| Basis of Preparation | Note 3 - Basis of preparation The accompanying condensed consolidated financial
statements have been prepared in accordance with generally accepted accounting principles for interim financial information and
with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information
and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the
management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have
been included in these statements. These condensed consolidated financial statements should be read in conjunction with the consolidated
financial statements and notes thereto included in the Company’s Annual Report on Form 10 for the fiscal year ended April
30, 2019. Basis of consolidation Use of estimates Net Loss per share We calculate net loss per share in accordance
with ASC Topic 260, Earnings per Share Foreign Currency Translation The reporting currency of the Company, including
its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured
in their functional currency, which is the local currency. The functional currency of the parent is the U.S. dollar. Monetary assets
and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expense items
are translated using average monthly exchange rates. Non-monetary assets are translated at their historical exchange rates. Translation
adjustments are included in accumulated other comprehensive loss in the condensed consolidated balance sheets. Fair Values of Financial Instruments The carrying amounts of cash, accounts payable,
and accrued liabilities approximate their fair value due to the short-term nature of these instruments. The Company’s operations
and financing activities are conducted primarily in United States dollars and as a result, the Company is not subject to significant
exposure to market risks from changes in foreign currency rates. The Company is exposed to credit risk through its cash, but mitigates
this risk by keeping these deposits at major financial institutions. ASC 820 “Fair Value Measurements and
Disclosures” provides the framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes
the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices
in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level
3 measurements). Fair value is defined as an exit price, representing
the amount that would be received upon the sale of an asset or payment to transfer a liability in an orderly transaction between
market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants
would use in pricing an asset or liability. Income taxes The Company utilizes the liability approach
for accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment for
those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax effects
of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted tax rates
in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of
deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred
tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon
an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income
taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of
reserves may be necessary. Tax benefits are recognized only for tax positions
that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest
amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax
benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition
and measurement standards. The Company’s policy for recording interest and penalties associated with tax audits is to record
such items as a component of general and administrative expense. The Company has identified its federal tax return and its state
tax return in Kentucky as its “major” tax jurisdictions, and all prior year returns remain subject to examination.
The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate
tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This
estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the
Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance
with SEC Staff Accounting Bulletin No. 118, the Company has finalized the accounting for the effects of the Tax Act during 2019.
Future adjustments made to the provisional effects will be reported as a component of income tax expense in the reporting period
in which any such adjustments are determined. Stock based compensation The Company follows ASC 718, Compensation -
Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted
for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable of the fair
value of the stock and the fair value of the service. The Company uses the Black-Scholes option-pricing model to determine the
grant date fair value of stock- based awards under ASC 718. The fair value is charged to earnings depending on the terms and conditions
of the award, and the nature of the relationship of the recipient of the award to the Company. The Company records the grant date
fair value in line with the period over which it was earned. For employees and management, this is typically considered to be the
vesting period of the award. For consultants the fair value of the award is recorded over the term of the service period, and unvested
amounts are revalued at each reporting period over the service period. The Company estimates the expected forfeitures and updates
the valuation accordingly. Recent Accounting Pronouncements Management does not believe that any recently
issued, but not yet effective accounting pronouncements, when adopted, will have a material effect on the accompanying condensed
consolidated financial statements. | Note 3 - Basis of preparation The consolidated financial statements of the
Company have been prepared in accordance with accounting principles generally accepted in the United States of America or “US
GAAP”. The consolidated financial statements are presented
in United States dollars (unless otherwise noted), which is the functional currency of the Company. All financial information is
presented in United States dollars. Basis of consolidation Measurement basis Foreign Currency Translation The reporting currency of the Company, including
its subsidiaries, is the United States dollar. The financial statements of subsidiaries located outside of the U.S. are measured
in their functional currency, which is the local currency. The functional currency of the parent is the U.S. dollar. The assets
and liabilities of these subsidiaries are translated at the exchange rates at the balance sheet date. Income and expenses, and
cash flows are translated using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in
other comprehensive loss and accumulated in equity. Use of estimates Financial instruments Our financial instruments consist of cash,
accounts payable, accounts payable to related party. Financial assets and financial liabilities are recognized when the Company
becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for
transaction costs. As at the balance sheet dates the carrying value of our financial instruments approximated their fair value,
due to the short-term duration of these instruments. Financial Accounting Standards Board (“FASB”) ASC
Topic 820, Fair Value Measurements and Disclosures Level 1 - Quoted prices are available in active
markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are
highly liquid and actively traded instruments with quoted prices. Level 2 - Pricing inputs are other than quoted
prices in active markets, but are either directly or indirectly observable as of the reported date. The types of assets and liabilities
in Level 2 are typically either comparable to actively traded securities or contracts, or priced with models using highly observable
inputs. Level 3 - Significant inputs to pricing that
are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring
significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value
of financial transmission rights. Income taxes The Company utilizes the liability method for
financial accounting and reporting for income taxes. The provision for income taxes is based upon income or loss after adjustment
for those permanent items that are not considered in the determination of taxable income. Deferred income taxes represent the tax
effects of differences between the financial reporting and tax basis of the Company’s assets and liabilities at the enacted
tax rates in effect for the years in which the differences are expected to reverse. The Company evaluates the recoverability of
deferred tax assets and establishes a valuation allowance when it is more likely than not that some portion or all the deferred
tax assets will not be realized. Management makes judgments as to the interpretation of the tax laws that might be challenged upon
an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income
taxes have been made. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of
reserves may be necessary. Tax benefits are recognized only for tax positions
that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest
amount of benefit that is greater than 50 percent likely to be realized upon settlement. A liability for “unrecognized tax
benefits” is recorded for any tax benefits claimed in the Company’s tax returns that do not meet these recognition
and measurement standards. The Company’s policy for recording interest and penalties associated with tax audits is to record
such items as a component of general and administrative expense. The Company has identified its federal tax return and its state
tax return in Kentucky as its “major” tax jurisdictions, and all prior year returns remain subject to examination.
The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate
tax rate from 35% to 21%. As December 31, 2017, the Company had made a reasonable estimate of the effects of the Tax Act. This
estimate incorporates assumptions made based upon the Company’s current interpretation of the Tax Act and may change as the
Company may receive additional clarification and implementation guidance and as the interpretation of the Tax Act evolves. In accordance
with SEC Staff Accounting Bulletin No. 118, the Company has finalized the accounting for the effects of the Tax Act during 2019.
Future adjustments made to the provisional effects will be reported as a component of income tax expense in the reporting period
in which any such adjustments are determined. Stock based compensation The Company follows ASC 718, Compensation -
Stock Compensation, which addresses the accounting for stock-based payment transactions, requiring such transactions to be accounted
for using the fair value method. Awards of shares for property or services are recorded at the more readily measurable of the fair
value of the stock and the fair value of the service. The Company uses the Black-Scholes option-pricing model to determine the
grant date fair value of stock- based awards under ASC 718. The fair value is charged to earnings depending on the terms and conditions
of the award, and the nature of the relationship of the recipient of the award to the Company. The Company records the grant date
fair value in line with the period over which it was earned. For employees and management, this is typically considered to be the
vesting period of the award. For consultants the fair value of the award is recorded over the term of the service period, and unvested
amounts are revalued at each reporting period over the service period. The Company estimates the expected forfeitures and updates
the valuation accordingly. Net income per share We calculate net loss per share in accordance
with ASC Topic 260, Earnings per Share Adoption of new accounting standards and
policies From time to time, new accounting pronouncements
are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not
yet effective may have an impact on our results of operations and financial position. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued authoritative
guidance regarding the accounting for share-based payment transactions, including income tax consequences, classification of awards
as either equity or liabilities, and classification on the statement of cash flows. The guidance is to be applied for annual periods
beginning after December 15, 2016 and interim periods within those annual periods, and early adoption is permitted. The guidance
requires companies to apply the requirements retrospectively, modified retrospectively, or prospectively depending on the amendment(s)
applied. The adoption of this standard did not impact the Company’s financial statements. In April 2016, the FASB issued ASU 2016 –
10 “Revenue from Contract with Customers: identifying Performance Obligations and Licensing”. The amendments in this
Update clarify the two following aspects (a) contracts with customers to transfer goods and services in exchange for consideration
and (b) determining whether an entity’s promise to grant a license provides a customer with either a right to use the entity’s
intellectual property (which is satisfied at a point in time) or a right to access the entity’s intellectual property (which
is satisfied over time). The amendments in this update are intended to reduce the degree of judgment necessary
to comply with Topic 606. The adoption of this standard did not impact
the Company’s financial statements as there were no contracts with customers. In August 2016, the FASB issued ASU 2016-15,
“Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments”. The new guidance is
intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15
is effective for the Company beginning in the first quarter of fiscal 2019. Early adoption is permitted, provided that all of the
amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The adoption
of this standard did not impact the Company’s financial statements. In November 2016, the FASB issued ASU 2016-18,
“Statement of Cash Flows (Topic 230) Restricted Cash”. The new guidance requires that the reconciliation of the beginning-of-period
and end-of-period amounts shown in the statement of cash flows include restricted cash and restricted cash equivalents. If restricted
cash is presented separately from cash and cash equivalents on the balance sheet, companies will be required to reconcile the amounts
presented on the statement of cash flows to the amounts on the balance sheet. Companies will also need to disclose information
about the nature of the restrictions. The guidance is effective for fiscal years beginning after December 15, 2017, and interim
periods within those fiscal years. The adoption of this standard did not impact the Company’s financial statements as it
had no restricted cash. In January 2017, FASB issued ASU 2017-01, “Business
Combinations (Topic 805) Clarifying the Definition of a Business”. The amendments in this Update is to clarify the definition
of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted
for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including
acquisitions, disposals, goodwill, and consolidation. The guidance is effective for annual periods beginning after December 15,
2017, including interim periods within those periods. The adoption of this standard did not impact the Company’s financial
statements as it had not made any acquisitions. On May 10, 2017, the Financial Accounting Standards
Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2017-09 “Compensation—Stock Compensation
(Topic 718): Scope of Modification Accounting”, which provides guidance to clarify when to account for a change to the terms
or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only
if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the
change in terms or conditions. The guidance is effective prospectively for all companies for annual periods beginning on or after
December 15, 2017. Early adoption is permitted. The adoption of this standard did not impact the Company’s financial statements
as there was no share based payment awards. On October 11, 2016 the Financial Accounting
Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2017-09 “Intra-Entity Transfers
of Assets Other Than Inventory”. The Board decided that an entity should recognize the income tax consequences of an intra-entity
transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in this Update eliminate the exception
for an intra-entity transfer of an asset other than inventory. For public business entities, the amendments in this Update are
effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual
reporting periods. The adoption of this standard did not impact the Company’s financial statements as there were no assets
being transferred between entities. On June 16, 2016, the Financial Accounting
Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments—Credit
Losses”. The amendments in this Update require a financial asset (or a group of financial assets) measured at amortized
cost basis to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account
that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected
to be collected on the financial asset. The income statement reflects the measurement of credit losses for newly recognized financial
assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. For
public business entities that are U.S. Securities and Exchange Commission (SEC) filers, the amendments in this Update are effective
for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The adoption of this
standard did not impact the Company’s financial statements as there were no credit sensitive financial instruments owned
by the Company. |
