| Note 2 - Summary of Significant Accounting Policies | Note
2 - Summary of Significant Accounting Policies Basis
of Presentation This summary of
significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies
conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation
of the financial statements. These financial statements should be read in conjunction with the audited financial statements and notes
thereto contained in the Company’s most recent audited financial statements contained within the Company’s Annual Report
on Form 10-K, filed with the SEC on September 8, 2023 (the “2023 Annual Report”). In the opinion of management, all adjustments,
consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for
the interim period presented have been reflected herein. The results of operations for the interim period are not necessarily indicative
of the results to be expected for the full fiscal year. Notes to the consolidated financial statements, which would substantially duplicate
the disclosures contained in the audited financial statements for the most recent fiscal period as reported in the 2023 Annual Report,
have been omitted. Use
of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting period. In the opinion of management,
all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from
those estimates. Cash
and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Cash and cash equivalents at September 30, 2023 and June 30, 2023 were $ 107,159 100,219 Income
Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements
carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or
settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment
occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize
tax assets through future operations. No deferred tax assets or liabilities were recognized at September 30, 2023 and June 30, 2023. Basic
Earnings (Loss) Per Share The Company’s
balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their
fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements
and Disclosures - Level 1 - Unadjusted quoted prices
in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted
prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices
for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are
not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are
derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both
significant to the fair value measurement and unobservable. Fair value estimates discussed herein
are based upon certain market assumptions and pertinent information available to management as of September 30, 2023. The respective carrying
value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.
These financial instruments include accrued expenses. Related
Parties The Company
follows ASC 850, Related Party Disclosures, -F6- Table of Contents Share-Based
Compensation ASC 718,
“Compensation – Stock Compensation”, prescribes accounting and reporting standards for all share-based payment
transactions in which employee services are acquired. Transactions include incurring liabilities, or issuing or offering to issue
shares, options, and other equity instruments such as employee stock ownership plans and stock appreciation rights. Share-based
payments to employees, including grants of employee stock options, are recognized as compensation expense in the financial
statements based on their fair values. That expense is recognized over the period during which an employee is required to provide
services in exchange for the award, known as the requisite service period (usually the vesting period). The Company accounts for
stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “Equity
– Based Payments to Non-Employees.” Measurement of share-based payment transactions with non-employees is based on the
fair value of whichever is more reliably measurable: (a) the goods or services received; or (b) the equity instruments issued. The
fair value of the share-based payment transaction is determined at the earlier of performance commitment date or performance
completion date. The Company had no stock-based compensation plans as of September 30, 2023. The Company’s stock-based
compensation for the periods ended September 30, 2023 and September 30, 2022 were $0 and $10,000 respectively. Recently
Issued Accounting Pronouncements In
February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We
have no assets and or leases that we believe will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned
above. The Company has implemented all new
accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other
new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
