entity Small Business | true | |
Interactive Data Current | Yes | |
Entity File Number | 000-56233 |
Balance Sheets (January 31, 202
Balance Sheets (January 31, 2021 Unaudited) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 |
ASSETS | ||
Total Assets | $ 0 | $ 0 |
Current Liabilities | ||
Accrued expenses | 1,850 | |
Total Current Liabilities | 1,850 | |
TOTAL LIABILITIES | 1,850 | |
Stockholders' Equity (Deficit) | ||
Preferred stock ($0.001 par value, 5,000,000 shares authorized; none issued and outstanding as of January 31, 2021 and July 31, 2020) | ||
Common stock ($0.001 par value, 900,000,000 shares authorized, 1,000,000 shares issued and outstanding as of January 31, 2021 and July 31, 2020) | 1,000 | 1,000 |
Additional Paid In Capital | 8,024 | 1,074 |
Accumulated Deficit | (10,874) | (2,074) |
Total Stockholders' Equity (Deficit) | (1,850) | |
Total Liabilities & Stockholders' Equity (Deficit) | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jan. 31, 2021 | Jul. 31, 2020 |
StockholdersEquity | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock Shares Issued | 0 | 0 |
Preferred Stock Shares Outstanding | 0 | 0 |
Common Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 900,000,000 | 900,000,000 |
Common Stock Shares Issued | 1,000,000 | 1,000,000 |
Common Stock Shares Outstanding | 1,000,000 | 1,000,000 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | |
Jan. 31, 2021 | Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | |
Income Statement [Abstract] | ||||
General and administrative expenses | $ 8,050 | $ 2,074 | $ 8,800 | |
Total Operating Expenses | 8,050 | 2,074 | 8,800 | |
Net Loss | $ (8,050) | $ (2,074) | $ (8,800) | |
Basic and Diluted net loss per common share | $ 0 | $ 0 | $ 0 | |
Weighted average number of common shares outstanding - Basic and Diluted | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity/ Deficit (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance (Monetary) at Aug. 31, 2019 | ||||
Beginning Balance (Shares) at Aug. 31, 2019 | ||||
Common shares issued as compensation for services rendered to the company (value) | $ 1,000 | $ 1,000 | ||
Common shares issued as compensation for services rendered to the company (shares) | 1,000,000 | |||
Expenses paid on behalf of the Company and contributed to capital | 1,074 | 1,074 | ||
Net loss | (2,074) | (2,074) | ||
Ending Balance (Monetary) at Oct. 31, 2019 | $ 1,000 | 1,074 | (2,074) | |
Ending Balance (Shares) at Oct. 31, 2019 | 1,000,000 | |||
Net loss | ||||
Ending Balance (Monetary) at Jan. 31, 2020 | $ 1,000 | 1,074 | (2,074) | |
Ending Balance (Shares) at Jan. 31, 2020 | 1,000,000 | |||
Beginning Balance (Monetary) at Jul. 31, 2020 | $ 1,000 | 1,074 | (2,074) | |
Beginning Balance (Shares) at Jul. 31, 2020 | 1,000,000 | |||
Net loss | (750) | (750) | ||
Ending Balance (Monetary) at Oct. 31, 2020 | $ 1,000 | 1,074 | (2,824) | (750) |
Ending Balance (Shares) at Oct. 31, 2020 | 1,000,000 | |||
Beginning Balance (Monetary) at Jul. 31, 2020 | $ 1,000 | 1,074 | (2,074) | |
Beginning Balance (Shares) at Jul. 31, 2020 | 1,000,000 | |||
Common shares issued as compensation for services rendered to the company (value) | ||||
Expenses paid on behalf of the Company and contributed to capital | 6,950 | |||
Net loss | (8,800) | |||
Ending Balance (Monetary) at Jan. 31, 2021 | $ 1,000 | 8,024 | (10,874) | (1,850) |
Ending Balance (Shares) at Jan. 31, 2021 | 1,000,000 | |||
Beginning Balance (Monetary) at Oct. 31, 2020 | $ 1,000 | 1,074 | (2,824) | (750) |
Beginning Balance (Shares) at Oct. 31, 2020 | 1,000,000 | |||
Expenses paid on behalf of the Company and contributed to capital | 6,950 | 6,950 | ||
Net loss | (8,050) | (8,050) | ||
Ending Balance (Monetary) at Jan. 31, 2021 | $ 1,000 | $ 8,024 | $ (10,874) | $ (1,850) |
Ending Balance (Shares) at Jan. 31, 2021 | 1,000,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 5 Months Ended | 6 Months Ended | 11 Months Ended | ||
Jan. 31, 2021 | Oct. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2020 | Jan. 31, 2021 | Jul. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss | $ (8,050) | $ (750) | $ (2,074) | $ (8,800) | ||
Common stock issued as compensation | 1,000 | $ 1,000 | ||||
Accrued Expenses | 1,850 | |||||
Net cash used in operating activities | (1,074) | (6,950) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Expenses contributed to capital | 6,950 | 1,074 | 6,950 | |||
Net cash provided by financing activities | 1,074 | 6,950 | ||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | ||||
Beginning cash balance | $ 0 | 0 | 0 | 0 | ||
Ending cash balance | $ 0 | $ 0 | 0 | 0 | $ 0 | |
SUPPLEMENTAL INFORMATION: | ||||||
Interest paid | ||||||
Income taxes paid |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 6 Months Ended |
Jan. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business Business Solutions Plus, Inc. (we, us, our, or the "Company") was incorporated on August 30, 2019 in the State of Nevada. On August 30, 2019, Paul Moody was appointed Chief Executive Officer, Chief Financial Officer, and Director of Business Solutions Plus, Inc. The Company intends to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. As of January 31, 2021, the Company had not yet commenced any operations. The Company has elected July 31st as its year end. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. Use of Estimates The preparation of financial statements in conformity with 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at January 31, 2021 and July 31, 2020 were $0. Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of January 31, 2021 and, thus, anti-dilution issues are not applicable. Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of January 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. Related Parties The Company follows ASC 850, Related Party Disclosures, Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of January 31, 2021. The Company’s stock based compensation for the periods ended January 31, 2021 and July 31, 2020 were $0 and $1,000, respectively. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. 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 pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Jan. 31, 2021 | |
Going Concern | |
Going Concern | Note 3 – Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios. The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Jan. 31, 2021 | |
Schedule of Investments [Abstract] | |
Income Taxes | Note 4 – Income Taxes The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of January 31, 2021, the Company has incurred a net loss of approximately $10,874 which resulted in a net operating loss for income tax purposes. The loss results in a deferred tax asset of approximately $2,284 at the effective statutory rate of 21%. The deferred tax asset has been off-set by an equal valuation allowance. Given our inception on August 30, 2019, and our fiscal year end of July 31, 2020, we have completed only one taxable fiscal year. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 6 Months Ended |
Jan. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 – Commitments and Contingencies The Company follows ASC 450-20, Los Contingencies, |
Note 6 - Accrued Expenses
Note 6 - Accrued Expenses | 6 Months Ended |
Jan. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Note 6 – Accrued Expenses Accrued expenses totaled $1,850 and $0 as of January 31, 2021 and July 31, 2020, respectively, and consisted primarily of professional fees. |
Note 7 - Shareholder Equity
Note 7 - Shareholder Equity | 6 Months Ended |
Jan. 31, 2021 | |
Equity [Abstract] | |
Shareholders Equity | Note 7 – Shareholder Equity Preferred Stock The authorized preferred stock of the Company consists of 5,000,000 shares with a par value of $0.001. There were no shares issued and outstanding as of January 31, 2021 and July 31, 2020. Common Stock The authorized common stock of the Company consists of 900,000,000 shares with a par value of $0.001. There were 1,000,000 shares of common stock issued and outstanding as of January 31, 2021 and July 31, 2020. On August 30, 2019, 1,000,000 common shares were issued to Flint Consulting Services for development of the Company’s business plan. Additional Paid-In Capital The Company’s sole officer and director, Paul Moody, paid expenses on behalf of the company totaling $1,950 during the period ended January 31, 2021. Related party, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $5,000 during the period ended January 31, 2021. The $6,950 in total payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. The Company’s sole officer and director, Paul Moody, paid expenses on behalf of the company totaling $1,074 during the period ended July 31, 2020. The $1,074 in total payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. |
Note 8 - Related Party Transact
Note 8 - Related Party Transactions | 6 Months Ended |
Jan. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 – Related-Party Transactions Office Space We utilize the home office space and equipment of our management at no cost. |
Note 9 - Subsequent Events
Note 9 - Subsequent Events | 6 Months Ended |
Jan. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9 – Subsequent Events On February 9, 2021, the Company filed, with the Secretary of State of Nevada, Restated Articles of Incorporation in which the Company’s par value, authorized common stock and preferred stock were amended. The Company withdrew its designated Series Z Preferred Stock and designated a new class of preferred stock described as Series A Preferred Stock. No shares of Preferred Stock of any series were issued and outstanding prior to or after the recording of the Restated Articles of Incorporation. After the amendment, total authorized shares were 700,000,000, 500,000,000 common shares and 200,000,000 preferred shares, both with a par value of $.0001. On March 3, 2021, 1,000,000 common shares of the Company held and owned by Flint Consulting Services, LLC were cancelled and returned to the treasury of the Company. This action resulted in no shares issued and outstanding. On March 3, 2021, Business Solutions Plus, Inc. (the “Company” or “Successor”) transmuted its business plan from that of a blank check shell company to forming a holding company that is a business combination related shell company. The reason for the change being that our sole director desires to complete a holding company reorganization (“Reorganization”) pursuant to NRS 92A.180, NRS A.200, NRS 92A.230 and NRS 92A.250. The constituent corporations in the Reorganization will be InterActive Leisure Systems, Inc. (“IALS” or “Predecessor”), the Company and Business Solutions Merger Sub, Inc. (“Merger Sub”). Our director is the sole director/officer of each constituent corporation in the anticipated Reorganization. In preparation of the Reorganization, our sole and controlling shareholder, Flint Consulting Services, LLC as of date first written above has cancelled and returned to the Company’s treasury all issued and outstanding common shares of the Company held and owned by it. The Company will issue 1,000 common shares of its common stock to Predecessor and Merger Sub will issue 1,000 shares of its common stock to the Company prior to the Reorganization. Immediately prior to the merger, the Company will be a wholly owned direct subsidiary of IALS and Merger Sub will be a wholly owned and direct subsidiary of the Company. Pursuant to the above, on March 22, 2021, the company filed articles of merger with the Nevada Secretary of State. The merger shall become effective on March 31, 2021 at 4:00 PM EST(“Effective Time”). At the Effective Time, Predecessor shall be merged with and into Merger Sub (the “Merger), and Predecessor shall be the surviving corporation. Each share of Predecessor common stock issued and outstanding immediately prior to the Effective Time shall be converted into one validly issued, fully paid and non-assessable share of Successor common stock. In addition, the Company is pending a FINRA corporate action to process the foregoing Reorganization. Commensurate with this action the Company has requested to change its stock ticker symbol. The new ticker symbol, and new CUSIP number will be disclosed in a subsequent Form 8-K once announced via the FINRA daily list. |
Note 2. Summary of Significant
Note 2. Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jan. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation T his summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Use of Estimates | Use of Estimates T he preparation of financial statements in conformity with 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents T he Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at January 31, 2021 and July 31, 2020 were $0. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of January 31, 2021 and, thus, anti-dilution issues are not applicable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of January 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. |
Related Parties | Related Parties T he Company follows ASC 850, Related Party Disclosures, |
Share-Based Compensation | Share-Based Compensation A Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of January 31, 2021. The Company’s stock based compensation for the periods ended January 31, 2021 and July 31, 2020 were $0 and $1,000, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) | 2 Months Ended | 5 Months Ended | 6 Months Ended | 11 Months Ended |
Oct. 31, 2019 | Jan. 31, 2020 | Jan. 31, 2021 | Jul. 31, 2020 | |
Share Based Compensation | ||||
Stock based compensation | $ 1,000 | $ 1,000 | $ 1,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Jan. 31, 2021 | Jul. 31, 2020 |
Loan Forgiven | ||
Accrued Expenses | $ 1,850 |
Expenses Paid on Behalf of the
Expenses Paid on Behalf of the Company (Details) - USD ($) | 6 Months Ended | 11 Months Ended |
Jan. 31, 2021 | Jul. 31, 2020 | |
Expenses Paid On Behalf Of Company | ||
Total payments by Paul Moody, and or control person Jeffrey DeNunzio, via Flint Consulting Services, LLC | $ 6,950 | $ 1,074 |