Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2022 | Apr. 19, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-21613 | |
Entity Registrant Name | Ecomax, Inc. | |
Entity Central Index Key | 0001008653 | |
Entity Tax Identification Number | 13-3865026 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 630 Fifth Ave | |
Entity Address, Address Line Two | Suite 2338 | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10111 | |
City Area Code | (646) | |
Local Phone Number | 722-2931 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 2,380,958 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2022 | Jun. 30, 2021 |
Current assets: | ||
Cash | ||
Total current assets | ||
TOTAL ASSETS | ||
Current liabilities: | ||
Accounts payable - trade | 4,500 | 7,664 |
Advances from - related party | 134,897 | 59,725 |
Accrued interest related party | 6,495 | 666 |
Accrued expenses | 21,720 | 17,030 |
Accrued expenses - related party | 8,000 | |
Convertible notes - related party | ||
Total current liabilities | 167,612 | 93,085 |
Stockholders’ deficit: | ||
Preferred stock, $0.0001 par value; 50,000,000 authorized; none issued and outstanding at March 31, 2022 and June 30, 2021. | ||
Common stock, $0.0001 par value; 450,000,000 shares authorized; 2,380,958 issued and outstanding at March 31, 2022 and June 30, 2021. | 238 | 238 |
Additional paid-in capital | 286,524 | 286,524 |
Accumulated deficit | (454,374) | (379,847) |
Total stockholders’ deficit | (167,612) | (93,085) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Jun. 30, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par or stated value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares, outstanding | 2,380,958 | 2,380,958 |
Common stock, shares, outstanding | 2,380,958 | 2,380,958 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Cost and expenses: | ||||
General and administrative | 22,290 | 47,132 | 68,698 | 49,741 |
Total operating expenses | 22,290 | 47,132 | 68,698 | 49,741 |
Other income and expenses | ||||
Interest expenses | 2,385 | 5,829 | 7,917 | |
Net loss | $ (24,675) | $ (47,132) | $ (74,527) | $ (57,658) |
Per common share - basic and diluted Basic and diluted net loss | $ (0.01) | $ 0 | $ (0.03) | $ 0 |
Weighted average shares Outstanding, basic and diluted | 2,380,958 | 2,380,958 | 2,380,958 | 2,380,958 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||||||
Net loss | $ (24,675) | $ (24,305) | $ (47,132) | $ (5,470) | $ (74,527) | $ (57,658) |
Change in operating assets and liabilities: | ||||||
Increase (decrease) in accounts payable and accrued liabilities | (645) | 51,742 | ||||
Net cash used by operating activities | (75,172) | (5,916) | ||||
Cash flows from financing activities: | ||||||
Advances from related party | 75,172 | 5,916 | ||||
Net cash provided by financing activities | 75,172 | 5,916 | ||||
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 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Jun. 30, 2020 | $ 238 | $ 61,037 | $ (276,236) | $ (214,961) |
Balance, shares at Jun. 30, 2020 | 2,380,958 | |||
Net loss | (5,470) | (5,470) | ||
Balance at Sep. 30, 2020 | $ 238 | 61,037 | (281,706) | (220,431) |
Balance, shares at Sep. 30, 2020 | 2,380,958 | |||
Balance at Jun. 30, 2020 | $ 238 | 61,037 | (276,236) | (214,961) |
Balance, shares at Jun. 30, 2020 | 2,380,958 | |||
Net loss | (57,658) | |||
Balance at Mar. 31, 2021 | $ 238 | 61,037 | (333,894) | (47,132) |
Balance, shares at Mar. 31, 2021 | 2,380,958 | |||
Balance at Sep. 30, 2020 | $ 238 | 61,037 | (281,706) | (220,431) |
Balance, shares at Sep. 30, 2020 | 2,380,958 | |||
Net loss | (5,056) | (5,056) | ||
Balance at Dec. 31, 2020 | $ 238 | 61,037 | (286,762) | (225,487) |
Balance, shares at Dec. 31, 2020 | 2,380,958 | |||
Net loss | (47,132) | (47,132) | ||
Cancellation of debt | 225,487 | 225,487 | ||
Balance at Mar. 31, 2021 | $ 238 | 61,037 | (333,894) | (47,132) |
Balance, shares at Mar. 31, 2021 | 2,380,958 | |||
Balance at Jun. 30, 2021 | $ 238 | 286,524 | (379,847) | (93,085) |
Balance, shares at Jun. 30, 2021 | 2,380,958 | |||
Net loss | (24,305) | (24,305) | ||
Balance at Sep. 30, 2021 | $ 238 | 286,524 | (404,152) | (117,390) |
Balance, shares at Sep. 30, 2021 | 2,380,958 | |||
Balance at Jun. 30, 2021 | $ 238 | 286,524 | (379,847) | (93,085) |
Balance, shares at Jun. 30, 2021 | 2,380,958 | |||
Net loss | (74,527) | |||
Balance at Mar. 31, 2022 | $ 238 | 286,524 | (454,374) | (167,612) |
Balance, shares at Mar. 31, 2022 | 2,380,958 | |||
Balance at Sep. 30, 2021 | $ 238 | 286,524 | (404,152) | (117,390) |
Balance, shares at Sep. 30, 2021 | 2,380,958 | |||
Net loss | (25,547) | (25,547) | ||
Balance at Dec. 31, 2021 | $ 238 | 286,524 | (429,699) | (142,937) |
Balance, shares at Dec. 31, 2021 | 2,380,958 | |||
Net loss | (24,675) | (24,675) | ||
Balance at Mar. 31, 2022 | $ 238 | $ 286,524 | $ (454,374) | $ (167,612) |
Balance, shares at Mar. 31, 2022 | 2,380,958 |
The Company and Significant Acc
The Company and Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Significant Accounting Policies | Note 1. The Company and Significant Accounting Policies Ecomax, Inc., formerly 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. On April 13, 2021 the Board of Directors (the “Board”) of the Company filed certificates of amendment with the State of Nevada to effect the following: ● A reverse stock split of common stock of one share for every ten (1-for-10) shares outstanding. ● A change in name from Ecomat, Inc. to Ecomax, Inc.; ● An increase in the authorized number of shares of capital stock from 75,000,000 500,000,000 450,000,000 50,000,000 All share and per share information, including earnings per share, in this Form 10-K have been retroactively adjusted to reflect this reverse stock split and certain items in prior period financial statements have been revised to conform to the current presentation. Basis of Presentation: We 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. Significant Accounting Policies: Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no Property and Equipment New property and equipment are recorded at cost. Property and equipment included in the bankruptcy proceedings and transferred to the Trustee had been valued at liquidation value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. We use the Black-Scholes option pricing model in valuing options. The inputs for the valuation analysis of the options include the market value of the Company’s common stock, the estimated volatility of the Company’s common stock, the exercise price of the warrants and the risk-free interest rate. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At June 30, 2021 and 2020, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Income Taxes We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. Uncertain Tax Positions The Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109, Accounting for Income Taxes” (“FIN No. 48”) which was effective for the Company on January 1, 2007. FIN No. 48 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 FIN No. 48, 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 position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FIN No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure requirements. Our federal and state income tax returns are open for fiscal years ending on or after June 30, 2007. We are not under examination by any jurisdiction for any tax year. At March 31, 2022, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. Recently Issued Accounting Pronouncements In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance is adopted using a retrospective approach and is effective for the Company on January 1, 2020. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this ASU on January 1, 2021. 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, 2022 | |
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, we do not believe that we could succeed in raising additional capital, from unrelated parties, needed to sustain our operations without some strategic transaction, such as a business combination or merger. If we are unable to consummate such a transaction, we expect that we would need to cease all operations and wind down. Although we are currently evaluating our strategic alternatives with respect to all aspects of our business, we cannot assure you that any actions that we take would raise or generate sufficient capital to fully address the uncertainties of our financial position. |
Convertible Note
Convertible Note | 9 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Convertible Note | Note 3. Convertible Note On October 12, 2018, we issued a $ 75,000 8 0.34 October 12, 2020 April 30, 2022 0 0 On May 1, 2020, we issued a $ 90,000 8 0.4 May 1, 2022 0 0 On September 1, 2017, we entered into a Loan Agreement with Ivo Heiden, our sole officer and director, under which we receive funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8 366 September 1, 2021 0 0 In accordance with ASC # 815, Accounting for Derivative Instruments and Hedging Activities, we 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, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4. Related Party Transactions Due to Related Parties: On March 31, 2021, we entered into a Loan Agreement with New York Listing Management Inc, a related party of us, under which we receive funding for general operating expenses from time-to-time as needed by the Company. The Loan Agreement bears interest of 8 134,897 59,725 6,495 666 2,385 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 5. Subsequent Events The Company’s management has performed subsequent events procedures through the date the financial statements were available to be issued. There were no subsequent events requiring adjustment to or disclosure in the financial statements. |
The Company and Significant A_2
The Company and Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents. There were no |
Property and Equipment | Property and Equipment New property and equipment are recorded at cost. Property and equipment included in the bankruptcy proceedings and transferred to the Trustee had been valued at liquidation value. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 5 |
Valuation of Long-Lived Assets | Valuation of Long-Lived Assets We review the recoverability of our long-lived assets including equipment, goodwill and other intangible assets, when events or changes in circumstances occur that indicate that the carrying value of the asset may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset, an impairment loss is recognized for the difference between estimated fair value and carrying value. Our primary measure of fair value is based on discounted cash flows. The measurement of impairment requires management to make estimates of these cash flows related to long-lived assets, as well as other fair value determinations. |
Stock Based Compensation | Stock Based Compensation Stock-based awards are accounted for using the fair value method in accordance with ASC 718, Share-Based Payments. Our primary type of share-based compensation consists of stock options. We use the Black-Scholes option pricing model in valuing options. The inputs for the valuation analysis of the options include the market value of the Company’s common stock, the estimated volatility of the Company’s common stock, the exercise price of the warrants and the risk-free interest rate. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments,” requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. FASB ASC 825 defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. At June 30, 2021 and 2020, the carrying value of certain financial instruments (cash and cash equivalents, accounts payable and accrued expenses.) approximates fair value due to the short-term nature of the instruments or interest rates, which are comparable with current rates. |
Earnings per Common Share | Earnings per Common Share We compute net income (loss) per share in accordance with ASC 260, Earning per Share. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes We have adopted ASC 740, Accounting for Income Taxes. Pursuant to ASC 740, we are required to compute tax asset benefits for net operating losses carried forward. The potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years. We must make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expense for tax and financial statement purposes. Deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax basis of assets and liabilities using the tax rates and laws in effect when the differences are expected to reverse. ASC 740 provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Realization of our net deferred tax assets is dependent upon our generating sufficient taxable income in future years in appropriate tax jurisdictions to realize benefit from the reversal of temporary differences and from net operating loss, or NOL, carryforwards. We have determined it more likely than not that these timing differences will not materialize and have provided a valuation allowance against substantially all of our net deferred tax asset. Management will continue to evaluate the realizability of the deferred tax asset and its related valuation allowance. If our assessment of the deferred tax assets or the corresponding valuation allowance were to change, we would record the related adjustment to income during the period in which we make the determination. Our tax rate may also vary based on our results and the mix of income or loss in domestic and foreign tax jurisdictions in which we operate. In addition, the calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax regulations. We recognize liabilities for anticipated tax audit issues in the U.S. and other tax jurisdictions based on our estimate of whether, and to the extent to which, additional taxes will be due. If we ultimately determine that payment of these amounts is unnecessary, we will reverse the liability and recognize a tax benefit during the period in which we determine that the liability is no longer necessary. We will record an additional charge in our provision for taxes in the period in which we determine that the recorded tax liability is less than we expect the ultimate assessment to be. ASC 740 which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized. |
Uncertain Tax Positions | Uncertain Tax Positions The Financial Accounting Standards Board issued Interpretation No. 48, “Accounting for Uncertainty in Income Taxes - an interpretation of FASB Statement No. 109, Accounting for Income Taxes” (“FIN No. 48”) which was effective for the Company on January 1, 2007. FIN No. 48 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 FIN No. 48, 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 position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FIN No. 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods and disclosure requirements. Our federal and state income tax returns are open for fiscal years ending on or after June 30, 2007. We are not under examination by any jurisdiction for any tax year. At March 31, 2022, we had no material unrecognized tax benefits and no adjustments to liabilities or operations were required under FIN 48. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to the Related Party Guidance for Variable Interest Entities. ASU 2018-17 changes how entities evaluate decision-making fees under the variable interest entity guidance. To determine whether decision-making fees represent a variable interest, an entity considers indirect interests held through related parties under common control on a proportional basis, rather than in their entirety. This guidance is adopted using a retrospective approach and is effective for the Company on January 1, 2020. In December 2019, the FASB issued ASU 2019-12 - Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU provides an exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. This update also (1) requires an entity to recognize a franchise tax (or similar tax) that is partially based on income as an income-based tax and account for any incremental amount incurred as a non-income-based tax, (2) requires an entity to evaluate when a step-up in the tax basis of goodwill should be considered part of the business combination in which goodwill was originally recognized for accounting purposes and when it should be considered a separate transaction, and (3) requires that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The Company adopted this ASU on January 1, 2021. 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. |
The Company and Significant A_3
The Company and Significant Accounting Policies (Details Narrative) - USD ($) | Apr. 13, 2021 | Mar. 31, 2022 | Jun. 30, 2021 | Apr. 12, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Reverse stock split description | A reverse stock split of common stock of one share for every ten (1-for-10) shares outstanding. | |||
Capital stock, shares authorized | 500,000,000 | 75,000,000 | ||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |
Cash equivalents | $ 0 | $ 0 | ||
Property and equipment, estimated useful lives | 5 years |
Convertible Note (Details Narra
Convertible Note (Details Narrative) - Ivo Heiden [Member] - USD ($) | May 01, 2020 | Oct. 12, 2018 | Sep. 01, 2017 | Mar. 31, 2022 | Mar. 31, 2021 |
Convertible Promissory Note [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument face amount | $ 75,000 | ||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Debt instrument, convertible, conversion price | $ 0.34 | ||||
Debt instrument maturity date | Oct. 12, 2020 | ||||
Interest expense, debt | $ 0 | $ 0 | |||
Convertible Promissory Note [Member] | Loan Agreement [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Interest expense, debt | 0 | 0 | |||
Debt instrument term | 366 days | ||||
Convertible Promissory Note [Member] | Extended Maturity [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument maturity date | Apr. 30, 2022 | ||||
Convertible Promissory Note [Member] | Extended Maturity [Member] | Loan Agreement [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument maturity date | Sep. 1, 2021 | ||||
Convertible Promissory Note One [Member] | |||||
Short-Term Debt [Line Items] | |||||
Debt instrument face amount | $ 90,000 | ||||
Debt instrument, interest rate, stated percentage | 8.00% | ||||
Debt instrument, convertible, conversion price | $ 0.4 | ||||
Debt instrument maturity date | May 1, 2022 | ||||
Interest expense, debt | $ 0 | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Advances to related parties | $ 134,897 | $ 59,725 | |
Accrued interest | 6,495 | $ 666 | |
New York Listing Management Inc [Member] | Loan Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Debt instrument, interest rate | 8.00% | ||
Interest expenses, related party | $ 2,385 |