Cover
Cover - shares | 6 Months Ended | |
Oct. 31, 2020 | Dec. 15, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | false | |
Document Period End Date | Oct. 31, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
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 Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 65,903,165 | |
Entity State of Incorp | WY |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Unaudited) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Current Assets | ||
Cash | $ 0 | $ 14,727 |
Total Current Assets | 0 | 14,727 |
Furniture and equipment net of depreciation (Note 3) | 1,075,962 | 915,654 |
Intangible asset, net of amortization (Note 4) | 181,917 | 185,000 |
TOTAL ASSETS | 1,257,879 | 1,115,381 |
Current Liabilities | ||
Bank overdraft | 17,861 | 0 |
Accounts Payable | 58,827 | 44,448 |
Other Current Liabilities | 60,000 | 60,000 |
Accrued Interest Payable | 17,905 | 4,872 |
Due to related party | 25,930 | 141,569 |
Notes Payable | 740,678 | 340,900 |
Total Current Liabilities | 921,201 | 591,789 |
TOTAL LIABILITIES | 921,201 | 591,789 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock | 69,137 | 26,700 |
Additional paid-in-capital | 1,390,164 | 864,540 |
Accumulated deficit | (1,124,036) | (369,062) |
Total Stockholders' Equity (Deficit) | 336,678 | 523,592 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | 1,257,879 | 1,115,381 |
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 | Oct. 31, 2020 | Apr. 30, 2020 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000,000 | 10,000,000,000 |
Common stock, shares issued | 69,136,500 | 26,700,665 |
Common stock, shares outstanding | 69,136,500 | 26,700,665 |
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 ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Income Statement [Abstract] | ||||
Sales | $ 0 | $ 0 | $ 0 | $ 0 |
COST OF SALES | 0 | 0 | 0 | 0 |
GROSS MARGIN | 0 | 0 | 0 | 0 |
OPERATING EXPENSES: | ||||
Administrative expenses | 4,759 | 7,127 | 320,146 | 29,185 |
Advertising and promotion | 19,710 | 13,550 | 23,808 | 13,550 |
Depreciation and amortization | 15,020 | 0 | 15,020 | 0 |
Travel | 33,413 | 4,235 | 42,721 | 16,487 |
Insurance | 0 | 1,587 | 770 | 13,059 |
Legal Fees | 8,000 | 0 | 50,450 | 20,100 |
Professional Fees | 39,628 | 2,330 | 192,803 | 10,957 |
Stock in lieu of services | 0 | 0 | 3,233 | 0 |
Rent | 6,650 | 0 | 29,650 | 8,559 |
Total Operating expenses | 127,180 | 28,829 | 678,600 | 111,894 |
NET OPERATING INCOME/ LOSS | (127,180) | (28,829) | (278,600) | (111,894) |
Finance and interest fees | (21,154) | 0 | (76,194) | 0 |
NET INCOME (LOSS) | $ (148,334) | $ (28,829) | $ (754,794) | $ (111,894) |
Basic and Diluted Loss per Common Share | $ (.0109) | $ (.0043) | ||
Weighted Average Number of Common Shares Outstanding | 69,136,500 | 25,834,000 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss for the period | $ (754,794) | $ (111,894) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 15,020 | 0 |
Shares issued for services | 3,233 | 0 |
Increase/ (decrease) in accounts payable | (14,379) | 47,946 |
Increase/(decrease) in other current liabilities | 0 | 20,000 |
Increase/ (decrease) in accrued interest payable | 13,033 | 0 |
Bank overdraft | 17,861 | 0 |
Net cash used in operating activities | (720,026) | (43,948) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Investment in fixed assets | (172,245) | 0 |
Net cash provided by (used in) investing activities | (172,245) | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from Reg-A | 481,500 | 0 |
Proceeds from Notes Payable | 280,405 | 0 |
Proceeds from loans from stockholder | 115,639 | 66,762 |
Net cash provided by (used in) financing activities | 877,544 | 66,762 |
Net increase (decrease) in cash and cash equivalents | (14,727) | 0 |
Cash and cash equivalents - beginning of period | 14,727 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 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 | ||
Retirement of shares | (11,000,000) | ||||
Retirement of shares, value | $ (11,000) | (11,000) | |||
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, shares | 600,000 | ||||
Issuance of Common Shares, 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 | (369,062) | 523,592 |
Commitment for share issuances | (193,000) | (193,000) | |||
Issuance of Shares for Services, shares | 16,975,000 | ||||
Issuance of Shares for Services, value | $ 16,975 | 16,975 | |||
Issuance of Common Shares, shares | 2,500,000 | ||||
Issuance of Common Shares, value | $ 2,500 | 471,800 | 474,300 | ||
Issuance of Common Shares for Settlement with Prior Management, shares | 2,233,335 | ||||
Issuance of Common Shares for Settlement with Prior Management, value | $ 2,233 | 2,233 | |||
Issuance of common shares for financing, shares | 20,727,500 | ||||
Issuance of common shares for financing, value | $ 20,728 | 246,824 | 267,552 | ||
Net loss | (754,974) | (754,794) | |||
Ending balance, shares at Oct. 31, 2020 | 1,413,000 | 69,136,490 | |||
Ending balance, value at Oct. 31, 2020 | $ 1,413 | $ 69,136 | $ 1,390,164 | $ (1,124,036) | $ 336,678 |
1. Significant Accounting Polic
1. Significant Accounting Policies | 6 Months Ended |
Oct. 31, 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 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. K. SALES AND ADVERTISING The costs of sales and advertising are expensed as incurred. Sales and advertising expense was $23,808 and $13,550 for the six months ended October 31, 2020 and 2019, respectively. L. NEW ACCOUNTING PRONOUNCEMENTS 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 October 31, 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 | 6 Months Ended |
Oct. 31, 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 October 31, 2020 the Company had a loss from operations, for the six months ended, of $754,794, and an accumulated deficit of $1,124,036 and negative working capital of $633,190. 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 | 6 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 3 – PROPERTY AND EQUIPMENT Property and equipment at October 31, 2020 and April 30, 2020 consists of the following: October 31, 2020 April 30, 2020 Furniture and Fixtures $ 915,654 $ 915,564 Leasehold Improvements 172,245 – Less: Accumulated Depreciation (11,937 ) – Net Property and Equipment $ 1,075,962 $ 915,564 |
4. Intangible Assets
4. Intangible Assets | 6 Months Ended |
Oct. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS Intangible Assets at October 31, 2020 and April 30, 2020 consists of the following: October 31, 2020 April 30, 2020 Intangible Assets $ 185,000 $ 185,000 Less: Accumulated Amortization (3,083 ) – Net Intangible Assets $ 181,917 $ 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 six months ended October 31, 2020 and 2019 was $3,083 and $0 respectively. October 31, 2020, the Company has determined that the intangible asset should not be impaired. |
5. Stockholders' Equity (Defici
5. Stockholders' Equity (Deficit) | 6 Months Ended |
Oct. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 5 –STOCKHOLDERS’ EQUITY/(DEFICIT) AUTHORIZED SHARES & TYPES As of July 31, 2020, we had 65,395,665 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. |
6. Income Taxes
6. Income Taxes | 6 Months Ended |
Oct. 31, 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: October 31, 2020 July 31, 2019 Loss before income tax benefit $ 1,124,046 $ – Expected income tax benefit (280,980 ) – Non-deductible expenses – – Tax loss benefit not recognized for book purposes, valuation allowance 280,980 – Total income tax $ – $ – The Company has net operating loss carry forwards in the amount of approximately $1,124,046 that will expire beginning in 2029. The deferred tax assets including the net operating loss carry forward tax benefit of $1,124,046 total $280,980 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 October 31, 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 October 31, 2020. The open tax years are from 2019 through 2029. |
7. Related Party Transactions
7. Related Party Transactions | 6 Months Ended |
Oct. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 7 – RELATED PARTY TRANSACTIONS During the three months ended October 31, 2020 and 2019 the Company’s CEO had advanced $0 and $130,254 respectively of personal funds. As of October 31, 2020 and 2019 the Company owed the CEO $25,930 and $130,254 respectively. |
8. Notes and Other Loans Payabl
8. Notes and Other Loans Payable | 6 Months Ended |
Oct. 31, 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 six months ended October, 31, 2020 in the amount of $2,017. 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 October 31, 2020 in the amount of $651. On February 21, 2020 the Company borrowed $25,000 from GPL Ventures with interest at a rate of 10% and a due date of July 31, 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 October 31. 2020 is $10,213.70. In the month July 13, 2020 the Company borrowed $250,000 from Leonite Capital on a senior convertible note maturing in 6 months. The note had an Original Issue Discount of 10% and carries an interest rate of 12% annually. Additionally the lender received 1,500,000 shares of restricted common shares. The Note converts at the rate of $.10 per share had the Company has reserved 60,000,000 common shares for the conversion. For the six months ended October 31, 2020 $8,371.39 interest was accrued for this note. On September 17, 2020 the Company borrowed $100,000 from Quick Capital LLC on a senior convertible note maturing in 12 months at an interest rate of 10%. Additionally the lender received 1,000,000 shares of restricted common shares. For the six months ended October 31, 2020 $1,205.48 interest was accrued for this note. On October 10, 2020 the Company borrowed $65,000 from Geneva Roth Remark Holdings Inc. on a senior convertible note maturing in 12 months at an interest rate of 10%. The Note converts at the rate of 42% discount to Market Price for restricted common shares. For the six months ended October 31, 2020 $409.59 interest was accrued for this note. The following schedule is Notes Payable at October 31, 2020 and April 30, 2020: Description October 31, 2020 April 30, 2020 Note payable to Cheryl Hintzen due December 11, 2021; interest at 10% $ 40,000 $ 40,000 Note Payable to Cheryl Hintzen due March 8, 2020: interest 10% 19,000 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 $.20 200,000 200,000 Note payable escrow attorney for REG A shares 46,900 46,900 Note Payable to Quick Capital LLC due September 17, 2021 interest at 10% 100,000 – Note Payable to Geneva Roth Holdings interest 10% 65,000 Note Payable to Leonite Capital due January 13, 2021 interest at 10% 277,778 – Total Notes Payable $ 740,678 $ 340,900 |
9. Subsequent Events
9. Subsequent Events | 6 Months Ended |
Oct. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 9 - SUBSEQUENT EVENTS On August 16, 2020, without either party admitting or denying any wrongdoing, the Company and certain of the Defendants (the “Settling Defendants”) reached an agreement to settle the Action in consideration for the dismissal of the Action, mutual general releases, the return, cancellation and retirement of the Settling Defendants’ 2,500,000 shares of the Company’s common stock and any and all rights to any and all allegedly owned securities or debt of the Company including, but not limited the 150,000 shares of Series B Convertible Preferred Stock the Settling Defendants asserted they owned in a Schedule 13G filing, plus any rights to any Purported Notes. The Company agreed to pay the Defendants the sum of Two Hundred Thousand Dollars ($200,000) by November 5, 2020 and the parties agreed to not make any disparaging statements about each other. Eagle Oil Parties and Green Stream Holdings Inc. have entered into a settlement agreement which either side admits any wrong doing, etc. as per the agreement. The Company has revised this settlement agreement and anticipates concluding the settlement in before December 31, 2020. |
1. Significant Accounting Pol_2
1. Significant Accounting Policies (Policies) | 6 Months Ended |
Oct. 31, 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 $23,808 and $13,550 for the six months ended October 31, 2020 and 2019, respectively. |
NEW ACCOUNTING PRONOUNCEMENTS | L. NEW ACCOUNTING PRONOUNCEMENTS 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 October 31, 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) | 6 Months Ended |
Oct. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | October 31, 2020 April 30, 2020 Furniture and Fixtures $ 915,654 $ 915,564 Leasehold Improvements 172,245 – Less: Accumulated Depreciation (11,937 ) – Net Property and Equipment $ 1,075,962 $ 915,564 |
4. Intangible Assets (Tables)
4. Intangible Assets (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | October 31, 2020 April 30, 2020 Intangible Assets $ 185,000 $ 185,000 Less: Accumulated Amortization (3,083 ) – Net Intangible Assets $ 181,917 $ 185,000 |
6. Income Taxes (Tables)
6. Income Taxes (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of income tax | October 31, 2020 July 31, 2019 Loss before income tax benefit $ 1,124,046 $ – Expected income tax benefit (280,980 ) – Non-deductible expenses – – Tax loss benefit not recognized for book purposes, valuation allowance 280,980 – Total income tax $ – $ – |
8. Notes and Other Loans Paya_2
8. Notes and Other Loans Payable (Tables) | 6 Months Ended |
Oct. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following schedule is Notes Payable at October 31, 2020 and April 30, 2020: Description October 31, 2020 April 30, 2020 Note payable to Cheryl Hintzen due December 11, 2021; interest at 10% $ 40,000 $ 40,000 Note Payable to Cheryl Hintzen due March 8, 2020: interest 10% 19,000 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 $.20 200,000 200,000 Note payable escrow attorney for REG A shares 46,900 46,900 Note Payable to Quick Capital LLC due September 17,2021 interest at 10% 100,000 – Note Payable to Geneva Roth Holdings interest 10% 65,000 Note Payable to Leonite Capital due January 13, 2021 interest at 10% 277,778 – Total Notes Payable $ 740,678 $ 340,900 |
1. Significant Accounting Pol_3
1. Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | |
Accounting Policies [Abstract] | ||||
Stock based compensation | $ 0 | $ 0 | ||
Sales and advertisting expense | $ 19,710 | $ 13,550 | $ 23,808 | $ 13,550 |
2. Going Concern and Liquidit_2
2. Going Concern and Liquidity Considerations (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Loss from operations | $ (127,180) | $ (28,829) | $ (278,600) | $ (111,894) | |
Accumulated deficit | (1,124,036) | (1,124,036) | $ (369,062) | ||
Working capital | $ (633,190) | $ (633,190) |
3. Property and Equipment (Deta
3. Property and Equipment (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Property, Plant and Equipment [Abstract] | ||
Furniture and fixtures | $ 915,654 | $ 915,654 |
Leasehold improvements | 172,245 | 0 |
Accumulated depreciation | (11,937) | 0 |
Property and equipment, net | $ 1,075,962 | $ 915,654 |
3. Property and Equipment (De_2
3. Property and Equipment (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 11,937 | $ 0 |
4. Intangible Assets (Details)
4. Intangible Assets (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible assets, gross | $ 185,000 | $ 185,000 |
Accumulated amortization | (3,083) | 0 |
Intangible assets, net | $ 181,917 | $ 185,000 |
4. Intangible Assets (Details N
4. Intangible Assets (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 3,083 | $ 0 |
6. Income Taxes (Details)
6. Income Taxes (Details) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Loss before income tax | $ 1,124,046 | $ 0 |
Expected income tax benefit | (280,980) | 0 |
Non-deductible expenses | 0 | 0 |
Tax loss benefit not recognized for book purposes, valuation allowance | 280,980 | 0 |
Total income tax | $ 0 | $ 0 |
6. Income Taxes (Details Narrat
6. Income Taxes (Details Narrative) | 6 Months Ended |
Oct. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Net operating loss carryforward | $ 1,124,046 |
NOL expiration date | Dec. 31, 2029 |
7. Related Party Transactions (
7. Related Party Transactions (Details Narrative) - USD ($) | 6 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Proceeds from related party | $ 115,639 | $ 66,762 |
Chief Executive Officer [Member] | ||
Proceeds from related party | 0 | 130,254 |
Due to related party' | $ 25,930 | $ 130,254 |
8. Notes and Other Loans Paya_3
8. Notes and Other Loans Payable (Details) - USD ($) | Oct. 31, 2020 | Apr. 30, 2020 |
Notes payable | $ 740,678 | $ 340,900 |
Cheryl Hintzen [Member] | ||
Notes payable | 40,000 | 40,000 |
Cheryl Hintzen [Member] | ||
Notes payable | 19,000 | 14,000 |
GPL Ventures [Member] | ||
Notes payable | 0 | 25,000 |
Jason Cohen [Member] | ||
Notes payable | 200,000 | 200,000 |
Escrow Attorney [Member] | ||
Notes payable | 46,900 | 46,900 |
Quick Capital [Member] | ||
Notes payable | 100,000 | 0 |
Geneva Roth Holdings [Member] | ||
Notes payable | 65,000 | 0 |
Leonite Capital [Member] | ||
Notes payable | $ 277,778 | $ 0 |
8. Notes and Other Loans Paya_4
8. Notes and Other Loans Payable (Details Narrative) | 6 Months Ended |
Oct. 31, 2020USD ($) | |
Cheryl Hintzen [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Dec. 11, 2021 |
Accrued interest | $ 2,017 |
Cheryl Hintzen [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Mar. 8, 2020 |
Accrued interest | $ 651 |
GPL Ventures [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Mar. 8, 2020 |
Jason Cohen [Member] | |
Debt stated interest rate | 8.00% |
Accrued interest | $ 10,214 |
Quick Capital [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Sep. 17, 2021 |
Accrued interest | $ 1,205 |
Geneva Roth Holdings [Member] | |
Debt stated interest rate | 10.00% |
Accrued interest | $ 409 |
Leonite Capital [Member] | |
Debt stated interest rate | 10.00% |
Debt maturity date | Jan. 13, 2021 |
Accrued interest | $ 8,371 |