Streetex (SSRT) 10-Q 14 May 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2021	May 14, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	STREETEX CORP.
Entity Central Index Key	0001822372
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		2,286,814
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Shell Company	true
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Current Assets
Cash and cash equivalents	$ 2,616	$ 12,200
Total Current Assets	2,616	12,200
Fixed Assets
Equipment, net	197	0
Total Fixed Assets	197	0
Total Assets	2,813	12,200
Current Liabilities
Related party loan	11,927	11,927
Total Current Liabilities	11,927	11,927
Total Liabilities	11,927	11,927
Commitments and Contingencies
Stockholder's Equity(Deficit)
Common stock, par value $0.001; 75,000,000 shares authorized, 2,033,614 and 2,000,000 shares issued and outstanding as of March 31, 2021 and June 30, 2020	2,034	2,000
Additional paid in capital	$ 1,647	$ 0
Accumulated deficit	(12,795)	(1,727)
Total Stockholder's Equity(Deficit)	(9,114)	273
Total Liabilities and Stockholder's Equity(Deficit)	$ 2,813	$ 12,200

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Statement of Financial Position [Abstract]
Common stock par value	$ 0.001	$ 0.001
Common stock shares authorized	75,000,000	75,000,000
Common stock shares issued and outstanding	2,033,614	2,000,000

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
OPERATING EXPENSES
General and Administrative Expenses	$ (1,333)	$ 0	$ (11,068)	$ (749)
TOTAL OPERATING EXPENSES	(1,333)	0	(11,068)	(749)
NET LOSS FROM OPERATIONS	(1,333)	0	(11,068)	(749)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS	$ (1,333)	$ 0	$ (11,068)	$ (749)
NET LOSS PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ (0.01)	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,003,984	2,000,000	2,001,318	2,000,000

STATEMENT OF CHANGES IN STOCKHO

STATEMENT OF CHANGES IN STOCKHOLDER'S EQUITY - 9 months ended Mar. 31, 2021 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance at Jun. 30, 2020	$ 273	$ 2,000		$ (1,727)
Balance (in shares) at Jun. 30, 2020	2,000,000	2,000,000
Issuance of common stock	$ 1,681	$ 34	$ 1,647
Issuance of common stock (in shares)		33,614
Net loss for the nine months ended March 31, 2021	(11,068)			(11,068)
Balance at Mar. 31, 2021	$ (9,114)	$ 2,034	$ 1,647	$ (12,795)
Balance (in shares) at Mar. 31, 2021	2,033,614	2,033,614

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (11,068)	$ (749)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation expense	141	0
Accounts payable	0	0
CASH FLOWS USED BY OPERATING ACTIVITIES	(10,927)	(749)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of equipment	(338)	0
CASH FLOWS USED BY INVESTING ACTIVITIES	(338)	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from related party loan	0	10,949
Proceeds from sale of stock	1,681	2,000
CASH FLOWS FROM FINANCING ACTIVITIES	1,681	12,949
NET CHANGE IN CASH	(9,584)	12,200
Cash, beginning of period	12,200	0
Cash, end of period	2,616	12,200
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

- ORGANIZATION AND NATURE OF BU

- ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	Mar. 31, 2021
- ORGANIZATION AND NATURE OF BUSINESS [Abstract]
- ORGANIZATION AND NATURE OF BUSINESS	Note 1 - ORGANIZATION AND NATURE OF BUSINESS STREETEX CORP. (“the Company”) was incorporated in the State of Nevada on September 4, 2018. Our company intends to operate in the business of video advertisement for business entities or private individuals. We plan to produce advertising video content for social networks such as Instagram, Facebook, Twitter and many others. Our principal services are aimed at bloggers, SMM managers and/or companies to promote their services on social web platforms.

- GOING CONCERN

- GOING CONCERN	9 Months Ended
	Mar. 31, 2021
- GOING CONCERN [Abstract]
- GOING CONCERN	Note 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At March 31, 2021, the Company had cash of $2,616 and working deficit of $9,311. For the nine months ended March 31, 2021 the Company had no revenues and an accumulated deficit of $12,795. These factors raise substantial doubt regarding the Company`s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There is no assurance that the Company will be successful in its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

- SUMMARY OF SIGNIFICANT ACCOUN

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Mar. 31, 2021
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is June 30. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Equipment Equipment is stated at cost, net of accumulated depreciation. Purchased equipment is multifunction printer. The cost of equipment is depreciated using the straight-line method over one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Basic Income (Loss) Per Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2021 (Unaudited) Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amount of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated 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 that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes 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. An entity recognizes revenue in accordance with that core principle by applying 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. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. As of March 31, 2021, the Company has generated $0 in revenue. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.

- RELATED PARTY TRANSACTIONS

- RELATED PARTY TRANSACTIONS	9 Months Ended
	Mar. 31, 2021
- RELATED PARTY TRANSACTIONS [Abstract]
- RELATED PARTY TRANSACTIONS	Note 4 - RELATED PARTY TRANSACTIONS For the nine months ended March 31, 2021, our sole director has loaned to the Company $0. This loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $11,927 as of March 31, 2021 and $11,927 as of the year end June 30, 2020.

- COMMON STOCK

- COMMON STOCK	9 Months Ended
	Mar. 31, 2021
- COMMON STOCK [Abstract]
- COMMON STOCK	Note 5 - COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. On October 11, 2019 the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share. In March 2021 the Company issued 33,614 shares of common stock for cash proceeds of $1,681 at $0.05 per share. There were 2,033,614 shares of common stock issued and outstanding as of March 31, 2021 and 2,000,000 shares of common stock issued and outstanding as of June 30, 2020. STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2021 (Unaudited)

- COMMITMENTS AND CONTINGENCIES

- COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2021
- COMMITMENTS AND CONTINGENCIES [Abstract]
- COMMITMENTS AND CONTINGENCIES	Note 6 - COMMITMENTS AND CONTINGENCIES From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

- INCOME TAXES

- INCOME TAXES	9 Months Ended
	Mar. 31, 2021
- INCOME TAXES [Abstract]
- INCOME TAXES	Note 7 - INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of March 31, 2021 the Company had net operating loss carry forwards of approximately $12,795 that may be available to reduce future years' taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The valuation allowance at March 31, 2021 was approximately $2,687. The net change in valuation allowance for the nine months ended March 31, 2021 was $2,324. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of March 31, 2021. All tax years since inception remain open for examination by taxing authorities. The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

- SUBSEQUENT EVENTS

- SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2021
- SUBSEQUENT EVENTS [Abstract]
- SUBSEQUENT EVENTS	Note 8 - SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent through May 14, 2021, and has determined that it does not have any material subsequent events to disclose in these financial statements, other than in April 2021 the Company issued 196,200 shares of common stock for cash proceeds of $9,810 at $0.05 per share and in May 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share. Director and management stay informed about COVID-19 developments generally and ensure it has access to information related to a company's response to the crisis and how the specific impact on the company is developing as the crisis extends.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2021
Significant Accounting Policies (Policies) [Abstract]
Basis of presentation	Basis of presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company's year-end is June 30. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures 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 and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Equipment Equipment is stated at cost, net of accumulated depreciation. Purchased equipment is multifunction printer. The cost of equipment is depreciated using the straight-line method over one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Basic Income (Loss) Per Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings per Share”. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented. STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2021 (Unaudited) Fair Value of Financial Instruments The Company's financial instruments consist of cash, accounts payable, and advances payable to sole officer and director. The carrying amount of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated 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 that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes 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. An entity recognizes revenue in accordance with that core principle by applying 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. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. As of March 31, 2021, the Company has generated $0 in revenue. Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.

- GOING CONCERN (Details Text)

- GOING CONCERN (Details Text) - USD ($)	Mar. 31, 2021	Jul. 03, 2020	Jul. 03, 2019
Going Concern Details [Abstract]
At March 31, 2021, the Company had cash of $2,616 and working deficit of $9,311	$ 2,616	$ 12,200	$ 0
For the nine months ended March 31, 2021 the Company had no revenues and an accumulated deficit of $12,795	$ 12,795

- SUMMARY OF SIGNIFICANT ACCO_2

- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Text)	9 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies Details [Abstract]
As of March 31, 2021, the Company has generated $0 in revenue.	0

- RELATED PARTY TRANSACTIONS (D

- RELATED PARTY TRANSACTIONS (Details Text) - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Related Party Transaction, Due from (to) Related Party, Current [Abstract]
The balance due to the director was $11,927 as of March 31, 2021 and $11,927 as of the year end June 30, 2020.	$ 11,927	$ 11,927

- COMMON STOCK (Details Text)

- COMMON STOCK (Details Text) - shares	Mar. 31, 2021	Jun. 30, 2020	Oct. 11, 2019
Earnings Per Share, Nonrecurring Common Control Intra-Entity Transactions, Per Basic Share [Abstract]
On October 11, 2019 the Company issued 2,000,000 shares of common stock to a director for cash proceeds of $2,000 at $0.001 per share.			2,000
In March 2021 the Company issued 33,614 shares of common stock for cash proceeds of $1,681 at $0.05 per share.	1,681
There were 2,033,614 shares of common stock issued and outstanding as of March 31, 2021 and 2,000,000 shares of common stock issued and outstanding as of June 30, 2020.	2,033,614	2,000,000

- INCOME TAXES (Details Text)

- INCOME TAXES (Details Text)	Mar. 31, 2021USD ($)
Deferred Income Taxes and Other Assets [Abstract]
As of March 31, 2021 the Company had net operating loss carry forwards of approximately $12,795 that may be available to reduce future years' taxable income in varying amounts through 2031	$ 12,795
The valuation allowance at March 31, 2021 was approximately $2,687	2,687
The net change in valuation allowance for the nine months ended March 31, 2021 was $2,324	$ 2,324

- SUBSEQUENT EVENTS (Details Te

- SUBSEQUENT EVENTS (Details Text) - $ / shares	May 31, 2021	Apr. 14, 2021
Subsequent Events Details [Abstract]
In accordance with ASC 855, "Subsequent Events", the Company has analyzed its operations subsequent through May 14, 2021, and has determined that it does not have any material subsequent events to disclose in these financial statements, other than in April 2021 the Company issued 196,200 shares of common stock for cash proceeds of $9,810 at $0.05 per share and in May 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share.	$ 2,850	$ 9,810