Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | ECOMAT INC | |
Entity Central Index Key | 0001008653 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 23,811,750 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Current assets: | ||
Cash | ||
Total current assets | ||
TOTAL ASSETS | 0 | 0 |
Current liabilities: | ||
Accounts payable - trade | 40,091 | 3,350 |
Advances from - related party | 5,916 | 28,155 |
Accrued interest related party | 18,456 | |
Accrued expenses | 1,125 | |
Convertible notes - related party | 165,000 | |
Total current liabilities | 47,132 | 214,961 |
Stockholders' deficit: | ||
Preferred stock, $0.0001 par value; 1,000,000 authorized; none issued and outstanding at March 31, 2021 and June 30, 2020. | ||
Common stock, $0.0001 par value; 74,000,000 shares authorized; 23,811,750 issued and outstanding at March 31, 2021 and June 30, 2020 | 2,381 | 2,381 |
Additional paid-in capital | 284,381 | 58,894 |
Accumulated deficit | (333,894) | (276,236) |
Total stockholders' equity | (47,132) | (214,961) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 74,000,000 | 74,000,000 |
Common stock, shares issued | 23,811,750 | 23,811,750 |
Common stock, shares outstanding | 23,811,750 | 23,811,750 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Cost and expenses: | ||||
General and administrative | 47,132 | 16,475 | 49,741 | 53,573 |
Total operating expenses | 47,132 | 16,475 | 49,741 | 53,573 |
Other income and expenses | ||||
Interest expenses | 2,040 | 7,917 | 7,552 | |
Net loss | $ (47,132) | $ (18,515) | $ (57,658) | $ (61,125) |
Per common share - basic and diluted | ||||
Basic and diluted net loss | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average shares | ||||
Outstanding, basic and diluted | 23,811,750 | 23,811,750 | 23,811,750 | 20,210,114 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||||||
Net loss | $ (47,132) | $ (5,470) | $ (18,515) | $ (22,822) | $ (57,658) | $ (61,125) |
Change in operating assets and liabilities: | ||||||
Increase (decrease) in accounts payable and accrued liabilities | 51,742 | 53,676 | ||||
Net cash used by operating activities | (5,916) | (7,449) | ||||
Cash flows from financing activities: | ||||||
Advances from related party | 5,916 | 7,449 | ||||
Net cash provided by financing activities | 5,916 | 7,449 | ||||
Change in cash | ||||||
Cash at beginning of period | ||||||
Cash at end of period | ||||||
Non-cash investing and financing activities: | ||||||
Forgiveness of accrued interest, related party | 26,373 | |||||
Forgiveness of advances, related party | 34,114 | |||||
Forgiveness of convertible short-term notes, related party | 165,000 | |||||
Common shares issued upon conversion of debt | $ 55,800 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning balance at Jun. 30, 2019 | $ 1,684 | $ 3,791 | $ (208,775) | $ (203,300) |
Beginning balance, shares at Jun. 30, 2019 | 16,836,750 | |||
Net loss | (22,822) | (22,822) | ||
Ending balance at Sep. 30, 2019 | $ 1,684 | 3,791 | (231,597) | (226,122) |
Ending balance, shares at Sep. 30, 2019 | 16,836,750 | |||
Beginning balance at Jun. 30, 2019 | $ 1,684 | 3,791 | (208,775) | (203,300) |
Beginning balance, shares at Jun. 30, 2019 | 16,836,750 | |||
Net loss | (61,125) | |||
Ending balance at Mar. 31, 2020 | $ 2,381 | 58,894 | (269,900) | (208,625) |
Ending balance, shares at Mar. 31, 2020 | 23,811,750 | |||
Beginning balance at Sep. 30, 2019 | $ 1,684 | 3,791 | (231,597) | (226,122) |
Beginning balance, shares at Sep. 30, 2019 | 16,836,750 | |||
Shares issued upon debt conversion | $ 697 | 55,103 | 55,800 | |
Shares issued upon debt conversion, shares | 6,975,000 | |||
Net loss | (19,788) | (19,788) | ||
Ending balance at Dec. 31, 2019 | $ 2,381 | 58,894 | (251,385) | (190,110) |
Ending balance, shares at Dec. 31, 2019 | 23,811,750 | |||
Net loss | (18,515) | (18,515) | ||
Ending balance at Mar. 31, 2020 | $ 2,381 | 58,894 | (269,900) | (208,625) |
Ending balance, shares at Mar. 31, 2020 | 23,811,750 | |||
Beginning balance at Jun. 30, 2020 | $ 2,381 | 58,894 | (276,236) | (214,961) |
Beginning balance, shares at Jun. 30, 2020 | 23,811,750 | |||
Net loss | (5,470) | (5,470) | ||
Ending balance at Sep. 30, 2020 | $ 2,381 | 58,894 | (281,706) | (220,431) |
Ending balance, shares at Sep. 30, 2020 | 23,811,750 | |||
Beginning balance at Jun. 30, 2020 | $ 2,381 | 58,894 | (276,236) | (214,961) |
Beginning balance, shares at Jun. 30, 2020 | 23,811,750 | |||
Net loss | (57,658) | |||
Ending balance at Mar. 31, 2021 | $ 2,381 | 284,381 | (333,894) | (47,132) |
Ending balance, shares at Mar. 31, 2021 | 23,811,750 | |||
Beginning balance at Sep. 30, 2020 | $ 2,381 | 58,894 | (281,706) | (220,431) |
Beginning balance, shares at Sep. 30, 2020 | 23,811,750 | |||
Net loss | (5,056) | (5,056) | ||
Ending balance at Dec. 31, 2020 | $ 2,381 | 58,894 | (286,762) | (225,487) |
Ending balance, shares at Dec. 31, 2020 | 23,811,750 | |||
Cancellation of debt | 225,487 | 225,487 | ||
Net loss | (47,132) | (47,132) | ||
Ending balance at Mar. 31, 2021 | $ 2,381 | $ 284,381 | $ (333,894) | $ (47,132) |
Ending balance, shares at Mar. 31, 2021 | 23,811,750 |
The Company and Significant Acc
The Company and Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
The Company and Significant Accounting Policies | Note 1. The Company and Significant Accounting Policies Ecomat, Inc. (the “Company”) was incorporated on December 14, 1995 pursuant to the laws of the State of Delaware. On February 9, 2007, the Company completed its change in domicile to Nevada. The Company used to operate a wet-cleaning process which was one of the first environmentally sound solution to current dry-cleaning methods. Basis of Presentation: The Company adopted “fresh-start” accounting as of June 15, 2006 in accordance with procedures specified by AICPA Statement of Position (“SOP”) No. 90-7, “Financial Reporting by Entities in Reorganization under the Bankruptcy Code. The financial statements presented herein have been prepared by the Company in accordance with the accounting policies described in its June 30, 2020 audited financial statements and should be read in conjunction with the notes to financial statements which appear as part of those financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates our estimates, including those related to intangible assets, income taxes, insurance obligations and contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable 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 resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the nine-month periods ended March 31, 2021 and 2020. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements. Recently Issued Accounting Pronouncements In July 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for private companies and emerging growth public companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. During the nine-month period ended March 31, 2021, the Company assessed the impact this guidance had on its financial statements and concluded that at present ASU No. 2018-10 has no impact on its financial statements. In August, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). Effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company has adopted ASU No. 2016-15 and concluded that at present ASU No. 2016-15 has no impact on its statement of cash flows. In May, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which became effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. In April, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which became effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company has adopted ASU No. 2016-12 and ASU No. 2016-10, and concluded that at present ASU No. 2016-12 and ASU No. 2016-10 have no impact on its revenue. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon management success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty. If a business combination transaction is not consummated, the Company does not believe that it could succeed in raising additional capital, from unrelated parties, needed to sustain its operations without some strategic transaction, such as a business combination or merger. If the Company is unable to consummate such a transaction, it expects that it would need to cease all operations and wind down. Although the Company is currently evaluating its strategic alternatives with respect to all aspects of its business, it cannot assure you that any actions that it takes would raise or generate sufficient capital to fully address the uncertainties of its financial position. |
Convertible Note
Convertible Note | 9 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Convertible Note | Note 3. Convertible Note On October 12, 2018, the Company issued a $75,000 convertible promissory note to Ivo Heiden, the then CEO and the then sole officer and director. The convertible note bears interest at 8% per annum until paid or converted. The conversion price of the note is $0.034 per share, the closing price of the Company’s common stock on the date of issuance. Interest would be payable upon the maturity date at October 12, 2020. On May 1, 2020, the convertible promissory note was extended to April 30, 2022. On January 6, 2021, the note holder waived interests and liability of the Company and terminated this note. During the three-month periods ended March 31, 2021 and 2020 the Company expensed interest of $0 and $1,496, respectively, related to this note. As of March 31, 2021, and June 30, 2020, the Company has recorded $0 and $10,241, respectively, in accrued interest with respect to this convertible note. On May 1, 2020, the Company issued a $90,000 convertible promissory note to Ivo Heiden. The convertible note bears interest at 8% per annum until paid or converted. The conversion price of the note is $0.04 per share, the closing price of the Company’s common stock on the date of issuance. Interest will be payable upon the maturity date at May 1, 2022. On January 6, 2021, the note holder waived interests and liability of the Company and terminated this note. During the three-month period ended March 31, 2021, the Company expensed interest of $0 related to this note. As of March 31, 2021 and June 30, 2020, the Company has recorded $0 and $1,203, respectively, in accrued interest with respect to this convertible note. In accordance with ASC # 815, Accounting for Derivative Instruments and Hedging Activities, the Company evaluated the note holder’s non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the Convertible Note to determine whether the features qualify as an embedded derivative instrument at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4. Related Party Transactions Due to Related Parties: As of March 31, 2021, and June 30, 2020, the advances from Ivo Heiden, our previous CEO, were $0 and $28,155, respectively. As of March 31, 2021, and June 30, 2020, accrued interest due to our previous CEO was $0 and $18,456, respectively. On September 1, 2017, the Company entered into a Loan Agreement (the “Loan Agreement”) with Ivo Heiden, its then sole officer and director, under which the Company received funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8% per annum and shall be due and payable on a date 366 days from the date of the loan. On September 1, 2018, the Loan Agreement was extended to September 1, 2019. On June 28, 2019, the Loan Agreement was extended to September 1, 2020. On May 1, 2020, the Loan Agreement was extended to September 1, 2021. On January 6, 2021, the balance of this loan and accrued interests were waived by Ivo Heiden and the Loan Agreement was terminated on the same day. As of March 31, 2021, and June 30, 2020, the outstanding balance on this loan was $0 and $28,155 with accrued interest of $0 and $7,012. During the three-month periods ended March 31, 2021 and 2020, the Company borrowed $0 and $544, respectively, under this Loan Agreement. During the three-months period ended March 31, 2021 and 2020, the Company expensed interest of $0 and $544, respectively, related to this Loan Agreement. During the nine-month periods ended March 31, 2021 and 2020, the Company borrowed $5,959 and $7,449, respectively, under this Loan Agreement. During the nine-months period ended March 31, 2021 and 2020, we expensed interest of $1,299 and $1,528, respectively, related to this Loan Agreement. On March 31, 2021, the Company entered into a Loan Agreement with New York Listing Management Inc, a related party, under which the Company receives funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8% per annum and shall be due and payable on a date 366 days from the date of the loan. As of March 31, 2021, the outstanding balance on this loan was $5,916 with accrued interest of $0. During the three-month periods ended March 31, 2021, the Company borrowed $5,916, under this Loan Agreement. During the three-months period ended March 31, 2021 we expensed interest of $0, related to this Loan Agreement. During the nine months ended March 31, 2021 and 2020, the Company issued 0 and 6,975,000 shares of common stock. On January 6, 2021, Ivo Heiden has waived the accrued interests and liabilities of the Loan Agreement and two convertible notes (one dated May 1, 2020, the other October 12, 2018) for the total amount of $225,487, the Company has recorded such amount as additional paid in capital accordingly. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 5. Subsequent Events On March 18, 2021, by unanimous written consent of the Board of Directors of the Company, the Board of Directors adopted resolutions approving 1) a reverse split of the Company’s common stock at a ratio of 1-for-10, whereby every 10 shares of the issued and outstanding common stock shall be combined into one share of issued and outstanding common stock (the “Reverse Stock Split”); 2) an increase in the number of the authorized capital stock from 75,000,000 to 500,000,000, with the par value remaining at $0.0001 per share, consisting of 450,000,000 shares of common stock, par value $0.0001 per share and 50,000,000 shares of preferred stock, par value $0.0001 per share (the “Increase of Authorized Stock”); 3) a change of the Company’s name and ticker from “Ecomat, Inc.” and “ECMT,” to “Ecomax, Inc.” and “ECMX,” subject to availability of such name and ticker (the “Change of Name,” together with the Reverse Stock Split and the Increase of Authorized Stock, collectively referred to as the “Corporate Actions”); 4) amendments to its articles of incorporation to reflect the Corporate Actions (the “Amendments of Articles of Incorporation”); and 5) a proposal that such resolutions be submitted for a vote of the stockholders of the Company. On March 18, 2021, the stockholder holding in the aggregate 20,205,000 shares of common stock or approximately 85% of the common stock outstanding on such date, approved the Corporate Actions. On April 1, 2021, the Company filed a preliminary information statement on Schedule 14C with the U.S. Securities and Exchange Commission (the “SEC”). On April 13, 2021, the Company filed a definitive information statement on Schedule 14C with SEC. On April 20, 2021, the Company filed a certificate of change and a certificate of amendment with the Secretary of State of the State of Nevada. The Corporate Actions, as of the date of this report, have not come into effect yet. Beyond the events above, the Company’s management has performed subsequent events procedures through the date the financial statements were available to be issued. There were no other subsequent events requiring adjustment to or disclosure in the consolidated financial statements. |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The Company adopted “fresh-start” accounting as of June 15, 2006 in accordance with procedures specified by AICPA Statement of Position (“SOP”) No. 90-7, “Financial Reporting by Entities in Reorganization under the Bankruptcy Code. The financial statements presented herein have been prepared by the Company in accordance with the accounting policies described in its June 30, 2020 audited financial statements and should be read in conjunction with the notes to financial statements which appear as part of those financial statements. The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates our estimates, including those related to intangible assets, income taxes, insurance obligations and contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable 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 resources. Actual results may differ from these estimates under different assumptions or conditions. In the opinion of management, the information furnished in these interim financial statements reflects all adjustments necessary for a fair statement of the financial position and results of operations and cash flows as of and for the nine-month periods ended March 31, 2021 and 2020. All such adjustments are of a normal recurring nature. The Financial Statements have been prepared in accordance with the instructions to Form 10-Q and therefore do not include some information and notes necessary to conform with annual reporting requirements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In July 2018, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis. Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for private companies and emerging growth public companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. During the nine-month period ended March 31, 2021, the Company assessed the impact this guidance had on its financial statements and concluded that at present ASU No. 2018-10 has no impact on its financial statements. In August, 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). Effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company has adopted ASU No. 2016-15 and concluded that at present ASU No. 2016-15 has no impact on its statement of cash flows. In May, 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which became effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements for Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. In April, 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update affect the guidance in Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), which became effective. The effective date and transition requirements for the amendments in this Update are the same as the effective date and transition requirements in Topic 606 (and any other Topic amended by Update 2014-09). Accounting Standards Update 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, defers the effective date of Update 2014-09 by one year. The Company has adopted ASU No. 2016-12 and ASU No. 2016-10, and concluded that at present ASU No. 2016-12 and ASU No. 2016-10 have no impact on its revenue. The Company has considered all new accounting pronouncements and has concluded that there are no new pronouncements that may have a material impact on results of operations, financial condition, or cash flows, based on current information. |
Convertible Note (Details Narra
Convertible Note (Details Narrative) - USD ($) | May 01, 2020 | Oct. 12, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | |||||
Accrued interest | $ 18,456 | ||||
Convertible Promissory Note [Member] | Ivo Heiden [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, face amount | $ 90,000 | $ 75,000 | |||
Debt instrument, interest rate | 8.00% | 8.00% | |||
Debt instrument, conversion price | $ 0.04 | $ 0.034 | |||
Debt instrument, maturity date | May 1, 2022 | Oct. 12, 2020 | |||
Interest expense | 0 | $ 1,496 | |||
Accrued interest | 0 | 10,241 | |||
Convertible Promissory Note [Member] | Ivo Heiden [Member] | Extended Maturity [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, maturity date | Apr. 30, 2022 | ||||
Convertible Promissory Note [Member] | Ivo Heiden [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest expense | 0 | ||||
Accrued interest | $ 0 | $ 1,203 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jan. 06, 2021 | May 01, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Sep. 01, 2017 |
Related Party Transaction [Line Items] | ||||||||
Advances to related parties | $ 5,916 | $ 5,916 | $ 28,155 | |||||
Accrued interest | 18,456 | |||||||
Common stock shares issued | 0 | $ 6,975,000 | ||||||
Loan Agreement [Member] | New York Listing Management Inc [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advances to related parties | 5,916 | 5,916 | ||||||
Accrued interest | $ 0 | $ 0 | ||||||
Debt instrument, interest rate | 8.00% | 8.00% | ||||||
Proceeds from convertible note | $ 5,916 | |||||||
Interest expense | 0 | |||||||
Previous CEO [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advances to related parties | 0 | $ 0 | 28,155 | |||||
Accrued interest | 0 | 0 | 18,456 | |||||
Ivo Heiden [Member] | Loan Agreement [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advances to related parties | 0 | 0 | 28,155 | |||||
Accrued interest | 0 | 0 | $ 7,012 | |||||
Debt instrument, interest rate | 8.00% | |||||||
Proceeds from convertible note | 0 | $ 544 | 5,959 | 7,449 | ||||
Interest expense | $ 0 | $ 544 | $ 1,299 | $ 1,528 | ||||
Cancellation of debt | $ 225,487 | |||||||
Ivo Heiden [Member] | Loan Agreement [Member] | Extended Maturity [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt instrument, maturity date | Sep. 1, 2021 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - $ / shares | Apr. 02, 2021 | Mar. 18, 2021 | Mar. 31, 2021 | Jun. 30, 2020 |
Capital stock, shares authorized | 75,000,000 | |||
Common stock, shares authorized | 74,000,000 | 74,000,000 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||
Number of shares hold | 20,205,000 | |||
Ownership percentage | 85.00% | |||
Subsequent Event [Member] | ||||
Reverse stock split description | A reverse split of the Company's Common Stock on a ratio of 1-for-10, whereby every 10 shares of the issued and outstanding Common Stock shall be combined into one share of issued and outstanding Common Stock (the "Reverse Stock Split") | |||
Capital stock, shares authorized | 500,000,000 | |||
Capital stock, par value | $ 0.0001 | |||
Common stock, shares authorized | 450,000,000 | |||
Common stock, par value | $ 0.0001 | |||
Preferred stock, shares authorized | 50,000,000 | |||
Preferred stock, par value | $ 0.0001 |