Cover
Cover - USD ($) | 12 Months Ended | |
Jun. 30, 2021 | Sep. 20, 2021 | |
Cover [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 333-248059 | |
Entity Registrant Name | SYBLEU INC | |
Entity Central Index Key | 0001818674 | |
Entity Tax Identification Number | 85-1412307 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 4700 Spring Street | |
Entity Address, Address Line Two | Suite 304 | |
Entity Address, City or Town | La Mesa | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91942 | |
City Area Code | 619 | |
Local Phone Number | 227-9192 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Public Float | $ 0 | |
Entity Common Stock, Shares Outstanding | 10,418,000 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Jun. 30, 2020 |
CURRENT ASSETS | ||
Cash | $ 14,297 | $ 5,050 |
Prepaid Expenses | 3,500 | |
Total Current Assets | 14,297 | 8,550 |
OTHER ASSETS | ||
Investment Securities | 185,250 | 0 |
Total Other Assets | 185,250 | 0 |
TOTAL ASSETS | 199,547 | 8,550 |
Current Liabilities: | ||
Income Taxes Payable | 21,394 | 0 |
Notes Payable, Related Party | 8,919 | 11,329 |
Expenses Accrued but Unpaid | 450 | 0 |
Total Current Liabilities | 30,763 | 11,329 |
Total Liabilities | 30,763 | 11,329 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock ($.0001 par value) 100,000,000 shares authorized; par value $0.0001 9,353,000 shares issued and outstanding as of June 30,2020 and 10,418,000 shares issued and outstanding as of June 30,2021 | 1,042 | 935 |
Additional Paid in capital | 100,049 | 145 |
Retained Earnings (Deficit ) | 67,693 | (3,859) |
Total Stockholders' Equity (Deficit) | 168,784 | (2,779) |
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT) | $ 199,547 | $ 8,550 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares issued | 10,418,000 | 9,353,000 |
Common stock, shares outstanding | 10,418,000 | 9,353,000 |
STATEMENT OF OPERATIONS
STATEMENT OF OPERATIONS - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
REVENUES | ||
License Fees | $ 177,450 | |
TOTAL REVENUES | 177,450 | |
Research and Development: | ||
Consulting Costs | 2,250 | 26,311 |
Patent Application Costs | 0 | 3,100 |
Total Research and Development | 2,250 | 29,411 |
General and Administrative: | ||
Transfer Agency Fees | 0 | 6,115 |
Other General and Administrative Expenses | 609 | 1,898 |
Total General and Administrative | 609 | 8,013 |
Consulting: | ||
Legal Fees | 0 | 500 |
Accounting | 0 | 11,880 |
Other Consulting | 0 | 13,600 |
Website Development | 1,000 | |
Information Technology Consulting | 0 | 23,900 |
Total Consulting | 1,000 | 49,880 |
Rent | 0 | 5,000 |
Total Costs and Expenses | 3,859 | 92,304 |
OPERATING Income( LOSS) | (3,859) | 85,146 |
OTHER INCOME AND EXPENSES | ||
Unrealized Gain ( Loss) on Investment Securities | 0 | 7,800 |
TOTAL OTHER INCOME ( EXPENSES) | 0 | 7,800 |
NET INCOME ( LOSS) Before taxes | (3,859) | 92,946 |
Provision for Income Taxes | 0 | (21,394) |
NET INCOME ( LOSS) | $ (3,859) | $ 71,552 |
BASIC AND FULLY DILUTED LOSS PER SHARE | $ 0 | $ 0.01 |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING | 9,353,000 | 10,054,932 |
STATEMENT OF SHAREHOLDERS EQUIT
STATEMENT OF SHAREHOLDERS EQUITY (DEFICIT) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 12, 2020 | ||||
Balance at beginning, shares at Jun. 12, 2020 | ||||
Common shares issued to Parent June 13,2020 | $ 935 | 145 | 1,080 | |
Common shares issued toParent June 13,2020, share | 9,353,000 | |||
Net Loss | (3,859) | (3,859) | ||
Ending balance, value at Jun. 30, 2020 | $ 935 | 145 | (3,859) | (2,779) |
Balance at ending, shares at Jun. 30, 2020 | 9,353,000 | |||
Common shares issued for non employee services July 8,2020 | $ 7 | 4 | 11 | |
Stock Issued During Period, Shares, Issued for Services | 65,000 | |||
Net Loss | (21,896) | (21,896) | ||
Ending balance, value at Sep. 30, 2020 | $ 942 | 149 | (25,755) | (24,664) |
Balance at ending, shares at Sep. 30, 2020 | 9,418,000 | |||
Common Shares issued for cash November 9,2020 | $ 100 | 99,900 | 100,000 | |
Stock Issued During Period, Shares, New Issues | 1,000,000 | |||
Net Loss | (34,463) | (34,463) | ||
Ending balance, value at Dec. 31, 2020 | $ 1,042 | 100,049 | (60,218) | 40,873 |
Balance at ending, shares at Dec. 31, 2020 | 10,418,000 | |||
Net Loss | 89,716 | 89,716 | ||
Ending balance, value at Mar. 31, 2021 | $ 1,042 | 100,049 | 29,498 | 130,589 |
Balance at ending, shares at Mar. 31, 2021 | 10,418,000 | |||
Net Loss | 38,195 | 38,195 | ||
Ending balance, value at Jun. 30, 2021 | $ 1,042 | $ 100,049 | $ 67,693 | $ 168,784 |
Balance at ending, shares at Jun. 30, 2021 | 10,418,000 |
STATEMENT OF CASH FLOWS
STATEMENT OF CASH FLOWS - USD ($) | 1 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Income (Loss) | $ (3,859) | $ 71,552 |
Adjustments to reconcile net Income (loss) to net cash | ||
Common Stock Issued for payment of expenses | 1,080 | 11 |
Changes in Operating Assets and Liabilities | ||
(Increase) Decrease in Prepaid Expenses | (3,500) | 3,500 |
Increase (Decrease) in Accrued Expenses | 0 | 450 |
(Increase) Decrease in Securities accepted as Payment | 0 | (177,450) |
Increase (Decrease) in Income Tax Payable | 0 | 21,394 |
Unrealized Loss ( Gain) in Investment Securities | 0 | (7,800) |
Net Cash provided by (used) in Operating Activities | (6,279) | (88,343) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Increase ( Decrease) in Notes Payable, Related Parties | 11,329 | (2,410) |
Common Stock issued for Cash | 0 | 100,000 |
Net Cash provided by (used) in Financing Activities | 11,329 | 97,590 |
Net Increase (Decrease) in Cash | 5,050 | 9,247 |
Cash at Beginning of Period | 0 | 5,050 |
Cash at End of Period | 5,050 | 14,297 |
Supplemental Cash Flow Information: | ||
Interest Paid | 0 | 0 |
Income Taxes Paid | $ 0 | $ 0 |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SYBLEU INC. (“Company”) was organized June 12, 2020 under the laws of the State of Wyoming. The Company intends to engage primarily in the development of regenerative medical applications up to the point of successful completion of Phase I and or Phase II clinical trials after which the Company would either attempt to sell or license those developed applications or, alternatively, advance the application further to Phase III clinical trials. The primary factor to be considered by us in arriving at a decision to advance an application further to Phase III clinical trials would be a greater than anticipated indication of efficacy seen in Phase I trials. A. BASIS OF ACCOUNTING The financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has adopted a June 30 year-end. B. 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. Actual results could differ from those estimates. C. CASH EQUIVALENTS The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. D. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. E. RESEARCH AND DEVELOPMENT COSTS Research and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and filing of a provisional patent application. STOCK BASED COMPENSATION Stock issued for Employee Compensation Stock based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award recipient. During the year ended June 30,2021 no stock was issued for employee compensation. Stock issued for Non-Employee Services Stock Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing whichever measurement is most reliable. Stock issued for compensation to non employees during the quarter ended September 30, 2020 was accounted for at the fair value of the equity instruments issued as there were no dollar amounts billed to the Company for services rendered by the non employees. In determining the Fair Value of shares issued as compensation, the Company took into account factors including the financial condition of the Company at the time of grant, the Company’s lack of profitability, the lack of cash sales of the Company’s stock, and the Company’s negative working capital as of the time of grant. Pursuant to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: i. The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and ii. The date at which the counterparty’s performance is complete. The Company has assessed that the date of issuance of the stock grant constituted commitment for performance therefore stock grants to non employees issued during the period were measured as of the issue date. The following summarizes the Company’s issuance of stock for non employee services for the quarter ended September 30, 2020: Schedule Of Issuance Of Stock For Non employee Services Balance July 1, 2020 Unvested Shares 0 Vested Shares 0 Total July 1, 2020 0 Shares Issued Vested 65,000 Balance September 30, 2020 65,000 65,000 of the Common Shares of the Company issued on July 8, 2020: Schedule Of Valuation Method Of Fair Value Of Unvested Shares Fair Value of Intellectual Property as of July 8, 2020 1,545 Notes Payable as of July 8, 2020 13,329 Enterprise Value as of July 8, 2020 14,874 Less: Total Debt (13,329 ) Portion of Enterprise Value available to Common Shareholders 1,545 Per Share Portion of Enterprise Value available to Common Shareholders $ 0.000164 During the quarters ended December 31,2020, March 31, 2021 and June 30, 2020 no stock was issued for non- employee compensation. G. INCOME TAXES The Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of June 30, 2021 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. The Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been established. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. H. BASIC EARNINGS (LOSS) PER SHARE The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of ASC 260 effective from inception. Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There were no Common Stock Equivalents as of June 30, 2021. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 2 RECENT ACCOUNTING PRONOUNCEMENTS The Company has adopted Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606). The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance throughout the Industry Topics of the Codification. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: Step 1: Identify the contract(s) with a customer. Step 2: Identify the performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company has adopted the provisions of this ASU effective the fiscal year ended 2020. This guidance did not have a material impact on the Company’s Financial Statements. On February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02, Leases (Topic 842). The ASU requires organizations that lease assets, referred to as "lessees," to recognize on the consolidated statement of financial position the rights and obligations created by those leases. The ASU also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. These disclosures include qualitative and quantitative requirements, providing additional information about the amounts recorded in the consolidated financial statements. The ASU on leases became effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company has not adopted the provisions of this ASU. This guidance is not expected to have a material impact on the Company’s financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has generated minimal earnings during the period from June 12, 2020 (inception) through June 30,2021. This condition raises substantial doubt about the Company's ability to continue as a going concern. The Company's continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management plans to raise additional funds by offering securities for cash. Management has yet to decide what type of offering the Company will use or how much capital the Company will raise. There is no guarantee that the Company will be able to raise any capital through any type of offerings. On November 5th, 2020 the Company sold one million of its common shares (“Shares”) to The Stephen and Fredna Hake Trust DTD August 6, 2014 for consideration of $ 100,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS As of June30, 2021 the Company is indebted to David Koos, the Company’s Chairman and Chief Executive Officer, in the amount of $ 1,879 As of June 30,2021 the Company is indebted to BST Partners, Inc. , a company controlled by David Koos, in the amount of $ 7,040 Both the Koos Notes and BST Notes bear no interest and are due and payable upon demand of the Holder. The Company utilizes approximately 2,300 square feet of office space at 4700 Spring Street, Suite 304, La Mesa California, 91941 provided to the Company by BST Partners, Inc. on a month to month basis free of charge. The property is utilized as office space. We believe that the foregoing properties are adequate to meet our current needs for office space. During the year ended June 30, 2021 the Company voluntarily paid $5,000 in rental expenses to BST Partner’s landlord on behalf of BST Partners, Inc. |
NOTES PAYABLE RELATED PARTY
NOTES PAYABLE RELATED PARTY | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE RELATED PARTY | NOTE 5. NOTES PAYABLE RELATED PARTY Schedule of related party debt David Koos 1,879 BST Partners 7,040 Notes Payable, Related Parties $ 8,919 As of June 30, 2021 the Company is indebted to David R. Koos in the amount of $ 1,879 As of June 30, 2021 the Company is indebted to BST Partners in the amount of $ 7,040 BST Partners is controlled by David R. Koos. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of Investments [Abstract] | |
INVESTMENT SECURITIES | NOTE 6. INVESTMENT SECURITIES On March 11, 2021 the Company was paid 6,500 On June 30, 2021 the Company revalued 6,500 As of June 30, 2021: 6,500 Schedule Of Common Shares Basis Fair Value Total Unrealized Gains Net Unrealized Gain or (Loss) realized during the Quarter ended June 30,2021 $ 177,450 $ 185,250 $ 7,800 $ 51,350 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 7: INCOME TAXES As of June 30, 2021 Schedule of Deferred Tax Assets Deferred tax assets: Net operating tax carry forwards $ 12,645 Other 0 Gross deferred tax assets 12,645 Valuation allowance (12,645 ) Net deferred tax assets $ 0 As of June 30, 2020 the Company has a Deferred Tax Asset of $ 12,645 60,219 Realization of deferred tax assets is dependent upon sufficient future taxable income during the period that deductible temporary differences and carry forwards are expected to be available to reduce taxable income. The achievement of required future taxable income is uncertain. In addition, if as a result of a stock transfer or a reorganization, a corporation undergoes an “ownership change,” Code Section 382 limits the corporation’s right to use its NOLs each year thereafter to an annual percentage of the fair market value of the corporation at the time of the ownership change (the “Section 382 Limitation”). A corporation is considered to undergo “an ownership change” if, as a result of changes in the stock ownership by “5-percent shareholders” or as a result of certain reorganizations, the percentage of the corporation’s stock owned by those 5-percent shareholders increases by more than 50 percentage points over the lowest percentage of stock owned by those shareholders at any time during the prior three-year testing period. Five-percent shareholders are persons who hold 5% or more of the stock of a corporation at any time during the testing period as well as certain groups of shareholders (based typically on whether they acquired their shares in a single offering or exchange transaction) who are not individually 5-percent shareholders. As the Company will require cash infusions in order to implement its business plan, and as it is probable, although not guaranteed, that such funding needs may be met through the sale of equity securities to “5-percent shareholders”, the Company recognized a valuation allowance equal to the deferred Tax Asset and the Company recorded a valuation allowance reducing all deferred tax assets to 0. Income tax is calculated at the 21 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 12 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 8. STOCKHOLDERS’ EQUITY The stockholders’ equity section of the Company contains the following class of capital stock as of June 30, 2021: Common stock, $ 0.0001 100,000,000 10,418,000 With respect to each matter submitted to a vote of stockholders of the Corporation, each holder of Common Stock shall be entitled to cast that number of votes which is equivalent to the number of shares of Common Stock owned by such holder times one (1). On any voluntary or involuntary liquidation, dissolution or winding up of the Corporation, the holders of the Common Stock shall receive, out of assets legally available for distribution to the Company’s stockholders, a ratable share in the assets of the Corporation. |
STOCK TRANSACTIONS
STOCK TRANSACTIONS | 12 Months Ended |
Jun. 30, 2021 | |
Stock Transactions | |
STOCK TRANSACTIONS | NOTE 9. STOCK TRANSACTIONS On July 7, 2020 the Company entered into an agreement with Dr. Stephen Hake whereby Dr. Hake agreed to serve as a member of the Company’s Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Hake 40,000 of the Company’s common shares within 20 days of the execution of the Agreement. On July 7, 2020 the Company entered into an agreement with Dr. Jason Garber whereby Dr. Garber agreed to serve as a member of the Company’s Scientific Advisory Board. Pursuant to the Agreement the Company is obligated to issue to Dr. Hake 25,000 of the Company’s common shares within 20 days of the execution of the Agreement. On July 8, 2020 the Company issued 40,000 On July 8, 2020 the Company issued 25,000 On November 5th, 2020 SYBLEU INC. (the “Company”) sold one million of its common shares (“Shares”) for consideration of $ 100,000 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF ACCOUNTING | A. BASIS OF ACCOUNTING The financial statements have been prepared using the basis of accounting generally accepted in the United States of America. Under this basis of accounting, revenues are recorded as earned and expenses are recorded at the time liabilities are incurred. The Company has adopted a June 30 year-end. |
USE OF ESTIMATES | B. 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. Actual results could differ from those estimates. |
CASH EQUIVALENTS | C. CASH EQUIVALENTS The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
FAIR VALUE OF FINANCIAL INSTRUMENTS | D. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the price that would be received for an asset or the exit price that would be paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. A fair value hierarchy requires an entity to maximize the use of observable inputs, where available. The following summarizes the three levels of inputs required by the standard that the Company uses to measure fair value: Level 1: Quoted prices in active markets for identical assets or liabilities Level 2: Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
RESEARCH AND DEVELOPMENT COSTS | E. RESEARCH AND DEVELOPMENT COSTS Research and development expenses relate primarily to the cost of discovery and research programs. Research and development costs are charged to expense as incurred. Research and development expenses consist mainly of evaluating potential Contract Research Organizations and filing of a provisional patent application. |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Stock issued for Employee Compensation Stock based compensation to employees is accounted for at the award’s fair value at grant, less the amount (if any) paid by the award recipient. During the year ended June 30,2021 no stock was issued for employee compensation. Stock issued for Non-Employee Services Stock Based compensation to non-employees is accounted for in accordance with ASC 505-50. ASC 505-50 requires entities to account for non-employee equity transactions based on either the fair value of the services received or the fair value of the equity instrument issued utilizing whichever measurement is most reliable. Stock issued for compensation to non employees during the quarter ended September 30, 2020 was accounted for at the fair value of the equity instruments issued as there were no dollar amounts billed to the Company for services rendered by the non employees. In determining the Fair Value of shares issued as compensation, the Company took into account factors including the financial condition of the Company at the time of grant, the Company’s lack of profitability, the lack of cash sales of the Company’s stock, and the Company’s negative working capital as of the time of grant. Pursuant to ASC 505-50-30-11505-50-30-11 an issuer shall measure the fair value of the equity instruments in these transactions using the stock price and other measurement assumptions as of the earlier of the following dates, referred to as the measurement date: i. The date at which a commitment for performance by the counterparty to earn the equity instruments is reached (a performance commitment); and ii. The date at which the counterparty’s performance is complete. The Company has assessed that the date of issuance of the stock grant constituted commitment for performance therefore stock grants to non employees issued during the period were measured as of the issue date. The following summarizes the Company’s issuance of stock for non employee services for the quarter ended September 30, 2020: Schedule Of Issuance Of Stock For Non employee Services Balance July 1, 2020 Unvested Shares 0 Vested Shares 0 Total July 1, 2020 0 Shares Issued Vested 65,000 Balance September 30, 2020 65,000 65,000 of the Common Shares of the Company issued on July 8, 2020: Schedule Of Valuation Method Of Fair Value Of Unvested Shares Fair Value of Intellectual Property as of July 8, 2020 1,545 Notes Payable as of July 8, 2020 13,329 Enterprise Value as of July 8, 2020 14,874 Less: Total Debt (13,329 ) Portion of Enterprise Value available to Common Shareholders 1,545 Per Share Portion of Enterprise Value available to Common Shareholders $ 0.000164 During the quarters ended December 31,2020, March 31, 2021 and June 30, 2020 no stock was issued for non- employee compensation. |
INCOME TAXES | G. INCOME TAXES The Company accounts for income taxes using the liability method prescribed by ASC 740, “Income Taxes.” Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the year in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rates is recognized as income or loss in the period that includes the enactment date. The Company applied the provisions of ASC 740-10-50, “Accounting For Uncertainty In Income Taxes”, which provides clarification related to the process associated with accounting for uncertain tax positions recognized in our financial statements. Audit periods remain open for review until the statute of limitations has passed. The completion of review or the expiration of the statute of limitations for a given audit period could result in an adjustment to the Company’s liability for income taxes. Any such adjustment could be material to the Company’s results of operations for any given quarterly or annual period based, in part, upon the results of operations for the given period. As of June 30, 2021 the Company had no uncertain tax positions, and will continue to evaluate for uncertain positions in the future. The Company generated a deferred tax credit through net operating loss carry forward. However, a valuation allowance of 100% has been established. Interest and penalties on tax deficiencies recognized in accordance with ACS accounting standards are classified as income taxes in accordance with ASC Topic 740-10-50-19. |
BASIC EARNINGS (LOSS) PER SHARE | H. BASIC EARNINGS (LOSS) PER SHARE The Financial Accounting Standards Board (FASB) issued Accounting Standards Codification (ASC) 260, "Earnings Per Share", which specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock. ASC 260 requires the presentation of basic earnings (loss) per share and diluted earnings (loss) per share. The Company has adopted the provisions of ASC 260 effective from inception. Basic net loss per share amounts is computed by dividing the net income by the weighted average number of common shares outstanding. There were no Common Stock Equivalents as of June 30, 2021. |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule Of Issuance Of Stock For Non employee Services | Schedule Of Issuance Of Stock For Non employee Services Balance July 1, 2020 Unvested Shares 0 Vested Shares 0 Total July 1, 2020 0 Shares Issued Vested 65,000 Balance September 30, 2020 65,000 |
Schedule Of Valuation Method Of Fair Value Of Unvested Shares | Schedule Of Valuation Method Of Fair Value Of Unvested Shares Fair Value of Intellectual Property as of July 8, 2020 1,545 Notes Payable as of July 8, 2020 13,329 Enterprise Value as of July 8, 2020 14,874 Less: Total Debt (13,329 ) Portion of Enterprise Value available to Common Shareholders 1,545 Per Share Portion of Enterprise Value available to Common Shareholders $ 0.000164 |
NOTES PAYABLE RELATED PARTY (Ta
NOTES PAYABLE RELATED PARTY (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of related party debt | Schedule of related party debt David Koos 1,879 BST Partners 7,040 Notes Payable, Related Parties $ 8,919 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Schedule of Investments [Abstract] | |
Schedule Of Common Shares | Schedule Of Common Shares Basis Fair Value Total Unrealized Gains Net Unrealized Gain or (Loss) realized during the Quarter ended June 30,2021 $ 177,450 $ 185,250 $ 7,800 $ 51,350 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets | Schedule of Deferred Tax Assets Deferred tax assets: Net operating tax carry forwards $ 12,645 Other 0 Gross deferred tax assets 12,645 Valuation allowance (12,645 ) Net deferred tax assets $ 0 |
ORGANIZATION AND SUMMARY OF S_4
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Unvested Shares at beginning | 0 | |
Vested Shares | 0 | |
Total Shares Issued For Non Employee Services | 0 | |
Shares issued vested | 65,000 | |
Ending balnce, shares | 65,000 |
ORGANIZATION AND SUMMARY OF S_5
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Jul. 08, 2021USD ($)$ / shares |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Fair Value of Intellectual Property as of July 8, 2020 | $ 1,545 |
Notes Payable as of July 8, 2020 | 13,329 |
Enterprise Value as of July 8, 2020 | 14,874 |
Less: Total Debt | (13,329) |
Portion of Enterprise Value available to Common Shareholders | $ 1,545 |
Per Share Portion of Enterprise Value available to Common Shareholders | $ / shares | $ 0.000164 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) | Nov. 05, 2020USD ($) |
Stephen Hake [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Proceeds from sale of common stock | $ 100,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
David R Koos [Member] | |
Related Party Transaction [Line Items] | |
Proceeds from related debt | $ 1,879 |
B S T Partners [Member] | |
Related Party Transaction [Line Items] | |
Proceeds from related debt | $ 7,040 |
NOTES PAYABLE RELATED PARTY (De
NOTES PAYABLE RELATED PARTY (Details) | Jun. 30, 2021USD ($) |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | $ 8,919 |
David R Koos [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | 1,879 |
B S T Partners [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | $ 7,040 |
NOTES PAYABLE RELATED PARTY (_2
NOTES PAYABLE RELATED PARTY (Details Narrative) | Jun. 30, 2021USD ($) |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | $ 8,919 |
David R Koos [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | 1,879 |
B S T Partners [Member] | |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |
Notes Payable, Related Parties | $ 7,040 |
INVESTMENT SECURITIES (Details)
INVESTMENT SECURITIES (Details) - Oncology Pharma Inc [Member] | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Schedule of Investments [Line Items] | |
Investment Securities, Basis | $ 177,450 |
Investment Securities, Fair Value | 185,250 |
Investment Securities, Total Unrealized Losses | 7,800 |
Investment Securities, Net Unrealized Gain or (Loss) realized | $ 51,350 |
INVESTMENT SECURITIES (Details
INVESTMENT SECURITIES (Details Narrative) - shares | Mar. 11, 2021 | Jun. 30, 2021 |
Oncology Pharma Inc [Member] | ||
Schedule of Investments [Line Items] | ||
Number of shares issued for property dividend | 6,500 | 6,500 |
INCOME TAXES (Details)
INCOME TAXES (Details) | Jun. 30, 2021USD ($) |
Deferred tax assets: | |
Net operating tax carry forwards | $ 12,645 |
Other | 0 |
Gross deferred tax assets | 12,645 |
Valuation allowance | (12,645) |
Net deferred tax assets | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | 12 Months Ended |
Jun. 30, 2021USD ($) | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Asset | $ 12,645 |
Net operating loss carry forwards | $ 60,219 |
Federal Corporate Rate | 21.00% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | Jun. 30, 2021 | Jun. 30, 2020 |
Equity [Abstract] | ||
Common Stock par value | $ 0.0001 | $ 0.0001 |
Common Stock shares authorized | 100,000,000 | 100,000,000 |
Common Stock shares issued | 10,418,000 | 9,353,000 |
Common Stock shares outstanding | 10,418,000 | 9,353,000 |
STOCK TRANSACTIONS (Details Nar
STOCK TRANSACTIONS (Details Narrative) - USD ($) | Nov. 05, 2020 | Jul. 08, 2020 | Jun. 30, 2020 |
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Common stock issued | $ 1,080 | ||
Dr Stephen Hake [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Common stock issued | $ 40,000 | ||
Dr Jason Garber [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Common stock issued | $ 25,000 | ||
Stephen Hake [Member] | |||
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items] | |||
Proceeds from sale of common stock | $ 100,000 |