Cover
Cover - shares | 9 Months Ended | |
Feb. 29, 2024 | Apr. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Feb. 29, 2024 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --05-31 | |
Entity File Number | 333-273760 | |
Entity Registrant Name | BLUE CHIP CAPITAL GROUP, INC. | |
Entity Central Index Key | 0001932213 | |
Entity Tax Identification Number | 84-3870355 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 269 South Beverly Drive | |
Entity Address, Address Line Two | Suite 373 | |
Entity Address, City or Town | Beverly Hills | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90212 | |
City Area Code | (347) | |
Local Phone Number | 629-1990 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,536,350 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Feb. 29, 2024 | May 31, 2023 |
Current Assets | ||
Cash | $ 1,403 | $ 1,758 |
Total Current Assets | 1,403 | 1,758 |
Other Assets | ||
Software application | 88,590 | 88,590 |
Total Other Assets | 88,590 | 88,590 |
Total Assets | 89,993 | 90,348 |
Current Liabilities | ||
Accounts payable | 54,800 | |
Due to related parties | 18,664 | 49,898 |
Total Liabilities | 73,664 | 49,898 |
Stockholders’ Equity | ||
Preferred A Stock, $0.0001 par value; 1,000,000 shares authorized, 999,999 issued and outstanding on February 20, 2024, and on May 31, 2023, respectively | 100 | 100 |
Common stock, $0.0001 par value; 400,000,000 shares authorized, 77,536,350 issued and outstanding, on February 29, 2024, and 153,506,350 on May 31, 2023, respectively | 7,754 | 15,351 |
Additional paid-in capital | 1,566,474 | 1,301,409 |
Accumulated deficit | (1,557,999) | (1,276,410) |
Total Stockholders’ Equity | 16,329 | 40,450 |
Total Liabilities and Stockholders’ Equity | 89,993 | 90,348 |
Related Party [Member] | ||
Current Liabilities | ||
Due to related parties | $ 18,864 | $ 49,898 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Feb. 29, 2024 | May 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 999,999 | 999,999 |
Preferred stock, shares outstanding | 999,999 | 999,999 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 77,536,350 | 153,506,350 |
Common stock, shares outstanding | 77,536,350 | 153,506,350 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | |
Operating Expenses: | ||||
General & Administrative expenses | $ 58,578 | $ 75,858 | $ 281,277 | $ 157,163 |
Total Operating expenses | 58,578 | 75,858 | 281,277 | 157,163 |
Loss from operations | (58,578) | (75,858) | (281,277) | (157,163) |
NET LOSS | $ (58,578) | $ (75,858) | $ (281,277) | $ (157,163) |
Net loss share basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss share diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding during the year basic | 79,235,250 | 153,206,250 | 79,235,250 | 153,206,250 |
Weighted average number of common shares outstanding during the year diluted | 79,235,250 | 153,206,250 | 79,235,250 | 153,206,250 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Preferred Stock [Member] Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance at May. 31, 2021 | $ 100 | $ 15,000 | $ 1,051,885 | $ (996,900) | $ 70,085 |
Balance, shares at May. 31, 2021 | 999,999 | 150,000,000 | |||
Issuance of common shares for cash | $ 304 | 94,696 | 95,000 | ||
Issuance of Common shares for cash, shares | 3,040,000 | ||||
Net Loss | (105,874) | (105,874) | |||
Ending balance at May. 31, 2022 | $ 100 | $ 15,304 | 1,146,581 | (1,102,774) | 59,211 |
Balance, shares at May. 31, 2022 | 999,000 | 153,040,000 | |||
Issuance of common shares for cash | $ 47 | 154,828 | 154,875 | ||
Issuance of Common shares for cash, shares | 466,250 | ||||
Net Loss | (173,636) | (173,636) | |||
Ending balance at May. 31, 2023 | $ 100 | $ 15,351 | 1,301,409 | (1,276,410) | 40,450 |
Balance, shares at May. 31, 2023 | 999,999 | 153,506,250 | |||
Issuance of common shares for cash | $ 73 | 255,052 | 255,125 | ||
Issuance of Common shares for cash, shares | 729,000 | ||||
Cancel Founders shares | $ (7,813) | 7,813 | |||
Cancel Founders shares, shares | (78,125,000) | ||||
Ending balance at Aug. 31, 2023 | $ 100 | $ 7,611 | 1,564,274 | (1,487,673) | 84,312 |
Balance, shares at Aug. 31, 2023 | 999,999 | 76,110,250 | |||
Beginning balance at May. 31, 2023 | $ 100 | $ 15,351 | 1,301,409 | (1,276,410) | 40,450 |
Balance, shares at May. 31, 2023 | 999,999 | 153,506,250 | |||
Net Loss | (281,277) | ||||
Ending balance at Feb. 29, 2024 | $ 100 | $ 7,754 | 1,566,474 | (1,557,999) | 16,329 |
Balance, shares at Feb. 29, 2024 | 999,999 | 77,536,350 | |||
Beginning balance at Aug. 31, 2023 | $ 100 | $ 7,611 | 1,564,274 | (1,487,673) | 84,312 |
Balance, shares at Aug. 31, 2023 | 999,999 | 76,110,250 | |||
Net Loss | (11,748) | (11,748) | |||
Ending balance at Nov. 30, 2023 | $ 100 | $ 7,611 | 1,564,274 | (1,499,421) | 72,564 |
Balance, shares at Nov. 30, 2023 | 999,999 | 76,110,250 | |||
Issuance of common shares for cash | 2,200 | 2,200 | |||
Issuance of Common shares for cash, shares | 1,100 | ||||
Net Loss | (58,578) | (58,578) | |||
Issuance of common shares for services | $ 143 | 143 | |||
Issuance of common shares for services, shares | 1,425,000 | ||||
Ending balance at Feb. 29, 2024 | $ 100 | $ 7,754 | $ 1,566,474 | $ (1,557,999) | $ 16,329 |
Balance, shares at Feb. 29, 2024 | 999,999 | 77,536,350 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Feb. 29, 2024 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | May 31, 2023 | May 31, 2022 | |
Cash Flows From Operating Activities: | ||||||
Net loss | $ (58,578) | $ (75,858) | $ (281,277) | $ (157,163) | $ (173,636) | $ (105,874) |
Adjustments to reconcile net loss to net cash used in operations | ||||||
Shares in lieu of compensation | 143 | |||||
Changes in operating assets and liabilities: | ||||||
Accounts payable | 54,800 | |||||
Due to related parties | (31,345) | 18,748 | ||||
Net Cash Used In Operating Activities | (257,679) | (138,415) | ||||
Cash Flows From Investing Activities: | ||||||
Cash paid for development of application | 4,000 | |||||
Net Cash Used in Financing Activities | (4,000) | |||||
Cash Flows From Financing Activities: | ||||||
Proceeds from sale of common stock | 257,324 | 154,875 | ||||
Net Cash Provided by Financing Activities | 257,324 | 154,875 | ||||
Net Increase (Decrease ) in Cash | (355) | 12,460 | ||||
Cash at Beginning of Period | 1,758 | 7,496 | 7,496 | |||
Cash at End of Period | $ 1,403 | $ 19,956 | 1,403 | 19,956 | $ 1,758 | $ 7,496 |
Supplemental disclosure of cash flow information: | ||||||
Founders shares cancelled | 7,812 | |||||
Cash paid for interest |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 9 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | NOTE 1 – ORGANIZATION AND BUSINESS Blue Chip Capital Group, Inc., (the “ Company”) was incorporated in the State of Delaware on November 27, 2019, under the name of Blue-Chip Financial Group Corp. It was subsequently re-domiciled to the state of Nevada on December 17, 2020, with a name change to Blue Chip Capital Group, Inc. This is the first reporting date on the Company’s activity in Nevada.The Company is developing stage Company that has created a Crowdfunding platform that provides individual investors with access to investment opportunities. The Company’s business purpose is to identify, research and if determined to meet the Company’s criteria, acquire an interest in business opportunities available for the Company to leverage. The Company is not restricting its business development criteria to any specific business, industry, or geographical location. The Company may in fact participate in a business venture of virtually any kind or nature so long that it is in the best interest of the Company and its shareholders in an effort to build long-term shareholder value. On January 8, 2021, the Company created an additional wholly subsidiary entitled Raise Wise Morocco L.L.C. No assets or liabilities have been recorded on its balance sheet, nor has the subsidiary had any transactions since inception. The subsidiary’s purpose is to create a Crowdfunding platform that provides individual investors with access to investment opportunities. The Company owns 100 The Company is in the process of establishing a Crowdfunding platform in Sweden under the name RaiseWise Sweden AB. The Company formed a Swedish Limited liability company with the name RaiseWise Sweden AB that is a wholly owned subsidiary of the Company that has been granted a registration to provide crowd funding services with the national regulator in Sweden). On December 22, 2020, Medcap LTD agreed to purchase a twenty percent ( 20 50,000 |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Feb. 29, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 – GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has generated no revenues for the nine months ending February 29, 2024. The Company had a net loss of $ 281,277 1,557,999 Management plans to identify adequate sources of funding to provide operating capital for continued growth. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).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 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. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) valid transactions are recorded; and (3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principals of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. Cash and Cash Equivalents The Company accounts for cash and cash equivalents under Accounting Standards Codification “ASC” 305, “Cash and Cash Equivalents”, and considers all highly liquid investments with an original maturity of three months or less to be cash equivalents Convertible Instruments The Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: The Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. Software Application Software consists of an internally developed information system for use by the Company to allow individuals to invest in various opportunities as well as present individuals to provide opportunities for potential Investors and accounted for in accordance with ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. Costs incurred up to and including the feasibility stage of development as well as maintenance costs are expensed as incurred. As of February 29, 2024, the software is within the application development phase and all costs are currently capitalized. Deferred Income Taxes and Valuation Allowance 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, 2021. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s evaluation was performed for the tax years ended May 31, 2023, 2022 and 2021 for U.S. Federal Income Tax and for the State of Nevada. The Company has net operating loss carry forwards in the amount of approximately $ 1,499,109 520,570 BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Financial Instruments The Company’s balance sheet is limited to organizational startup costs due to its inception in December 2020. ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: 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 February 29, 2024. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring basis. Warrants On June 29, 2021, the Company entered into a subscription agreement with a third party who agreed to purchase 1,440,000 45,000 378,000 126,000 .50 126,000 .75 126,000 .90 On July 3, 2021, the Company entered into a subscription agreement with a third party who agreed to purchase 1,600,000 50,000 420,000 140,000 .50 140,000 .75 140,000 .90 During the nine months ended February 29, 2024, the Company entered into several subscription agreements with a third parties who agreed to purchase 1,195,250 410,000 297,600 148,800 .65 148,800 .90 1,118,100 0.72 3.0 zero As of February 29, 2024, none of the warrants that have become due have been exercised. Accordingly, these warrants are expired. The Company warrants are non-transferable. BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Long-lived Assets Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented. As of February 29, 2024, and May31, 2023, the Company does not have any long-lived assets. Property and Equipment The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Equipment is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets ( 3 Related Parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. The Company received funds from Josie Richard Moran, COO, in order to cover certain business expenses. As of February 29, 2024, and May 31, 2023, the amounts due for related party transactions were $ 18,664 49,898 Stock-Based Compensation ASC 718 “Compensation – Stock Compensation,” prescribes accounting and reporting standards for all stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a) the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because of an entity’s past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity. 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. For stock-based transaction, as of February 29, 2024, the Company issued shares for services at par value since the stock is has no established market price at this time. Recently Issued Accounting Pronouncements We have reviewed the issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of prior operations. |
WHOLLY OWNED SUBSIDIARY
WHOLLY OWNED SUBSIDIARY | 9 Months Ended |
Feb. 29, 2024 | |
Wholly Owned Subsidiary | |
WHOLLY OWNED SUBSIDIARY | NOTE 4 – WHOLLY OWNED SUBSIDIARY On January 8, 2021,the Company created an additional wholly subsidiary entitled Raise Wise Morocco L.L.C. No assets or liabilities have been recorded on its balance sheet, nor has the subsidiary had any transactions since inception. The subsidiary’s purpose is to create a Crowdfunding platform that provides individual investors with access to investment opportunities. The Company owns 100 100 BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 9 Months Ended |
Feb. 29, 2024 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 5 – STOCKHOLDERS’ EQUITY Series A Preferred Stock Based upon Board resolutions at the time the Company was re-domiciled in Nevada, the Company is authorized to issue 10,000,000 .0001 999,999 9,000,000 1,000,000 999,999 The holder of the Series A Preferred Stock shall have full voting rights and powers on all matters subject to a vote by the holders of the Corporation’s Common Stock and Series A Preferred Stock shall vote together as a single class with the holders of the Corporation’s Common Stock and the holders of any other class or series of shares entitled to vote with the Common Stock (collectively, the “Voting Capital Stock”), with the holders of Series A Preferred Stock being entitled to sixty-eight percent (68%) of the total votes on all such matters regardless of the actual number of shares of Series A Preferred Stock then outstanding, and the holders of Voting Capital Stock and any other shares entitled to vote being entitled to their proportional share of the remaining 32% of the total votes based on their respective voting power Common Stock Based upon Board resolutions at the time the Company was re-domiciled in Nevada, the Company is authorized to issue 400,000,000 .0001 150,000,000 4,235,250 78,125,000 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Feb. 29, 2024 | |
Subsequent Events | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS Subsequent events were evaluated through April 25, 2024, which is the date the financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Feb. 29, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).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 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. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that (1) recorded transactions are valid; (2) valid transactions are recorded; and (3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented. BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Use of Estimates | 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Principals of Consolidation | Principals of Consolidation The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company accounts for cash and cash equivalents under Accounting Standards Codification “ASC” 305, “Cash and Cash Equivalents”, and considers all highly liquid investments with an original maturity of three months or less to be cash equivalents |
Convertible Instruments | Convertible Instruments The Company evaluates and accounts for conversion options embedded in convertible instruments in accordance with ASC 815 “Derivatives and Hedging Activities”. Applicable GAAP requires companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments according to certain criteria. The criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under other GAAP with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The Company accounts for convertible instruments (when it has been determined that the embedded conversion options should not be bifurcated from their host instruments) as follows: The Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their stated date of redemption. |
Software Application | Software Application Software consists of an internally developed information system for use by the Company to allow individuals to invest in various opportunities as well as present individuals to provide opportunities for potential Investors and accounted for in accordance with ASC 350-40, Intangibles – Goodwill and Other – Internal-Use Software. Costs incurred up to and including the feasibility stage of development as well as maintenance costs are expensed as incurred. As of February 29, 2024, the software is within the application development phase and all costs are currently capitalized. |
Deferred Income Taxes and Valuation Allowance | Deferred Income Taxes and Valuation Allowance 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, 2021. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s evaluation was performed for the tax years ended May 31, 2023, 2022 and 2021 for U.S. Federal Income Tax and for the State of Nevada. The Company has net operating loss carry forwards in the amount of approximately $ 1,499,109 520,570 BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Financial Instruments | Financial Instruments The Company’s balance sheet is limited to organizational startup costs due to its inception in December 2020. ASC 820, “Fair Value Measurements and Disclosures,” defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: 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 February 29, 2024. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. The Company does not have any assets or liabilities measured at fair value on a recurring basis. |
Warrants | Warrants On June 29, 2021, the Company entered into a subscription agreement with a third party who agreed to purchase 1,440,000 45,000 378,000 126,000 .50 126,000 .75 126,000 .90 On July 3, 2021, the Company entered into a subscription agreement with a third party who agreed to purchase 1,600,000 50,000 420,000 140,000 .50 140,000 .75 140,000 .90 During the nine months ended February 29, 2024, the Company entered into several subscription agreements with a third parties who agreed to purchase 1,195,250 410,000 297,600 148,800 .65 148,800 .90 1,118,100 0.72 3.0 zero As of February 29, 2024, none of the warrants that have become due have been exercised. Accordingly, these warrants are expired. The Company warrants are non-transferable. BLUE CHIP CAPITAL GROUP, INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) |
Long-lived Assets | Long-lived Assets Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented. As of February 29, 2024, and May31, 2023, the Company does not have any long-lived assets. |
Property and Equipment | Property and Equipment The Company follows ASC 360, Property, Plant, and Equipment, for its fixed assets. Equipment is stated at cost less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets ( 3 |
Related Parties | Related Parties The Company follows ASC 850, “Related Party Disclosures,” for the identification of related parties and disclosure of related party transactions. The Company received funds from Josie Richard Moran, COO, in order to cover certain business expenses. As of February 29, 2024, and May 31, 2023, the amounts due for related party transactions were $ 18,664 49,898 |
Stock-Based Compensation | Stock-Based Compensation ASC 718 “Compensation – Stock Compensation,” prescribes accounting and reporting standards for all stock-based payments award to employees, including employee stock options, restricted stock, employee stock purchase plans and stock appreciation rights, may be classified as either equity or liabilities. The Company determines if a present obligation to settle the share-based payment transaction in cash or other assets exists. A present obligation to settle in cash or other assets exists if: (a) the option to settle by issuing equity instruments lacks commercial substance or (b) the present obligation is implied because of an entity’s past practices or stated policies. If a present obligation exists, the transaction should be recognized as a liability; otherwise, the transaction should be recognized as equity. 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. For stock-based transaction, as of February 29, 2024, the Company issued shares for services at par value since the stock is has no established market price at this time. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements We have reviewed the issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under |
Reclassification of Prior Year Presentation | Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of prior operations. |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details Narrative) - USD ($) | Jan. 08, 2021 | Dec. 22, 2020 |
Rise Wise Morocco L L C [Member] | ||
Equity method ownership percentage | 100% | |
Medcap LTD [Member] | ||
Equity method ownership percentage | 20% | |
Equity method investment | $ 50,000 |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Feb. 29, 2024 | Nov. 30, 2023 | Feb. 28, 2023 | Feb. 29, 2024 | Feb. 28, 2023 | May 31, 2023 | May 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net loss | $ 58,578 | $ 11,748 | $ 75,858 | $ 281,277 | $ 157,163 | $ 173,636 | $ 105,874 |
Accumulated deficit | $ 1,557,999 | $ 1,557,999 | $ 1,276,410 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Aug. 31, 2021 | Feb. 29, 2024 | May 31, 2023 | Jul. 03, 2021 | Jun. 29, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Operating loss | $ 1,499,109 | ||||
Operating loss carry forward | $ 520,570 | ||||
Estimated useful lives | 3 years | ||||
Due to related parties | $ 18,664 | $ 49,898 | |||
Warrant One [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrant to purchase shares | 148,800 | 140,000 | 126,000 | ||
Warrant purchase price per share | $ 0.65 | $ 0.50 | $ 0.50 | ||
Warrant Two [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrant to purchase shares | 148,800 | 140,000 | 126,000 | ||
Warrant purchase price per share | $ 0.90 | $ 0.75 | $ 0.75 | ||
Warrant Three [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrant to purchase shares | 140,000 | 126,000 | |||
Warrant purchase price per share | $ 0.90 | $ 0.90 | |||
Warrant [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Weighted average warrants outstanding | 1,118,100 | ||||
Weighted average exercise price | $ 0.72 | ||||
Weighted average remaining expiration period | 3 years | ||||
Warrants outstanding instrinsic value | $ 0 | ||||
Purchaser [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrant to purchase shares | 297,600 | 420,000 | 378,000 | ||
Subscription Agreement [Member] | Third Party [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Warrant to purchase shares | 1,195,250 | 1,600,000 | 1,440,000 | ||
Warrants to purchase of shares value | $ 410,000 | $ 50,000 | $ 45,000 |
WHOLLY OWNED SUBSIDIARY (Detail
WHOLLY OWNED SUBSIDIARY (Details Narrative) | Jan. 08, 2021 |
Rise Wise Morocco L L C [Member] | |
Ownership percentage | 100% |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jul. 17, 2023 | Dec. 17, 2020 | Feb. 29, 2024 | Aug. 31, 2023 | Feb. 29, 2024 | May 31, 2023 | May 31, 2022 | Nov. 30, 2021 | |
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | 400,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 77,536,350 | 77,536,350 | 153,506,350 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized | 400,000,000 | |||||||
Common stock, par value | $ 0.0001 | |||||||
Number of shares issued | 150,000,000 | 1,100 | 729,000 | 466,250 | 3,040,000 | |||
Number of shares cancelled | 78,125,000 | (78,125,000) | ||||||
Common Stock [Member] | Third Parties [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares issued | 4,235,250 | |||||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock, shares authorized | 10,000,000 | 1,000,000 | ||||||
Common stock, par value | $ 0.0001 | |||||||
Common stock, shares issued | 999,999 | 999,999 | ||||||
Undesignated preferred stock, shares authorized | 9,000,000 | |||||||
Preferred stock voting rights | The holder of the Series A Preferred Stock shall have full voting rights and powers on all matters subject to a vote by the holders of the Corporation’s Common Stock and Series A Preferred Stock shall vote together as a single class with the holders of the Corporation’s Common Stock and the holders of any other class or series of shares entitled to vote with the Common Stock (collectively, the “Voting Capital Stock”), with the holders of Series A Preferred Stock being entitled to sixty-eight percent (68%) of the total votes on all such matters regardless of the actual number of shares of Series A Preferred Stock then outstanding, and the holders of Voting Capital Stock and any other shares entitled to vote being entitled to their proportional share of the remaining 32% of the total votes based on their respective voting power |