| SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policies) | 9 Months Ended |
| Mar. 31, 2017 |
| Summary Of Significant Accounting Practices | |
| Going Concern | Our
condensed consolidated financial statements have been presented on the basis that we are a going concern, which contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. We have sustained significant operating
losses which raises substantial doubt about the Company’s ability to continue as a going concern. During the nine months
ended March 31, 2017, the Company incurred a loss from operations of $317,832 and has an accumulated deficit of $1,554,410. Management
will continue its ongoing efforts to increase the customer base and seek lower cost suppliers to generate future profits. The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include
adjustments that might result from the outcome of this uncertainty. The basis of accounting contemplates the recovery of the Company’s
assets and the satisfaction of liabilities in the normal course of business. |
| Basis of Presentation | The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting
principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly,
they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial
statements. In the opinion of management, all adjustments (consisting of normal recurring accruals unless otherwise indicated)
considered necessary for a fair presentation have been included. Operating results for the three month period ended March 31,
2017 are not necessarily indicative of the results that may be expected for the year ended June 30, 2017. The condensed balance
sheet at June 30, 2016 has been derived from the audited financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete financial statements. For
further information, refer to the consolidated financial statements and footnotes thereto included in Metwood, Inc.'s annual report
on Form 10-K for the year ended June 30, 2016. |
| Fair Value of Financial Instruments | For certain
of the Company's financial instruments, none of which are held for trading, including cash, accounts receivable, accounts payable
and accrued expenses, the carrying amounts approximate fair value due to their short maturities. |
| Management's Use of Estimates | 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, disclosures
of contingent assets and liabilities at the date of 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 | For
purposes of the Consolidated Statements of cash Flows, we consider liquid investments with an original maturity of six months
or less to be cash equivalents. We maintain our cash in bank deposit accounts, which, at times, may exceed the federally insured
limit of $250,000. We have not experienced any losses in such accounts and believe we are not exposed to any significant credit
risk on cash and cash equivalents. |
| Accounts Receivable | We grant
credit in the form of unsecured accounts receivable to our customers based on an evaluation of their financial condition. We perform
ongoing credit evaluations of our customers. The estimate of the allowance for doubtful accounts, which is charged off to bad
debt expense, is based on management’s assessment of current economic conditions and historical collection experience with
each customer. At March 31, 2017, the allowance for doubtful accounts was $ 8,362. Specific customer receivables are considered
past due when they are outstanding beyond their contractual terms and are charged off to bad debt expense when they are determined
to be uncollectible. For the six months ended March 31, 2017 and 2016, the net amount of bad debts charged off was $-0- for each
period. |
| Inventory | Inventory,
consisting of metal and wood raw materials, is located on our premises and is stated at the lower of cost or market using the
first-in, first-out method. The inventory at March 31, 2017 consisted of raw materials of $375,841 and work in process of $112,541. |
| Property and Equipment | Property
and equipment are recorded at cost and include expenditures for improvements when they substantially increase the productive lives
of existing assets. Maintenance and repair costs are expensed to operations as incurred. Depreciation is computed using the straight-line
method over the assets' estimated useful lives, which range from three to forty years. When a fixed asset is disposed of, its
cost and related accumulated depreciation are removed from the accounts. The difference between undepreciated cost and the proceeds
is recorded as a gain or loss. |
| Impairment of Long-lived Assets | We
evaluate our long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that
the carrying amount of an asset may not be recoverable. Recoverability is measured by comparing the carrying amounts to the future
net undiscounted cash flows which the assets are expected to generate. Should an impairment exist, the impairment would be measured
by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from the asset.
There have been no such impairments of long-lived assets through March 31, 2016. |
| Patents | We have
been assigned several key product patents developed by certain company officers. No value has been recorded in our financial statements
because the fair value of the patents was not determinable within reasonable limits at the date of assignment. |
| Revenue Recognition | Revenue
is recognized when goods are shipped and earned or when services are performed, provided collection of the resulting receivable
is probable. If any material contingencies are present, revenue recognition is delayed until all material contingencies are eliminated.
Further, no revenue is recognized unless collection of the applicable consideration is probable. |
| Income Taxes | Income taxes
are accounted for in accordance with FASB ASC 740, “Income Taxes”. A deferred tax asset or liability is recorded for
all temporary differences between financial and tax reporting and for net operating loss carryforwards where applicable. Deferred
tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion
or the entire deferred tax asset will not be realized. Deferred tax assets and liabilities are adjusted for the effect of changes
in tax laws and rates on the date of enactment. |
| Research and Development | We
perform research and development on our metal/wood products, new product lines, and new patents. Costs, if any, are expensed as
they are incurred. Research and development costs for the three months ended March 31,2017 and 2016 were $-0- and $-0-, respectively. |
| Earnings Per Common Share | Basic
earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings
per share would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants
and convertible securities, unless the effect is to reduce a loss or increase earnings per share. This presentation has been adopted
for the quarters presented. There were no adjustments required to net income for the years presented in the computation of diluted
earnings per share. If
the convertible note is converted in its entirety, it will result in the issuance of 50,000,000 shares of common stock. The maximum
conversion per year is 10,000,000 shares of common stock. If the contract to change control of the corporation is close, there
will be 30,000,000 shares of common stock issued. |
| Recent Accounting Pronouncements | In
February, 2016 the FASB issued ASU 20 16-0 2, “Leases (Topic 842)” requiring lessees to recognize lease assets and
lease liabilities for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal
years beginning after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective
approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements.
The adoption of this standard is not expected have a material impact on the Company’s consolidated financial statements. In February,
2016 the FASB issued ASU 20 16-0 2, “Leases (Topic 842)” requiring lessees to recognize lease assets and lease liabilities
for most leases classified as operating leases under previous U.S. GAAP. The guidance is effective for fiscal years beginning
after December 15, 2018, with early adoption permitted. The Company will be required to use a modified retrospective approach
for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements.
The adoption of this standard is not expected have a material impact on the Company’s consolidated financial statements . |
