Petro USA (PBAJ) 10-Q 14 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Dec. 31, 2019	Jul. 13, 2020
Document And Entity Information
Entity Registrant Name	All State Properties Holdings, Inc.
Entity Central Index Key	0000745543
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Is Entity a Shell Company?	false
Is Entity's Reporting Status Current?	No
Entity Interactive Data	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		2,964,181,540
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity Emerging Growth Company	false
Entity Small Business	true

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Current Assets:
Cash and cash equivalents
Total current assets
Total assets	0	0
Current Liabilities:
Accounts payable and accrued liabilities	2,500	6,000
Due to related parties	67,416	53,842
Total current liabilities	69,916	59,842
Total liabilities	69,916	59,842
Stockholders' Deficit
Preferred Stock, $0.0001 par value,10,000,000 shares authorized, none issued and outstanding
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, 2,964,181,540 shares issued and outstanding	296,418	296,418
Additional paid-in capital	121,373,231	121,373,231
Accumulated deficit	(121,739,565)	(121,729,491)
Total stockholders' deficit	(69,916)	(59,842)
Total liabilities and stockholders' deficit	$ 0	$ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2019	Jun. 30, 2019
Statement of Financial Position [Abstract]
Preferred stock - par value	$ 0.0001	$ 0.0001
Preferred stock - shares authorized	10,000,000	10,000,000
Preferred stock - shares issued
Preferred stock - shares outstanding
Common stock- par value	$ 0.0001	$ 0.0001
Common stock- shares authorized	7,000,000,000	7,000,000,000
Common stock- shares issued	2,964,181,540	2,964,181,540
Common stock- shares outstanding	2,964,181,540	2,964,181,540

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Revenues
Operating expenses
Other general and administrative expenses	4,074		10,074	27,292
Total operating expenses	4,074		10,074	27,292
Loss from operations	(4,074)		(10,074)	(27,292)
Other income (expense)
Loss on settlement of debt
Interest expense
Total other income (expense)
Net loss	$ (4,074)		$ (10,074)	$ (27,292)
Basic and fully diluted loss per common share
Basic and fully diluted weighted average common shares outstanding	2,964,181,540	2,964,181,540	2,964,181,540	2,964,181,540

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities:
Net loss	$ (10,074)	$ (27,292)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of common stock as share based compensation
Loss on extinquishment of debt
Changes in assets and liabilities
Increase (decrease) in accounts payable	(3,500)	27,292
Increase (decrease) in due to related parties	13,574
Net cash provided by (used in) operating activities
Cash Flows from Investing Activities
Net cash provided by (used in) investing activities
Cash Flows from Financing Activities
Net cash provided by (used in) financing activities
Net increase (decrease) in cash
Cash and cash equivalents, beginning period
Cash and cash equivalents, end of period
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for taxes
Non-cash transactions:
Conversion of related party debt

Statement of Changes in Stockho

Statement of Changes in Stockholders Deficit - USD ($)	Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning Balance, Shares at Jun. 30, 2018		2,964,181,540
Beginning Balance, Amount at Jun. 30, 2018		$ 296,418	$ 121,373,231	$ (121,696,199)	$ (26,550)
Net loss				(27,292)	(27,292)
Ending Balance, Shares at Sep. 30, 2018		2,964,181,540
Ending Balance, Amount at Sep. 30, 2018		$ 296,418	121,373,231	(121,723,491)	(53,842)
Beginning Balance, Shares at Jun. 30, 2018		2,964,181,540
Beginning Balance, Amount at Jun. 30, 2018		$ 296,418	121,373,231	(121,696,199)	(26,550)
Net loss					(27,292)
Ending Balance, Shares at Dec. 31, 2018		2,964,181,540
Ending Balance, Amount at Dec. 31, 2018		$ 296,418	121,373,231	(121,723,491)	(53,842)
Beginning Balance, Shares at Sep. 30, 2018		2,964,181,540
Beginning Balance, Amount at Sep. 30, 2018		$ 296,418	121,373,231	(121,723,491)	(53,842)
Net loss
Ending Balance, Shares at Dec. 31, 2018		2,964,181,540
Ending Balance, Amount at Dec. 31, 2018		$ 296,418	121,373,231	(121,723,491)	(53,842)
Beginning Balance, Shares at Jun. 30, 2019		2,964,181,540
Beginning Balance, Amount at Jun. 30, 2019		$ 296,418	121,373,231	(121,729,491)	(59,842)
Net loss				(6,000)	(6,000)
Ending Balance, Shares at Sep. 30, 2019		2,964,181,540
Ending Balance, Amount at Sep. 30, 2019		$ 296,418	121,373,231	(121,735,491)	(65,842)
Beginning Balance, Shares at Jun. 30, 2019		2,964,181,540
Beginning Balance, Amount at Jun. 30, 2019		$ 296,418	121,373,231	(121,729,491)	(59,842)
Net loss					(10,074)
Ending Balance, Shares at Dec. 31, 2019		2,964,181,540
Ending Balance, Amount at Dec. 31, 2019		$ 296,418	121,373,231	(121,739,565)	(69,916)
Beginning Balance, Shares at Sep. 30, 2019		2,964,181,540
Beginning Balance, Amount at Sep. 30, 2019		$ 296,418	121,373,231	(121,735,491)	(65,842)
Net loss				(4,074)	(4,074)
Ending Balance, Shares at Dec. 31, 2019		2,964,181,540
Ending Balance, Amount at Dec. 31, 2019		$ 296,418	$ 121,373,231	$ (121,739,565)	$ (69,916)

Organization, Description of Bu

Organization, Description of Business and Basis of Accounting	6 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Organization, Description of Business and Basis of Accounting	1. Organization, Description of Business, and Basis of Accounting Business Organization All State Properties Holdings, Inc., a corporation (the "Company") was organized under the state of Nevada on April 24, 2008 to conduct business formerly carried on by its predecessor partnership, All State Properties L.P. (the "Partnership"). The Partnership merged with the Company on May 29, 2008. The Company acquired all of the assets and assumed all of the liabilities and obligations of the Partnership. At May 29, 2008 each unit, par value $0.001 per share of the Partnership was converted into one issued and outstanding share of par value $0.0001 common stock of the Corporation. The Company's fiscal year end is June 30th. Accounting Basis These financial statements have been prepared on the accrual basis of accounting following generally accepted accounting principles of the United States of America (“U.S. GAAP”) consistently applied. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2018 and notes thereto contained in our 10-K Annual Report 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 and disclosure of contingent. Actual results could differ from those estimates. Income Taxes The Company uses the asset and liability method of accounting for income taxes. At December 31, 2019 and June 30, 2019, respectively, the deferred tax asset and deferred tax liability accounts as recorded when material to the financial statements, are entirely the result of temporary and permanent differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. As of December 31, 2019, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company. Dividends Fair Value of Financial Instruments The carrying value of cash, accounts payable and amounts due to related party approximates its fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company accounts for financial instruments in accordance with the Financial Accounting Standard Board's Accounting Standards Codification Topic 820 – Fair Value Measurements and Disclosures ("ASC 820"), which establishes a framework for measuring fair value and expands disclosure of fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this policy established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents assets that are measured and recognized at fair value on a non-recurring basis: Level 1: None Level 2: None Level 3: None Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of December 31, 2019, and June 30, 2019, the Company has no issued and outstanding warrants or options.

Going Concern

Going Concern	6 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	2. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses and is dependent on obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain the necessary funding it could cease operations as a new enterprise. This raises substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments that might result from this uncertainty.

Capital Stock

Capital Stock	6 Months Ended
	Dec. 31, 2019
Stockholders' Equity Note [Abstract]
Capital Stock	3. Capital Stock The Company has 10,000,000 shares of Preferred Stock authorized at a par value of $0.0001 and none has been issued at December 31, 2019 and June 30, 2019. At December 31, 2019 and June 30, 2019, the company had 2,964,181,540 common shares issued and outstanding. The Company has no other classes of shares authorized for issuance. At December 31, 2019, and June 30, 2019, there were no outstanding stock options or warrants.

Income Taxes

Income Taxes	6 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	4. Income Taxes The Company provides for income taxes asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. This method requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% and 39%, respectively, to the net loss before provision for income taxes for the following reasons: December 31, 2019 2018 Income tax expense at statutory rate $ 315 $ 2,116 Valuation Allowance (315 ) (2,116 ) Income tax expense per books $ — $ — Net deferred tax assets consist of the following components as of December 31, 2019 and June 30, 2019: December 31, June 30, 2019 2019 Net Operating Loss Carryover $ 178,988 $ 177,488 Valuation Allowance (178,988 ) (177,488 ) Net Deferred Tax Asset $ — $ —

Related Party

Related Party	6 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Party	5. Related Party Transactions The Amounts due to related parties are advances from a company controlled by the Company's Chief Executive Officer in order to pay operating expenses of the Company. These advances are non-interest bearing and payable upon demand.

Common Stock Purchase Agreement

Common Stock Purchase Agreement and Settlement Agreement	6 Months Ended
	Dec. 31, 2019
Investments, Debt and Equity Securities [Abstract]
Common Stock Purchase Agreement and Settlement Agreement	6. Common Stock Purchase Agreement and Settlement Agreement On December 8, 2017, the Company entered into a Common Stock Purchase Agreement (the "Purchase Agreement") with Maurice Parham. On July 2, 2018, the Company entered into a Settlement Agreement (the Settlement Agreement"), whereby the parties terminated their Purchase Agreement dated December 8, 2017 with Maurice Parham in accordance with the termination provisions in said Purchase Agreement, and return the parties to their pre-Purchase Agreement status. Thereby Maurice Pelham resigned from the Company and Joseph Passalaqua was reinstated to the Board of Directors of the Company. Maurice Parham will not transfer to the Company the rights to the Universal Nation business plan.

Subsequent Events

Subsequent Events	6 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events On April 27, 2020, the District Court in Clark County Nevada issued a Default Judgement against defendants Wayne Mower, Robert Kroff and Joseph Moretti stating that their actions including authorizing a 7,500 for 1 reverse stock split of the Registrant were neither authorized nor permitted. The Court stated that the Defendants were not authorized to engage in a reverse stock split. Neither did these Defendants had any ownership or management interest in the company. The Court stated that these Defendants acted with clear disregard of the rights of the shareholders and management. That these Defendants conspired to deprive the shareholders, of their interest in the company. The Court Concluded that the acts of these Defendants were those of fraudulent rogue actors without any authority. On May 28, 2020, the majority of the shareholders and board of directors of the Registrant approved a name change for the Registrant to Petro U.S.A., Inc. to reflect a change in the business to become truck stops diesel fuel gasoline fast food restaurants repair service for trucks The majority of the shareholders and board of directors of the Registrant

Organization, Description of _2

Organization, Description of Business and Basis of Accounting (Policies)	6 Months Ended
	Dec. 31, 2019
Organization Description Of Business And Basis Of Accounting
Business Organization	Business Organization All State Properties Holdings, Inc., a corporation (the "Company") was organized under the state of Nevada on April 24, 2008 to conduct business formerly carried on by its predecessor partnership, All State Properties L.P. (the "Partnership"). The Partnership merged with the Company on May 29, 2008. The Company acquired all of the assets and assumed all of the liabilities and obligations of the Partnership. At May 29, 2008 each unit, par value $0.001 per share of the Partnership was converted into one issued and outstanding share of par value $0.0001 common stock of the Corporation. The Company's fiscal year end is June 30th.
Accounting Basis	Accounting Basis These financial statements have been prepared on the accrual basis of accounting following generally accepted accounting principles of the United States of America (“U.S. GAAP”) consistently applied. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2018 and notes thereto contained in our 10-K Annual Report
Use of Estimates	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 and disclosure of contingent. Actual results could differ from those estimates.
Income Taxes	Income Taxes The Company uses the asset and liability method of accounting for income taxes. At December 31, 2019 and June 30, 2019, respectively, the deferred tax asset and deferred tax liability accounts as recorded when material to the financial statements, are entirely the result of temporary and permanent differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. As of December 31, 2019, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company.
Dividends	Dividends
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying value of cash, accounts payable and amounts due to related party approximates its fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company accounts for financial instruments in accordance with the Financial Accounting Standard Board's Accounting Standards Codification Topic 820 – Fair Value Measurements and Disclosures ("ASC 820"), which establishes a framework for measuring fair value and expands disclosure of fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this policy established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents assets that are measured and recognized at fair value on a non-recurring basis: Level 1: None Level 2: None Level 3: None
Earnings (Loss) per Share	Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of December 31, 2019, and June 30, 2019, the Company has no issued and outstanding warrants or options.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for Income Taxes	December 31, 2019 2018 Income tax expense at statutory rate $ 315 $ 2,116 Valuation Allowance (315 ) (2,116 ) Income tax expense per books $ — $ —
Deferred tax assets	December 31, June 30, 2019 2019 Net Operating Loss Carryover $ 178,988 $ 177,488 Valuation Allowance (178,988 ) (177,488 ) Net Deferred Tax Asset $ — $ —

Capital Stock (Details)

Capital Stock (Details) - $ / shares	Dec. 31, 2019	Jun. 30, 2019
Stockholders' Deficit
Preferred stock - par value	$ 0.0001	$ 0.0001
Preferred stock - shares authorized	10,000,000	10,000,000
Common stock- par value	$ 0.0001	$ 0.0001
Common stock- shares issued	2,964,181,540	2,964,181,540
Common stock- shares outstanding	2,964,181,540	2,964,181,540

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)	6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense at statutory rate	$ 315	$ 2,116
Valuation Allowance	(315)	(2,116)
Income tax expense per books

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($)	Dec. 31, 2019	Jun. 30, 2019
Income Taxes - Deferred Tax Assets
Net Operating Loss Carryover	$ 178,988	$ 177,488
Valuation Allowance	(178,988)	(177,488)
Net Deferred Tax Asset

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	39.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - shares	4 Months Ended	5 Months Ended
	Apr. 27, 2020	May 28, 2020
Subsequent Events [Abstract]
Litigation claim	7,500 to 1 reverse stock split, not authorized
Reverse stock split		100,000 to 1
Common stock shares, issued and outstanding		2,964,181,540