Streetex (SSRT) 10-Q 15 May 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
File Number	333-249576
Registrant Name	STREETEX CORP.
Entity Central Index Key	0001822372
Tax Identification Number	98-1446177
Incorporation State Country Code	NV
AddressLine1	Handelstr. 1
AddressCityOrTown	Linkenheim-Hochstetten
AddressCountry	DE
AddressPostalZipCode	76351
CityAreaCode	725
Local Phone Number	2105515
Current Reporting Status	Yes
Interactive Data Current	Yes
Filer Category	Non-accelerated Filer
Small Business	true
Emerging growth company	true
extended transition period	false
Shell Company	true
Common Stock Shares Outstanding		2,516,814
ContactPersonnelEmailAddress	streetexcorp@yahoo.com

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2023	Jun. 30, 2022
Current Assets
Cash and cash equivalents	$ 1,198	$ 1,452
Total Current Assets	1,198	1,452
Total Assets	1,198	1,452
Current Liabilities
Accounts payable		10,000
Related party loan	27,109	11,927
Deferred revenue		5,982
Total Current Liabilities	27,109	27,909
Total Liabilities	27,109	27,909
Commitments and Contingencies
Stockholders’ Equity (Deficit)
Common stock, par value $0.001; 75,000,000 shares authorized 2,516,814 and 2,516,814 shares issued and outstanding as of March 31, 2023 and June 30, 2022	$ 2,517	$ 2,517
Additional paid in capital	$ 25,324	$ 25,324
Accumulated deficit	(53,752)	(54,298)
Total Stockholders’ Equity (Deficit)	(25,911)	(26,457)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 1,198	$ 1,452

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
CommonStockParOrStatedValuePerShare	$ 0.001	$ 0.001
CommonStockSharesAuthorized	75,000,000	75,000,000
CommonStockSharesIssued	2,516,814	2,516,814
CommonStockSharesOutstanding	2,516,814	2,516,814

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
REVENUES	$ 5,982		$ 5,982
OPERATING EXPENSES
General and Administrative Expenses	(1,043)	(2,282)	(5,436)	(11,297)
TOTAL OPERATING EXPENSES	(1,043)	(2,282)	(5,436)	(11,297)
NET INCOME (LOSS) FROM OPERATIONS	4,939	(2,282)	546	(11,297)
PROVISION FOR INCOME TAXES
NET INCOME (LOSS)	$ 4,939	$ (2,282)	$ 546	$ (11,297)
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,516,814	2,516,814	2,516,814	2,433,504

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, shares				2,286,814
Beginning balance, value at Jun. 30, 2021	$ 2,287	$ 14,054	$ (15,109)	$ 1,232
Net income			$ (11,297)	$ (11,297)
Issuance of common stock	230	11,270		11,500
Issuance of common stock				$ 230,000
Ending balance, value at Mar. 31, 2022	$ 2,517	$ 25,324	$ (26,406)	$ 1,435
Balance, shares				2,516,814
Beginning balance, value at Dec. 31, 2021	2,517	25,324	(24,124)	$ 3,717
Net income			(2,282)	(2,282)
Ending balance, value at Mar. 31, 2022	2,517	25,324	(26,406)	$ 1,435
Balance, shares				2,516,814
Balance, shares				2,516,814
Beginning balance, value at Jun. 30, 2022	2,517	25,324	(54,298)	$ (26,457)
Net income			546	546
Ending balance, value at Mar. 31, 2023	2,517	25,324	(53,752)	$ (25,911)
Balance, shares				2,516,814
Beginning balance, value at Dec. 31, 2022	2,517	25,324	(58,691)	$ (30,850)
Net income			4,939	4,939
Ending balance, value at Mar. 31, 2023	$ 2,517	$ 25,324	$ (53,752)	$ (25,911)
Balance, shares				2,516,814

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 546	$ (11,297)
Depreciation expense		113
Accounts receivable
Accounts payable	(10,000)	250
Deferred revenue	(5,982)
CASH FLOWS USED BY OPERATING ACTIVITIES	(15,436)	(10,934)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of stock		11,500
Proceeds from related party loan	15,182
CASH FLOWS FROM FINANCING ACTIVITIES	15,182	11,500
NET CHANGE IN CASH	(254)	566
Cash, beginning of period	1,452	15,046
Cash, end of period	1,198	15,612
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
	Mar. 31, 2023
Accounting Policies [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	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [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. As of March 31, 2023, the Company had cash of $1,198 and a negative working capital of $25,911. For the nine months ended March 31, 2023 the Company had limited revenues and an accumulated deficit of $53,752. 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 ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Equipment Equipment Purchased equipment was fully depreciated as of June 30, 2022. 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. 8 STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2023 (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 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	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Note 4 – RELATED PARTY TRANSACTIONS For the nine months ended March 31, 2023, our sole director has loaned to the Company $15,182. This loan is unsecured, non-interest bearing and due on demand. The balance due to the director was $27,109 as of March 31, 2023 and $11,927 as of the year end June 30, 2022.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 5 – 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.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
COMMON STOCK	Note 6 – COMMON STOCK The Company has 75,000,000, $0.001 par value shares of common stock authorized. 9 STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2023 (Unaudited) In July 2021 the Company issued 19,000 shares of common stock for cash proceeds of $950 at $0.05 per share. In September 2021 the Company issued 116,000 shares of common stock for cash proceeds of $5,800 at $0.05 per share. In October 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share. In November 2021 the Company issued 38,000 shares of common stock for cash proceeds of $1,900 at $0.05 per share. There were 2,516,814

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [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, 2023 the Company had net operating loss carry forwards of approximately $53,752 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, 2023 was approximately $11,288. The valuation allowance at June 30, 2022 was approximately $11,403. The net change in valuation allowance for the nine months ended March 31, 2023 was $115. 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, 2023. All tax years since inception remain open for examination by taxing authorities. The provision for Federal income ta Nine months ended March 31, 2023 Year ended June 30, 2022 Non-current deferred tax assets: Net operating loss carry forward $ (11,288) (11,403) Valuation allowance $ 11,288 11,403 Net deferred tax assets $ - - 10 STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2023 (Unaudited) The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended March 31, 2023 Nine months ended Mach 31, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit) $ (115) (8,230) Change in valuation allowance $ 115 8,230 Actual tax expense (benefit) $ - - 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	3 Months Ended
	Mar. 31, 2023
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 12, 2023, and has determined two significant events: the Company purchased a website: http://streetexvideo.com and the Company entered in one service agreement with the total amount of $12,000. 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.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting 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	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. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Equipment	Equipment Equipment Purchased equipment was fully depreciated as of June 30, 2022.
Basic Income (Loss) Per Share	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. 8 STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2023 (Unaudited)
Fair Value of Financial Instruments	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	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	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
Recent Accounting Pronouncements	Recent Accounting Pronouncements

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
expected tax benefit for the nine months ended March 31, 2023	The provision for Federal income ta Nine months ended March 31, 2023 Year ended June 30, 2022 Non-current deferred tax assets: Net operating loss carry forward $ (11,288) (11,403) Valuation allowance $ 11,288 11,403 Net deferred tax assets $ - - 10 STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS March 31, 2023 (Unaudited) The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended March 31, 2023 Nine months ended Mach 31, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit) $ (115) (8,230) Change in valuation allowance $ 115 8,230 Actual tax expense (benefit) $ - - 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.
expected tax benefit for the nine months ended March 31, 2023	The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the nine months ended March 31, 2023 Nine months ended Mach 31, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit) $ (115) (8,230) Change in valuation allowance $ 115 8,230 Actual tax expense (benefit) $ - - 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.

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative)	Mar. 31, 2023 USD ($)
Equity [Abstract]
stock issued and outstanding as of March 31, 2023	$ 2,516,814

expected tax benefit for the ni

expected tax benefit for the nine months ended March 31, 2023 (Details) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ (11,288)	$ (11,403)
Valuation allowance	11,288	11,403
Net deferred tax assets
Computed “expected” tax expense (benefit)	(115)	(8,230)
Change in valuation allowance	115	8,230
Actual tax expense (benefit)