Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2017 | Nov. 13, 2017 | Jan. 31, 2017 | |
Document And Entity Information Abstract | |||
Entity Registrant Name | Toga Ltd | ||
Entity Central Index Key | 1,378,125 | ||
Trading Symbol | togl | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 2,546,354,700 | ||
Entity Public Float | $ 150,522 | ||
Document Type | 10-K | ||
Document Period End Date | Jul. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 100 | |
Total Current Assets | 100 | |
TOTAL ASSETS | 100 | |
Current Liabilities | ||
Accounts payable and accrued liabilities | 1,262 | $ 200 |
Due to related party | 96,212 | |
Notes due to related parties | 24,126 | 34,135 |
Convertible note payable - related party | 0 | 523,916 |
Total Current Liabilities | 121,600 | 558,251 |
Stockholders' Deficit | ||
Preferred stock, $.0001 par value, 20,000,000 shares authorized; none issued and outstanding | ||
Common stock, $.0001 par value, 10,000,000,000 shares authorized; 2,546,354,700 and 19,658,450 shares issued and outstanding as of July 31, 2017 and July 31, 2016, respectively | 254,636 | 1,966 |
Common stock subscribed; 30,000,000 common shares, $.0001 par value | (3,000) | |
Additional paid-in capital | 358,015 | 71,760 |
Accumulated deficit | (731,151) | (631,977) |
Total Stockholders' Deficit | (121,500) | $ (558,251) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 100 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jul. 31, 2017 | Jul. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 10,000,000,000 | 100,000,000 |
Common stock, shares issued | 2,546,354,700 | 19,658,450 |
Common stock, shares outstanding | 2,546,354,700 | 19,658,450 |
Common stock subscribed, shares | 30,000,000 | 30,000,000 |
Common stock subscribed, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
OPERATING EXPENSES | ||
General and administrative expenses | $ 99,174 | $ 19,333 |
Total Operating Expenses | 99,174 | 19,333 |
LOSS FROM OPERATIONS | (99,174) | (19,333) |
Loss before Income Taxes | (99,174) | (19,333) |
Income Tax Provision | 0 | 0 |
NET LOSS | $ (99,174) | $ (19,333) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE: | ||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares) | 1,596,442,350 | 19,658,450 |
NET LOSS PER COMMON SHARE (in dollars per share) | $ 0 | $ 0 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock | Subscription Receivable | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Jul. 31, 2015 | $ 1,966 | $ 71,760 | $ (612,644) | $ (538,918) | |
Balance (in shares) at Jul. 31, 2015 | 19,658,450 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (19,333) | (19,333) | |||
Balance at Jul. 31, 2016 | $ 1,966 | 71,760 | (631,977) | (558,251) | |
Balance (in shares) at Jul. 31, 2016 | 19,658,450 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common shares for convertible promissory notes and note payable | $ 2,670 | 531,255 | 533,925 | ||
Issuance of common shares for convertible promissory notes and note payable (in shares) | 26,696,250 | ||||
Issuance of common shares | $ 250,000 | $ (3,000) | (245,000) | 2,000 | |
Issuance of common shares (in shares) | 2,500,000,000 | ||||
Net loss | (99,174) | (99,174) | |||
Balance at Jul. 31, 2017 | $ 254,636 | $ (3,000) | $ 358,015 | $ (731,151) | $ (121,500) |
Balance (in shares) at Jul. 31, 2017 | 2,546,354,700 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (99,174) | $ (19,333) |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 99,274 | (10,800) |
Net cash provided by (used in) operating activities | 100 | (30,133) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes due to related parties | 29,635 | |
Proceeds from related party | 0 | 0 |
Net cash provided by financing activities | 29,635 | |
Net increase (decrease) in cash and cash equivalents | 100 | (498) |
Cash and cash equivalents - beginning of period | 498 | |
Cash and cash equivalents - end of period | 100 | |
Supplemental Cash Flow Disclosures | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | 0 | $ 0 |
Non-Cash Investing and Financing Activities: | ||
Contribution of Capital to Pay for Expenses on Behalf of the Company - related party | 2,000 | |
Common Stock Subscribed | 3,000 | |
Conversion of Related Party Debt to Common Stock | 533,925 | |
Expenses Paid directly by Related Party | $ 96,212 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jul. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Business description On June 30, 2016, Blink Couture, Inc. entered into a merger agreement with its wholly owned subsidiary, Toga Limited (the “Company”), a Delaware corporation with no material operations. Blink Couture, Inc. was originally incorporated as Fashionfreakz International Inc. on October 23, 2003, under the laws of the State of Delaware. On December 2, 2005, Fashionfreakz International Inc. changed its name to Blink Couture Inc. Until March 4, 2008, the Company’s principal business was the online retail marketing of trendy clothing and accessories produced by independent designers. On March 4, 2008, the Company discontinued its prior business and changed its business plan. The Company’s business plan now consists of exploring potential targets for a business combination through the purchase of assets, share purchase or exchange, merger or similar type of transaction. The Company has nominal operations and nominal assets, and is considered a Shell company as defined by Rule 12b-2 of the Exchange Act. On June 13, 2016, a change of control of the Company occurred. On that date, the current president and Chief Executive Officer purchased a total of 13,869,150 of the issued and outstanding shares of the Company. On June 10, 2017, the Board of Directors unanimously adopted resolutions authorizing the increase of the Company’s authorized number of shares of common stock from one hundred million (100,000,000) shares to ten billion (10,000,000,000) shares and increased the number of the Company’s total issued and outstanding shares of common stock by conducting a forward split at the rate of fifty (50) shares for every one (1) (50:1) share currently issued and outstanding (the “Forward Split”). The Forward Split became effective in the market on September 11, 2017 following approval by the FINRA. All share amounts in this filing have been adjusted retroactively. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company uses the accrual basis of accounting and has adopted a July 31 fiscal year end. Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with remaining maturities of less than ninety days at the date of purchase. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. Basic and Diluted Earnings per Share Pursuant to the authoritative guidance, basic net income and net loss per share are computed by dividing the net income and net loss by the weighted average number of common shares outstanding. Diluted net income and net loss per share is the same as basic net income and net loss per share due to the lack of dilutive items. At the reporting dates there were no common stock equivalents outstanding. Fair Value FASB ASC 820, Fair Value Measurements and Disclosure ASC 820 requires that assets and liabilities measured at fair value are classified and disclosed in one of the following three categories: Level 1 — Level 2 — Level 3 — The carrying amounts of cash, accounts payable and other liabilities, accrued interest payable, and convertible notes approximate fair value because of the short-term nature of these items. Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets 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. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. Revenue Recognition The Company has nominal operations and has not generated any revenue from its operations. Recent Accounting Pronouncements In September 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for the Company beginning January 1, 2018, with early application permitted. The standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The standard will be effective for the Company beginning January 1, 2020, with early application permitted. This standard is not expected to have a material impact on our financial position, results of operations or statement of cash flows upon adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires the lessee to recognize assets and liabilities for leases with lease terms of more than twelve months. For leases with a term of twelve months or less, the Company is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Further, the lease requires a finance lease to recognize both an interest expense and an amortization of the associated expense. Operating leases generally recognize the associated expense on a straight line basis. ASU 2016-02 requires the Company to adopt the standard using a modified retrospective approach and adoption beginning on January 1, 2019. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This new standard provides guidance on how entities measure certain equity investments and present changes in the fair value. This standard requires that entities measure certain equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. ASU 2016-01 is effective for fiscal years beginning after December 31, 2017. The Company has reviewed and analyzed the above recent accounting pronouncements, and notes no material impact on the financial statements as of July 31, 2017. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jul. 31, 2017 | |
Going Concern [Abstract] | |
GOING CONCERN | NOTE 3. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company, which has not generated any revenues, has incurred net losses, has nominal assets and a stockholders’ deficit. These conditions, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s continuation as a going concern is dependent on its ability to meet its obligations, to obtain additional financing as may be required and ultimately to attain profitability. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company is dependent on advances from its principal shareholders or other affiliated parties for continued funding. There are no commitments or guarantees from any third party to provide such funding nor is there any guarantee that the Company will be able to access the funding it requires to continue its operations. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Jul. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS On January 6, 2017, the Company's sole director entered into an agreement to convert the $10,009 of non-interest bearing, due on demand loans for a total of 10,009 shares of common stock. The Company has outstanding notes payable to the Company's sole director of $24,126 and $34,135 as of July 31, 2017 and July 31, 2016, respectively. The amount is non-interest bearing, and due on demand. During the year ended July 31, 2017 and 2016 total expenses paid directly by a related party on behalf of the Company were $96,212 and $0, respectively. As at July 31, 2017 and July 31, 2016, $96,212 and $0 is due to the related party, respectively. Proceeds from notes due to related party for the years ended July 31, 2017 and 2016, were $0 and $29,635, respectively. On November 1, 2016, the Company issued 2,500,000,000 common shares, par value $0.0001 to three individuals. A total of 1,000,000,000 shares were issued to the Company’s sole director. The price per share per the share issuance is $0.0001. As of July 31, 2017, an amount of $2,000 has been recorded as a contribution of capital from a related party, and the remaining $3,000 has been recorded as common stock subscribed. The sole director of the Company currently provides office space free of rent to the Company. |
CONVERTIBLE NOTES PAYABLE
CONVERTIBLE NOTES PAYABLE | 12 Months Ended |
Jul. 31, 2017 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES PAYABLE | NOTE 5. CONVERTIBLE NOTES PAYABLE On December 24, 2014, as a result of three separate Assignment and Assumption agreements, the Company’s notes payable to related parties in the amount of $523,916, including outstanding accrued interest, were sold by the related parties to three non-related parties for nominal consideration. On January 7, 2015, the outstanding notes payables of $523,916 were replaced by convertible notes payables in the same amounts. In addition, accrued interest of $74,491 associated with the outstanding notes payable was forgone and forgiven by the note holders. The notes are convertible into shares of the Company’s common stock at a conversion price of $1.00 per share at the note holders’ sole and exclusive option. The convertible notes were originally interest free until December 31, 2015, and due on February 1, 2016. In January 2016, due dates for the convertible notes were extended to February 1, 2017. In addition, the convertible notes were amended to remain interest free until December 31, 2016, after which time the notes shall bear interest at 6% per annum. On May 31, 2016, a new sole director became the majority shareholder of the Company. As a result of the agreement with the previous majority shareholder, the new sole director assumed the outstanding notes payable of $523,916. On January 6, 2017, the Company’s sole director entered into an agreement to convert the total amount of outstanding convertible notes payable of $523,916 for a total of 26,195,800 shares of common stock. On January 6, 2017, the Company's sole director entered into an agreement to convert the $10,009 of non-interest bearing, due on demand loans for a total of 500,450 shares of common stock. As of July 31, 2017, and July 31, 2016, the balance of convertible notes payable to related party is $0 and $523,916, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 6. INCOME TAXES The Company recognizes deferred income tax liabilities and assets for the expected future tax consequences of events that have been recognized in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. The Company has not incurred any income tax liabilities due to accumulated net losses. For the fiscal year ended July 31, 2017, no taxable income was generated. All tax years are open for review. The Company had a net loss of $99,174 for the year ended July 31, 2017 and $19,333 for the same period in 2016. As of July 31, 2017, the Company’s net operating loss carry forward was $118,507, which will begin to expire in year 2036. The reconciliation of the provision for income taxes at the United States federal statutory rate compared to the Company’s income tax expense as reported is as follows: Years Ended July 31, 2017 2016 Federal income tax benefit attributable to: Current operations $ 41,477 $ 6,767 Less: valuation allowance (41,477 ) (6,767 ) Net provision for Federal income taxes $ - $ - Components of net deferred tax assets, including a valuation allowance, are as follows: Period ending July 31, July 31, 2017 2016 Deferred tax asset attributable to: Net operating loss carry over $ 118,507 $ 19,333 Net operating losses utilized - - Less: valuation allowance (118,507 ) (19,333 ) Net deferred tax asset $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jul. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7. SUBSEQUENT EVENTS On June 10, 2017, the Board of Directors unanimously adopted resolutions authorizing the increase of the Company’s authorized number of shares of common stock from one hundred million (100,000,000) shares to ten billion (10,000,000,000) shares and increased the number of the Company’s total issued and outstanding shares of common stock by conducting a forward split at the rate of fifty (50) shares for every one (1) (50:1) share currently issued and outstanding (the “Forward Split”). The Forward Split became effective in the market on September 11, 2017 following approval by the FINRA. All share amounts in this filing have been adjusted retroactively. All share amounts related to the forward split have been issued. On September 18, 2017, the Company’s Board of Directors authorized the formation of a new subsidiary, Toga Limited Sdn. Bhd. On November 10, 2017, the Company’s Board of Directors authorized the formation of a branch in in the Philippines to be named Toga Limited Philippines, Inc. Subsequent to July 31, 2017, the Company received $200,000 for a proposed subscription agreement from Toga Capital. As of the date of this report no shares have been issued under the proposed subscription agreement. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jul. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company uses the accrual basis of accounting and has adopted a July 31 fiscal year end. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and highly liquid investments with remaining maturities of less than ninety days at the date of purchase. |
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 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 expenses during the reporting period. Some of these judgments can be subjective and complex, and, consequently, actual results may differ from these estimates. |
Basic and Diluted Earnings per Share | Basic and Diluted Earnings per Share Pursuant to the authoritative guidance, basic net income and net loss per share are computed by dividing the net income and net loss by the weighted average number of common shares outstanding. Diluted net income and net loss per share is the same as basic net income and net loss per share due to the lack of dilutive items. At the reporting dates there were no common stock equivalents outstanding. |
Fair Value | Fair Value FASB ASC 820, Fair Value Measurements and Disclosure ASC 820 requires that assets and liabilities measured at fair value are classified and disclosed in one of the following three categories: Level 1 — Level 2 — Level 3 — The carrying amounts of cash, accounts payable and other liabilities, accrued interest payable, and convertible notes approximate fair value because of the short-term nature of these items. |
Related Party Balances and Transactions | Related Party Balances and Transactions The Company follows FASB ASC 850, “ Related Party Disclosures |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets 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. A valuation allowance on deferred tax assets is established when management considers it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax benefits from an uncertain tax position are only recognized if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. Interest and penalties related to unrecognized tax benefits are recorded as incurred as a component of income tax expense. The Company has not recognized any tax benefits from uncertain tax positions for any of the reporting periods presented. |
Revenue Recognition | Revenue Recognition The Company has nominal operations and has not generated any revenue from its operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-13, “Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.” In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. The standard will be effective for the Company beginning January 1, 2018, with early application permitted. The standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The standard will be effective for the Company beginning January 1, 2020, with early application permitted. This standard is not expected to have a material impact on our financial position, results of operations or statement of cash flows upon adoption. In March 2016, the FASB issued ASU No. 2016-09, Compensation — Stock Compensation: Improvements to Employee Share-Based Payment Accounting In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires the lessee to recognize assets and liabilities for leases with lease terms of more than twelve months. For leases with a term of twelve months or less, the Company is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. Further, the lease requires a finance lease to recognize both an interest expense and an amortization of the associated expense. Operating leases generally recognize the associated expense on a straight line basis. ASU 2016-02 requires the Company to adopt the standard using a modified retrospective approach and adoption beginning on January 1, 2019. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This new standard provides guidance on how entities measure certain equity investments and present changes in the fair value. This standard requires that entities measure certain equity investments that do not result in consolidation and are not accounted for under the equity method at fair value and recognize any changes in fair value in net income. ASU 2016-01 is effective for fiscal years beginning after December 31, 2017. The Company has reviewed and analyzed the above recent accounting pronouncements, and notes no material impact on the financial statements as of July 31, 2017. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jul. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of provision for income taxes | Years Ended July 31, 2017 2016 Federal income tax benefit attributable to: Current operations $ 41,477 $ 6,767 Less: valuation allowance (41,477 ) (6,767 ) Net provision for Federal income taxes $ - $ - |
Schedule of components of net deferred tax assets | Period ending July 31, July 31, 2017 2016 Deferred tax asset attributable to: Net operating loss carry over $ 118,507 $ 19,333 Net operating losses utilized - - Less: valuation allowance (118,507 ) (19,333 ) Net deferred tax asset $ - $ - |
ORGANIZATION AND DESCRIPTION 16
ORGANIZATION AND DESCRIPTION OF BUSINESS (Detail Textuals) - shares | Sep. 11, 2017 | Nov. 01, 2016 | Jun. 13, 2016 | Jul. 31, 2017 | Jun. 10, 2017 | Jul. 31, 2016 |
Schedule Of Equity [Line Items] | ||||||
Issuance of common shares (in shares) | 2,500,000,000 | |||||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 100,000,000 | |||
President and Chief Executive Officer | ||||||
Schedule Of Equity [Line Items] | ||||||
Issuance of common shares (in shares) | 13,869,150 | |||||
Subsequent event | ||||||
Schedule Of Equity [Line Items] | ||||||
Forward split | 50:1 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | Jan. 06, 2017 | Nov. 01, 2016 | Jul. 31, 2017 | Jul. 31, 2016 | May 31, 2016 |
Related Party Transaction [Line Items] | |||||
Outstanding notes payable to sole director | $ 24,126 | $ 34,135 | |||
Expense paid by related party | 96,212 | ||||
Due to related party | $ 96,212 | ||||
Proceeds from notes due to related parties | $ 29,635 | ||||
Issuance of common shares (in shares) | 2,500,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Contribution of capital from related party | $ 2,000 | ||||
Common stock subscribed | $ 3,000 | ||||
Director | |||||
Related Party Transaction [Line Items] | |||||
Outstanding notes payable to sole director | $ 523,916 | ||||
Issuance of common shares (in shares) | 1,000,000,000 | ||||
Common stock, par value (in dollars per share) | $ 0.0001 | ||||
Director | Non-interest bearing demand loans | |||||
Related Party Transaction [Line Items] | |||||
Conversion of non-interest bearing demand loans | $ 10,009 | ||||
Number of common shares issued for conversion of non-interest bearing demand loans (in shares) | 10,009 |
CONVERTIBLE NOTES PAYABLE RELAT
CONVERTIBLE NOTES PAYABLE RELATED PARTY (Detail Textuals) - USD ($) | Jan. 06, 2017 | Jan. 07, 2015 | Jul. 31, 2017 | Jul. 31, 2016 | May 31, 2016 | Dec. 24, 2014 |
Debt Instrument [Line Items] | ||||||
Notes due to related parties | $ 24,126 | $ 34,135 | ||||
Convertible note payable - related party | $ 0 | $ 523,916 | ||||
Director | ||||||
Debt Instrument [Line Items] | ||||||
Notes due to related parties | $ 523,916 | |||||
Director | Non-interest bearing demand loans | ||||||
Debt Instrument [Line Items] | ||||||
Conversion of non-interest bearing demand loans | $ 10,009 | |||||
Number of common shares issued for conversion of non-interest bearing demand loans (in shares) | 500,450 | |||||
Director | Convertible Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Conversion of non-interest bearing demand loans | $ 523,916 | |||||
Number of common shares issued for conversion of non-interest bearing demand loans (in shares) | 26,195,800 | |||||
Three separate assignment and assumption agreements | ||||||
Debt Instrument [Line Items] | ||||||
Notes due to related parties | $ 523,916 | |||||
Note holders | Convertible Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Accrued interest of outstanding notes payable forgiven | $ 74,491 | |||||
Convertible note payable - related party | $ 523,916 | |||||
Debt conversion price per share | $ 1 | |||||
Convertible notes description | The convertible notes were originally interest free until December 31, 2015, and due on February 1, 2016. In January 2016, due dates for the convertible notes were extended to February 1, 2017. In addition, the convertible notes were amended to remain interest free until December 31, 2016, after which time the notes shall bear interest at 6% per annum. | |||||
Percentage of accrued interest per annum | 6.00% | |||||
Notes, extended due date | Feb. 1, 2017 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Federal income tax benefit attributable to: | ||
Current operations | $ 41,477 | $ 6,767 |
Less: valuation allowance | (41,477) | (6,767) |
Net provision for Federal income taxes | $ 0 | $ 0 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Jul. 31, 2017 | Jul. 31, 2016 |
Deferred tax asset attributable to: | ||
Net operating loss carry forward | $ 118,507 | $ 19,333 |
Net operating losses utilized | 0 | 0 |
Less: valuation allowance | (118,507) | (19,333) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 12 Months Ended | |
Jul. 31, 2017 | Jul. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Net loss | $ (99,174) | $ (19,333) |
Net operating loss carry forward | $ 118,507 | $ 19,333 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - USD ($) | Sep. 11, 2017 | Nov. 13, 2017 | Jul. 31, 2017 | Jun. 10, 2017 | Jul. 31, 2016 |
Subsequent Event [Line Items] | |||||
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 | 100,000,000 | ||
Subsequent event | |||||
Subsequent Event [Line Items] | |||||
Common stock issued and outstanding Forward Split | 50:1 | ||||
Amount received for proposed subscription agreement from Toga Capital | $ 200,000 |