Cover
Cover - shares | 6 Months Ended | |
Dec. 31, 2023 | Feb. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --06-30 | |
Entity File Number | 000-31705 | |
Entity Registrant Name | GHST World Inc. | |
Entity Central Index Key | 0001121795 | |
Entity Tax Identification Number | 91-2007477 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 667 Madison Avenue | |
Entity Address, Address Line Two | 5th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10065 | |
City Area Code | 212 | |
Local Phone Number | 634-6860 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 130,201,179 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Current Assets | ||
Cash | $ 1,058 | $ 39,495 |
Accounts receivable | 6,348 | |
Total Current Assets | 7,406 | 39,495 |
Total Assets | 7,406 | 39,495 |
Current Liabilities | ||
Accounts payable and accrued expenses | 24,214 | 1,112 |
Advances from related parties | 190,055 | 126,496 |
Common stock payable | 9,559 | 9,559 |
Deferred revenue | 17,367 | 23,841 |
Total Current Liabilities | 241,195 | 161,008 |
Commitments and Contingencies (Note 6) | ||
Stockholders’ Deficit | ||
Common stock, $0.001 par value, 300,000,000 shares authorized; 130,201,179 shares issued at December 31, 2023 and June 30, 2023 | 130,201 | 125,725 |
Additional paid-in-capital | 13,443,466 | 13,123,419 |
Accumulated deficit | (13,807,464) | (13,370,665) |
Total Stockholders’ Deficit | (233,789) | (121,513) |
Total Liabilities and Stockholders' Deficit | 7,406 | 39,495 |
Series A Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock value | 6 | 6 |
Series B Preferred Stock [Member] | ||
Stockholders’ Deficit | ||
Preferred stock value | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Jun. 30, 2023 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 130,201,179 | 130,201,179 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued | 6,000 | 6,000 |
Preferred stock, shares outstanding | 6,000 | 6,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, shares issued | 2,200 | 2,200 |
Preferred stock, shares outstanding | 2,200 | 2,200 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Revenues | $ 15,854 | $ 39,695 | ||
Operating expenses: | ||||
General and administrative expenses | 72,796 | 19,181 | 151,638 | 68,043 |
Patent development costs | 4,178 | 4,178 | ||
Product development costs | 324,523 | 324,523 | ||
Total operating expenses | 397,319 | 23,359 | 476,161 | 72,221 |
Other Income(expense): | ||||
Other income | 761 | (227) | (334) | |
Total Other Income (expense) | 761 | (227) | (334) | |
Net loss | $ (380,704) | $ (23,586) | $ (436,800) | $ (72,221) |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Net loss per common share, basic | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss per common share, diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding, basic | 130,103,871 | 125,092,096 | 127,914,437 | 124,834,016 |
Weighted average number of common shares outstanding, diluted | 130,103,871 | 125,092,096 | 127,914,437 | 124,834,016 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Preferred Stock Series A [Member] | Preferred Stock Series B [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Jun. 30, 2022 | $ 6 | $ 2 | $ 124,431 | $ 13,028,646 | $ (13,254,091) | $ (101,006) |
Beginning balance, shares at Jun. 30, 2022 | 6,000 | 2,200 | 124,430,534 | |||
Issuance of common stock for services | $ 452 | 43,196 | 43,648 | |||
Issuance of common stock for cash, shares | 452,022 | |||||
Net loss | (48,862) | (48,862) | ||||
Ending balance, value at Sep. 30, 2022 | $ 6 | $ 2 | $ 124,883 | 13,071,842 | (13,302,953) | (106,220) |
Ending balance, shares at Sep. 30, 2022 | 6,000 | 2,200 | 124,882,556 | |||
Issuance of common stock for services | $ 339 | 28,947 | 29,286 | |||
Issuance of common stock for cash, shares | 339,514 | |||||
Net loss | (23,586) | (23,586) | ||||
Ending balance, value at Dec. 31, 2022 | $ 6 | $ 2 | $ 125,222 | 13,100,789 | (13,326,539) | (100,520) |
Ending balance, shares at Dec. 31, 2022 | 6,000 | 2,200 | 125,222,070 | |||
Beginning balance, value at Jun. 30, 2023 | $ 6 | $ 2 | $ 125,725 | 13,123,419 | (13,370,665) | (121,513) |
Beginning balance, shares at Jun. 30, 2023 | 6,000 | 2,200 | 125,725,003 | |||
Net loss | (56,095) | (56,095) | ||||
Ending balance, value at Sep. 30, 2023 | $ 6 | $ 2 | $ 125,725 | 13,123,419 | (13,426,760) | (177,608) |
Ending balance, shares at Sep. 30, 2023 | 6,000 | 2,200 | 125,725,003 | |||
Issuance of common stock for services | $ 4,476 | 320,047 | 324,523 | |||
Issuance of common stock for cash, shares | 4,476,176 | |||||
Net loss | (380,704) | (380,704) | ||||
Ending balance, value at Dec. 31, 2023 | $ 6 | $ 2 | $ 130,201 | $ 13,443,466 | $ (13,807,464) | $ (233,789) |
Ending balance, shares at Dec. 31, 2023 | 6,000 | 2,200 | 130,201,179 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (436,800) | $ (72,221) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock compensation | 324,523 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,348) | |
Accounts payable and accrued expenses | 23,102 | 1,355 |
Deferred revenue | (6,474) | |
Net Cash Used In Operating Activities | (101,997) | (70,867) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from related parties | 63,559 | (1,587) |
Issuance of common stock for cash | 72,934 | |
Net Cash Provided By Financing Activities | 63,559 | 71,347 |
Net increase (decrease) in cash | (38,438) | 480 |
Cash - beginning of period | 39,495 | 206 |
Cash - end of period | 1,058 | 686 |
Cash paid during the year/period for: | ||
Interest | ||
Taxes |
ORGANIZATION, DESCRIPTION OF BU
ORGANIZATION, DESCRIPTION OF BUSINESS | 6 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION, DESCRIPTION OF BUSINESS | NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS Background GHST World Inc. (“the Company”), is a Delaware corporation that was incorporated on November 12, 1999. The Company is a holding company for various technology and other activities. The Company has acquired and is developing several patents in the technology sector. Basis of Presentation The interim unaudited financial statements included herein have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. In management's opinion, all adjustments (consisting of normal recurring adjustments and reclassifications) necessary to present fairly our results of operations and cash flows for the six months ended December 31, 2023 and 2022, and our financial position as of December 31, 2023, have been made. The results of operations for such interim periods are not necessarily indicative of the operating results to be expected for the full year. Certain information and disclosures normally included in the notes to the annual financial statements have been condensed or omitted from these interim financial statements. Accordingly, these interim unaudited financial statements should be read in conjunction with the financial statements and notes thereto for the year ended June 30, 2023. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had net losses of $ 436,800 72,221 13,807,464 13,370,665 233,789 121,513 101,997 70,867 Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. These financial statements do not include any adjustments related to the recovery and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Management intends to raise money through investors as needed to support its working capital needs. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT world Inc. · Insside World Inc. All intercompany balances and transactions have been eliminated in consolidation. Concentration The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. The Company currently receives all its revenues from one customer and all the deferred revenues from a few other customers. The company is dependent on its chairman of the Board for short term funding, who has provided a significant portion of the funding through December 31, 2023. Foreign Currency Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international transactions as certain vendor payments and repayments of related party advances are done in foreign currency. 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 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. Cash Cash are amounts held at local banks. The Company had no Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its services for contracts with customers at a point in time when the services are completed. Payments received from customers in advance of when services are completed are reflected as deferred revenue on the accompanying consolidated balance sheets. Accounts Receivable Accounts receivables are recorded at the invoiced amount. The Company regularly reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. As of December 31, 2023 and June 30, 2023, the company did no Fair Value The carrying value of cash, other assets, accounts and other payable approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: · Level one — Quoted market prices in active markets for identical assets or liabilities. · Level two — Inputs other than level one inputs that are either directly or indirectly observable; and · Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company has no Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets for the Company consist primarily of other assets and patents. In accordance with ASC 360, the Company periodically evaluates long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When triggering event indicators are present, the Company obtains appraisals on an asset-by-asset basis and will recognize an impairment loss when the sum of the appraised values is less than the carrying amounts of such assets. The appraised values, based on reasonable and supportable assumptions and projections, require subjective judgments. Depending on the assumptions and estimates used, the appraised values projected in the evaluation of long-lived assets can vary within a range of outcomes. The appraisals consider the likelihood of possible outcomes in determining the best estimate for the value of the assets. Research and Development Research and development costs are expensed as incurred. These costs consist primarily of costs related to the development of new products. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, in accounting for its stock-based compensation. This accounting standard states that compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period, if any. We measure stock-based compensation using the fair market value of the Company’s common stock on the date of the grant. Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per common share is computed using the weighted average number of common shares outstanding for the period, and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, stock warrants, convertible debt instruments or other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. The Company had no Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU requires measurement and recognition of expected credit losses for financial assets. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. ASU 2016-13 is effective for the Company beginning July 1, 2023. Adopting the standard did not have a material impact on the unaudited consolidated financial statements. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
PATENTS
PATENTS | 6 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
PATENTS | NOTE 3 – PATENTS The Company obtained a US patent dated June 30, 2020, which is a protection device used in sporting activity with monitoring capabilities. The Company has also obtained a European patent for the same device in October 2022. The Company has accumulated costs of $ 39,181 4,578 39,181 no |
COMMON STOCK PAYABLE
COMMON STOCK PAYABLE | 6 Months Ended |
Dec. 31, 2023 | |
Common Stock Payable | |
COMMON STOCK PAYABLE | NOTE 4 – COMMON STOCK PAYABLE The Company has an agreement with certain investors to convert their investment into common stock of the Company at a price equal to the average value of the stock over the previous six months. The conversion was contingent on the Company effectuating a 1-for-100 9,559 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS At December 31, 2023 and June 30, 2023, the Company owed related parties a total of $ 190,055 126,496 As shown in Note 4, the Company has committed to converting certain debts to equity. Included in the debts is $ 9,559 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 6 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 6 – STOCKHOLDERS’ EQUITY On September 22, 2023, the Company entered into an agreement with cross-ING AG, an artificial intelligence development entity in Switzerland. The joint venture was formed to create and deliver the software package tailored for GHST Sport Inc. The start of the project was October 2, 2023 40,000 45,272 4,476,176 324,523 Royalties will also be due under this agreement amounting to 1 CHF per unit sold up to 150,000 units. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Legal Matters From time to time, we may be involved in litigation relating to claims arising out of our operations in the normal course of business. As of December 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations |
IMPACT OF RESTATEMENT
IMPACT OF RESTATEMENT | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
IMPACT OF RESTATEMENT | NOTE 8 – IMPACT OF RESTATEMENT The Company made certain adjustments impacting its financial statements for the fiscal years ended June 30, 2023 and 2022 and interim periods (the “Affected Periods”). The restatement and adjustments arising therefrom relates to the following corrections of errors contained in the previous financial statements for some or all of the Affected Periods: (i) the inclusion of a new non-cash expense arising from the issuance of approximately 118,663,761 shares of common stock during fiscal year 2022 in satisfaction of indebtedness at an average price per share of approximately $0.00185, below the fair market value of the shares, (ii) a non-cash impairment related to the Company’s 119 art paintings, (iii) a non-cash write-off of patent costs, and (iv) a write-off of a related party receivable. As a result of these corrections, the Company’s net loss for fiscal year 2022 increased from $151,885 as was reflected in its annual report on Form 10-K for the fiscal year ended June 30, 2022 to approximately $3,987,000. See below for a reconciliation from the previously reported December 31, 2022 consolidated financial statement to the restated amounts in the consolidated statement of operations, consolidated statement of changes in stockholder’ deficit and consolidated statement of cash flows for the six months ended December 31, 2022. The previously reported amounts were derived from the Company's Quarterly Report on Form 10-Q for the six months ended December 31, 2022 as filed with the SEC on February 14, 2023 (the “Original Report”). These amounts are labeled as “As Previously Reported” in the tables below. The amounts labeled “Restatement Adjustment” represent the effects of this restatement described above. The following presents a reconciliation of the impacted consolidated financial statement line items as previously reported to the restated amounts as of December 31, 2022. As of December 31, 2022 Schedule of reconciliation of the impacted consolidated financial statement Consolidated Balance Sheet As previously reported Restatement Adjustment As restated Patent costs $ 41,960 $ (41,960 ) $ — For The Three Months Ended December 31, 2022 As previously reported Restatement Adjustment As restated Consolidated Statement of Operations General and administrative expenses $ 19,241 $ (60 ) $ 19,181 Impairment of long-lived assets — — — Depreciation and Amortization 1,399 (1,399 ) — Patent development costs — 4,178 4,178 Net Loss $ (20,867 ) $ (2,719 ) $ (23,586 ) For The Six Months Ended December 31, 2022 As previously reported Restatement Adjustment As restated Consolidated Statement of Operations General and administrative expenses $ 68,163 $ (120 ) $ 68,043 Impairment of long-lived assets 115,000 (115,000 ) — Depreciation and Amortization 1,399 (1,399 ) — Patent development costs — 4,178 4,178 Net Loss $ (184,562 ) $ (112,568 ) $ (72,221 ) Foreign exchange loss (227 ) — (227 ) Comprehensive loss $ (184,789 ) $ (112,568 ) $ (72,448 ) Consolidated Statement of Changes in Stockholders’ Deficit Accumulated deficit $ (9,603,509 ) $ (3,722,030 ) $ (13,326,539 ) Total stockholders’ equity (deficit) $ (44,158 ) $ (56,362 ) $ (100,520 Consolidated Statement of Cash Flow Net cash used in operating activities $ (67,035 ) $ (3,832 ) $ (70,867 ) Net cash provided by financing activities $ 71,468 $ (121 ) $ 71,347 Net cash used in investing activities $ (4,178 ) $ 4,178 $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the consolidated financial statements were issued for potential recognition or disclosure. The Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Liquidity and Going Concern | Liquidity and Going Concern The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company had net losses of $ 436,800 72,221 13,807,464 13,370,665 233,789 121,513 101,997 70,867 Management believes these conditions raise substantial doubt about the Company’s ability to continue as a going concern for the next 12 months from the date these financial statements were issued. The ability to continue as a going concern is dependent upon profitable future operations, positive cash flows, and additional financing. These financial statements do not include any adjustments related to the recovery and classification of recorded asset amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern. Management intends to raise money through investors as needed to support its working capital needs. Currently the Company intends to raise capital from its existing shareholders and from the possible sale of a minority interest in its subsidiaries. Management cannot provide any assurances that the Company will be successful in completing these undertakings and accomplishing any of its plans. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the following wholly owned subsidiaries: · GHST Art World, Inc · GHST Sport Inc. · IoTT world Inc. · Insside World Inc. All intercompany balances and transactions have been eliminated in consolidation. |
Concentration | Concentration The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash. The Company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial institution may exceed any applicable government insurance limits. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it is a credit counterparty, and as such, it believes that any associated credit risk exposures are limited. The Company currently receives all its revenues from one customer and all the deferred revenues from a few other customers. The company is dependent on its chairman of the Board for short term funding, who has provided a significant portion of the funding through December 31, 2023. |
Foreign Currency | Foreign Currency Transaction gains and losses are recognized in earnings. The Company is subject to foreign exchange rate fluctuations in connection with the Company’s international transactions as certain vendor payments and repayments of related party advances are done in foreign currency. |
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 assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions impact, among others, the following: fair value of share-based payments and deferred taxes. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from estimates. |
Cash | Cash Cash are amounts held at local banks. The Company had no |
Risks and Uncertainties | Risks and Uncertainties The Company is undertaking a new business venture that is inherently subject to significant risks and uncertainties, including financial, operational, technological and other risks that could potentially have a risk of business failure. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, the core principle of which is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods or services. The Company recognizes revenue for its services for contracts with customers at a point in time when the services are completed. Payments received from customers in advance of when services are completed are reflected as deferred revenue on the accompanying consolidated balance sheets. |
Accounts Receivable | Accounts Receivable Accounts receivables are recorded at the invoiced amount. The Company regularly reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. As of December 31, 2023 and June 30, 2023, the company did no |
Fair Value | Fair Value The carrying value of cash, other assets, accounts and other payable approximate their fair value based on the liquidity or the short-term maturities of these instruments. The fair value hierarchy promulgated by GAAP consists of three levels: · Level one — Quoted market prices in active markets for identical assets or liabilities. · Level two — Inputs other than level one inputs that are either directly or indirectly observable; and · Level three — Unobservable inputs developed using estimates and assumptions, which are developed by the reporting entity and reflect those assumptions that a market participant would use. Determining which category an asset or liability falls within the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter. The Company has no |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company accounts for impairment of long-lived assets in accordance with Accounting Standards Codification (“ASC”) 360, Property, Plant and Equipment, (“ASC 360”). Long-lived assets for the Company consist primarily of other assets and patents. In accordance with ASC 360, the Company periodically evaluates long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When triggering event indicators are present, the Company obtains appraisals on an asset-by-asset basis and will recognize an impairment loss when the sum of the appraised values is less than the carrying amounts of such assets. The appraised values, based on reasonable and supportable assumptions and projections, require subjective judgments. Depending on the assumptions and estimates used, the appraised values projected in the evaluation of long-lived assets can vary within a range of outcomes. The appraisals consider the likelihood of possible outcomes in determining the best estimate for the value of the assets. |
Research and Development | Research and Development Research and development costs are expensed as incurred. These costs consist primarily of costs related to the development of new products. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The effect of income tax positions is recognized only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Stock Based Compensation | Stock Based Compensation The Company applies the fair value method of ASC 718, Share Based Payment, in accounting for its stock-based compensation. This accounting standard states that compensation cost is measured at the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period, if any. We measure stock-based compensation using the fair market value of the Company’s common stock on the date of the grant. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of shares of common stock outstanding during the periods presented. Diluted net loss per common share is computed using the weighted average number of common shares outstanding for the period, and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of stock options, stock warrants, convertible debt instruments or other common stock equivalents. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. The Company had no |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU requires measurement and recognition of expected credit losses for financial assets. ASU 2016-13 also requires new disclosures for financial assets measured at amortized cost, loans, and available-for-sale debt securities. ASU 2016-13 is effective for the Company beginning July 1, 2023. Adopting the standard did not have a material impact on the unaudited consolidated financial statements. There are no other recent accounting pronouncements that are expected to have a material effect on the Company's financial statements. |
IMPACT OF RESTATEMENT (Tables)
IMPACT OF RESTATEMENT (Tables) | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of reconciliation of the impacted consolidated financial statement | Schedule of reconciliation of the impacted consolidated financial statement Consolidated Balance Sheet As previously reported Restatement Adjustment As restated Patent costs $ 41,960 $ (41,960 ) $ — For The Three Months Ended December 31, 2022 As previously reported Restatement Adjustment As restated Consolidated Statement of Operations General and administrative expenses $ 19,241 $ (60 ) $ 19,181 Impairment of long-lived assets — — — Depreciation and Amortization 1,399 (1,399 ) — Patent development costs — 4,178 4,178 Net Loss $ (20,867 ) $ (2,719 ) $ (23,586 ) For The Six Months Ended December 31, 2022 As previously reported Restatement Adjustment As restated Consolidated Statement of Operations General and administrative expenses $ 68,163 $ (120 ) $ 68,043 Impairment of long-lived assets 115,000 (115,000 ) — Depreciation and Amortization 1,399 (1,399 ) — Patent development costs — 4,178 4,178 Net Loss $ (184,562 ) $ (112,568 ) $ (72,221 ) Foreign exchange loss (227 ) — (227 ) Comprehensive loss $ (184,789 ) $ (112,568 ) $ (72,448 ) Consolidated Statement of Changes in Stockholders’ Deficit Accumulated deficit $ (9,603,509 ) $ (3,722,030 ) $ (13,326,539 ) Total stockholders’ equity (deficit) $ (44,158 ) $ (56,362 ) $ (100,520 Consolidated Statement of Cash Flow Net cash used in operating activities $ (67,035 ) $ (3,832 ) $ (70,867 ) Net cash provided by financing activities $ 71,468 $ (121 ) $ 71,347 Net cash used in investing activities $ (4,178 ) $ 4,178 $ — |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
Accounting Policies [Abstract] | ||||||||
Net losses | $ 380,704 | $ 23,586 | $ 436,800 | $ 72,221 | ||||
Accumulated deficit | 13,807,464 | $ 13,370,665 | 13,326,539 | 13,807,464 | 13,326,539 | |||
Stockholders' Deficit | 233,789 | 121,513 | $ 100,520 | 233,789 | 100,520 | $ 177,608 | $ 106,220 | $ 101,006 |
Cash flow from operating activities | 101,997 | $ 70,867 | ||||||
Cash equivalents | 0 | 0 | 0 | |||||
Allowance for doubtful accounts | 0 | 0 | $ 0 | |||||
Fair value of assets and liabilities measured on recurring basis | $ 0 | $ 0 | ||||||
Potentially dilutive shares | 0 | 0 |
PATENTS (Details Narrative)
PATENTS (Details Narrative) - USD ($) | 6 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total impairment | |||
Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated costs | $ 39,181 | ||
Additional patent costs | 4,578 | ||
Total impairment | $ 39,181 | ||
Development costs | $ 0 |
COMMON STOCK PAYABLE (Details N
COMMON STOCK PAYABLE (Details Narrative) - USD ($) | Sep. 30, 2021 | Dec. 31, 2023 | Jun. 30, 2023 |
Common Stock Payable | |||
Reverse stock split | 1-for-100 | ||
Common stock payable | $ 9,559 | $ 9,559 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Dec. 31, 2023 | Jun. 30, 2023 |
Related Party Transactions [Abstract] | ||
Advances from related parties | $ 190,055 | $ 126,496 |
Common stock payable - related parties | $ 9,559 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - Cross I N G A G [Member] | 6 Months Ended | ||
Oct. 02, 2023 USD ($) shares | Dec. 31, 2023 | Oct. 02, 2023 CHF (SFr) shares | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Agreement, nature and purpose | On September 22, 2023, the Company entered into an agreement with cross-ING AG, an artificial intelligence development entity in Switzerland. The joint venture was formed to create and deliver the software package tailored for GHST Sport Inc. The start of the project was October 2, 2023 | ||
Initial payments due | $ 45,272 | SFr 40,000 | |
Shares issued | shares | 4,476,176 | 4,476,176 | |
Issuance of stock value | $ | $ 324,523 | ||
Royalties, description | Royalties will also be due under this agreement amounting to 1 CHF per unit sold up to 150,000 units. |
IMPACT OF RESTATEMENT (Details)
IMPACT OF RESTATEMENT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Patent costs | ||||||||
General and administrative expenses | $ 72,796 | 19,181 | $ 151,638 | 68,043 | ||||
Impairment of long-lived assets | ||||||||
Depreciation and Amortization | ||||||||
Patent development costs | 4,178 | 4,178 | ||||||
Net loss | (380,704) | (23,586) | (436,800) | (72,221) | ||||
Foreign exchange loss | (227) | |||||||
Comprehensive loss | (72,448) | |||||||
Accumulated deficit | (13,807,464) | (13,326,539) | (13,807,464) | (13,326,539) | $ (13,370,665) | |||
Total stockholders' equity (deficit) | $ (233,789) | (100,520) | (233,789) | (100,520) | $ (177,608) | $ (121,513) | $ (106,220) | $ (101,006) |
Net cash used in operating activities | (101,997) | (70,867) | ||||||
Net cash provided by financing activities | $ 63,559 | 71,347 | ||||||
Net cash used in investing activities | ||||||||
Previously Reported [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Patent costs | 41,960 | 41,960 | ||||||
General and administrative expenses | 19,241 | 68,163 | ||||||
Impairment of long-lived assets | 115,000 | |||||||
Depreciation and Amortization | 1,399 | 1,399 | ||||||
Patent development costs | ||||||||
Net loss | (20,867) | (184,562) | ||||||
Foreign exchange loss | (227) | |||||||
Comprehensive loss | (184,789) | |||||||
Accumulated deficit | (9,603,509) | (9,603,509) | ||||||
Total stockholders' equity (deficit) | (44,158) | (44,158) | ||||||
Net cash used in operating activities | (67,035) | |||||||
Net cash provided by financing activities | 71,468 | |||||||
Net cash used in investing activities | (4,178) | |||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Patent costs | (41,960) | (41,960) | ||||||
General and administrative expenses | (60) | (120) | ||||||
Impairment of long-lived assets | (115,000) | |||||||
Depreciation and Amortization | (1,399) | (1,399) | ||||||
Patent development costs | 4,178 | 4,178 | ||||||
Net loss | (2,719) | (112,568) | ||||||
Foreign exchange loss | ||||||||
Comprehensive loss | (112,568) | |||||||
Accumulated deficit | (3,722,030) | (3,722,030) | ||||||
Total stockholders' equity (deficit) | $ (56,362) | (56,362) | ||||||
Net cash used in operating activities | (3,832) | |||||||
Net cash provided by financing activities | (121) | |||||||
Net cash used in investing activities | $ 4,178 |
IMPACT OF RESTATEMENT (Details
IMPACT OF RESTATEMENT (Details Narrative) | 6 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Restatement and adjustments, description | The Company made certain adjustments impacting its financial statements for the fiscal years ended June 30, 2023 and 2022 and interim periods (the “Affected Periods”). The restatement and adjustments arising therefrom relates to the following corrections of errors contained in the previous financial statements for some or all of the Affected Periods: (i) the inclusion of a new non-cash expense arising from the issuance of approximately 118,663,761 shares of common stock during fiscal year 2022 in satisfaction of indebtedness at an average price per share of approximately $0.00185, below the fair market value of the shares, (ii) a non-cash impairment related to the Company’s 119 art paintings, (iii) a non-cash write-off of patent costs, and (iv) a write-off of a related party receivable. As a result of these corrections, the Company’s net loss for fiscal year 2022 increased from $151,885 as was reflected in its annual report on Form 10-K for the fiscal year ended June 30, 2022 to approximately $3,987,000. |