Cover
Cover | 3 Months Ended |
Jul. 31, 2022 | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Period End Date | Jul. 31, 2022 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2023 |
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 |
Entity Shell Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 83,866 | $ 620,297 |
Accounts receivable | 1,232,783 | 1,288,591 |
Short term loans receivable | 75,385 | |
Advance payments and prepaid expenses | 1,177,537 | 1,335,832 |
Inventories | 458,981 | 598,044 |
TOTAL CURRENT ASSETS | 3,028,552 | 3,842,764 |
Non-current assets | ||
Equipment, net depreciation | 150,758 | 168,241 |
Construction in progress | 270,174 | 282,230 |
Land and improvements | 1,046,338 | 1,093,028 |
Long term prepaid expenses | 2,695 | |
Deferred assets | 16,197 | 739 |
Security deposits | 145,033 | 151,403 |
Stock | 187,500 | |
TOTAL NON-CURRENT ASSETS | 1,628,500 | 1,885,836 |
TOTAL ASSETS | 4,657,052 | 5,728,600 |
Current Liabilities | ||
Accrued expenses and other payables | 645,169 | 558,360 |
Income tax payable | 23,841 | |
TOTAL CURRENT LIABILITIES | 645,169 | 582,201 |
Loans | 257,433 | 271,613 |
TOTAL LIABILITIES | 902,603 | 853,814 |
Preferred stock ($0.001 par value, 20,000,000 shares authorized, 0 issued and outstanding as of July 31, 2022 and April 30, 2022) | ||
Common stock ($0.001 par value, 1,000,000,000 shares authorized, 502,255,600 and 502,255,600 shares issued and outstanding as of July 31, 2022 and April 30, 2022, respectively) | 502,256 | 502,256 |
Additional paid-in capital | 5,893,036,428 | 5,893,031,815 |
Accumulated deficit | (5,888,402,756) | (5,887,460,258) |
Accumulated other comprehensive income (loss) | (1,381,478) | (1,199,027) |
TOTAL SHAREHOLDERS' EQUITY | 3,754,449 | 4,874,786 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 4,657,052 | $ 5,728,600 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2022 | Apr. 30, 2022 |
Statement of Financial Position [Abstract] | ||
preferred par value | $ 0.001 | |
preferred authorized | 20,000,000 | |
preferred issued | 0 | |
common par value | $ 0.001 | |
common authorized | 1,000,000,000 | |
common issued | 502,255,600 | 502,255,600 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
REVENUES | ||
Revenues | $ 405,447 | $ 1,368,570 |
Cost of revenues | 344,856 | 1,269,895 |
GROSS PROFIT (LOSS) | 60,591 | 98,675 |
OPERATING EXPENSE | ||
Depreciation | 10,069 | 11,631 |
General and administrative expenses | 951,401 | 1,209,715 |
Total operating expenses | 961,470 | 1,221,346 |
Income (loss) from operations | (900,879) | (1,122,671) |
Interest expense | (1,179) | (518) |
Other expense | (41,779) | (1,034) |
Other income | 1,339 | 5,308 |
Total other income (expense) | (41,619) | 3,757 |
Net income (loss) before tax | (942,498) | (1,118,914) |
Income tax expense | 45,409 | |
NET INCOME (LOSS) | (942,498) | (1,164,323) |
OTHER COMPREHENSIVE INCOME (LOSS) | ||
Foreign currency translation adjustment | (182,451) | (45,306) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ (1,124,949) | $ (1,209,629) |
Income per common share | ||
Basic | $ 0 | $ 0 |
Diluted | ||
Weighted average common shares outstanding | ||
Basic | 502,255,600 | 500,000,000 |
Diluted |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity/ Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid in Capital | Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance, value | $ 500,000 | $ 5,889,168,832 | $ (70,061) | $ (5,881,664,278) | $ 7,986,866 |
Beginning balance, value at Apr. 30, 2021 | 500,000 | 5,889,168,832 | (70,061) | (5,881,664,278) | 7,986,866 |
Contributed capital | 203,685 | 203,685 | |||
Net loss | (1,164,323) | (1,164,323) | |||
Foreign currency translation | (45,306) | (45,306) | |||
Balance, value | 500,000 | 5,889,372,517 | (115,367) | (5,882,828,601) | $ 6,980,922 |
Shares, Outstanding | 500,000,000 | ||||
Balance, value | 502,256 | 5,893,031,815 | (1,199,027) | (5,887,460,258) | $ 4,874,786 |
Beginning balance, value at Apr. 30, 2022 | 502,256 | 5,893,031,815 | (1,199,027) | (5,887,460,258) | 4,874,786 |
Contributed capital | 4,613 | 4,613 | |||
Net loss | (942,498) | (942,498) | |||
Foreign currency translation | (182,451) | (182,451) | |||
Balance, value | $ 502,256 | $ 5,893,036,428 | $ (1,381,478) | $ (5,888,402,756) | $ 3,754,449 |
Shares, Outstanding | 502,255,600 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity/ Deficit Continued (Unaudited) - USD ($) | Common Stock [Member] | Noncontrolling Interest [Member] | Additional Paid in Capital | Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance, value | $ 500,000 | $ 52,374 | $ 5,889,168,832 | $ (70,061) | $ (5,881,664,278) | $ 7,986,866 |
Beginning balance, value at Apr. 30, 2021 | 500,000 | 52,374 | 5,889,168,832 | (70,061) | (5,881,664,278) | 7,986,866 |
Expenses paid on behalf of the company and contributed to capital | 203,685 | 203,685 | ||||
Net loss | (1,164,323) | (1,164,323) | ||||
Foreign currency translation | (45,306) | (45,306) | ||||
Balance, value | 500,000 | $ 52,374 | 5,889,372,517 | (115,367) | (5,882,828,601) | $ 6,980,922 |
Shares, Outstanding | 500,000,000 | |||||
Balance, value | 502,256 | 5,893,031,815 | (1,199,027) | (5,887,460,258) | $ 4,874,786 | |
Beginning balance, value at Apr. 30, 2022 | 502,256 | 5,893,031,815 | (1,199,027) | (5,887,460,258) | 4,874,786 | |
Expenses paid on behalf of the company and contributed to capital | 4,613 | 4,613 | ||||
Net loss | (942,498) | (942,498) | ||||
Foreign currency translation | (182,451) | (182,451) | ||||
Balance, value | $ 502,256 | $ 5,893,036,428 | $ (1,381,478) | $ (5,888,402,756) | $ 3,754,449 | |
Shares, Outstanding | 502,255,600 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2022 | Jul. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (942,498) | $ (1,164,323) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 10,069 | 11,631 |
Loss on the sale of stock | 39,876 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 55,808 | (558,347) |
Short term loan receivable | (75,385) | |
Accrued expenses and other payables | 86,809 | 279,051 |
Advance payments and prepaid expenses | 160,990 | (668,344) |
Accounts payable - related party | 2,622 | |
Security deposits | 6,370 | (4,790) |
Deferred assets | (15,458) | |
Income tax payable | (23,841) | (19) |
Inventories | 139,063 | (429,216) |
Net cash used in operating activities | (558,197) | (2,531,735) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid for equipment | 7,414 | (6,413) |
Construction in progress | 12,056 | (161,647) |
Land and improvements | 46,690 | (1,270,874) |
Cash received for the sale of stock | 147,624 | (565,351) |
Net cash provided by (used in) investing activities | 213,784 | (2,004,286) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Expenses contributed to capital | 4,613 | 203,685 |
Loans | (14,180) | 319,664 |
Net cash provided by (used in) financing activities | (9,567) | 523,349 |
Net effect of exchange rate changes on cash | (182,451) | (45,306) |
Net Change in Cash and Cash Equivalents | (536,431) | (4,057,978) |
Cash and cash equivalents - beginning of period | 620,297 | 7,210,200 |
Cash and cash equivalents - end of period | 83,866 | 3,152,222 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Interest paid | 1,179 | 518 |
Income taxes paid | 23,841 | 41,749 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
Jul. 31, 2022 | |
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 abandoned the business plan of its Predecessor and had 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. Collectively, 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 NMC. 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 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 agreement, at the effective time of the agreement, NXMH acquired NMCO as a wholly owned subsidiary and commensurate with this action, there was 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, (defined below) each NMCO shareholder canceled and exchanged their percentile share interest in NMCO for an equivalent percentile share interest in NXMH pursuant to each NMCO shareholder’s pro rata percentage. 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. On December 28, 2021 we filed an amendment to our Articles of Incorporation with the Nevada Secretary of State, resulting in an increase to our authorized shares of Common Stock from 500,000,000 to 1,000,000,000. On December 28, 2021, Ryo Shirai resigned as our Chief Executive Officer and was appointed Chairman of the Board of Directors It should be noted he was previously a Director, but now also serves as Chairman of the Board of Directors. Previously, there was no designated Chairman of the Board of Directors. The resignation of Mr. Ryo Shirai, as Chief Executive Officer, was not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. On December 28, 2021, Mr. Koichi Ishizuka was appointed Chief Executive Officer of the Company. There is no arrangement or understanding among the newly appointed officer, Koichi Ishizuka, or any other person, pursuant to which they were appointed as an officer of the Company. In January of 2022, we engaged counsel to incorporate Next Meats USA, Inc. on our behalf. Next Meats USA, Inc. (“NXMH USA”) was incorporated on January 18, 2022 and is a California Corporation. On February 7, 2022, the incorporator of Next Meats USA, Inc. was discharged of any further duties. Simultaneously, Koichi Ishizuka and Koki Terui were appointed as Directors, and Koki Terui was appointed President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer. On February 7, 2022, NXMH USA issued 100 shares of its common stock to Next Meats Holdings, Inc., a Nevada Corporation, in exchange for $10,000. As a result of this action, Next Meats Holdings, Inc. became the sole shareholder of NXMH USA. NXMH USA is now a wholly owned subsidiary of Next Meats Holdings, Inc. Next Meats Holdings, Inc., intends to utilize NXMH USA as a means to expand its business operations into the United States. Currently, the Company offers a wide variety of alternative meat products and it is the Company’s plan to make these products more readily available to those in the United States via NXMH USA. On or about February 8, 2022, we incorporated Next Meats HK Co. Limited (“Next Meats HK”), a Hong Kong Company. Next Meats HK is now a wholly owned subsidiary of the Company. The Registry Number associated with this entity in Hong Kong is 3126390. On or about March 2, 2022, we incorporated Next Meats (S) Pte. Ltd. (“Next Meats Singapore”), a Singapore Company. Next Meats Singapore. is now a wholly owned subsidiary of the Company. The Company Registration Number in Singapore is 202207295H. These financial statements consolidate those of NXMH, NMCO, NextMeats France, NXMH USA, Next Meats HK, and Next Meats Singapore. On July 12, 2022, Mr. Ryo Shirai resigned as the Company’s Chairman of the Board of Directors and as a Director. Mr. Shirai's resignations are a result of personal health issues. The resignations of Mr. Ryo Shirai were not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. The Company’s Board of Directors is now only comprised of two members. 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 |
Jul. 31, 2022 | |
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 audited 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 audited 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 July 31, 2022 and April 30, 2022 were $ 83,866 620,297 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 July 31, 2022 and April 30, 2022. Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of July 31, 2022 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 July 31, 2022. 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 July 31, 2022. The Company’s stock-based compensation for the periods ended July 31, 2022 and July 31, 2021 was $0 for both periods. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets or leases that we believe 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 |
Jul. 31, 2022 | |
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 has not recorded enough revenue to cover its operating costs. We expect our wholly-owned subsidiary, NextMeats France, and our other subsidiaries, to increase activity in the next fiscal quarter which we expect will produce revenue to cover at least some operating costs. We also expect our wholly-owned subsidiary, Next Meats Japan Co. Ltd to improve its operating income in the next fiscal quarter. However, management plans to fund some operating expenses with related party contributions to capital until there is sufficient revenue to cover all operating expenses. 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 | 3 Months Ended |
Jul. 31, 2022 | |
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 July 31, 2022, the Company has incurred a net loss of approximately $ 7,822,882 |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2022 | |
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 July 31, 2022. |
Note 6 - Stock
Note 6 - Stock | 3 Months Ended |
Jul. 31, 2022 | |
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. On or about July 1, 2022, the Company sold 5,000 shares of Series Z Preferred Stock of Dr. Foods, Inc. FKA Catapult Solutions, Inc., a Nevada Company (“DRFS”), to WKC at a price of approximately $147,624 USD (20,000,000 Japanese Yen) (“The Share Purchase Agreement”). The purchase of shares was made for investment purposes. The consummation of the transaction contemplated by the Share Purchase Agreement resulted in the Company no longer having an equity position in DRFS and with WKC becoming the largest controlling shareholder of DRFS. Following the aforementioned transaction, WKC owns approximately 79.22% voting control of DRFS. NXMH intends to use the proceeds from the aforementioned sale for working capital. The Board of Directors of NXMH, WKC, and DRFS unanimously approved the above transaction. |
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses | 3 Months Ended |
Jul. 31, 2022 | |
Payables and Accruals [Abstract] | |
Note 7 - Accrued Expenses | Note 7 - Accrued Expenses Accrued expenses and other payables totaled $645,169 $558,360 |
Note 8 - Shareholders_ Equity
Note 8 - Shareholders’ Equity | 3 Months Ended |
Jul. 31, 2022 | |
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 of preferred stock issued and outstanding as of July 31, 2022 and April 30, 2022. Common Stock The authorized common stock of the Company consists of 1,000,000,000 shares with a par value of $0.001. There were 502,255,600 shares of common stock issued and outstanding as of July 31, 2022 and April 30, 2022. On or about December 29, 2021, we sold 270,929 shares of restricted Common Stock to Demic Co., Ltd.., a Japanese Company, at a price of $2.00 per share of Common Stock. The total subscription amount paid by Demic Co., Ltd. was approximately $541,858. Demic Co., Ltd is not considered a related party to the Company. On or about December 29, 2021, we sold 882,257 shares of restricted Common Stock to Kiyoshi Kobayashi, a Japanese Citizen, at a price of $2.00 per share of Common Stock. The total subscription amount paid by Kiyoshi Kobayashi was approximately $1,764,513. Kiyoshi Kobayashi is not considered a related party to the Company. On or about February 4, 2022, we sold 208,855 shares of restricted Common Stock to Daisuke Kuroika, a Japanese Citizen, at a price of $2.10 per share of Common Stock. The total subscription amount paid by Daisuke Kuroika was approximately $438,596. Daisuke Kuroika is not considered a related party to the Company. On or about March 7, 2022, we sold 668,780 shares of restricted Common Stock to Yakuodo Co., Ltd., a Japanese Company, at a price of $1.30 per share of Common Stock. The total subscription amount paid by Yakuodo Co., Ltd. was approximately $869,414. Yakuodo Co., Ltd. is a Japan-based holding company mainly engaged in the retail of pharmaceuticals, cosmetics, food products, miscellaneous goods and other life related products. The Company operates through the healthcare business, beauty care business, home care business and convenience care business. On or about March 29, 2022, we sold 133,779 shares of restricted Common Stock to Hidemi Arasaki, a Japanese Citizen, at a price of $1.30 per share of Common Stock. The total subscription amount paid by Hidemi Arasaki was approximately $173,913. Hidemi Arasaki is not a related party to the Company. On or about April 5, 2022, we sold 91,000 shares of restricted Common Stock to Interwoos Co., Ltd., a Japanese Company, at a price of $0.90 per share of Common Stock. The purchase of Common Stock by Interwoos Co., Ltd. was authorized by its Chief Executive Officer Mr. Nobutaka Yoshii. The total subscription amount paid by Interwoos Co., Ltd. was approximately $81,900. Interwoos Co., Ltd. is not a related party to the Company. The proceeds from the above sales of shares are to be used by the Company for working capital. |
Note 9 - Related-Party Transact
Note 9 - Related-Party Transactions | 3 Months Ended |
Jul. 31, 2022 | |
Related Party Transactions [Abstract] | |
Note 9 - Related-Party Transactions | Note 9 - Related-Party Transactions Office Space We utilize office space and equipment of our management at no cost. |
Note 10 - Subsequent Events
Note 10 - Subsequent Events | 3 Months Ended |
Jul. 31, 2022 | |
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 |
Jul. 31, 2022 | |
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 audited 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 audited 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 July 31, 2022 and April 30, 2022 were $ 83,866 620,297 |
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 July 31, 2022 and April 30, 2022. |
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. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of July 31, 2022 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 July 31, 2022. 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 July 31, 2022. The Company’s stock-based compensation for the periods ended July 31, 2022 and July 31, 2021 was $0 for both periods. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets or leases that we believe will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents, as of | $ 83,866 | $ 620,297 |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Narrative) | Jul. 31, 2022 USD ($) |
Income Tax Disclosure [Abstract] | |
Net loss, as of | $ 7,822,882 |
Note 7 - Accrued Expenses (Deta
Note 7 - Accrued Expenses (Details Narrative) - USD ($) | Jul. 31, 2022 | Apr. 30, 2022 |
Payables and Accruals [Abstract] | ||
Accrued Liabilities, Current | $ 645,169 | $ 558,360 |