Cover
Cover | 3 Months Ended |
Oct. 31, 2021 | |
Cover [Abstract] | |
10-Q/A | 10-Q/A |
Amendment Flag | false |
Document Quarterly Report | true |
Document Period End Date | Oct. 31, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --04-30 |
Entity File Number | 000-56167 |
Entity Registrant Name | Next Meats Holdings, Inc. |
Entity Central Index Key | 0001811530 |
Entity Tax Identification Number | 85-4008709 |
Entity Incorporation, State or Country Code | NV |
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 |
Elected Not To Use the Extended Transition Period | false |
false | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Oct. 31, 2021 | Apr. 30, 2021 |
Current Assets | ||
$ 65,887 | ||
794 | ||
6,089 | ||
TOTAL CURRENT ASSETS | 72,770 | |
Non-current assets | ||
187,500 | ||
TOTAL NON-CURRENT ASSETS | 187,500 | |
TOTAL ASSETS | 260,270 | |
Current Liabilities | ||
6,701 | ||
4,700 | 9,700 | |
TOTAL CURRENT LIABILITIES | 11,401 | 9,700 |
TOTAL LIABILITIES | 11,401 | 9,700 |
500,000 | 500,000 | |
5,880,332,215 | 5,880,112,830 | |
(5,880,653,436) | (5,880,622,530) | |
(332) | ||
TOTAL SHAREHOLDERS' EQUITY | 248,868 | (9,700) |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 260,270 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Oct. 31, 2021$ / sharesshares |
Statement of Financial Position [Abstract] | |
preferred stock par value | $ / shares | $ 0.001 |
preferred stock authorized | 20,000,000 |
preferred stock issued | 0 |
common stock par value | $ / shares | $ 0.001 |
common stock authorized | 500,000,000 |
common stock issued | 500,000,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | |
OPERATING EXPENSES | ||||
General and administrative expenses | $ 18,622 | $ 2,350 | $ 30,907 | $ 4,200 |
Total operating expenses | 18,622 | 2,350 | 30,907 | 4,200 |
Income (loss) from operations | (18,622) | (2,350) | (30,907) | 4,200 |
Other income (expense) | ||||
Other income | ||||
Total other income (expenses) | ||||
Net income (loss) before tax | (18,622) | (2,350) | (30,907) | (4,200) |
Income tax expense | ||||
NET INCOME (LOSS) | (18,622) | (2,350) | (30,907) | (4,200) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||||
Foreign currency translation adjustment | (332) | (332) | ||
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (18,954) | $ (2,350) | $ (31,239) | $ (4,200) |
Basic | ||||
Diluted | ||||
Weighted average common shares outstanding | ||||
Basic | 500,000 | 10,000 | 500,000 | 10,000 |
Diluted |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Common Stock Outstanding | 10,000,000 | |||||
Balances, October 31, 2021 | $ 10,000 | $ 2,885 | $ (14,510) | $ (1,625) | ||
Balances, July 31, 2021 at Apr. 30, 2020 | 10,000 | 2,885 | (14,510) | (1,625) | ||
Expenses paid on behalf of the company and contributed to capital | 1,625 | 1,625 | ||||
Net loss | (1,850) | (1,850) | ||||
Balances, July 31, 2021 at Apr. 30, 2020 | 10,000 | 2,885 | (14,510) | (1,625) | ||
Net loss | $ (4,200) | |||||
Common Stock Outstanding | 10,000,000 | |||||
Balances, October 31, 2021 | 10,000 | 4,510 | (16,360) | $ (1,850) | ||
Balances, July 31, 2021 at Jul. 31, 2020 | 10,000 | 4,510 | (16,360) | (1,850) | ||
Expenses paid on behalf of the company and contributed to capital | 1,850 | 1,850 | ||||
Net loss | (2,350) | $ (2,350) | ||||
Common Stock Outstanding | 47,647,702 | |||||
Balances, October 31, 2021 | 47,648 | (31,288) | (18,710) | $ (2,350) | ||
Common Stock Outstanding | 500,000,000 | |||||
Balances, October 31, 2021 | 500,000 | 5,880,112,830 | (5,880,622,530) | $ (9,700) | ||
Balances, July 31, 2021 at Apr. 30, 2021 | 500,000 | 5,880,112,830 | (5,880,622,530) | (9,700) | ||
Expenses paid on behalf of the company and contributed to capital | 203,685 | 203,685 | ||||
Net loss | (12,285) | (12,285) | ||||
Balances, July 31, 2021 at Apr. 30, 2021 | 500,000 | 5,880,112,830 | (5,880,622,530) | (9,700) | ||
Net loss | $ (30,907) | |||||
Common Stock Outstanding | 500,000,000 | |||||
Balances, October 31, 2021 | 500,000 | 5,880,316,515 | (5,880,634,815) | $ 181,700 | ||
Balances, July 31, 2021 at Jul. 31, 2021 | 500,000 | 5,880,316,515 | (5,880,634,815) | 181,700 | ||
Expenses paid on behalf of the company and contributed to capital | 15,700 | 15,700 | ||||
Net loss | (18,622) | (18,622) | ||||
Non-controlling interest | 70,422 | 70,422 | ||||
Foreign currency translation | (332) | $ (332) | ||||
Common Stock Outstanding | 500,000,000 | |||||
Balances, October 31, 2021 | $ 500,000 | $ 70,422 | $ 5,880,332,215 | $ (332) | $ (5,880,653,437) | $ 248,868 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' (Deficit) Continued - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Common Stock Outstanding | 10,000,000 | |||
Balances, October 31, 2020 | $ 10,000 | $ 2,885 | $ (14,510) | $ (1,625) |
Balances, July 31, 2021 at Apr. 30, 2020 | 10,000 | 2,885 | (14,510) | (1,625) |
Expenses paid on behalf of the company and contributed to capital | 1,625 | 1,625 | ||
Net loss | (1,850) | (1,850) | ||
Balances, July 31, 2021 at Apr. 30, 2020 | 10,000 | 2,885 | (14,510) | (1,625) |
Net loss | $ (4,200) | |||
Common Stock Outstanding | 10,000,000 | |||
Balances, October 31, 2020 | 10,000 | 4,510 | (16,360) | $ (1,850) |
Balances, July 31, 2021 at Jul. 31, 2020 | 10,000 | 4,510 | (16,360) | (1,850) |
Expenses paid on behalf of the company and contributed to capital | 1,850 | 1,850 | ||
Net loss | (2,350) | (2,350) | ||
Common shares cancelled and returned | (10,000) | 10,000 | ||
Common shares issued in reorganization | 47,648 | (47,648) | ||
Common Stock Outstanding | 47,647,702 | |||
Balances, October 31, 2020 | 47,648 | (31,288) | (18,710) | $ (2,350) |
Common Stock Outstanding | 500,000,000 | |||
Balances, October 31, 2020 | 500,000 | 5,880,112,830 | (5,880,622,530) | $ (9,700) |
Balances, July 31, 2021 at Apr. 30, 2021 | 500,000 | 5,880,112,830 | (5,880,622,530) | (9,700) |
Expenses paid on behalf of the company and contributed to capital | 203,685 | 203,685 | ||
Net loss | (12,285) | (12,285) | ||
Balances, July 31, 2021 at Apr. 30, 2021 | 500,000 | 5,880,112,830 | (5,880,622,530) | (9,700) |
Net loss | $ (30,907) | |||
Common Stock Outstanding | 500,000,000 | |||
Balances, October 31, 2020 | 500,000 | 5,880,316,515 | (5,880,634,815) | $ 181,700 |
Balances, July 31, 2021 at Jul. 31, 2021 | 500,000 | 5,880,316,515 | (5,880,634,815) | 181,700 |
Expenses paid on behalf of the company and contributed to capital | 15,700 | 15,700 | ||
Net loss | (18,622) | $ (18,622) | ||
Common Stock Outstanding | 500,000,000 | |||
Balances, October 31, 2020 | $ 500,000 | $ 5,880,332,215 | $ (5,880,653,437) | $ 248,868 |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ (30,907) | $ (4,200) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (794) | |
Accounts payable | 6,701 | |
Accrued expenses | (5,000) | 725 |
Inventories | (6,089) | |
Net cash used in operating activities | (36,088) | (3,475) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid for stock | (187,500) | |
Net cash used in investing activities | (187,500) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Expenses contributed to capital | 219,385 | 3,475 |
Stock issuance | 70,422 | |
Net cash provided by financing activities | 289,807 | 3,475 |
Net effect of exchange rate changes on cash | (332) | |
Net Change in Cash and Cash Equivalents | (65,887) | |
Cash and cash equivalents - beginning of period | ||
Cash and cash equivalents - end of period | 65,887 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | ||
Income taxes paid |
Note 1 _ Organization and Descr
Note 1 – Organization and Description of Business | 3 Months Ended |
Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 1 – Organization and Description of Business | Note 1 – Organization and Description of Business Next Meats Holdings, Inc. (we, us, our, or the "Company"), formerly known as Turnkey Solutions, Inc., was incorporated on April 15, 2020 in the State of Nevada. On April 15, 2020, Paul Moody was appointed Chief Executive Officer, Chief Financial Officer, and Director of the Company, at the time known as, “Turnkey Solutions, Inc.”. On October 1, 2020, the Company, at the time known as “Turnkey Solutions, Inc.” (the “Company” or “Successor”) announced on Form 8-K plans to participate in a holding company reorganization (“the Reorganization” or “Merger”) with Intermedia Marketing Solutions, Inc. (“IMMM” or “Predecessor”) and Intermedia Marketing Solutions Merger Sub, Inc. (“Merger Sub”) collectively (the “Constituent Corporations”) pursuant to NRS 92A.180, NRS A.200, NRS 92A.230 and NRS 92A.250. Immediately prior to the Reorganization, the Company was a direct and wholly owned subsidiary of Intermedia Marketing Solutions, Inc. and Intermedia Marketing Solutions Merger Sub, Inc. was a direct and wholly owned subsidiary of the Company. The effective date and time of the Reorganization was October 28, 2020 at 4PM PST (the “Effective Time”). The entire plan of Merger is on file with Nevada Secretary of State (“NSOS”) and included in the Articles of Merger pursuant to NRS 92A.200 Nevada Secretary of State (“NSOS”) and attached to and made a part thereof to the Articles of Merger pursuant to NRS 92A.200 filed with NSOS on October 16, 2020. At the Effective Time, Predecessor merged with and into its indirect and wholly owned subsidiary, Merger Sub with Predecessor as the surviving corporation resulting in Predecessor as a wholly owned subsidiary of the Company. Concurrently and after the Effective Time, the Company cancelled all of its stock held in Predecessor resulting in the Company as a stand-alone and separate entity with no subsidiaries, no assets and negligible liabilities. The assets and liabilities of Predecessor, if any, remain with Predecessor. The Company has abandoned the business plan of its Predecessor and resumed its former business plan of a blank check company after completion of the Merger. Full details pertaining to the Reorganization can be viewed in the Company’s Form 8-K filed on October 29, 2020. On November 18, 2020 our former controlling shareholder, Flint Consulting Services, LLC sold 35,000,000 shares of common stock to Next Meats Co., Ltd. a Japan Company, referred to herein as, “NMCO”. The majority shareholders of Next Meats Co., Ltd. are comprised of Ryo Shirai, Hideyuki Sasaki, and Koichi Ishizuka. The Purchase Price was paid with personal funds of the majority shareholders of NMCO. On the same day, November 18, 2020, Paul Moody resigned from his position of Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer and Director. Simultaneous to Paul Moody’s resignations Ryo Shirai was appointed as our Chief Executive Officer and Director, Hideyuki Sasaki as our Chief Operating Officer and Director, and Koichi Ishizuka as our Chief Financial Officer. On January 8, 2021 our majority shareholder, Next Meats Co., Ltd., a Japan Company, along with our Board of Directors, comprised of Mr. Koichi Ishizuka, Mr. Ryo Shirai, and Mr. Hideyuki Sasaki, took action to ratify, affirm, and approve a name change of the Company from Turnkey Solutions, Inc., to Next Meats Holdings, Inc. The Company filed a Certificate of Amendment with the Nevada Secretary of State (“NVSOS”) to enact the name change with an effective date of January 19, 2021. This was previously disclosed in the Form 8-K we filed on January 25, 2021. Also on January 8, 2021, our majority shareholder Next Meats Co., Ltd., along with our Board of Directors took action to ratify, affirm, and approve a change of the Company’s ticker symbol from TKSI to NXMH. Pursuant to the above, the Company carried out a FINRA corporate action. As a result of the aforementioned actions the Company’s CUSIP number was changed from 90043H102 to 65345L 100. The change in CUSIP, name change, and symbol change were posted on the FINRA daily list on January 25, 2021 with a market effective date of January 26, 2021. On January 28, 2021, our majority shareholder, Next Meats Co., Ltd., along with our Board of Directors took action to ratify, affirm, and approve the issuance of 452,352,298 shares of restricted common stock to Next Meats Co., Ltd. The shares were issued for services rendered to the Company. Following this issuance we now had 500,000,000 shares of common stock issued and outstanding. On June 9, 2021 the Company entered into a “Share Cancellation and Exchange Agreement” (referred to herein as “the Agreement”) with Next Meats Co., Ltd. Next Meats Co., Ltd. is a Japanese Company that operates in the “alternative meat” industry. It currently offers, and plans to continue to offer, amongst other things, artificial chicken and beef products made from meat substitutes. The product offerings from Next Meats Co., Ltd. are currently sold to various food distributors, supermarkets, and restaurant groups. Next Meats Co., Ltd. is referred to herein as “NMCO”, and Next Meats Holdings, Inc., is referred to herein as “the Company”, and or “NXMH.” The current shareholders of Next Meats Co., Ltd. are referred to herein as “NMCO shareholders”. Pursuant to the Share Cancellation and Exchange Agreement, at the effective time of the agreement, NXMH shall acquire NMCO as a wholly owned subsidiary and commensurate with this action, there shall be a conversion of the NXMH Percentile Share Interest in exchange for the Company’s 100% percentile share interest in NMCO. Immediately prior to the Effective Time, each NMCO shareholder shall cancel and exchange their percentile share interest in NMCO for an equivalent percentile share interest in NXMH pursuant to each NMCO shareholder’s pro rata percentage set forth within the chart contained within our Form 8-K, filed with the Securities and Exchange Commission on September 24, 2021. At the Effective Time, NMCO shall issue NXMH 1,000 shares of its common stock. Effective Time: On or about September 17, 2021, we incorporated NextMeats France, a French entity, which will act as a wholly owned subsidiary of the Company. We intend to utilize NextMeats France to, amongst other things, operate as a reseller and distributor, in France and throughout Europe, of food products currently offered by Next Meats Co., Ltd. There are currently no agreements in place between Next Meats Co., Ltd. and NextMeats France, however each entity is currently under common control and shares the same management team. The company operates through its wholly owned subsidiary, NextMeats France, through which the Company seeks to offer alternative meat products. As mentioned previously, the Company is also pending the acquisition of Next Meats Co., Ltd., a Company that sells alternative meat products. The Company has elected April 30th as its year end. |
Note 2 _ Summary of Significant
Note 2 – Summary of Significant Accounting Policies | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Note 2 – Summary of 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. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the unaudited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the unaudited financial statements for the most recent fiscal period, as reported in the 2021 Annual Report, have been omitted. 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 October 31, 2021 and April 30, 2021 were $65,887 and $0, respectively. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized at October 31, 2021 and April 30, 2021. 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 October 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 October 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 October 31, 2021. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We 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. -F5- Table of Contents |
Note 3 _ Going Concern
Note 3 – Going Concern | 3 Months Ended |
Oct. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 3 – 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, as of October 31, 2021, had not established any source of revenue to cover its operating costs. 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 | 3 Months Ended |
Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Note 4 – 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 October 31, 2021, the Company has incurred a net loss of approximately $5,880,653,436 $1,234,937,222 |
Note 5 _ Commitments and Contin
Note 5 – Commitments and Contingencies | 3 Months Ended |
Oct. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note 5 – Commitments and Contingencies | Note 5 – Commitments and Contingencies The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of October 31, 2021. |
Note 6 _ Stock
Note 6 – Stock | 3 Months Ended |
Oct. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Note 6 – Stock | Note 6 – Stock On July 20, 2021, Catapult Solutions, Inc., a Nevada Corporation (“Catapult”), entered into a Share Purchase Agreement (the “Agreement”) by and among CRS Consulting, LLC, a Wyoming Limited Liability Company (“CRS”), related party White Knight Co., Ltd., (“WKC”), and the Company, pursuant to which, on July 23, 2021, (“Closing Date”), for the purchase price of $375,000, CRS sold 10,000 shares of Catapult’s Series Z Preferred Stock, representing approximately 81.20% voting control of the Company; 5,000 shares of Series Z Preferred Stock were transferred to WKC and 5,000 shares of Series Z Preferred Stock were transferred to the Company. WKC paid consideration of $187,500 and related party, Next Meats Co., Ltd., paid the remaining $187,500 on behalf of the Company. The consummation of the transactions contemplated by the Agreement resulted in a change in control of Catapult, with WKC and the Company becoming Catapult’s largest controlling stockholders, having approximately 80.20% combined voting control over Catapult. Pursuant to the Agreement, on July 23, 2021, the former Directors of Catapult resigned their positions and, on that same date, our CFO and Director, Mr. Koichi Ishizuka, was appointed as Catapult’s Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director. The purpose of the acquisition of the shares on July 23, 2021 was to acquire control of Catapult, which at that time was a shell company as defined in Rule 12b-2 of the Exchange Act with no operating business. It should be noted that Catapult Solutions, Inc. has, subsequent to the events described above, conducted a name change and is now known as Dr. Foods, Inc. |
Note 7 _ Accrued Expenses
Note 7 – Accrued Expenses | 3 Months Ended |
Oct. 31, 2021 | |
Payables and Accruals [Abstract] | |
Note 7 – Accrued Expenses | Note 7 – Accrued Expenses Accrued expenses totaled $ 4,700 9,700 |
Note 8 _ Shareholders_ Equity
Note 8 – Shareholders’ Equity | 3 Months Ended |
Oct. 31, 2021 | |
Equity [Abstract] | |
Note 8 – Shareholders’ Equity | Note 8 – Shareholders’ Equity Preferred Stock The authorized preferred stock of the Company consists of 20,000,000 shares with a par value of $0.001. There were no shares issued and outstanding as of October 31, 2021 and April 30, 2021. Common Stock The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.001. There were 500,000,000 shares of common stock issued and outstanding as of October 31, 2021 and April 30, 2021. As of October 31, 2021, our majority shareholder, Next Meats Co., Ltd. holds 487,352,298 shares of common stock or approximately 97.47% of common shares issued and outstanding. Additional Paid-In Capital During the period ended October 31, 2021, the Company’s majority shareholder, at the time, Next Meats Co., Ltd., paid expenses on behalf of the Company totaling $31,885 and purchased stock on behalf of the Company totaling $187,500 (Note 6). The $219,385 in total payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. |
Note 9 _ Related-Party Transact
Note 9 – Related-Party Transactions | 3 Months Ended |
Oct. 31, 2021 | |
Related Party Transactions [Abstract] | |
Note 9 – Related-Party Transactions | Note 9 – Related-Party Transactions Office Space We utilize the office space and equipment of our management at no cost. |
Note 10 _ Subsequent Events
Note 10 – Subsequent Events | 3 Months Ended |
Oct. 31, 2021 | |
Subsequent Events [Abstract] | |
Note 10 – Subsequent Events | Note 10 – Subsequent Events None. |
Note 2 _ Summary of Significa_2
Note 2 – Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Oct. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 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. The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the unaudited financial statements and notes thereto contained in the Company’s most recent Annual Financial Statements In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements, which would substantially duplicate the disclosures contained in the unaudited financial statements for the most recent fiscal period, as reported in the 2021 Annual Report, have been omitted. |
Use of Estimates | 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 | 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 October 31, 2021 and April 30, 2021 were $65,887 and $0, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized at October 31, 2021 and April 30, 2021. |
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 October 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 October 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 The Company follows ASC 850, Related Party Disclosures, |
Share-Based Compensation | 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 October 31, 2021. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We 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 4 _ Income Taxes (Details
Note 4 – Income Taxes (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 19 Months Ended | ||||
Oct. 31, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||
NET INCOME (LOSS) | $ (18,622) | $ (12,285) | $ (2,350) | $ (1,850) | $ (30,907) | $ (4,200) | $ 5,880,653,436 |
deferred tax asset | $ 1,234,937,222 | $ 1,234,937,222 | $ 1,234,937,222 |
Note 7 _ Accrued Expenses (Deta
Note 7 – Accrued Expenses (Details Narrative) - USD ($) | Oct. 31, 2021 | Apr. 30, 2021 |
Payables and Accruals [Abstract] | ||
accrued expenses | $ 4,700 | $ 9,700 |