Neolara (NELR) 10-K 30 Aug 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2023	Aug. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity File Number	333-267330
Entity Registrant Name	NEOLARA CORP.
Entity Central Index Key	0001941360
Entity Tax Identification Number	98-1674969
Entity Incorporation, State or Country Code	WY
Entity Address, Address Line One	Contiguo a la Guardia de Asistencia Rural,
Entity Address, Address Line Two	San Vito, Coto Brus,
Entity Address, City or Town	Puntarenas
Entity Address, Country	CR
Entity Address, Postal Zip Code	60801
City Area Code	307
Local Phone Number	269 0177
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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	true
Entity Shell Company	false
Entity Public Float	$ 0
Entity Common Stock, Shares Outstanding		2,567,000
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Auditor Firm ID	6778
Auditor Name	Gries & Associates, LLC
Auditor Location	Denver, CO

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
ASSETS
Cash and Cash Equivalents	$ 12,200	$ 0
Intangible Assets, net	52,250	55,000
TOTAL ASSETS	64,450	55,000
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Deferred Income	12,800	0
Notes Payable	0	55,000
Related Party Advances	75,618	0
Total Liabilities	88,418	55,000
STOCKHOLDERS’ DEFICIT:
Common stock: $0.0001 par value, 75,000,000 shares authorized, 2,050,000 and 2,000,000 shares issued and outstanding	205	200
Additional Paid-in Capital	1,495	0
Accumulated Deficit	(25,668)	(200)
Total Stockholders’ deficit	(23,968)	0
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$ 64,450	$ 55,000

Balance Sheets (Unaudited) (Par

Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Common Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	2,050,000	2,000,000
Common Stock, Shares, Outstanding	2,050,000	2,000,000

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
REVENUE:
Sales	$ 7,800	$ 0
Total Revenues	7,800	0
Cost of Goods Sold	9,680	0
Gross (Loss) Profit	(1,880)	0
EXPENSES:
Depreciation Expenses	2,750	0
General and Administrative Expenses	4,030	200
Professional Expenses	16,808	0
Total Expenses	23,588	200
Loss Before Income Taxes	(25,468)	(200)
Provision for Income Taxes	0	0
NET LOSS	$ (25,468)	$ (200)
Net loss per common share - basic	$ 0	$ 0
Weighted average number of common shares outstanding - basic	2,003,085	2,000,000

Statements of Stockholders Defi

Statements of Stockholders Deficit (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Jun. 30, 2021	$ 0	$ 0	$ 0	$ 0
Shares, Outstanding, Beginning Balance at Jun. 30, 2021	0
Issuance of common stock	$ 200			200
Stock Issued During Period, Shares, New Issues	2,000,000
Net loss			(200)	(200)
Ending balance, value at Jun. 30, 2022	$ 200	0	(200)	0
Shares, Outstanding, Ending Balance at Jun. 30, 2022	2,000,000
Issuance of common stock	$ 5	1,495		$ 1,500
Stock Issued During Period, Shares, New Issues	50,000			50,000
Net loss			(25,468)	$ (25,468)
Ending balance, value at Jun. 30, 2023	$ 205	$ 1,475	$ (25,668)	$ (23,968)
Shares, Outstanding, Ending Balance at Jun. 30, 2023	2,050,000

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net Loss	$ (25,468)	$ (200)
Depreciation Expenses	2,750	0
Deferred Income	12,800	0
Net cash used in operating activities	(9,918)	(200)
Cash flows from Investing Activities:
Business Acquisition	0	(55,000)
Net cash provided by investing activities	0	(55,000)
Cash flows from Financing Activities:
Notes Payable	(55,000)	55,000
Proceeds from Issuance of Common Stock	1,500	200
Related Party Advances	75,618	0
Net cash provided by financing activities	22,118	55,200
OVERVIEW
Starting Balance	0	0
Net Cash Change	12,200	0
Ending Balance	$ 12,200	$ 0

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS Neolara Corp. (the “Company”) was incorporated in June 2022 under the laws of the State of Wyoming. We are providing the useful and effective type of construction service. Neolara Corp. is construction and architectural company that provide services including General Contractor, Design & Consultant, Design & Build, Construction Project Management and Turnkey Construction of various types of buildings (private houses, high-rise buildings, shopping centers, non-residential premises etc.). Our company mainly engages in supplying coconut fiber concrete, and engineering services. We are offering our construction services to the clients in Costa Rica and in future we are going to spread our services to other countries.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the period from inception (June 9, 2022) to June 30, 2023. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product. 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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” no Intangible Assets The Company follows the provisions of ASC 350, “Intangibles-Goodwill and Other”. Intangible assets with indefinite lives are tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing indefinite-lived intangible asset impairment tests. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	NOTE 3 – GOING CONCERN The accompanying financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern. As a development-stage company, the Company had limited revenues and incurred losses as of June 30, 2023. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenue sufficient to cover operating costs over an extended period of time. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
STOCKHOLDERS’ DEFICIT	NOTE 4 – STOCKHOLDERS’ DEFICIT The Company has 75,000,000 0.0001 On June 10, 2022, the Company issued 2,000,000 200 During the year ended June 30, 2023, the Company issued 50,000 1,500 There were 2,050,000 2,000,000

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	NOTE 5 – INTANGIBLE ASSETS The Company's intangible assets consist of cost of business acquisition, including business assets, patent, trade names and leasehold rights. We bought a company Futureproof Eco Solutions LLC because of its unique registration of the patent. This patent is about: the invention relates to the production of lightweight concrete based on Portland cement and wood filler and can be used for the manufacture of building material intended for industrial, agricultural and civil construction. The purchase price of $55,000 was determined based on future potential rewards expected from the patent. The patent will be amortized on a straight-line basis over the estimated economic useful lives. The Company had the following intangible assets as of June 30, 2023: Schedule of intangible assets For the period to June 30, 2023 Balance as of June 9, 2022 (date of inception) $ – Business acquisition 55,000 Amortization expense 2,750 Balance as of June 30, 2023 $ 52,250

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 6 – RELATED PARTY TRANSACTIONS During the period from inception (June 9, 2022) to June 30, 2023, the Company’s president has loaned to the Company $ 75,618

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 7 – INCOME TAXES The components of the Company’s provision for Federal income tax for the year ended June 30, 2023 and period from inception (June 9, 2022) to June 30, 2022 consists of the following: Schedule of income tax expense Year ended June 30, 2023 For the period Federal income tax benefit attributable to: Current Operations $ 25,668 $ 200 Less: valuation allowance (25,668 ) (200 ) Net provision for Federal income taxes $ – $ – The cumulative tax effect at the expected rate of 21% of significant items comprising our net deferred tax amount is as follows: Schedule of deferred tax assets Year ended June 30, 2023 For the period Deferred tax asset attributable to: Net operating loss carryover $ 5,390 $ 42 Less: valuation allowance (5,390 ) (42 ) Net deferred tax asset $ – $ – Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $ 5,390 42

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to June 30, 2023, through the date when financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements other than those described below. In July and August 2023, the Company issued 567,000 shares of common stock for cash proceeds of $17,010 at $0.03 per share.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the period from inception (June 9, 2022) to June 30, 2023.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Update (“ASU”) No. 2014-09, "Revenue from Contracts with Customer" Step 1: Identify the contract with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation The Company recognizes revenue when title, ownership, and risk of loss pass to the customer, all of which occurs upon shipment or delivery of the product.
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 amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings (Loss) Per Share	Earnings (Loss) Per Share The Company reports earnings (loss) per share in accordance with ASC 260, “Earnings per Share” no
Intangible Assets	Intangible Assets The Company follows the provisions of ASC 350, “Intangibles-Goodwill and Other”. Intangible assets with indefinite lives are tested for impairment at least annually and when events or changes in circumstances indicate that, more-likely-than-not, the asset is impaired. Significant judgment is required in estimating fair values and performing indefinite-lived intangible asset impairment tests.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe any of these pronouncements will have a material impact on the Company.

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Schedule of intangible assets For the period to June 30, 2023 Balance as of June 9, 2022 (date of inception) $ – Business acquisition 55,000 Amortization expense 2,750 Balance as of June 30, 2023 $ 52,250

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of income tax expense	Schedule of income tax expense Year ended June 30, 2023 For the period Federal income tax benefit attributable to: Current Operations $ 25,668 $ 200 Less: valuation allowance (25,668 ) (200 ) Net provision for Federal income taxes $ – $ –
Schedule of deferred tax assets	Schedule of deferred tax assets Year ended June 30, 2023 For the period Deferred tax asset attributable to: Net operating loss carryover $ 5,390 $ 42 Less: valuation allowance (5,390 ) (42 ) Net deferred tax asset $ – $ –

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Jun. 30, 2023 shares
Accounting Policies [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	0

STOCKHOLDERS_ DEFICIT (Details

STOCKHOLDERS’ DEFICIT (Details Narrative) - USD ($)		12 Months Ended
	Jun. 10, 2022	Jun. 30, 2023	Jun. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Common Stock, Shares Authorized		75,000,000	75,000,000
Common Stock, Par or Stated Value Per Share		$ 0.0001	$ 0.0001
Stock Issued During Period, Shares, New Issues		50,000
Proceeds from Issuance of Common Stock		$ 1,500	$ 200
Common Stock, Shares, Issued		2,050,000	2,000,000
Common Stock, Shares, Outstanding		2,050,000	2,000,000
Director [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Stock Issued During Period, Shares, New Issues	2,000,000
Proceeds from Issuance of Common Stock	$ 200

INTANGIBLE ASSETS - Intangible

INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 08, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Assets, Gross		$ 0
Finite-Lived Intangible Assets Acquired	$ 55,000
Amortization of Intangible Assets	2,750
Finite-Lived Intangible Assets, Net	$ 52,250

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	12 Months Ended		13 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023
Related Party Transaction [Line Items]
Proceeds from Related Party Debt	$ 75,618	$ 0
President [Member]
Related Party Transaction [Line Items]
Proceeds from Related Party Debt			$ 75,618

INCOME TAXES - Income Taxes (De

INCOME TAXES - Income Taxes (Details - Reconciliation of income tax) - USD ($)	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Federal income tax benefit attributable to:
Current Operations	$ 200	$ 25,668
Less: valuation allowance	(200)	(25,668)
Net provision for Federal income taxes	$ 0	$ 0	$ 0

INCOME TAXES - Income Taxes (_2

INCOME TAXES - Income Taxes (Details - Deferred taxes) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Deferred tax asset attributable to:
Net operating loss carryover	$ 5,390	$ 42
Less: valuation allowance	(5,390)	(42)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 5,390	$ 42