Cover
Cover - USD ($) | 12 Months Ended | ||
Apr. 30, 2020 | Aug. 17, 2020 | Oct. 31, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K/A | ||
Amendment Flag | true | ||
Amendment description | Nothing in the financials changed | ||
Document Period End Date | Apr. 30, 2020 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --04-30 | ||
Entity File Number | 000-53279 | ||
Entity Registrant Name | Green Stream Holdings Inc. | ||
Entity Central Index Key | 0001437476 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Entity State of Incorp | WY |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Current Assets | ||
Cash | $ 14,727 | $ 0 |
Total Current Assets | 14,727 | 0 |
Furniture and equipment net of depreciation (Note 3) | 915,654 | 915,654 |
Intangible asset, net of amortization (Note 4) | 185,000 | 185,000 |
TOTAL ASSETS | 1,115,381 | 1,100,654 |
Current Liabilities | ||
Accounts Payable | 44,448 | 5,952 |
Other Current Liabilities | 60,000 | 40,000 |
Accrued Interest Payable | 4,872 | 0 |
Due to related party ( Note 7) | 141,569 | 66,762 |
Notes Payable (Note 8) | 340,900 | 0 |
Total Current Liabilities | 591,789 | 112,714 |
TOTAL LIABILITIES | 591,789 | 112,714 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, $.001 par value 10,000,000,000 Authorized 26,700,665 Issued and Outstanding at April 30, 2020 and 25,834,000 at April 30, 2019. | 26,700 | 25,834 |
Additional paid-in-capital | 864,540 | 1,073,407 |
Accumulated deficit | (369,062) | (112,714) |
Total Stockholders' Equity (Deficit) | 523,592 | 987,940 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | 1,115,381 | 1,100,654 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock | 53 | 53 |
Series B Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock | 600 | 600 |
Series C Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Preferred Stock | $ 760 | $ 760 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2020 | Apr. 30, 2019 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 26,700,665 | 25,834,000 |
Common stock, shares outstanding | 26,700,665 | 25,834,000 |
Series A Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 53,000 | 53,000 |
Preferred stock, shares outstanding | 53,000 | 53,000 |
Series B Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 600,000 | 600,000 |
Preferred stock, shares outstanding | 600,000 | 600,000 |
Series C Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 760,000 | 760,000 |
Preferred stock, shares outstanding | 760,000 | 760,000 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Statement [Abstract] | ||
Sales | $ 0 | $ 0 |
COST OF SALES | 0 | 0 |
GROSS MARGIN | 0 | 0 |
OPERATING EXPENSES: | ||
Administrative expenses | 40,405 | 3,010 |
Advertising | 14,042 | 0 |
Insurance | 13,059 | 0 |
Legal Fees | 45,850 | 20,570 |
Professional Fees | 81,290 | 59,511 |
Rent | 8,559 | 0 |
Travel | 48,271 | 29,623 |
Total Operating expenses | 251,476 | 112,714 |
NET OPERATING INCOME/ LOSS | (251,476) | (112,714) |
Finance and interest fees | (4,872) | 0 |
NET INCOME (LOSS) | $ (256,348) | $ (112,714) |
Basic and Diluted Loss per Common Share | $ (.00960) | $ (0.0044) |
Weighted Average Number of Common Shares Outstanding | 26,700,655 | 25,834,000 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (256,348) | $ (112,714) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Amortization | 0 | 0 |
Depreciation | 0 | 0 |
Changes in operating assets and Liabilities: | ||
Increase/ (decrease) in accrued interest payable | 4,872 | 0 |
Increase/(decrease) in other current liabilities | 20,000 | 0 |
Increase/ (decrease) in accounts payable | 38,496 | 45,952 |
Net cash used in operating activities | (192,980) | (66,762) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of Assets | 0 | 0 |
Net cash provided by (used in) investing activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from loans from stockholder | 114,807 | 66,762 |
Proceeds from Notes Payable | 92,900 | 0 |
Net cash provided by (used in) financing activities | 207,707 | 66,762 |
Net increase (decrease) in cash and cash equivalents | 14,727 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 |
Cash and cash equivalents - end of period | 14,727 | 0 |
Issuance of Common shares to Prior Management for settlement of Convertible Series B Preferred Shares | 266,665 | 0 |
Acquisition of assets through the assumption of debt | 1,100,654 | 0 |
custom:ConversionOfPreferredStockInLieuCommonStockPurchase | $ 11,000,000 | $ 0 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Changes in Stockholders' Equity - USD ($) | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance, shares at Apr. 30, 2018 | 11,000,000 | 9,991,254,145 | |||
Beginning balance, value at Apr. 30, 2018 | $ 11,000 | $ 9,991,254 | $ (9,625,627) | $ (1,683,465) | $ (1,306,838) |
Reverse split, shares | (9,990,917,378) | ||||
Reverse split, value | $ (9,990,917) | 10,699,034 | 1,683,465 | (2,391,582) | |
Issuance of Shares for Services, shares | 1,413,000 | 25,497,233 | |||
Issuance of Shares for Services, value | $ 1,413 | $ 25,497 | 26,974 | ||
Net loss | (112,714) | (112,714) | |||
Ending balance, shares at Apr. 30, 2019 | 1,413,000 | 25,834,000 | |||
Ending balance, value at Apr. 30, 2019 | $ 1,413 | $ 25,834 | 1,073,471 | (112,714) | 987,940 |
Issuance of Common Shares for financing, shares | 600,000 | ||||
Issuance of Common Shares for financing, value | $ 600 | 600 | |||
Issuance of Common Shares for Settlement with Prior Management, shares | 266,655 | ||||
Issuance of Common Shares for Settlement with Prior Management, value | $ 266 | (208,931) | (208,664) | ||
Net loss | (256,348) | (256,348) | |||
Ending balance, shares at Apr. 30, 2020 | 1,413,000 | 26,700,655 | |||
Ending balance, value at Apr. 30, 2020 | $ 1,413 | $ 26,700 | $ 864,540 | $ (269,062) | $ 523,592 |
1. Significant Accounting Polic
1. Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES A. ORGANIZATION AND OPERATIONS The Company was originally incorporated on April 12, 2004, in the State of Nevada under the name of Ford-Spoleti Holdings, Inc. On June 4, 2009, the Company merged with Eagle Oil Holding Company, a Nevada corporation, and the surviving entity, the Company, changed its name to “Eagle Oil Holding Company, Inc.” Inception of the current Company occurred February 8, 2019 when the Company was acquired by Green Stream Holdings Inc. Previously there was no activity from July 31, 2017 until the acquisition of February 8, 2019. On April 25, 2019, the Company changed its name to “Green Stream Holdings Inc.” and is deemed to be a continuation of business of Eagle Oil Holding Company, Inc. Additionally, the Company was reorganized that so that the Company became operating as a holding company of Green Stream Finance, Inc., a Wyoming Corporation. That reorganization, inter alia, gave Madeline Cammarata, President of Green Stream Finance, Inc., the majority of the voting power in the Company. On April 25, 2019 the Company also filed the certificate of Amendment to Articles of Incorporation with the Secretary of State of Nevada providing for reverse stock split: each thirty thousand shares of common stock of the Company issued and outstanding immediately prior to the “effective time” of the filing were automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of common stock, provided that no fractional shares were to be issued in connection with said reverse stock split. On May 15, 2019, the Company filed the articles of conversion with the secretary of state of Nevada, to convert the company from Nevada Corporation to Wyoming Corporation. The Company is in good standing in the State of Wyoming as of September 25, 2019. The Company’s common shares are quoted on the “Pink Sheets” quotation market under the symbol “GSFI.” B. PRINCIPALS OF CONSOLIDATION These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Green Stream Finance, Inc. based in the state of Wyoming. All material inter-company balances and transactions were eliminated upon consolidation. C. BASIS OF ACCOUNTING The Company utilizes the accrual method of accounting, whereby revenue is recognized when earned and expenses when incurred. The financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. As such, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and these adjustments are of a normal recurring nature. D. 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. E. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand; cash in banks and any highly liquid investments with maturity of three months or less at the time of purchase. The Company maintains cash and cash equivalent balances at several financial institutions, which are insured by the Federal Deposit Insurance Corporation up to $250,000. F. COMPUTATION OF EARNINGS PER SHARE Net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Due to the net loss, the options and stock conversion of debt are not used in the calculation of earnings per share because the stock conversions and options are considered to be antidilutive. G. INCOME TAXES The Company accounts for income taxes 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 basis and operating loss and tax credit carry forwards. 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. The Company’s management has reviewed the Company’s tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore the implementation of this standard has not had a material effect on the Company. H. REVENUE RECOGNITION Revenue for license fees is recognized upon the execution and closing of the contract for the amount of the contract. Contract fees are generally due based upon various progress milestones. Revenue from contract payments are estimated and accrued as earned. Any adjustments between actual contract payments and estimates are made to current operations in the period they are determined. I. FAIR VALUE MEASUREMENT The Company determines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts reported in the balance sheet for cash, accounts receivable, inventory, accounts payable and accrued expenses, and loans payable approximate their fair market value based on the short-term maturity of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. US GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels: · Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. · Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. J. STOCK-BASED COMPENSATION The Company measures and recognizes compensation expense for all share-based payment awards made to employees, consultants and directors including employee stock options based on estimated fair values. Stock-based compensation expense recognized for the years ended April 30, 2020 and 2019 was $24,000 and $0 respectively. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that vest during the period. Share-based compensation expense recognized in the Company’s consolidated statement of operations for the years ended April 30, 2020 included compensation expense for share-based payment awards granted in April 30, 2020. K. SALES AND ADVERTISING The costs of sales and advertising are expensed as incurred. Sales and advertising expense was $14,042 and $0 for the twelve months ended April 30, 2020 and 2019, respectively. L. NEW ACCOUNTING PR NCEMENTS The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to April 30, 2020 through the date these financial statements were issued. M. FURNITURE AND EQUIPMENT Furniture and equipment are recorded at costs and consists of furniture and fixtures, computers and office equipment. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Expenditures for major betterments and additions are charged to the property accounts, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are charged to expense. N. INTELLECTUAL PROPERTY Intangible assets (intellectual property) are recorded at cost and are amortized over the estimated useful life of the asset. Management evaluates the fair market value to determine if the asset should be impaired at the end of each year. O. IMPAIRMENT OF LONG-LIVED ASSETS The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
2. Going Concern and Liquidity
2. Going Concern and Liquidity Considerations | 12 Months Ended |
Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern and Liquidity Considerations | NOTE 2 - GOING CONCERN AND LIQUIDITY CONSIDERATIONS The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. At April 30, 2020 the Company had a loss from operations, for the twelve months ended, of $252,085, and an accumulated deficit of $364,799 and negative working capital of $364,799. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company depends upon capital to be derived from future financing activities such as subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company's business plan, the ability to raise capital in the future, the ability to expand its customer base, and the ability to hire key employees to provide services. There may be other risks and circumstances that management may be unable to predict. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. |
3. Property and Equipment
3. Property and Equipment | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment at April 30, 2020 and April 30, 2019 consists of the following: April 30, 2020 April 30, 2019 Furniture and Fixtures $ 915,654 $ 915,654 Less: Accumulated Depreciation – – Net Property and Equipment $ 915,654 $ 915,654 |
4. Intangible Assets
4. Intangible Assets | 12 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS Intangible Assets at April 30, 2020 and April 30, 2019 consists of the following: April 30, 2020 April 30, 2019 Intangible Assets $ 185,000 $ 185,000 Less: Accumulated Amortization – – Net Intangible Assets $ 185,000 $ 185,000 The Company invests in various intellectual properties to be developed into future projects. By definition these intangible assets are amortized over a 15 year period. Amortization expense for the years ended April 30, 2020 and 2019 was $0 respectively. At April 30, 2020, the Company has determined that the intangible asset should not be impaired. |
5. Stockholders' Equity (Defici
5. Stockholders' Equity (Deficit) | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 5 –STOCKHOLDERS’ EQUITY/(DEFICIT) AUTHORIZED SHARES & TYPES As of April 30, 2020, we had 26,700,665 shares of Common Stock and of: ● 1,000,000 authorized shares of Convertible Series A Preferred Shares. Convertible Series A Preferred Shares are convertible into the shares of Common Stock at a ratio of 1,000 shares of Convertible Series A Preferred Shares to 1 share of Common Stock. There are 53,000 shares issued and outstanding or 53 votes. ● 1,000,000 authorized shares of Convertible Series B Preferred Shares. Convertible Series B Preferred Shares are convertible into the shares of Common Stock at a ratio of 1,000,000 shares of Common Stock for each single Convertible Series B Preferred Share. Additionally, the Preferred B Shares are non-dilutive. There are 600,000 shares issued and outstanding or 600,000,000,000 votes. ● 10,000,000 authorized shares of Convertible Series C Preferred Shares. Convertible Series C Preferred Shares are convertible into Common Stock at a ratio of 1,000 shares of Convertible Series C Preferred Share for one share of Common Stock. There are 760,000 shares issued and outstanding or 760 votes. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. The following table lists the number of shares of Common Stock of our Company as of April 30, 2020, the Record Date, that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding Common Stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of Common Stock by our principal stockholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within sixty (60) days. Under the rules of the SEC, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he/she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power. The business address of each beneficial owner listed is in care of 16620 Marquez Ave Pacific Palisades, CA 90272 unless otherwise noted. Except as otherwise indicated, the persons listed below have sole voting and investment power with respect to all shares of our Common Stock owned by them, except to the extent that power may be shared with a spouse. Name of Beneficial Owner (1) Common Stock Beneficially Owned (1) Percentage of Common Stock Owned (1) Shares of Series B Preferred Stock Held (2) Percentage of Series B Preferred Held Number and Percentage of Total Voting Shares Madeline Cammarata, CEO and President 0 0 600,000 100 % 600,000,000,000 99.99% Michael Sheikh, CFO 0 0 0 0 0 0 James Ware, Director 0 0 0 0 0 0 Jason D Cohan 19,739,041 73.9% 0 0 19,739,041 .003% Mark Markham 1,436,255 5.4% 0 0 1,436,255 .00024% Director and Officer (3 people) (1) Applicable percentage ownership is based on 26,700,665 shares of Common Stock outstanding as of April 30, 2020. Beneficial ownership is determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power with respect to securities. Shares of Common Stock that are currently exercisable or exercisable within 60 days of April 30, 2020 are deemed to be beneficially owned by the person holding such securities for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. (2) The 1, 000, 0000 shares of Series B Preferred Shares have the right to vote in the aggregate, on all shareholder matters votes equal to 99.9% of the total shareholder vote on any and all shareholder matters. The Series B Preferred Stock will be entitled to this 99.9% voting right, representing at present 600,000,000,000 votes based on the 26,700,665 shares of Common Stock outstanding, no matter how many shares of Common Stock or other voting stock of the Company’s stock are issued and outstanding in the future. On 6/14/2020 the Company determined that it would act as its own transfer agent for all preferred shares and continue to use VStock as the transfer agent for the issuance of common shares. |
6. Income Taxes
6. Income Taxes | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6 – INCOME TAXES Deferred tax assets arising as a result of net operation loss carry forwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods. Based on its evaluation, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. The Company’s evaluation was performed for the tax years ended April 30, 2020 and 2019 for U.S. Federal Income Tax and for the State of Wyoming. A reconciliation of income taxes at statutory rates with the reported taxes follows: April 30, 2020 April 30, 2019 Loss before income tax benefit $ 282,283 $ – Expected income tax benefit (94,283 ) – Non-deductible expenses – – Tax loss benefit not recognized for book purposes, valuation allowance $ 94,283 $ – Total income tax $ – $ – The Company has net operating loss carry forwards in the amount of approximately $282,283 that will expire beginning in 2029. The deferred tax assets including the net operating loss carry forward tax benefit of $282,283 total $94,283 which is offset by a valuation allowance. The other deferred tax assets include accrued officer compensation, stock based compensation, and amortization. The Company follows the provisions of uncertain tax positions. The Company recognized approximately no increase in the liability for unrecognized tax benefits. The Company has no tax position at April 30, 2020 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at April 30, 2020. The open tax years are from 2019 through 2029. |
7. Related Party Transactions
7. Related Party Transactions | 12 Months Ended |
Apr. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 – RELATED PARTY TRANSACTIONS During the three months ended April 30, 2020 and 2019 the Company’s CEO had advanced $3,000 and $66,762 respectively of personal funds. As of April 30, 2020 and 2019 the Company owed the CEO $141,569 and $66,762 respectively. |
8. Notes and Other Loans Payabl
8. Notes and Other Loans Payable | 12 Months Ended |
Apr. 30, 2020 | |
Debt Disclosure [Abstract] | |
Notes and Other Loans Payable | NOTE 8 – NOTES AND OTHER LOANS PAYABLE On December 11, 2019 the company agreed to pay Cheryl Hintzen $40,000 in the form of a promissory note with a term of one year at 10 % interest compounded annually. The Company accrued interest for the Three months ended January, 31, 2020 in the amount of $559. On January 8, 2020 the Company signed a promissory note for $8,000 with Cheryl Hintzen. The note becomes due on March 8, 2020 and carries a per annum interest rate of 10%. The Company accrued interest for the Six months ended June 30, 2020 in the amount of $1,321.64. On February 21, 2020 the Company borrowed $25,000 from GPL Ventures with interest at a rate of 10% and a due date of April 30, 2020. On March 12, 2020 the Company agreed to pay Dr. Jason Cohen 1,000,000 shares at a valuation of $.20 per share plus 8 % interest until the shares are issued. The interest accrued through end is $2,147.95 which equates to 10,740 shares. In the month March, 2020 the escrow attorney for GPL Ventures advanced $46,900 in funds for the purchase of REG A shares. The common shares had not been issued at year end and subsequently were issued. The note will be reclassified as common shares issued and additional paid in capital in the subsequent period. No interest was accrued for this note. The following schedule is Notes Payable at April 30, 2020 and April 30, 2019: Description April 30, 2020 April 30, 2019 Note payable to Cheryl Hintzen due December 11, 2021; interest at 10% $ 40,000 $ 90,000 Note Payable to Cheryl Hintzen due March 8, 2020: interest 10% 14,000 – Note payable to GPL Ventures due March 8, 2020; interest at 10% 25,000 – Note payable Dr. Jason Cohen 1,000,000 shares $.20 200,000 – Note payable escrow attorney for REG A shares 46,900 – Total Notes Payable $ 340,900 $ – |
9. Subsequent Events
9. Subsequent Events | 12 Months Ended |
Apr. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 - SUBSEQUENT EVENTS Subsequent to April 30, 2020, an affiliate of former management and Eagle Oil made claim to approximately 400, 000 shares of Preferred B stock of the Company. With respect to this claim, the required consideration associated with the claim was not exchanged between the two parties, therefore making their agreement not executable as a promissory Note; nullifying any further interest at that time. Because of this, the Company has not recorded or reflected an accrual in their financial statements associated with this claim. No shares associated with this claim were issued to [or converted by] the affiliate party of former management described above. We believe the claim expressed above as frivolous with no merit, and consider it as a potential breach of fiduciary duty committed by former management and its affiliate. The Company reserves all rights granted to it under the law to pursue future litigation associated with this claim. As of the date of this Report, the Company does not believe this transaction meets definition of a loss or gain contingency as defined by GAAP to be recorded or reflected in the financial statements at period-end. Additionally , Subsequently, some of these individuals filed a form 13D to sell the Convertible Series B Preferred Shares they had surrendered and the Company cancelled. The Company believes that this transaction is invalid. |
1. Significant Accounting Pol_2
1. Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2020 | |
Accounting Policies [Abstract] | |
Organization and Operations | A. ORGANIZATION AND OPERATIONS The Company was originally incorporated on April 12, 2004, in the State of Nevada under the name of Ford-Spoleti Holdings, Inc. On June 4, 2009, the Company merged with Eagle Oil Holding Company, a Nevada corporation, and the surviving entity, the Company, changed its name to “Eagle Oil Holding Company, Inc.” Inception of the current Company occurred February 8, 2019 when the Company was acquired by Green Stream Holdings Inc. Previously there was no activity from July 31, 2017 until the acquisition of February 8, 2019. On April 25, 2019, the Company changed its name to “Green Stream Holdings Inc.” and is deemed to be a continuation of business of Eagle Oil Holding Company, Inc. Additionally, the Company was reorganized that so that the Company became operating as a holding company of Green Stream Finance, Inc., a Wyoming Corporation. That reorganization, inter alia, gave Madeline Cammarata, President of Green Stream Finance, Inc., the majority of the voting power in the Company. On April 25, 2019 the Company also filed the certificate of Amendment to Articles of Incorporation with the Secretary of State of Nevada providing for reverse stock split: each thirty thousand shares of common stock of the Company issued and outstanding immediately prior to the “effective time” of the filing were automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of common stock, provided that no fractional shares were to be issued in connection with said reverse stock split. On May 15, 2019, the Company filed the articles of conversion with the secretary of state of Nevada, to convert the company from Nevada Corporation to Wyoming Corporation. The Company is in good standing in the State of Wyoming as of September 25, 2019. The Company’s common shares are quoted on the “Pink Sheets” quotation market under the symbol “GSFI.” |
PRINCIPALS OF CONSOLIDATION | B. PRINCIPALS OF CONSOLIDATION These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Green Stream Finance, Inc. based in the state of Wyoming. All material inter-company balances and transactions were eliminated upon consolidation. |
BASIS OF ACCOUNTING | C. BASIS OF ACCOUNTING The Company utilizes the accrual method of accounting, whereby revenue is recognized when earned and expenses when incurred. The financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. As such, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included and these adjustments are of a normal recurring nature. |
USE OF ESTIMATES | D. 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 disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. |
CASH AND CASH EQUIVALENTS | E. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand; cash in banks and any highly liquid investments with maturity of three months or less at the time of purchase. The Company maintains cash and cash equivalent balances at several financial institutions, which are insured by the Federal Deposit Insurance Corporation up to $250,000. |
COMPUTATION OF EARNINGS PER SHARE | F. COMPUTATION OF EARNINGS PER SHARE Net income per share is computed by dividing the net income by the weighted average number of common shares outstanding during the period. Due to the net loss, the options and stock conversion of debt are not used in the calculation of earnings per share because the stock conversions and options are considered to be antidilutive. |
INCOME TAXES | G. INCOME TAXES The Company accounts for income taxes 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 basis and operating loss and tax credit carry forwards. 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. The Company’s management has reviewed the Company’s tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore the implementation of this standard has not had a material effect on the Company. |
REVENUE RECOGNITION | H. REVENUE RECOGNITION Revenue for license fees is recognized upon the execution and closing of the contract for the amount of the contract. Contract fees are generally due based upon various progress milestones. Revenue from contract payments are estimated and accrued as earned. Any adjustments between actual contract payments and estimates are made to current operations in the period they are determined. |
FAIR VALUE MEASUREMENT | I. FAIR VALUE MEASUREMENT The Company determines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The carrying amounts reported in the balance sheet for cash, accounts receivable, inventory, accounts payable and accrued expenses, and loans payable approximate their fair market value based on the short-term maturity of these instruments. Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. US GAAP establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. The established fair value hierarchy prioritizes the use of inputs used in valuation methodologies into the following three levels: · Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. A quoted price in an active market provides the most reliable evidence of fair value and must be used to measure fair value whenever available. · Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. For example, level 3 inputs would relate to forecasts of future earnings and cash flows used in a discounted future cash flows method. |
STOCK-BASED COMPENSATION | J. STOCK-BASED COMPENSATION The Company measures and recognizes compensation expense for all share-based payment awards made to employees, consultants and directors including employee stock options based on estimated fair values. Stock-based compensation expense recognized for the years ended December 31, 2014 and 2013 was $24,000 and $0 respectively. Stock-based compensation expense recognized during the period is based on the value of the portion of share-based payment awards that vest during the period. Share-based compensation expense recognized in the Company’s consolidated statement of operations for the years ended December 31, 2014 included compensation expense for share-based payment awards granted in December 31, 2014. |
SALES AND ADVERTISING | K. SALES AND ADVERTISING The costs of sales and advertising are expensed as incurred. Sales and advertising expense was $14,042 and $0 for the twelve months ended April 30, 2020 and 2019, respectively. |
NEW ACCOUNTING PRONOUNCEMENTS | L. NEW ACCOUNTING PR NCEMENTS The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to April 30, 2020 through the date these financial statements were issued. |
FURNITURE AND EQUIPMENT | M. FURNITURE AND EQUIPMENT Furniture and equipment are recorded at costs and consists of furniture and fixtures, computers and office equipment. We compute depreciation using the straight-line method over the estimated useful lives of the assets. Expenditures for major betterments and additions are charged to the property accounts, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are charged to expense. |
INTELLECTUAL PROPERTY | N. INTELLECTUAL PROPERTY Intangible assets (intellectual property) are recorded at cost and are amortized over the estimated useful life of the asset. Management evaluates the fair market value to determine if the asset should be impaired at the end of each year. |
IMPAIRMENT OF LONG-LIVED ASSETS | O. IMPAIRMENT OF LONG-LIVED ASSETS The Company tests long-lived assets or asset groups for recoverability when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset and its fair value which is generally determined based on the sum of the undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss is recognized when the carrying amount is not recoverable and exceeds fair value. |
3. Property and Equipment (Tabl
3. Property and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | April 30, 2020 April 30, 2019 Furniture and Fixtures $ 915,654 $ – Less: Accumulated Depreciation – – Net Property and Equipment $ 915,654 $ – |
4. Intangible Assets (Tables)
4. Intangible Assets (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | April 30, 2020 April 30, 2019 Intangible Assets $ 185,000 $ – Less: Accumulated Amortization – – Net Intangible Assets $ 185,000 $ – |
5. Stockholders' Equity (Defi_2
5. Stockholders' Equity (Deficit) (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Equity [Abstract] | |
Schedule of stock ownership | Name of Beneficial Owner (1) Common Stock Beneficially Owned (1) Percentage of Common Stock Owned (1) Shares of Series B Preferred Stock Held (2) Percentage of Series B Preferred Held Number and Percentage of Total Voting Shares Madeline Cammarata, CEO and President 0 0 600,000 100 % 600,000,000,000 99.99% Michael Sheikh, CFO 0 0 0 0 0 0 James Ware, Director 0 0 0 0 0 0 Jason D Cohan 19,739,041 73.9% 0 0 19,739,041 .003% Mark Markham 1,436,255 5.4% 0 0 1,436,255 .00024% Director and Officer (3 people) |
6. Income Taxes (Tables)
6. Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income tax | April 30, 2020 April 30, 2019 Loss before income tax benefit $ 282,283 $ – Expected income tax benefit (94,283 ) – Non-deductible expenses – – Tax loss benefit not recognized for book purposes, valuation allowance $ 94,283 $ – Total income tax $ – $ – |
8. Notes and Other Loans Paya_2
8. Notes and Other Loans Payable (Tables) | 12 Months Ended |
Apr. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of debt | Description April 30, 2020 April 30, 2019 Note payable to Cheryl Hintzen due December 11, 2021; interest at 10% $ 40,000 $ 90,000 Note Payable to Cheryl Hintzen due March 8, 2020: interest 10% 14,000 – Note payable to GPL Ventures due March 8, 2020; interest at 10% 25,000 – Note payable Dr. Jason Cohen 1,000,000 shares $.20 200,000 – Note payable escrow attorney for REG A shares 46,900 – Total Notes Payable $ 340,900 $ – |
1. Significant Accounting Pol_3
1. Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Accounting Policies [Abstract] | ||
Stock based compensation | $ 24,000 | $ 0 |
Sales and advertisting expense | $ 14,042 | $ 0 |
2. Going Concern and Liquidit_2
2. Going Concern and Liquidity Considerations (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Loss from operations | $ (251,476) | $ (112,714) |
Accumulated deficit | (369,062) | $ (112,714) |
Working capital | $ (364,799) |
3. Property and Equipment (Deta
3. Property and Equipment (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 915,654 | $ 915,654 |
Accumulated depreciation | 0 | 0 |
Property and equipment, net | $ 915,654 | $ 915,654 |
3. Property and Equipment (De_2
3. Property and Equipment (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 0 | $ 0 |
4. Intangible Assets (Details)
4. Intangible Assets (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets, gross | $ 185,000 | $ 185,000 |
Accumulated amortization | 0 | 0 |
Intangible assets, net | $ 185,000 | $ 185,000 |
4. Intangible Assets (Details N
4. Intangible Assets (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 0 | $ 0 |
6. Income Taxes (Details)
6. Income Taxes (Details) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Loss before income tax | $ 282,283 | $ 0 |
Expected income tax benefit | (94,283) | 0 |
Non-deductible expenses | 0 | 0 |
Tax loss benefit not recognized for book purposes, valuation allowance | 94,283 | 0 |
Total income tax | $ 0 | $ 0 |
6. Income Taxes (Details Narrat
6. Income Taxes (Details Narrative) | 12 Months Ended |
Apr. 30, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 282,283 |
NOL expiration date | Dec. 31, 2029 |
7. Related Party Transactions (
7. Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | |
Apr. 30, 2020 | Apr. 30, 2019 | |
Proceeds from related party | $ 114,807 | $ 66,762 |
Chief Executive Officer [Member] | ||
Proceeds from related party | 3,000 | 66,762 |
Due to related party' | $ 141,569 | $ 66,762 |
8. Notes and Other Loans Paya_3
8. Notes and Other Loans Payable (Details) - USD ($) | Apr. 30, 2020 | Apr. 30, 2019 |
Notes payable | $ 340,900 | $ 0 |
Cheryl Hintzen [Member] | ||
Notes payable | 40,000 | 90,000 |
Cheryl Hintzen [Member] | ||
Notes payable | 14,000 | 0 |
GPL Ventures [Member] | ||
Notes payable | 25,000 | 0 |
Jason Cohen [Member] | ||
Notes payable | 200,000 | 0 |
Escrow Attorney [Member] | ||
Notes payable | $ 46,900 | $ 0 |
8. Notes and Other Loans Paya_4
8. Notes and Other Loans Payable (Details Narrative) | 12 Months Ended |
Apr. 30, 2020USD ($) | |
Cheryl Hintzen [Member] | |
Debt maturity date | Dec. 11, 2021 |
Cheryl Hintzen [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Mar. 8, 2020 |
Accrued interest | $ 1,322 |
GPL Ventures [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Mar. 8, 2020 |
Jason Cohen [Member] | |
Accrued interest | $ 2,148 |