| SIGNIFICANT AND CRITICAL ACCOUNTING POLICIES AND PRACTICES | NOTE 2 – SIGNIFICANT AND CRITICAL ACCOUNTING
POLICIES AND PRACTICES Revenue
Recognition Under Topic
606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects
the consideration we expect to be entitled to in exchange for those goods or services. We determine
revenue recognition through the following steps:
· identification of the contract, or contracts, with a customer;
· identification of the performance obligations in the contract;
· determination of the transaction price;
· allocation of the transaction price to the performance obligations in the contract; and
· recognition of revenue when, or as, we satisfy a performance obligation. Company
recognizes revenues based on monthly fees for services provided to customers as well as additional hourly work performed per customer’s
request in addition to the Monthly Recurring Charges. Customers typically pay on Net 30 Days terms. All customers pay Monthly Recurring
charges based on the resources utilized such as the number of Licenses for Microsoft Windows users, and server utilization. In addition,
if a customer requests additional services such as adding/deleting users, updating their personal computers, synchronizing data between
their cell phone and servers, issues solving issues with other applications they use internally or additional such services, the Company
will provide these services at a rate of $145 per hour. Accounts
Receivable Accounts receivable consist primarily
of trade receivables. The Company provides an allowance for doubtful trade receivables equal to the estimated uncollectible amounts.
That estimate is based on historical collection experience, current economic and market conditions and a review of the current
status of each customer’s trade accounts receivable. The Company does not performs a credit check on new customers but
typically will start a new client on pay upfront for the initial on-boarding and first month and gradually move them to Net 15 days
after 3 -6 months and then Net 30 days. The allowance for doubtful trade receivables was $ 0 Basis of Presentation The accompanying financial statements of the Company
have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)
and the rules of the Securities and Exchange Commission (“SEC”). Use of Estimates The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash equivalents The Company considers all highly liquid investments
with a maturity of three months or less when purchased to be cash equivalents. There were no Stock-based Compensation The Company records stock-based compensation in
accordance with FASB ASC Topic 718, “ Compensation – Stock Compensation Equity Based Payments to Non-Employees Fair value of financial instruments The Company follows paragraph 825-10-50-10 of
the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of
the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments.
Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States
of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair
value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to
valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority
to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The
three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 - Quoted market prices available in active
markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 - Inputs include quoted prices for similar
assets and 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, yield curves, etc.), and inputs
that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 - Unobservable inputs that reflect our
assumptions about the assumptions that market participants would use in pricing the asset or liability. The Company’s financial instruments are
consisted principally of accrued expenses, short term debt, and long term debt. The carrying amounts of such financial instruments in
the accompanying balance sheets approximate their fair values due to their relatively short-term nature. Income Tax Provision The Company follow ASC 740-10-30, which requires
recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial
statements or tax returns. Under this method, deferred tax assets and liabilities are based on the differences between the financial statement
and tax bases of assets and liabilities using enacted tax rates in effect for the fiscal year in which the differences are expected to
reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the
assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income
in the fiscal 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 the Statements of Income in the period that includes the enactment date. Prior to July 27, 2021, Landmark was a LLC and
taxed as a pass through entity. Palisades is a C corp and taxed as such and that from inception forward for Palisades and from acquisition
of Landmark forward all amounts are taxed as a C corp.
Schedule of tax expense/(benefit)
June 30,
2024 2023
Tax expense/(benefit) computed at statutory rate for continuing operations $ (65,708 ) $ (67,691 )
Valuation allowance 65,708 67,691
Tax expense/(benefit) for continuing operations $ – $ – The Company has current
net operating loss carryforward of $ 417,476 Deferred taxes are determined based on the temporary
differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates, which
will be in effect when these differences reverse. The components of deferred income tax assets are as follows:
Schedule of components of deferred income tax assets
June 30,
2024 2023
Deferred tax assets:
Net operating loss $ (312,897 ) $ (322,236 )
Valuation allowance 312,897 322,236
Net deferred asset $ – $ – At June 30, 2024, the Company provided
a 100% valuation allowance for the deferred tax asset because it could not be determined whether it was more likely than not that the
deferred tax asset/(liability) would be realized. On December 22, 2017, the Tax Cuts and Jobs Act
(TCJA) was signed into law by the President of the United States. TCJA is a tax reform act that among other things, reduced corporate
tax rates to 21 percent effective January 1, 2018. FASB ASC 740, Income Taxes, requires deferred tax assets and liabilities to be adjusted
for the effect of a change in tax laws or rates in the year of enactment, which is the year in which the, change was signed into law. The Company adopted ASC 740-10-25 (“ASC
740-10-25”) with regard to uncertainty income taxes. ASC 740-10-25 addresses the determination of whether tax benefits claimed
or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10-25, we may recognize
the tax benefit from an uncertain tax position only 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 should be measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate
settlement. ASC 740-10-25 also provides guidance on derecognition, classification, interest and penalties on income taxes, and accounting
in interim periods and requires increased disclosures. We had no material adjustments to our liabilities for unrecognized income
tax benefits according to the provisions of ASC 740-10-25. Net income (loss) per common share Net loss per common share is computed pursuant
to section 260-10-45 of the FASB Accounting Standards Codification. Basic net loss per common share is computed by dividing net loss by
the weighted average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed by
dividing net loss by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock
during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements,
stock options and warrants. There were no Recently Issued Accounting Pronouncements The Company has implemented
all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements
unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued
that might have a material impact on its financial position or results of operations. |
