Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | May 13, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Trading Symbol | wesc | |
Entity Registrant Name | W&E Source Corp. | |
Entity Central Index Key | 0001368275 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 82,489,391 | |
Entity Current Reporting Status | Yes | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets | Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) |
Current Assets | ||
Cash | $ 3,448 | $ 2,925 |
Other receivables | 49 | 46 |
Total current assets | 3,497 | 2,971 |
Non-Current Assets | ||
Prepayments/Deposits | 11,243 | 11,415 |
Total non-current assets | 11,243 | 11,415 |
TOTAL ASSETS | 14,740 | 14,386 |
Current liabilities | ||
Accounts payable and accrued liabilities | 8,090 | 11,283 |
Advanced for share issuance - related party | 118,546 | 87,243 |
Advances from related parties and related party payables | 21,035 | 15,862 |
Total current liabilities | 147,671 | 114,388 |
TOTAL LIABILITIES | 147,671 | 114,388 |
Shareholders' deficit | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 82,489,391 and 82,489,391shares issued and outstanding as of March 31, 2019 and June 30, 2018, respectively | 8,249 | 8,249 |
Additional paid-in capital | 1,059,931 | 1,059,931 |
Accumulated deficit | (1,212,928) | (1,178,120) |
Accumulated other comprehensive income | 11,817 | 9,938 |
Total shareholders' deficit | (132,931) | (100,002) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 14,740 | $ 14,386 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Paranthetical) - $ / shares | Mar. 31, 2019 | Jun. 30, 2018 | Aug. 05, 2016 | Jan. 31, 2012 |
Statement of Financial Position [Abstract] | ||||
Common Stock, Par Value Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 82,489,391 | 82,489,391 | ||
Common Stock, Shares, Outstanding | 82,489,391 | 82,489,391 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Operations [Abstract] | ||||
Net revenues | $ 151 | $ 78 | $ 379 | $ 307 |
Gross profit | 151 | 78 | 379 | 307 |
Operating expenses | ||||
General and administrative expenses | (11,814) | (13,823) | (35,234) | (35,075) |
Total operating expenses | (11,814) | (13,823) | (35,234) | (35,075) |
Operating Loss | (11,663) | (13,745) | (34,855) | (34,768) |
Other Income (expense) | ||||
Foreign currency exchange gain (loss) | 4,404 | 1,771 | 47 | 4,140 |
Total other income (expense) | 4,404 | 1,771 | 47 | 4,140 |
Net loss | (7,259) | (11,974) | (34,808) | (30,628) |
Other comprehensive income | ||||
Cumulative foreign currency translation adjustment | (2,972) | (1,573) | 1,879 | (4,044) |
Comprehensive loss | $ (10,231) | $ (13,547) | $ (32,929) | $ (34,672) |
Weighted average number of shares outstanding basic and diluted (in shares) | 82,489,391 | 82,489,391 | 82,489,391 | 82,489,391 |
Loss per share - basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flow - USD ($) | 9 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash Flow from Operating Activities | ||
Net loss | $ (34,808) | $ (30,628) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Foreign currency exchange gain ( loss) | 116 | (4,683) |
Change in operating assets and liabilities: | ||
Increase in prepaid expenses and deposits | (235) | 0 |
Decrease in accounts payable and accrued liabilities | (2,093) | (4,422) |
Increase in due to related party | 4,360 | |
Net cash used in operating activities | (32,660) | (39,733) |
Cash Flows from Financing Activities | ||
Proceeds from related party | 4,755 | |
Advance for future share issuance | 33,001 | 33,443 |
Net cash provided by financing activities | 33,001 | 38,198 |
Cumulative translation adjustment | 182 | 126 |
Net increase (decrease) in cash | 523 | (1,409) |
Cash, beginning of period | 2,925 | 5,010 |
Cash, end of period | 3,448 | 3,601 |
Supplemental cash flows information | ||
Interest paid | 0 | 0 |
Income tax paid | 0 | 0 |
Non cash investing and financing activities | ||
Share issuance for debt settlement | $ 0 | $ 0 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Jun. 30, 2017 | $ 8,249 | $ 1,059,931 | $ 9,944 | $ (1,127,081) | $ (48,957) |
Balance (Shares) at Jun. 30, 2017 | 82,489,391 | ||||
Foreign currency translation adjustment | (6) | (6) | |||
Net Loss | (51,039) | (51,039) | |||
Balance at Jun. 30, 2018 | $ 8,249 | 1,059,931 | 9,938 | (1,178,120) | (100,002) |
Balance (Shares) at Jun. 30, 2018 | 82,489,391 | ||||
Foreign currency translation adjustment | 1,879 | 1,879 | |||
Net Loss | (34,808) | (34,808) | |||
Balance at Mar. 31, 2019 | $ 8,249 | $ 1,059,931 | $ 11,817 | $ (1,212,928) | $ (132,931) |
Balance (Shares) at Mar. 31, 2019 | 82,489,391 |
Organization, Nature of Operati
Organization, Nature of Operations and Basis of Presentation | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Organization, Nature of Operations and Basis of Presentation [Text Block] | Note 1 – Organization, Nature of Operations and Basis of Presentation W&E Source Corp. (“the Company”) was incorporated in the State of Delaware on October 11, 2005 and is based in Montréal, Québec, Canada. The Company is providing air ticket reservations, hotel reservations and other travel related services. On August 25, 2011, the Company incorporated a company called Airchn Travel Global, Inc. (“ATGI”) in the State of Washington, USA. ATGI is a wholly owned subsidiary of the Company. ATGI focuses on a business segment of travel businesses which includes air ticket reservations, hotel reservations and other travel services. On October 4, 2011, the Company incorporated a company called Airchn Travel (Canada) Inc. (“ATCI”) in the Province of British Columbia, Canada. ATCI is a wholly owned subsidiary of ATGI. ATCI has a similar business segment as ATGI. In January 2012, the Company changed its name from News of China, Inc. to W&E Source Corp. and increased its authorized shares to 500,000,000 shares. As a result of the name change, the Company’s listing symbol on OTCQB is also changed to WESC. During the quarter ended March 31, 2012, the Company incorporated a company named Airchn Travel (Beijing) Inc. (“ATBI”) in Beijing, China. ATBI is also a wholly owned subsidiary of ATGI. ATBI has a similar business segment as ATGI. On December 15, 2012, Airchn Travel (Beijing) Inc., a wholly owned subsidiary of W&E Source Corp. (the “Company”), entered into the Share Purchase Agreement (the “Agreement”) with Mr. Wu Hao (the “Seller”), a majority shareholder of Chengdu Baopiao Internet Co., Ltd. (“Baopiao”), to acquire part of his ownership in Baopiao which equals 51% of all issued and outstanding stock of Baopiao (the “Shares”). The Company will pay for the aggregate purchase price of RMB 2,550,000 for the Shares in cash and by assuming the Seller’s debt to Baopiao in the amount of RMB1,800,000 (approximately US $289,000) (the “Debt”). According to the terms of the Agreement, the Company will assume the Debt upon execution of the Agreement and pay the Seller the remaining RMB750,000 of the purchase price within 20 days from the execution of the Agreement. Also at execution, the Company will pay Baopiao RMB200, 000 as repayment of the Debt and satisfy the remaining Debt of RMB1,600,000 within 20 days from the execution of the Agreement. Also pursuant to the Agreement, the Seller will provide guaranties that other than the information including financial statements provided to the Company, Baopiao does not have any other debts, and no third party has any rights or liens on the assets of Baopiao. The Seller and Baopiao will also indemnify the Company against any damages, liabilities, losses and expenses which the Company may sustain or suffer due to any breach of the guaranties made by the Seller or Baopiao. Baopiao has obtained the necessary shareholder approval for the transfer of the Shares and will register the transfer of the Shares with the applicable State Administration for Industry and Commerce within three days from the date of the Agreement. In connection with the Agreement, the Company also entered into an agreement with the Seller and Baopiao that as an incentive for the management team of Baopiao, the Company will reserve up to 26 million shares of its common stock for issuance to the Baopiao employees upon achievement of certain milestones over the next three years. The Share Purchase Agreement with Mr. Wu Hao was not completed in January, 2013 and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Summary of Significant Accounting Policies [Text Block] | Note 2 – Summary of Significant Accounting Policies a. Basis of presentation. The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). In the opinion of management, the financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted as permitted by the rules and regulations of the United States Securities and Exchange Commission (“SEC”), although the Company believes that the disclosures contained in this report are adequate to make the information presented not misleading. The unaudited consolidated balance sheet information as of March 31, 2019 was derived from the consolidated audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. These unaudited consolidated financial statements should be read in conjunction with the annual consolidated audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018, and other reports filed with the SEC. Operating results for the Three and Nine months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year ended June 30, 2019. b. Foreign currency translation. ATCI's and ATBI’s functional currency for operations is the Canadian dollar and Chinese yuan. However, the Company's reporting currency is the U.S. dollar. Therefore, the consolidated financial statements for all periods presented have been translated into the U.S. dollar using the current rate method. Under this method, the income statement and the cash flows for each period have been translated into U.S. dollars using the average rate of the reporting period, and assets and liabilities have been translated using the exchange rate at the end of the period. All resulting exchange differences are reported in the cumulative translation adjustment account as a separate component of shareholders’ equity. c. Principles of consolidation. The consolidated statements include the accounts of the Company and its wholly owned subsidiaries, ATGI, ATCI and ATBI. All inter-company transactions and balances were eliminated. d. Use of Estimates. The preparation of consolidated 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 as of the date of the consolidated financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. e. Loss per share. Basic loss per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at March 31, 2019 and June 30, 2018. f. Revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue, which primarily consists of commission fees from air ticketing and hotel booking operations, is recognized as tickets and hotels are booked and non-cancellable, and is recorded on a net basis (that is, the amount billed to a customer less the amount paid to a supplier) as the Company acts as an agent in these transactions. Effective January 1, 2018, the Company adopted the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. The implementation of ASC 606 did not have a material impact on the Company’s consolidated financial statements. ASC 606 create a five-step model that requires entities to exercise judgement when considering the terms of contract, which includes (1) identifying the contracts or agreement with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligation, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company’s revenue consists of revenue from providing travel consulting and travel arrangement advisory services (“service revenue”), and service revenue from travel schedule arrangements and advisory. g. Cash and cash equivalents. The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of March 31, 2019 and June 30, 2018, we have no cash equivalents. h. Equipment. Equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful lives of our property and equipment are generally three years. As of March 31, 2019, there is no property or equipment. i. Income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carryforwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The Company’s net operating losses carryforwards are subject to Section 382 limitation. j. Recently issued accounting pronouncements. The Company does not expect that any recently issued accounting pronouncement will have a significant impact on the consolidated results of operations, financial position, or cash flows of the Company. Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after 15 December 2017, and interim periods within those years. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements, if any. On November 17, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. Entities will be required to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. There is no impact of the adoption of this guidance on its consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Note 3 - Going Concern As reflected in the accompanying consolidated financial statements, the Company had accumulated deficits of $1,212,928 and $1,157,709, and net losses of $34,808 and $30,628, respectively, for the Nine Months ended March 31, 2019 and 2018. The Company currently has business activities to generate funds for its own operations, however, has not yet achieved profitable operations. These factors raise substantial doubt about our ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital and implement its business plan. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Management believes that the current actions to obtain additional funding from independent investors or from the management and to implement its strategic plans should allow the Company to continue as a going concern. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. |
Prepayment
Prepayment | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Prepayment [Text Block] | Note 4 – Prepayment As of March 31, 2019, the Company prepaid a security deposit of $11,243 (Cnd$15,000) ($11,415 – 2018) to Consumer Protection British Columbia Province for the guarantee of service quality. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Accounts Payable and Accrued Liabilities [Text Block] | Note 5 - Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities of $8,090 as of March 31, 2019 consists of payment of $1,330 in legal fees, $5,228 in audit and accounting fees, $1,318 in filing fees and others of $214 (June 30, 2018 - $11,283). |
Related Parties
Related Parties | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Related Parties [Text Block] | Note 6 – Related Parties Mrs. Hong Ba serves as the Chief Executive Officer and Director of the Company. Mr. Feng Li, the husband of Mrs. Hong Ba, is the owner of the Canada Airchn Financial Inc. (“CAFI”). The shareholders make advances to the Company from time to time for the Company’s operations. These advances are due on demand and non-interest bearing. As of the Nine Months ended March 31, 2019, the CEO of the Company advanced $148 (June 30, 2018 – $151) to the Company for operating expenditure. During the Nine Months ended March 31, 2019, a company owned by Feng Li, the husband of Mrs. Hong Ba, our CEO, charged the Company $5,460 (Cnd$7,200) (2018 - $5,702) in rent and the debt of $19,787 has been due to the related party (2018 - $15,862). During the Nine Months ended March 31, 2019, the husband of Mrs. Hong Ba, our CEO, advanced $1,100 (June 30, 2018 - $Nil) to the Company for the operating expenditure. As of March 31, 2019, the Company has received advances for future share issuance of $118,546 (June 30, 2018 - $87,243) from a related party who will be over 10% stock shareholder of the Company. |
Commitment and Contingencies
Commitment and Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Commitment and Contingencies [Text Block] | Note 7 – Commitment and Contingencies The Company leases an office space for operating purpose in Canada for a term under a long-term, non-cancelable operating lease agreement by leasor. Monthly rent is $616 (Cdn$800). 2019 (3 Months) Cdn $ 2,400 2020 $ 9,600 2021 $ 9,600 2022 $ 9,600 2023 $ 9,600 Total minimum payments $ 40,800 The lease agreement for the Beijing office was terminated effective from October 1, 2013. For the Nine months ended March 31, 2019 and 2018, the Company recorded a rent expense of $5,460 (Cdn$7,200) and $5,702 (Cdn$7,200), respectively. Long-term lease costs for the nine months ended March 31, 2019 were not material. There were no right-of-use assets obtained in exchange for new liabilities for the nine months ended March 31, 2019. |
Common Stock
Common Stock | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Common Stock [Text Block] | Note 8 – Common Stock On January 23, 2012, the Company entered into a subscription agreement with the significant shareholder Hong Ba, for the sale of 22,000,000 common shares for $630,000 from cash received and expense paid on behalf by Hong Ba. Subsequent to the sale, Hong Ba owns 22,000,000 common shares which represent 45.9% of the issued and outstanding shares of the Company. The Share Purchase Agreement with Mr. Wu Hao was not completed in January 2013, and both the Company and Mr. Wu Hao agreed to terminate the agreement entered on December 15, 2012. On October 26, 2014, the Company issued 15,538,300 common shares of the Company to settle the debts payable of $155,383 to related parties at $0.01 per share. The Company is authorized to issue 500,000,000 shares of common stock with par value of $0.0001. As of March 31, 2019 and June 30, 2018, 82,489,391 and 82,489,391 shares of common stock were issued and outstanding, respectively. On October 26, 2014, the Company issued 15,538,300 common shares of the Company to settle the debts payable of $155,383 to related parties at $0.01 per share. On August 5, 2016, the Company entered into Debt Conversion Agreements (the “Agreements”) with each of Lin Li and Youzhe Li, who were each creditors to the Company with total outstanding balances of $25,920 (the “Lin Li Loan”) and $78,861 (the “Youzhe Li Loan” and, together with the Lin Li Loan, the “Loans”), respectively. Pursuant to the Agreements the Company agreed to issue an aggregate total of 19,051,091 shares of its common stock, $0.0001 par value per share (the “Shares”), at the conversion rate of $0.0055 per share as full payment for the Loans. Upon issuance and delivery of the Shares, the Loans were fully paid and the Company no longer had any obligations to the individuals under the Loans. Lin Li is the sister of Mr. Feng Li, who is the husband of Hong Ba, the Company’s director, CEO and CFO. As of March 31, 2019 and June 30, 2018, the Company has received $118,546 and $87,243, respectively, advanced for a future share issuance from a related party, which amounts do not bear interest and are due on demand. On August 5, 2016, the Company issued 14,338,364 common shares of the Company to such a related party in cancellation of the debt of $78,861 owed to such party at such time. As the filing date of these financial statements, there are 82,489,391 shares issued and outstanding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Basis of presentation [Policy Text Block] | a. Basis of presentation. The accompanying interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X as promulgated by the Securities and Exchange Commission (the “SEC”). In the opinion of management, the financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the results for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with generally accepted accounting principles have been condensed or omitted as permitted by the rules and regulations of the United States Securities and Exchange Commission (“SEC”), although the Company believes that the disclosures contained in this report are adequate to make the information presented not misleading. The unaudited consolidated balance sheet information as of March 31, 2019 was derived from the consolidated audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. These unaudited consolidated financial statements should be read in conjunction with the annual consolidated audited financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018, and other reports filed with the SEC. Operating results for the Three and Nine months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year ended June 30, 2019. |
Foreign currency translation [Policy Text Block] | b. Foreign currency translation. ATCI's and ATBI’s functional currency for operations is the Canadian dollar and Chinese yuan. However, the Company's reporting currency is the U.S. dollar. Therefore, the consolidated financial statements for all periods presented have been translated into the U.S. dollar using the current rate method. Under this method, the income statement and the cash flows for each period have been translated into U.S. dollars using the average rate of the reporting period, and assets and liabilities have been translated using the exchange rate at the end of the period. All resulting exchange differences are reported in the cumulative translation adjustment account as a separate component of shareholders’ equity. |
Principles of consolidation [Policy Text Block] | c. Principles of consolidation. The consolidated statements include the accounts of the Company and its wholly owned subsidiaries, ATGI, ATCI and ATBI. All inter-company transactions and balances were eliminated. |
Use of Estimates [Policy Text Block] | d. Use of Estimates. The preparation of consolidated 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 as of the date of the consolidated financial statements and the reported amounts of revenues and expense during the period. Actual results could differ from those estimates. |
Loss per share [Policy Text Block] | e. Loss per share. Basic loss per share (“EPS”) is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period, excluding the effects of any potentially dilutive securities. Diluted EPS gives effect to all dilutive potential of shares of common stock outstanding during the period including stock options or warrants, using the treasury stock method (by using the average stock price for the period to determine the number of shares assumed to be purchased from the exercise of stock options or warrants), and convertible debt or convertible preferred stock, using the if-converted method. EPS excludes all potential dilutive shares of common stock if their effect is anti-dilutive. There were no dilutive securities at March 31, 2019 and June 30, 2018. |
Revenue recognition [Policy Text Block] | f. Revenue recognition. The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when it has persuasive evidence of an arrangement, delivery has occurred, the sales price is fixed or determinable, and collectability is reasonably assured. Revenue, which primarily consists of commission fees from air ticketing and hotel booking operations, is recognized as tickets and hotels are booked and non-cancellable, and is recorded on a net basis (that is, the amount billed to a customer less the amount paid to a supplier) as the Company acts as an agent in these transactions. Effective January 1, 2018, the Company adopted the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. The implementation of ASC 606 did not have a material impact on the Company’s consolidated financial statements. ASC 606 create a five-step model that requires entities to exercise judgement when considering the terms of contract, which includes (1) identifying the contracts or agreement with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligation, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients. The Company’s revenue consists of revenue from providing travel consulting and travel arrangement advisory services (“service revenue”), and service revenue from travel schedule arrangements and advisory. |
Cash and cash equivalents [Policy Text Block] | g. Cash and cash equivalents. The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months or less of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. As of March 31, 2019 and June 30, 2018, we have no cash equivalents. |
Equipment [Policy Text Block] | h. Equipment. Equipment is stated at cost and depreciated using the straight-line method over the estimated useful life of the asset. The estimated useful lives of our property and equipment are generally three years. As of March 31, 2019, there is no property or equipment. |
Income taxes [Policy Text Block] | i. Income taxes. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the Company recognizes future tax benefits, such as carryforwards, to the extent that realization of such benefits is more likely than not and that a valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The Company’s net operating losses carryforwards are subject to Section 382 limitation. |
Recently issued accounting pronouncements [Policy Text Block] | j. Recently issued accounting pronouncements. The Company does not expect that any recently issued accounting pronouncement will have a significant impact on the consolidated results of operations, financial position, or cash flows of the Company. Recently Issued Accounting Pronouncements In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU 2016-15 is effective for public business entities for fiscal years beginning after 15 December 2017, and interim periods within those years. For all other entities, it is effective for fiscal years beginning after 15 December 2018, and interim periods within fiscal years beginning after 15 December 2019. Early adoption is permitted. Entities will have to apply the guidance retrospectively, but if it is impracticable to do so for an issue, the amendments related to that issue would be applied prospectively. The Company is currently evaluating the impact of the adoption of this guidance on its consolidated financial statements, if any. On November 17, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. Entities will be required to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. As a result, entities will no longer present transfers between cash and cash equivalents and restricted cash and restricted cash equivalents in the statement of cash flows. There is no impact of the adoption of this guidance on its consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2019 (3 Months) Cdn $ 2,400 2020 $ 9,600 2021 $ 9,600 2022 $ 9,600 2023 $ 9,600 Total minimum payments $ 40,800 |
Organization, Nature of Opera_2
Organization, Nature of Operations and Basis of Presentation (Narrative) (Details) | Dec. 15, 2012USD ($) | Dec. 15, 2012CNY (¥) | Mar. 31, 2019shares | Jun. 30, 2018shares | Jan. 31, 2012shares |
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | ||
Baopiao [Member] | |||||
Noncash or Part Noncash Acquisition, Interest Acquired | 51.00% | 51.00% | |||
Noncash or Part Noncash Acquisition, Net Non monetary Assets Acquired (Liabilities Assumed) | ¥ 2,550,000 | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 289,000 | 1,800,000 | |||
Payments to Acquire Interest in Subsidiaries and Affiliates | 750,000 | ||||
Repayments of Debt | 200,000 | ||||
Other Long-term Debt | ¥ 1,600,000 | ||||
Period For Execution Of Agreement | 20 days | 20 days | |||
Common stock reserved for issuance | shares | 26,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
Depreciation Methods | straight-line method |
Estimated useful lives of our property and equipment | Three years |
Going Concern (Narrative) (Deta
Going Concern (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Notes to Financial Statements [Abstract] | |||||
Accumulated Deficit | $ 1,212,928 | $ 1,157,709 | $ 1,212,928 | $ 1,157,709 | $ 1,178,120 |
Net Income Loss | $ 7,259 | $ 11,974 | $ 34,808 | $ 30,628 | $ 51,039 |
Prepayment (Narrative) (Details
Prepayment (Narrative) (Details) | Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Jun. 30, 2018USD ($) |
Notes to Financial Statements [Abstract] | |||
Prepayments/Deposits | $ 11,243 | $ 15,000 | $ 11,415 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Narrative) (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Notes to Financial Statements [Abstract] | ||
Accounts payable and accrued liabilities | $ 8,090 | $ 11,283 |
Legals Fees Payable | 1,330 | |
Audit Fees And Accounting Fees Payable | 5,228 | |
Filing fees | 1,318 | |
Other Accounts Payable and Accrued Liabilities | $ 214 | $ 11,283 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2018USD ($) | |
Proceeds from advances from related parties | $ 148 | $ 151 | ||
Related Party Transaction, Amounts of Transaction | 5,460 | $ 7,200 | $ 5,702 | |
Due to Other Related Parties, Current | 19,787 | 15,862 | ||
Advances from a future share issuance | $ 118,546 | 87,243 | ||
Percentage of stock ownership | 10.00% | |||
Feng Li [Member] | ||||
Proceeds from advances from related parties | $ 1,100 |
Commitment and Contingencies (N
Commitment and Contingencies (Narrative) (Details) | 9 Months Ended | ||||
Mar. 31, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2019CAD ($) | |
Notes to Financial Statements [Abstract] | |||||
Monthly Rent Payment | $ 616 | $ 800 | |||
Operating Leases, Rent Expense | $ 5,460 | $ 7,200 | $ 5,702 | $ 7,200 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | Aug. 05, 2016USD ($)$ / sharesshares | Oct. 26, 2014USD ($)shares | Jan. 23, 2012USD ($)shares | Mar. 31, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jan. 31, 2012shares |
Debt Conversion, Converted Instrument, Shares Issued | shares | 19,051,091 | 15,538,300 | ||||
Debt Conversion, Converted Instrument, Amount | $ | $ 155,383 | |||||
Debt Instrument, Convertible, Conversion Ratio | 0.0055 | 0.01 | ||||
Common Stock, Shares Authorized | shares | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Common Stock, Shares, Issued | shares | 82,489,391 | 82,489,391 | ||||
Common Stock, Shares, Outstanding | shares | 82,489,391 | 82,489,391 | ||||
Advances from a future share issuance | $ | $ 118,546 | $ 87,243 | ||||
Stock issued during period, cancellation of advance | shares | 14,338,364 | |||||
Stock issued during period, value, cancellation of advance | $ | $ 78,861 | |||||
Hong Ba [Member] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 22,000,000 | |||||
Stock Issued During Period, Value, New Issues | $ | $ 630,000 | |||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.90% | |||||
Lin Li [Member] | ||||||
Debt Conversion, Converted Instrument, Amount | $ | 25,920 | |||||
Youzhe Li [Member] | ||||||
Debt Conversion, Converted Instrument, Amount | $ | $ 78,861 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) | Mar. 31, 2019CAD ($) |
Notes to Financial Statements [Abstract] | |
2019 (3 Months) | $ 2,400 |
2020 | 9,600 |
2021 | 9,600 |
2022 | 9,600 |
2023 | 9,600 |
Total minimum payments | $ 40,800 |