| SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 - SIGNIFICANT ACCOUNTING POLICIES Significant
Accounting Policies There
have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s
June 30, 2022 financial statements included in its 2021 Annual Report on Form 10-K. Fiscal
Year-End The
Company elected June 30 as its fiscal year-end date. Use
of Estimates and Assumptions and Critical Accounting Estimates and Assumptions 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 dates of the financial statements and the
reported amounts of revenues and expenses during the reporting periods. These
significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these
estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management
bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial
statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities that are not readily apparent from other sources. Management
regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes
in facts and circumstances, historical experience, and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates
are adjusted accordingly. Actual
results could differ from those estimates. Cash
and cash equivalents Cash
and cash equivalents include cash and interest-bearing highly liquid investments held at financial institutions, cash on hand that is
not restricted as to withdrawal or use with an initial maturity of three months or less, and cash held in accounts at crypto trading
venues. At September 30, 2022, $ 5,439 71 250,000 Intangible
Assets Digital
assets held by the Company are accounted for as intangible assets with indefinite useful lives, and are initially measured at cost. The
Company assigns costs to transactions on a first-in, first-out basis (FIFO). An
intangible asset with an indefinite useful life is not amortized but assessed for impairment annually, or more frequently, when events
or changes in circumstances occur indicating that it is more likely than not that the indefinite-lived asset is impaired. Impairment
exists when the carrying amount exceeds its fair value, which is measured using the quoted price of the digital assets at the time its
fair value is being measured. Tokens
are subject to impairment losses if the fair value a tokens decreases below the carrying value at any time during the period. The fair
value is measured using the quoted price in the principal market of the tokens. The Company currently obtains the quoted price of tokens
from www.cryptocompare.com Liquidity
pool tokens and non-fungible tokens are subject to impairment losses if the fair value a token decreases below the carrying value at
the end of each quarterly accounting period. The fair value of liquidity pool tokens is based on the quoted price on the last day of
the quarter at 4PM Eastern Time. The fair value of NFTs is based on the average trading price on the last day of each quarter. Impairment
for liquidity pool tokens and non-fungible tokens is assessed quarterly due to each token being a unique asset and due to the illiquid
markets in which these tokens trade. The Company is continuously reviewing available markets and information and its methodology when
determining the fair value of digital assets. The
Company currently reviews quoted prices of its liquidity pool tokens, non-fungible tokens and comparable tokens at https://uniswap.org https://opensea.io The
sales of digital assets held are included within investing activities in the accompanying statements of cash flows and any realized gains
or losses from such sales are included in other income (expense) in the statements of operations. Revenue
recognition There
is currently no definitive guidance under GAAP or alternative accounting framework for the accounting for digital assets recognized as
revenue or held, and management has exercised significant judgment in determining the appropriate accounting treatment. In the event
authoritative guidance is enacted by the FASB, the Company may be required to change its policies, which could have an effect on the
Company’s financial position and results from operations. Revenue
is recognized when the award is claimed and deposited in the Company wallet. The transaction consideration the Company receives is noncash
in the form of digital assets. Revenue is measured at the fair value of the digital assets awards received using the quoted price Airdrop Airdrop
is the distribution of tokens without compensation generally undertaken with a view of increasing awareness of a new token, to encourage
adoption of new token and to increase liquidity in the early stages of a token project. Liquidity
Pools The
Company earns fees by providing liquidity on Uniswap V2 and Uniswap V3. The Company earns fees proportionate to the liquidity they have
supplied to the exchange. The fee for each trade is set at 0.05% for stable coins, 0.3% for most pairs and 1.0% for exotic pairs. The
fees earned by the Company depends on the risk characteristics of each pair of tokens selected and the price range liquidity is provided.
Uniswap V2 requires users to provide liquidity over the entire price curve, whereas Uniswap V3 provides users with the provide liquidity
over a price range. Staking
Rewards The
Company earns rewards for agreeing to lock up tokens for a fixed period of time to participate in running the blockchain and maintaining
security. Rewards are typically calculated in percentage yields. Convertible
Financial Instruments The
Company bifurcates conversion options from their host instruments and accounts for them as free-standing derivative financial instruments
if certain criteria are met. 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 otherwise applicable
generally accepted accounting principles 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. An exception to this rule is when
the host instrument is deemed to be conventional, as that term is described under applicable GAAP. When
the Company has determined that the embedded conversion options should not be bifurcated from their host instruments, discounts are recorded
for the intrinsic value of conversion options embedded in the instruments based upon the differences between the fair value of the underlying
common stock at the commitment date of the transaction and the effective conversion price embedded in the instrument. Beneficial
conversion feature Related
Parties The
Company follows subtopic 850-10 of the ASC for the identification of related parties and disclosure of related party transactions. The
financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense
allowances, and other similar items in the ordinary course of business. The disclosures shall include: (a) the nature of the relationship(s)
involved; (b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each
of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects
of the transactions on the financial statements; (c) the dollar amounts of transactions for each of the periods for which income statements
are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and, (d)
amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner
of settlement. Commitments
and Contingencies The
Company follows ASC 450-20 to report accounting for contingencies. Certain conditions may exist as of the date the financial statements
are issued, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to
occur. Management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing
loss contingencies related to legal proceedings that are pending against the Company or un-asserted claims that may result in such proceedings,
management evaluates the perceived merits of any legal proceedings or un-asserted claims as well as the perceived merits of the amount
of relief sought or expected to be sought therein. If
the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability
can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates
that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then
the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss
contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Deferred
Tax Assets and Income Taxes Provision The
Company follows the provisions of ASC 740-10-25-13, which 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 740-10-25-13, the Company 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 fifty percent (50%) The
estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying
balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred
tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management
makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates
of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions.
In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction
varies from estimates, additional allowances or reversals of reserves may be necessary. Tax
years that remain subject to examination by major tax jurisdictions are generally the prior three (3) years for federal purposes, and
the prior four (4) years for state purposes; however, as a result of the Company’s operating losses, all tax years remain subject
to examination by tax authorities. Net
Loss Per Common Share The
Company computes net income or loss per share in accordance with ASC 260 Earnings Per Share. Under the provisions of the Earnings per
Share Topic ASC, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the
weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives
effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. Fair
Value of Financial Instruments The
Company follows paragraph 825-10-50-10 of ASC for disclosures about fair value of its financial instruments and has adopted paragraph
820-10-35-37 of ASC (“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 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 as of the reporting date.
Level
2: Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable
as of the reporting date.
Level
3: Pricing inputs that are generally unobservable inputs and not corroborated by market data. Financial
assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar
techniques and at least one significant model assumption or input is unobservable. 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. If the inputs used to measure the financial assets and liabilities fall within more than
one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of
the instrument. Transactions
involving related parties cannot be presumed to be carried out on an arms-length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions
were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations can be substantiated. Recently
Issued Accounting Pronouncements In
August 2020, the FASB issued ASU 2020-06, Debt— Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). Other
recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public
Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s
present or future financial statements. |
