| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“ FASB Codification GAAP Management’s
Representation of Interim Financial Statements The
accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules
and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included
in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”)
have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate
to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which
in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments
are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. Going
Concern The
accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates
the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve months following
the date of these financial statements. The Company has incurred operating losses since inception. As of August 31, 2020, the
Company had a working capital deficit of $30,209 and negative shareholders’ equity of $8,302,836. Because
the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this
raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to
raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David
Lazar who is the managing member of Custodian Ventures, LLC., the Court-appointed custodian who is extending interest-free demand
loans to the Company. The Company will be required to continue to rely on Mr. Lazar until its operations become profitable. Use
of Estimates The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements.
The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience,
known or expected trends, and various other assumptions that are believed to be reasonable given the quality of information available
as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the
carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from
these estimates. Revenue
Recognition On
July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with
Customers (“ASC 606”). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As
of August 31, 2020, the financial statements were not impacted due to the application of Topic 606 because the Company had no
revenues. Cash
and cash equivalents The Company considers all highly liquid
temporary cash investments with an original maturity of three months or less to be cash equivalents. On August 31, 2020, and May
31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively. Income
taxes The
Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
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. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized
in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income
Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement
of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate
settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts
or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability
under audit. Stock-based
Compensation The
Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of
the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity
to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair
value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required
to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost
is recognized for equity instruments for which employees do not render the requisite service. Net
Loss per Share Net
loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as
defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share." Basic earnings per common share (“EPS”)
calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during
the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number
of common shares and dilutive common share equivalents outstanding. Recent
Accounting Pronouncements In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees.
The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along
with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods
within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification
Improvements, which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements
to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements,
which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as
an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard. We
adopted ASC 842 on June 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements. Stockholders’
Equity and Accrued Liability Excess stock Issuance As
of May 31, 2020, the Company had 75,000,000 authorized shares of Common Stock with a par value of $0.001. As of August 31, 2020,
and May 31, 2020, respectively, there were 8,272,627,462 shares of Common Stock issued and outstanding. Therefore as of May 31,
2020, the Company had issued 8,197,627,462 shares in excess of the amount authorized. As of May 31, 2020, the Company recorded
these excess shares as a liability of $8,197,627 on its Consolidated Balance Sheet based on their par value of $0.001 per share. On
September 9, 2020, the Company filed a certificate of amendment with the State of Nevada to increase its authorized share count
to 9,000,000,000 shares. Based on an analysis of Nevada law, the Company believes the increase in authorized shares, retroactively,
relieves the Company of any liability for over-issuance of shares. As of August 31, 2020, the Company has reduced this liability
of $8,197,627 to zero with an offset to Common Stock and Retained Earnings, resulting in no impact on its Consolidated Statement
of Operations |
