Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Oct. 23, 2023 | Dec. 31, 2022 | |
Document Information Line Items | |||
Entity Registrant Name | VECTOR 21 HOLDINGS, INC. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 1,697,200 | ||
Entity Public Float | $ 29,756 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001916879 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-56418 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 88-1065560 | ||
City Area Code | 303 | ||
Local Phone Number | 303-422-8127 | ||
Entity Address, Address Line One | 9605 West 49th Avenue | ||
Entity Address, Address Line Two | Suite 200 | ||
Entity Address, City or Town | Wheat Ridge | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80033 | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Auditor Firm ID | 6662 | ||
Auditor Name | M. S. Madhava Rao | ||
Auditor Location | Bangalore, India |
Balance Sheets (Audited)
Balance Sheets (Audited) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current Assets | ||
Cash and cash equivalents | $ 325 | |
Prepaid expenses | 5,958 | |
Total Current Assets | 325 | 5,958 |
Total Assets | 325 | 5,958 |
Current Liabilities | ||
Accounts payable and accruals | 33,912 | 22,404 |
Loan payable- related party | 7,759 | 41,011 |
Promissory note- related party | 50,380 | |
Total Current Liabilities | 92,051 | 63,415 |
Total Liabilities | 92,051 | 63,415 |
Commitments and Contingencies (Note 9) | ||
Shareholders' Deficit | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 1,697,200 shares issued and outstanding, as of June 30, 2023 and 2022 | 170 | 170 |
Additional paid in capital | 17,673,072 | 17,673,072 |
Accumulated deficit | (17,764,968) | (17,730,699) |
Total Shareholders' Deficit | (91,726) | (57,457) |
Total Liabilities and Shareholders' Deficit | 325 | 5,958 |
Related Party | ||
Current Liabilities | ||
Promissory note- related party | $ 50,380 |
Balance Sheets (Audited) (Paren
Balance Sheets (Audited) (Parentheticals) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 1,697,200 | 1,697,200 |
Common stock, shares outstanding | 1,697,200 | 1,697,200 |
Statements of Operations (Audit
Statements of Operations (Audited) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
REVENUE | ||
EXPENSES | ||
General and administrative expenses | 33,999 | 39,794 |
Total Operating Expenses | 33,999 | 39,794 |
OPERATING LOSS | (33,999) | (39,794) |
OTHER INCOME (EXPENSE) | ||
Interest expense – related party | (270) | |
Total Other Income (Expense) | (270) | |
LOSS BEFORE TAXES | (34,269) | (39,794) |
TAXES | ||
NET LOSS | $ (34,269) | $ (39,794) |
Weighted average shares outstanding- basic and diluted (in Shares) | 1,697,200 | 1,690,506 |
Net loss per share – basic and diluted (in Dollars per share) | $ (0.02) | $ (0.02) |
Statements of Operations (Aud_2
Statements of Operations (Audited) (Parentheticals) - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Weighted average shares outstanding - diluted | 1,697,200 | 1,690,506 |
Net loss per share – diluted | $ (0.02) | $ (0.02) |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Deficit (Audited) - USD ($) | Common Shares | Common Shares to be Issued | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jun. 30, 2021 | $ 165 | $ 12,500 | $ 17,660,577 | $ (17,690,905) | $ (17,663) |
Balance (in Shares) at Jun. 30, 2021 | 1,647,200 | 50,000 | |||
Issuance of shares as compensation for sale of subsidiary company | $ 5 | $ (12,500) | 12,495 | ||
Issuance of shares as compensation for sale of subsidiary company (in Shares) | 50,000 | (50,000) | |||
Net loss for the year | (39,794) | (39,794) | |||
Balance at Jun. 30, 2022 | $ 170 | 17,673,072 | (17,730,699) | $ (57,457) | |
Balance (in Shares) at Jun. 30, 2022 | 1,697,200 | 1,697,200 | |||
Net loss for the year | (34,269) | $ (34,269) | |||
Balance at Jun. 30, 2023 | $ 170 | $ 17,673,072 | $ (17,764,968) | $ (91,726) | |
Balance (in Shares) at Jun. 30, 2023 | 1,697,200 | 1,697,200 |
Statements of Cash Flows (Audit
Statements of Cash Flows (Audited) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (34,269) | $ (39,794) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Prepaid Expenses | 5,958 | (5,958) |
Accounts Payable & Accruals | 11,508 | 5,362 |
Net Cash Flows Used in Operating Activities | (16,803) | (40,390) |
Cash Flows from Financing Activities | ||
Loan Payable- Related Party | 7,858 | 40,390 |
Advances Under Promissory Note – Related Party | 9,270 | |
Net Cash Flows from Financing Activities | 17,128 | 40,390 |
Net increase (decrease) in Cash: | 325 | |
Cash, beginning of period: | ||
Cash, end of period: | 325 | |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | ||
Cash paid for income tax | ||
Non-Cash Investing and Financing Activities | ||
Conversion of loan payable - related party to Promissory Note Payable - Related Party | $ 41,110 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Jun. 30, 2023 | |
Nature of Operations [Abstract] | |
NATURE OF OPERATIONS | NOTE 1. NATURE OF OPERATIONS Nature of Business Vector 21 Holdings, Inc., a Delaware corporation, (“Vector 21”, “the Company”, “We", "Us" or “Our’) is a publicly quoted shell company seeking to merge with an entity with experienced management and opportunities for growth in return for shares of our common stock to create values for our shareholders. No potential merger candidate has been identified at this time. History Vector 21 was incorporated in Delaware on March 5, 2021. Effective April 28, 2021, following a corporate reorganization as described below (‘the Holding Company Reorganization” or ‘the reverse recapitalization”), Vector 21 became the reorganized successor to Momentum Biofuels, Inc. (“Predecessor Company”), a publicly quoted holding company that ceased trading in 2012. Reorganization into a Holding Company Structure for Vector 21 Holdings, Inc., reorganization successor to Momentum Biofuels, Inc. Effective March 10, 2021, Momentum Biofuels, Inc. (“Momentum Biofuels Colorado”), a Colorado corporation, redomiciled to Delaware by merging with its wholly owned subsidiary, Momentum Biofuels, Inc., a Delaware corporation. Momentum Biofuels Colorado ceased to exist as an independent legal entity following its merger with Momentum Biofuels Delaware. Pursuant to the Delaware Holding Company formation statute, DGCL Section 251(g), Momentum Biofuels Delaware entered into an Agreement and Plan of Merger and Reorganization into a Holding Company with Vector 21 Holdings, Inc. (“Vector 21”) and MBF Ops, Inc. (“MBF Ops.”), both wholly-owned subsidiaries of Momentum Biofuels Delaware, effective April 28, 2021. The Agreement and Plan of Merger and Reorganization into a Holding Company provided for the merger of Momentum Biofuels Delaware with, and into MBF Ops., with MBF Ops. being the surviving corporation in the merger, as a subsidiary to Vector 21. Momentum Biofuels Delaware ceased to exist as an independent legal entity following its merger with MBF Ops. The shareholders of Momentum Biofuels Delaware were converted, by the holding company reorganization, under the Agreement, to shareholders of Vector 21 on a one for one basis pursuant to the Agreement and the Delaware Statute Sec. 251(g). MBF Ops., the surviving company of the merger with Momentum Biofuels Delaware, became a wholly-owned subsidiary of Vector 21, the holding company. Vector 21 became the parent holding company resulting under the Agreement, pursuant to Delaware General Corporation Law section 251(g), with its wholly owned subsidiary company, MBF Ops, the surviving company of the merger with Momentum Biofuels Delaware. As a result of the Holding Company Reorganization, shareholders in the publicly quoted Momentum Biofuels Delaware, formerly the shareholders of Momentum Biofuels Colorado as of the date of the reorganization, became shareholders in the publicly quoted Vector 21. MBF Ops, being the direct successor by the merger with Momentum Biofuels Delaware, became a subsidiary company of Vector 21. Disposal of MBF Ops. Effective June 28, 2021, Vector 21 disposed of 100% of the issued share capital of its sole subsidiary company, MBF Ops., to an unrelated third party. We made a $1,000 payment in cash and promised to issue 50,000 post-split shares of our common stock to the company (MBF) as capital for the subsidiary company which had no ongoing business or assets and outstanding liabilities of $1,130,842. These shares of common stock have been issued to the Purchaser as of the date of these financial statements. Reverse and Forward Stock Splits Effective May 13, 2021, we completed: - a reverse stock split of our outstanding common stock, $0.0001 par value, on a one (1) post-split share for eight thousand (8,000) pre-split shares basis, and subsequently - a forward stock split of our post reverse split outstanding common stock, $0.0001 par value, on a one hundred (100) post-split shares for one (1) pre-split share basis. As a result of the one (1) for eight thousand (8,000) reverse stock split described above, the number of issued and outstanding shares of the Company’s common stock was reduced from 123,224,444 to 15,403. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock who would otherwise be entitled to a fraction of a share was, in lieu thereof, entitled to receive a whole share of common stock. Consequently 1,069 additional shares were issued in respect of fractional shares and therefore a total of 16,472 shares of common stock were issued and outstanding after the reverse split. As a result of the one hundred (100) post-split shares for one (1) forward stock split described above, the number of issued and outstanding shares of the Company’s common stock increased from 16,472 to 1,647,200. A total of 1,697,200 shares of common stock are currently outstanding on the date of the filing. Impact of the COVID-19 Pandemic We have not commenced operations as yet and consequently have not been directly impacted by the Covid-19 outbreak at this time. However, the detrimental effect of the Covid-19 outbreak on the economy as a whole may have a detrimental impact on our ability to raise funding and identify an entity to merge with for the foreseeable future. We are unable to predict with any certainty the ultimate impact Covid-19 outbreak on our plans at this time. Impact of the Ukrainian Conflict We have not commenced operations as yet and consequently have not been directly impacted by the Ukrainian conflict at this time currently, we do not believe that the conflict between Ukraine and Russia will have any direct impact on our operations, financial condition or financial reporting. We believe the conflict will have only a general impact on our operations in the same manner as it is having a general impact on all business operations resulting from international sanction and embargo regulations, possible shortages of goods and goods incorporating parts that may be supplied from the Ukraine or Russia, supply chain challenges, and the international and domestic inflationary results of the conflict and government spending for and funding of their response. We do not believe we will be targeted for cyber-attacks. We have no operations in the countries directly involved in the conflict or that are specifically impacted by any of the sanctions and embargoes, we do not believe that the conflict will have any impact on our internal control over financial reporting. Other than general securities market trends, we do not have reason to believe that investors will evaluate the company as having special risks or exposures related to the Ukrainian conflict. Inflation We anticipate that our business and financial position will be impacted by the current inflationary environment. To the extent that we use borrowed funds, we believe costs will increase for us. Access to capital will be impacted by increased interest rates and may affect our ability to obtain capital. Inflation will also have an impact on the cost of supplies of goods and services that we use with the consequence of an adverse impact on our operating costs. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2023 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 2. GOING CONCERN Our financial statements are prepared using accounting principles generally accepted in the United States of America (“GAAP”) applicable to a going concern, which contemplate the realization of assets and the liquidation of liabilities in the normal course of business. We have no ongoing business or income and for the year ended June 30, 2023 we incurred a loss of $34,269 and had an accumulated deficit of $17,764,968 as of June 30, 2023. These conditions raise substantial doubt about our ability to continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of these uncertainties. Our ability to continue as a going concern is dependent upon our ability to raise additional debt or equity funding to meet our ongoing operating expenses and ultimately in merging with another entity with experienced management and profitable operations. No assurances can be given that we will be successful in achieving these objectives. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation This summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to GAAP and have been consistently applied. The Company has selected June 30 as its financial year end. Use of Estimates The preparation of financial statements in conformity with GAAP 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 and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of June 30, 2023 and 2022, our cash balances were $325 and $0 Fair Value Measurements: ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange. Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. Our financial instruments consist of our prepaid expenses, accounts payable and accruals, loan payable- related party and promissory note- related party. The carrying amount of our prepaid expenses, accounts payable and accruals, loan payable- related party and promissory note- related party approximates their fair values because of the short-term maturities of these instruments. Related Party Transactions: A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person's immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 6 and 7 below for details of related party transactions in the period presented. Leases: We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. We generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over lease term. The Company was not party to any lease transaction during the years ended June, 30 2023 and 2022. Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. Uncertain Tax Positions: We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. Revenue Recognition: Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation As the Company had no business operations during the years ended June 30, 2023 and 2022, we have not identified specific planned revenue streams. During the years ended June 30, 2023 and 2022, we did not recognize any revenue. Advertising Costs: We expense advertising costs when advertisements occur. No advertising costs were incurred during the years ended June 30, 2023 and 2022. Stock-Based Compensation: The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse. Net Loss per Share Calculation: Basic earnings (loss) per common share ("EPS") is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the years ended June 30, 2023 and 2022. Recently Accounting Pronouncements: We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements. |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses [Abstract] | |
PREPAID EXPENSES | NOTE 4. PREPAID EXPENSES As of June 30, 2023 and 2022, the balance of prepaid expenses totaled $0 |
Accounts Payable and Accruals
Accounts Payable and Accruals | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Payable and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUALS | NOTE 5. ACCOUNTS PAYABLE AND ACCRUALS As of June 30, 2023 and 2022, the balance of accounts payable and accrued expenses was $33,912 and $22,404, respectively. As of June 30, 2023, $29,262 the balance was due to our share transfer agent and $4,650 related to accounting fees. As of June 30, 2022, the entire balance of $21,417 was due to our share transfer agent and the balance of $987 related to filing fees. |
Loan Payable _ Related Party
Loan Payable – Related Party | 12 Months Ended |
Jun. 30, 2023 | |
Loan Payable – Related Party [Abstract] | |
LOAN PAYABLE – RELATED PARTY | NOTE 6. LOAN PAYABLE – RELATED PARTY As of June 30, 2023, and 2022, the balance outstanding under the loan payable - related party was $7,759 and $41,011, respectively. During the year ended June 30, 2023, one of our directors, who is also our principal shareholder, advanced to us $7,858 by way of a loan to finance our working capital requirements. The loan is unsecured, interest free and due on demand. As further discussed in Note 7. Promissory Notes – Related Parties . |
Promissory Notes _ Related Part
Promissory Notes – Related Parties | 12 Months Ended |
Jun. 30, 2023 | |
Promissory Notes - Related Parties [Abstract] | |
PROMISSORY NOTES – RELATED PARTIES | NOTE 7. PROMISSORY NOTES – RELATED PARTIES As of June 30, 2023, and 2022, the balance outstanding under promissory notes - related parties was $50,380 and $0 We entered into a Promissory Note (“Note 1”) with Legacy Technology Holdings, Inc. for $9,000 due on demand for advances totaling $9,000 made in November 2022. Note 1 incurred no interest unless it defaults after demand and thereafter at 12% per annum. It is unsecured. Our directors, Calvin D. Smiley, Sr. and Redgie Green are also directors of Legacy Technology Holdings, Inc. and Mr. Green is the CEO/President of Legacy Technology Holdings, Inc. We also entered into a further Promissory Note (“Note 2”) in the amount of $41,110 with Michael A Littman, an affiliate of our principal shareholder, Michael A Littman Atty Defined Benefit Plan in respect of funds he had already advanced to us as further discussed in Note 6. Loan Payable – Related Party Effective February 23, 2023, Note 1 with Legacy Technology Holdings, Inc. was amended such that, commencing January 1, 2023, the Note incurred interest of 6% per year, and was given a maturity date of August 31, 2023. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 8. INCOME TAXES We did not provide any current or deferred US federal income tax provision or benefit for the years ending June 30, 2023 and 2022 as we incurred tax losses during both of these years. When it is more likely than not, that a tax asset cannot be realized through future income, we must record an allowance against any future potential future tax benefit. We have provided a full valuation allowance against the net deferred tax asset, consisting of net operating loss carry forwards, because management has determined that it is more likely than not that we will not earn income sufficient to realize the deferred tax assets during the carry forward periods. The Company has not taken a tax position that, if challenged, would have a material effect on the financial statements for the years ended June 30, 2023 and 2022 as defined under ASC 740, "Accounting for Income Taxes." We did not recognize any adjustment to the liability for uncertain tax position and therefore did not record any adjustment to the beginning balance of the accumulated deficit on the balance sheet. The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences for the periods presented are as follows: For The Year ended June 30, 2023 For The Year ended June 30, 2022 Statutory U.S. Federal Income Tax Rate 21 % 21 % State Income Taxes 5 % 5 % Change in Valuation Allowance (26 )% (26 )% Effective Income Tax Rate 0 % 0 % A reconciliation of the income taxes computed at the statutory rate is as follows: For The Year ended June 30, 2023 For The Year ended June 30, 2022 Tax credit (expense) at statutory rate (26%) $ 8,910 $ 10,346 Increase in valuation allowance (8,910 ) (10,346 ) Net deferred tax assets $ — $ — As of June 30, 2023, the Company had a federal net operating loss carryforward of approximately $95,000. The federal net operating loss carryforward do not expire but may only be used against taxable income to 80%. No |
Commitments & Contingencies
Commitments & Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments & Contingencies [Abstract] | |
COMMITMENTS & CONTINGENCIES | NOTE 9. COMMITMENTS & CONTINGENCIES Legal Proceedings We were not subject to any legal proceedings during the years ended June 30, 2023 and 2022, and, to the best of our knowledge, no legal proceedings are pending or threatened. Contractual Obligations We are not party to any contractual obligations at this time. |
Shareholders' Deficit
Shareholders' Deficit | 12 Months Ended |
Jun. 30, 2023 | |
Shareholders' Deficit [Abstract] | |
SHAREHOLDERS’ DEFICIT | NOTE 10. SHAREHOLDERS’ DEFICIT Common Stock As of June 30, 2023, we were authorized to issue 500,000,000 shares of common stock with a par value of $0.0001. No shares of common stock were issued during the year ended June 30, 2023. During year ended June 30, 2022, we issued 50,000 shares of common stock, valued at $12,500 as partial consideration of the sale our former subsidiary company. As of June 30, 2023 and June 30, 2022, 1,697,200 shares of common stock were issued and outstanding. Warrants No warrants were issued or outstanding during the years ended June 30, 2023 and 2022. Stock Options We currently have no stock option plan. No stock options were issued or outstanding during the years ended June 30, 2023 and 2022. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11. SUBSEQUENT EVENTS The Company evaluated subsequent events after June 30, 2023, in accordance with FASB ASC 855 Subsequent Events, through the date of the issuance of these financial statements and has determined there have been no subsequent event for which disclosure is required. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in the understanding of the financial statements. These policies conform to GAAP and have been consistently applied. The Company has selected June 30 as its financial year end. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 and Cash Equivalents | Cash and Cash Equivalents We maintain cash balances in a non-interest-bearing account that currently does not exceed federally insured limits. For the purpose of the statements of cash flows, all highly liquid investments with a maturity of three months or less are considered to be cash equivalents. As of June 30, 2023 and 2022, our cash balances were $325 and $0 |
Fair Value Measurements | Fair Value Measurements: ASC Topic 820, Fair Value Measurements and Disclosures ("ASC 820"), provides a comprehensive framework for measuring fair value and expands disclosures which are required about fair value measurements. Specifically, ASC 820 sets forth a definition of fair value and establishes a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs. ASC 820 defines the hierarchy as follows: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reported date. The types of assets and liabilities included in Level 1 are highly liquid and actively traded instruments with quoted prices, such as equities listed on the New York Stock Exchange. Level 2 – Pricing inputs are other than quoted prices in active markets but are either directly or indirectly observable as of the reported date. The types of assets and liabilities in Level 2 are typically either comparable to actively traded securities or contracts or priced with models using highly observable inputs. Level 3 – Significant inputs to pricing that are unobservable as of the reporting date. The types of assets and liabilities included in Level 3 are those with inputs requiring significant management judgment or estimation, such as complex and subjective models and forecasts used to determine the fair value of financial transmission rights. Our financial instruments consist of our prepaid expenses, accounts payable and accruals, loan payable- related party and promissory note- related party. The carrying amount of our prepaid expenses, accounts payable and accruals, loan payable- related party and promissory note- related party approximates their fair values because of the short-term maturities of these instruments. |
Related Party Transactions | Related Party Transactions: A related party is generally defined as (i) any person that holds 10% or more of our membership interests including such person's immediate families, (ii) our management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with us, or (iv) anyone who can significantly influence our financial and operating decisions. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. See Notes 6 and 7 below for details of related party transactions in the period presented. |
Leases | Leases: We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) as assets, operating lease non-current liabilities, and operating lease current liabilities in our balance sheet. Finance leases are property and equipment, other current liabilities, and other non-current liabilities in the balance sheet. ROU assets represent the right to use an asset for the lease term and lease liability represent the obligation to make lease payment arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over lease term. As most of the leases doesn’t provide an implicit rate. We generally use the incremental borrowing rate on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating ROU asset also includes any lease payments made and exclude lease incentives. Lease expense for lease payment is recognized on a straight-line basis over lease term. The Company was not party to any lease transaction during the years ended June, 30 2023 and 2022. |
Income Taxes | Income Taxes: The provision for income taxes is computed using the asset and liability method, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled. We record a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. |
Uncertain Tax Positions | Uncertain Tax Positions: We evaluate tax positions in a two-step process. We first determine whether it is more likely than not that a tax position will be sustained upon examination, based on the technical merits of the position. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. We classify gross interest and penalties and unrecognized tax benefits that are not expected to result in payment or receipt of cash within one year as long-term liabilities in the financial statements. |
Revenue Recognition | Revenue Recognition: Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: Step 1: Identify the contract(s) with customers Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to performance obligations Step 5: Recognize revenue when the entity satisfies a performance obligation As the Company had no business operations during the years ended June 30, 2023 and 2022, we have not identified specific planned revenue streams. During the years ended June 30, 2023 and 2022, we did not recognize any revenue. |
Advertising Costs | Advertising Costs: We expense advertising costs when advertisements occur. No advertising costs were incurred during the years ended June 30, 2023 and 2022. |
Stock-Based Compensation | Stock-Based Compensation: The cost of equity instruments issued to employees and non-employees in return for goods and services is measured by the grant date fair value of the equity instruments issued in accordance with ASC 718, Compensation – Stock Compensation. The related expense is recognized as services are rendered or vesting periods elapse. |
Net Loss per Share Calculation | Net Loss per Share Calculation: Basic earnings (loss) per common share ("EPS") is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding, assuming all dilutive potential common shares were issued. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. No potentially dilutive debt or equity instruments were issued or outstanding during the years ended June 30, 2023 and 2022. |
Recently Accounting Pronouncements | Recently Accounting Pronouncements: We have reviewed all the recently issued, but not yet effective, accounting pronouncements and do not believe any of these pronouncements will have a material impact on our financial statements. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Taxes [Abstract] | |
Schedule of Sources and Tax Effects | The sources and tax effects of the differences for the periods presented are as follows: For The Year ended June 30, 2023 For The Year ended June 30, 2022 Statutory U.S. Federal Income Tax Rate 21 % 21 % State Income Taxes 5 % 5 % Change in Valuation Allowance (26 )% (26 )% Effective Income Tax Rate 0 % 0 % |
Schedule of Reconciliation of the Income Taxes | A reconciliation of the income taxes computed at the statutory rate is as follows: For The Year ended June 30, 2023 For The Year ended June 30, 2022 Tax credit (expense) at statutory rate (26%) $ 8,910 $ 10,346 Increase in valuation allowance (8,910 ) (10,346 ) Net deferred tax assets $ — $ — |
Nature of Operations (Details)
Nature of Operations (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 28, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Nature of Operations [Abstract] | |||
Share capital, percentage | 100% | ||
Cash payment | $ 1,000 | ||
Common stock, shares issued | 50,000 | ||
Assets and outstanding liabilities | $ 1,130,842 | ||
Reverse and forward stock splits, description | Effective May 13, 2021, we completed: - a reverse stock split of our outstanding common stock, $0.0001 par value, on a one (1) post-split share for eight thousand (8,000) pre-split shares basis, and subsequently - a forward stock split of our post reverse split outstanding common stock, $0.0001 par value, on a one hundred (100) post-split shares for one (1) pre-split share basis. As a result of the one (1) for eight thousand (8,000) reverse stock split described above, the number of issued and outstanding shares of the Company’s common stock was reduced from 123,224,444 to 15,403. No fractional shares were issued in connection with the reverse stock split. Instead, a holder of record of common stock who would otherwise be entitled to a fraction of a share was, in lieu thereof, entitled to receive a whole share of common stock. Consequently 1,069 additional shares were issued in respect of fractional shares and therefore a total of 16,472 shares of common stock were issued and outstanding after the reverse split.As a result of the one hundred (100) post-split shares for one (1) forward stock split described above, the number of issued and outstanding shares of the Company’s common stock increased from 16,472 to 1,647,200. | ||
Common stock, shares outstanding | 1,697,200 | 1,697,200 |
Going Concern (Details)
Going Concern (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Going Concern [Abstract] | ||
Incurred a loss | $ (34,269) | $ (39,794) |
Accumulated deficit | $ (17,764,968) | $ (17,730,699) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Cash | $ 325 | |
Tax percentage | 50% | |
Related Party Transactions [Member] | ||
Summary of Significant Accounting Policies (Details) [Line Items] | ||
Membership interests | 10% |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Prepaid Expenses [Abstract] | ||
Prepaid expenses | $ 5,958 |
Accounts Payable and Accruals (
Accounts Payable and Accruals (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Payable and Accruals (Details) [Line Items] | ||
Accounts payable and accrued expenses | $ 33,912 | $ 22,404 |
Accounting fee | 4,650 | |
Filing fees | 987 | |
Related Party [Member] | ||
Accounts Payable and Accruals (Details) [Line Items] | ||
Due to related party | $ 29,262 | $ 21,417 |
Loan Payable _ Related Party (D
Loan Payable – Related Party (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Loan Payable – Related Party [Abstract] | |||
Loan payable - related party | $ 7,759 | $ 41,011 | |
Principal shareholder, advance | $ 7,858 | ||
Loan balance converted | $ 41,110 |
Promissory Notes _ Related Pa_2
Promissory Notes – Related Parties (Details) - USD ($) | Feb. 23, 2023 | Jun. 30, 2023 | Nov. 30, 2022 | Jun. 30, 2022 |
Promissory Notes – Related Parties (Details) [Line Items] | ||||
Promissory notes - related parties | $ 50,380 | |||
Accrued interest | $ 270 | |||
Due amount | $ 9,000 | |||
Promissory note [Member] | ||||
Promissory Notes – Related Parties (Details) [Line Items] | ||||
Interest rate | 6% | 12% | ||
Maturity date | Aug. 31, 2023 | |||
Legacy Technology Holdings, Inc. [Member] | ||||
Promissory Notes – Related Parties (Details) [Line Items] | ||||
Due amount | $ 9,000 | |||
Interest rate | 12% | |||
Michael A Littman [Member] | ||||
Promissory Notes – Related Parties (Details) [Line Items] | ||||
Due amount | $ 41,110 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Taxes [Abstract] | ||
Net operating loss carryforward | $ 95,000 | |
Taxable income | 80% | |
Tax benefit |
Income Taxes (Details) - Schedu
Income Taxes (Details) - Schedule of Sources and Tax Effects | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Sources and Tax Effects [Abstract] | ||
Statutory U.S. Federal Income Tax Rate | 21% | 21% |
State Income Taxes | 5% | 5% |
Change in Valuation Allowance | (26.00%) | (26.00%) |
Effective Income Tax Rate | 0% | 0% |
Income Taxes (Details) - Sche_2
Income Taxes (Details) - Schedule of Reconciliation of the Income Taxes - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Reconciliation of the Income Taxes [Abstract] | ||
Tax credit (expense) at statutory rate (26%) | $ 8,910 | $ 10,346 |
Increase in valuation allowance | (8,910) | (10,346) |
Net deferred tax assets |
Income Taxes (Details) - Sche_3
Income Taxes (Details) - Schedule of Reconciliation of the Income Taxes (Parentheticals) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Schedule of Reconciliation of the Income Taxes [Abstract] | ||
Tax credit (expense) at statutory rate | 26% | 26% |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2023 | |
Shareholders' Deficit [Abstract] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Shares issued | 50,000 | |
Consideration amount (in Dollars) | $ 12,500 | |
Common stock, shares issued | 1,697,200 | 1,697,200 |
Common stock, shares outstanding | 1,697,200 | 1,697,200 |