Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Feb. 19, 2021 | Dec. 31, 2016 | |
Cover [Abstract] | |||
Entity Registrant Name | Trex Acquisition Corp. | ||
Entity Central Index Key | 0001437750 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | No | ||
Document Period End Date | Jun. 30, 2017 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2017 | ||
Entity Common Stock Shares Outstanding | 13,589,581 | ||
Entity Public Float | $ 2,813 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | No |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash | $ 0 | $ 0 |
TOTAL CURRENT ASSETS | 0 | 0 |
Prepaid consulting | 105,000 | 162,000 |
TOTAL ASSETS | 105,000 | 162,000 |
CURRENT LIABILITIES: | ||
Accounts Payable and Accrued Expenses | 16,207 | 12,610 |
Due to Related Party | 215,243 | 152,546 |
Notes Payable Related Party | 53,900 | 53,900 |
TOTAL CURRENT LIABILITIES | 285,350 | 219,056 |
TOTAL LIABILITIES | 285,350 | 219,056 |
Commitments and Contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common Stock, 0.001 par value, authorized 150,000,000 shares and 103,073 issued and outstanding as of June 30, 2017 and June 30, 2016 respectively | 103 | 103 |
Additional Paid In Capital | 815,996 | 815,996 |
Shares to be issued | 1,058,174 | 1,058,174 |
Accumulated deficit | (2,054,623) | (1,931,329) |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | (180,350) | (57,056) |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 105,000 | $ 162,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
STOCKHOLDERS' EQUITY (DEFICIT) | ||
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 103,073 | 103,073 |
Common stock, shares outstanding | 103,073 | 103,073 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
REVENUE | $ 0 | $ 0 |
EXPENSES | ||
Transfer Agent and Filing Fees | 3,598 | 6,345 |
Shares to be issued for services | 57,000 | 72,000 |
Management and Consulting Fees | 60,000 | 60,000 |
Administration Fees | 0 | 26 |
TOTAL EXPENSES | 120,598 | 138,371 |
Loss from Operations | (120,598) | (138,371) |
Interest Expense | (2,696) | (2,696) |
LOSS BEFORE TAXES | (123,294) | (141,067) |
Provision for Income Taxes | 0 | 0 |
NET LOSS | $ (123,294) | $ (141,067) |
NET LOSS PER COMMON SHARE - BASIC & DILUTED | $ (1.20) | $ (1.37) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC & DILUTED | 103,073 | 103,073 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Total | Common Stock | Shares to be issued | Additional Paid-in Capital | Accumulated Deficit |
Balance, shares at Jun. 30, 2014 | 103,073 | ||||
Balance, amount at Jun. 30, 2014 | $ (795,232) | $ 103 | $ 0 | $ 712,244 | $ (1,507,579) |
Shares to be issued | 1,058,174 | 1,058,174 | |||
Allocation of warrants | 103,752 | 103,572 | |||
Net Loss | (282,683) | (282,683) | |||
Balance, shares at Jun. 30, 2015 | 103,073 | ||||
Balance, amount at Jun. 30, 2015 | 84,011 | $ 103 | 1,058,174 | 815,996 | (1,790,262) |
Net Loss | (141,067) | (141,067) | |||
Balance, shares at Jun. 30, 2016 | 103,073 | ||||
Balance, amount at Jun. 30, 2016 | (57,056) | $ 103 | 1,058,174 | 815,996 | (1,931,329) |
Net Loss | (123,294) | (123,294) | |||
Balance, shares at Jun. 30, 2017 | 103,073 | ||||
Balance, amount at Jun. 30, 2017 | $ (180,350) | $ 103 | $ 1,058,174 | $ 815,996 | $ (2,054,623) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net Income (Loss) | $ (123,294) | $ (141,067) |
Shares to be issued for services | 57,000 | 72,000 |
Change in Related Party Advances | 62,697 | 62,696 |
Change Accounts Payable and Accrued Expenses | 3,597 | 6,345 |
Net Cash Used by Operating Activities | 0 | (26) |
FINANCING ACTIVITIES: | ||
Proceeds from common stock subscriptions | 0 | 0 |
Proceeds from notes payable related party | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
NET INCREASE (DECREASE) IN CASH | 0 | (26) |
CASH AT BEGINNING OF PERIOD | 0 | 26 |
CASH AT END OF PERIOD | 0 | 0 |
Supplemental Cashflow Information | ||
Interest Paid | 0 | 0 |
Taxes Paid | 0 | 0 |
Supplemental Non-Cash Information | ||
Note issued in exchange for amount advanced to potential merger Candidate | 0 | 0 |
Conversion of Notes payable | 0 | 0 |
Stock/warrants issued for payments made by others in which cash was never received | 0 | 0 |
Shares to be issued for services | $ 57,000 | $ 72,000 |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 12 Months Ended |
Jun. 30, 2017 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | TREX Acquisition Corp. (The “Company”) was formed on January 16, 2008 in the state of Nevada under the name Plethora Resources, Inc. as a development stage enterprise. The Company was originally organized to engage in the business of consulting to oil and gas exploration companies interested in obtaining exploration and production licenses at auction for oil and gas properties in Russia. The Company later changed its name to Sync2 Networks Corp when the Company began to engage in software-related services. On March 20, 2014 to TREX Acquisition Corp. after the Company business operations had ceased. As of June 30, 2017, the Company consists of itself and its 100% owned subsidiary Sync2 Networks International Ltd. On April 7, 2014, our Board of Directors deemed it in the best interests of the Company and its shareholders to domesticate our subsidiary, Sync2 International Ltd., as a corporation formed under the laws of Malta to a corporation formed under the laws of the State of Nevada (the “Domestication”), which under Nevada statutory law involves the transfer of an existing corporation from one jurisdiction to another whereby Sync2 Networks International Ltd. shall cease all operations in Malta. On May 1, 2014, we filed Articles of Domestication with the Nevada Secretary of State effecting the domestication of Sync2 International Ltd. as a corporate entity formed under the laws of the State of Nevada, which domestication provides that Sync2 International Ltd. as domesticated in the State of Nevada shall be the same entity as Sync2 International Ltd. organized under the laws of Malta. The Company’s business plan is to find a merger candidate and become an operating company or to be a corporate governance and management company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented Determination of Bad Debts The Company’s policy is to analyze the collectability of Accounts and Notes Receivable on a monthly basis to determine whether any allowance for doubtful accounts is necessary. Once the allowance has been determined the offset is booked to bad debt expense and subsequently if the account is deemed to be a bad debt, it is written off the e allowance for doubtful accounts. Principles of Consolidation The accounts include those of the Company and its 100% owned subsidiary. All intercompany transactions have been eliminated. At this time, SYNC2 International LTD has no operations, assets or liabilities. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. Cash equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S.) GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at June 30, 2017. The assets and liabilities recorded on the balance sheet approximate their fair value. Equipment Equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of three (3) or seven (7) years. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. Stock based compensation The Company accounts for stock-based compensation in accordance with ASC Section 718 Compensation – Stock Compensation. Under the fair value recognition provisions of ASC 718 stock based compensation is measured at the grant date based on the fair value of the award and is recognized as expensed ratably over the requisite service period/vesting period. The company accounts for its non-employee stock-based compensation in accordance with ASC Section 505 Equity Based Payments to Non-Employees. Under the fair value recognition provisions of ASC 505, stock based compensation cost is measured at the earlier of the purchase commitment or performance completions, based on the fair value of the award, and is recognized as expense as purchase commitment is settled. Commitments and contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Since June 30, 2017 and through the date of filing, there have been no intervening lawsuits, claims or judgments filed. Revenue recognition The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. Income taxes Federal Income taxes are not currently due since we have had losses since inception. On December 22, 2018 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the months ended September 30, 2020 using a Federal Tax Rate of 21%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. As of June 30, 2017, we had a net operating loss carry-forward of approximately $(2,069,623) and a deferred tax asset of $434,621 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(434,621). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2020, the Company had not taken any tax positions that would require disclosure under FASB ASC 740. June 30, 2017 June 30, 2016 Deferred Tax Asset $ 434,621 $ 405,579 Valuation Allowance (434,621 ) (405,579 ) Deferred Tax Asset (Net) $ - $ - Due to the changes the Tax Reform Act of 1986 and the Tax Cut and Jobs Act of 2017, net operating loss carryforwards for Federal Income tax reporting purposes are subject to additional limitations. Should certain changes in ownership occur, our net operating loss carryforwards may be limited to use in future years. In addition, tax rates on corporations were reduced and certain other deductions limited. These changes may affect the income tax benefit calculation and related allowance during subsequent fiscal years Net income (loss) per common share Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There were 1,835,835 potentially dilutive shares outstanding as of June 30, 2017 resulting from shares to be issued per the conversion of related party debt (see Note 4). We also had 450,000 in shares to be issued for services that were unissued at June 30, 2017. We also had outstanding warrants that could convert into 377,000 shares of common stock as of June 30, 2017. At the end of both periods the potentially dilutive shares were excluded because the effect would have been anti-dilutive. Cash flows reporting The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. Advertising Costs The Company expenses the cost of advertising and promotional materials when incurred. Total Advertising costs were zero for all periods. Subsequent events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer, considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2017 | |
GOING CONCERN | |
NOTE 3 - GOING CONCERN | As reflected in the accompanying financial statements, the Company had an accumulated deficit of $2,054,623 and a working capital deficit of $285,350 as of June 30, 2017. While the Company is attempting to commence operations and generate revenues, the Company’s cash position may not be significant enough to support the Company’s daily operations. Management intends to raise additional funds by way of a public or private offering. Management believes that the actions presently being taken to further implement its business plan and generate revenues provide the opportunity for the Company to continue as a going concern. While the Company believes in the viability of its strategy to generate revenues and in its ability to raise additional funds, there can be no assurances to that effect and there is substantial doubt about the Company’s ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate revenues. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
RELATED PARTY TRANSACTONS
RELATED PARTY TRANSACTONS | 12 Months Ended |
Jun. 30, 2017 | |
RELATED PARTY TRANSACTONS | |
NOTE 4 - RELATED PARTY TRANSACTIONS | On June 24, 2014 the company entered into an unsecured promissory note with Lazarus asset management, LLC. in the amount of $34,550 with an interest rate of 5% per annum and a due date of June 24, 2015. This note is currently in default. As of June 30, 2017, the accrued interest on this note was $5,219. On June 24, 2014, the company entered into an unsecured promissory note with Squadron Marketing, Inc. in the amount of $19,350 with an interest rate of 5% per annum and a due date of June 24, 2015. This note is currently in default. As of June 30, 2017, the accrued interest on this note was $2,922. On July 1, 2014, the Company entered into management agreements with Squadron Marketing, Inc. and Lazarus Asset Management, LLC for $30,000 each annually to assist the Company in obtaining potential merger candidates, negotiating the merger agreements, drafting, along with the Company’s attorney, offering documents, and assisting with closing the transactions. The agreements resulted in Management Fee expense of $60,000 for the years ended June 30, 2016 and June 30, 2017. These amounts were unpaid at June 30, 2017. On January 1, 2015, the company entered into a management agreement with Frank Horkey for a period of 5 years and will issue 350,000 shares of its common stock as consideration and is accounted for on the balance sheet as shares to be issued and will be expensed over the life of the contract (5 years), which resulted in a prepaid consulting expense of $210,000. They were valued on the date of the agreement and the stock price at that time was $.60. As of June 30, 2017, the shares were unissued and recorded as shares to be issued. For the years ended June 30, 2017 and 2015 the company amortized and expensed $42,000 and $36,000 respectively. Free office space The Company has been provided office space by its Chief Executive Officer at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statements. Due to Related Parties During the year ended June 30, 2017, the Company incurred management fees to related parties of $60,000. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Jun. 30, 2017 | |
COMMON STOCK | |
NOTE 5 - COMMON STOCK | On September 21, 2015 Boardwalk assignees agreed to convert $691,927 in related party debt into 1,835,835 shares of the Company’s common Stock On January 1, 2015, the Company entered into a management agreement for a period of 5 years and will issue 350,000 shares of its common stock as consideration and is accounted for on the balance sheet as shares to be issued and will be expensed over the life of the contract (5 years), which resulted in a prepaid consulting expense of $210,000. They were valued on the date of the agreement and the stock price at that time was $.60. On January 1, 2015, the Company entered into a management agreement for a period of 2 years and will issue 100,000 shares of its common stock as consideration and is accounted for on the balance sheet as shares to be issued and will be expensed over the life of the contract (2 years), which resulted in a prepaid consulting expense of $60,000. They were valued on the date of the agreement and the Company’s stock price at that time was $.60. For the years ended June 30, 2017 and 2016 the company amortized and expensed $57,000 and $36,000 respectively. |
WARRANTS
WARRANTS | 12 Months Ended |
Jun. 30, 2017 | |
WARRANTS | |
NOTE 6 - WARRANTS | On May 3, 2014, it was resolved that the Company shall offer 250,000 Units at a price of $.80 per unit. Each Unit shall consist of (a) one (1) share of common stock and (b) a combination of series A warrants (which may be exercised within three (3) years) and series B warrants exercised within five (5) years of the consummation of a merger. On May 14, 2014, the company entered into a subscription agreement for 157,500 units at $.80 per share for a total of $125,000 Each unit consists of one (1) share of common stock and one (1) series A warrant to purchase one share of common stock at $1.25 per share. Each A warrant expires three years from the date of issuance. On May 14, 2014, the company entered into a subscription agreement for 32,000 units at $.80 per share for a total of $25,000. Each unit consists of one (1) share of common stock and one (1) series A warrant to purchase one share of common stock at $1.25 per share. Each A warrant expires three years from the date of issuance. On July 14, 2014, the company entered into a subscription agreement for 62,500 units at $.80 per share for a total of $50,000. Each unit consists of one (1) share of common stock, and two (2) Series A warrants to purchase one (1) share of common stock at $.65 per share and one (1) series B warrant to purchase one (1) share of common stock at $.80. Each series A warrant expires three years from the consummation of a merger and each series B warrant expires 5 years from the consummation a merger. The Company may call the B Warrants at such point the quoted market closing price is at least $2.50 for 20 consecutive trading days. In the event the Company calls the Warrants, it shall immediately notify holders of the Warrants of the call. Warrants holders will be granted a period of 45 calendar days to redeem the Warrants by returning the Warrant to the Company accompanied by payment of $.80 per share. The warrants were valued using a Black Scholes calculation. The inputs for series A used a price $.59, a strike price range of .65 – 1.25, maturity 3 years, a risk-free interest rate of 3.9% and a beta of 50% estimated and were valued at $.202. The inputs for series B used a price $.59, a strike price of .80, maturity 5 years, a risk-free interest rate of 3.9% and a beta of 50% estimated and were valued at $.232. As of the filing date of this annual report, 189,500 A warrants have expired leaving only 125,000 A Warrants and 62,500 B Warrants remaining effective since the Company has yet to consummate a merger. The following is the outstanding warrant activity: Warrants - Common Share Equivalents Weighted Average Exercise price Warrants exercisable - Common Share Equivalents Weighted Average Exercise price Weighted average life in years Outstanding June 30, 2015 377,000 $ 0.75 377,000 $ 0.75 2.66 Additions Granted - - - - - Expired Expired - - - Exercised - - - - Outstanding June 30, 2016 377,000 $ 0.75 377,000 $ 0.75 1.66 Additions Granted - - - - Expired Expired - - - - Exercised - - - - Outstanding June 30, 2017 377,000 $ 0.75 377,000 $ 0.75 .66 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2017 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | The Company has evaluated all events that occurred after the balance sheet date through the date when the financial statements were issued to determine if they must be reported. The Management of the Company determined that the following subsequent events needed to be disclosed. 2018 Failed Reverse Merger Attempt On April 19, 2018, the Company entered into a non-binding indication of interest (“LOI”) to acquire Kaneptec Enterprises, Inc., a company engaged in the hemp and cannabidiol business (“Kaneptec”) in a reverse merger (the “Kaneptec Transaction”). In reliance of the LOI, the Company sold 350,000 shares to a related party for $47,500, and this cash was transferred to Kaneptec in order to facilitate the Kaneptec Transaction. This potential merger candidate also advanced approximately $20,000 to the Company in anticipation of the Kaneptec Transaction. During the due diligence phase, the Company’s consultants discovered that Kaneptec’s management had made material misrepresentations regarding its business and management; therefore, the Company ceased all further negotiations with Kaneptec. The Company has not recovered any sums advanced to Kaneptec in contemplation of the failed Kaneptec Transaction. 2020 Stock Issuances On January 21, 2020, the Company formally issued (a) 1,835,835 shares of its common stock in connection with prior Boardwalk convertible debt conversions, (b) 450,000 shares of its common stock in connection with management compensation, (c) 250,000 shares of its common stock to unit subscribers in connection with the failed Kerr transaction, and (d) 350,000 shares of its common stock in connection with a 2018 private sale of 350,000 shares to a related party for $47,500. On March 12. 2020, the Company issued 300,000 shares of its common stock in connection to professional service providers pursuant to their respective engagement agreements. On June 24, 2020, the Company issued 8,900,000 shares of its common stock in connection with the conversion of $890,000 in debt owed to consultants pursuant to a July 1, 2014, consulting agreement. 2020 TRXA Merger Sub Inc. March 13, 2020, the Company incorporated a wholly owned subsidiary, TRXA Merger Sub Inc., a Delaware corporation (“Merger Sub”) in order to facilitate the acquisition of a pre-revenue Software-as-a-Service internet platform business. The Company’s sole Officer and Director currently serves as the sole officer and director of the Merger Sub. As of the date of this filing, neither the Company nor the Merger Sub have entered into a definitive agreement or non-binding letter of intent to acquire a company. On November 20, 2020, the Company issued 1,300,000 shares of its common stock in connection with a prepayment of an $80,000 future expense advanced by two related parties. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Management further acknowledges that it is solely responsible for adopting sound accounting practices, establishing and maintaining a system of internal accounting control and preventing and detecting fraud. The Company’s system of internal accounting control is designed to assure, among other items, that 1) recorded transactions are valid; 2) valid transactions are recorded; and 3) transactions are recorded in the proper period in a timely manner to produce financial statements which present fairly the financial condition, results of operations and cash flows of the Company for the respective periods being presented |
Determination of Bad Debts | The Company’s policy is to analyze the collectability of Accounts and Notes Receivable on a monthly basis to determine whether any allowance for doubtful accounts is necessary. Once the allowance has been determined the offset is booked to bad debt expense and subsequently if the account is deemed to be a bad debt, it is written off the e allowance for doubtful accounts. |
Principles of Consolidation | The accounts include those of the Company and its 100% owned subsidiary. All intercompany transactions have been eliminated. At this time, SYNC2 International LTD has no operations, assets or liabilities. |
Use of estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include the estimated useful lives of property and equipment. Actual results could differ from those estimates. |
Cash equivalents | The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Fair value of financial instruments | The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S.) GAAP, and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data. The carrying amount of the Company’s financial assets and liabilities, such as cash, and accrued expenses approximate their fair value because of the short maturity of those instruments. The Company’s notes payable approximate the fair value of such instruments based upon management’s best estimate of interest rates that would be available to the Company for similar financial arrangements at June 30, 2017. The assets and liabilities recorded on the balance sheet approximate their fair value. |
Equipment | Equipment is recorded at cost. Expenditures for major additions and betterments are capitalized. Maintenance and repairs are charged to operations as incurred. Depreciation of equipment is computed by the straight-line method (after taking into account their respective estimated residual values) over the assets estimated useful life of three (3) or seven (7) years. Upon sale or retirement of equipment, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in statements of operations. |
Stock based compensations | The Company accounts for stock-based compensation in accordance with ASC Section 718 Compensation – Stock Compensation. Under the fair value recognition provisions of ASC 718 stock based compensation is measured at the grant date based on the fair value of the award and is recognized as expensed ratably over the requisite service period/vesting period. The company accounts for its non-employee stock-based compensation in accordance with ASC Section 505 Equity Based Payments to Non-Employees. Under the fair value recognition provisions of ASC 505, stock based compensation cost is measured at the earlier of the purchase commitment or performance completions, based on the fair value of the award, and is recognized as expense as purchase commitment is settled. |
Commitments and contingencies | The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. Since June 30, 2017 and through the date of filing, there have been no intervening lawsuits, claims or judgments filed. |
Revenue recognition | The Company follows paragraph 605-10-S99-1 of the FASB Accounting Standards Codification for revenue recognition. The Company will recognize revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. |
Income taxes | Federal Income taxes are not currently due since we have had losses since inception. On December 22, 2018 H.R. 1, originally known as the Tax Cuts and Jobs Act, (the “Tax Act”) was enacted. Among the significant changes to the U.S. Internal Revenue Code, the Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. The Company will compute its income tax expense for the months ended September 30, 2020 using a Federal Tax Rate of 21%. Income taxes are provided based upon the liability method of accounting pursuant to ASC 740-10-25 Income Taxes – Recognition. Deferred income tax amounts reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax reporting purposes. As of June 30, 2017, we had a net operating loss carry-forward of approximately $(2,069,623) and a deferred tax asset of $434,621 using the statutory rate of 21%. The deferred tax asset may be recognized in future periods, not to exceed 20 years. However, due to the uncertainty of future events we have booked valuation allowance of $(434,621). FASB ASC 740 prescribes recognition threshold and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FASB ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. At December 31, 2020, the Company had not taken any tax positions that would require disclosure under FASB ASC 740. June 30, 2017 June 30, 2016 Deferred Tax Asset $ 434,621 $ 405,579 Valuation Allowance (434,621 ) (405,579 ) Deferred Tax Asset (Net) $ - $ - Due to the changes the Tax Reform Act of 1986 and the Tax Cut and Jobs Act of 2017, net operating loss carryforwards for Federal Income tax reporting purposes are subject to additional limitations. Should certain changes in ownership occur, our net operating loss carryforwards may be limited to use in future years. In addition, tax rates on corporations were reduced and certain other deductions limited. These changes may affect the income tax benefit calculation and related allowance during subsequent fiscal years |
Net income (loss) per common share | Net income (loss) per common share is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially outstanding shares of common stock during the period. The weighted average number of common shares outstanding and potentially outstanding common shares assumes that the Company incorporated as of the beginning of the first period presented. There were 1,835,835 potentially dilutive shares outstanding as of June 30, 2017 resulting from shares to be issued per the conversion of related party debt (see Note 4). We also had 450,000 in shares to be issued for services that were unissued at June 30, 2017. We also had outstanding warrants that could convert into 377,000 shares of common stock as of June 30, 2017. At the end of both periods the potentially dilutive shares were excluded because the effect would have been anti-dilutive. |
Cash flows reporting | The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification. |
Advertising Costs | The Company expenses the cost of advertising and promotional materials when incurred. Total Advertising costs were zero for all periods. |
Subsequent events | The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer, considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of net deferred tax assets | June 30, 2017 June 30, 2016 Deferred Tax Asset $ 434,621 $ 405,579 Valuation Allowance (434,621 ) (405,579 ) Deferred Tax Asset (Net) $ - $ - |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
WARRANTS | |
Schedule of outstanding warrant activity | Warrants - Common Share Equivalents Weighted Average Exercise price Warrants exercisable - Common Share Equivalents Weighted Average Exercise price Weighted average life in years Outstanding June 30, 2015 377,000 $ 0.75 377,000 $ 0.75 2.66 Additions Granted - - - - - Expired Expired - - - Exercised - - - - Outstanding June 30, 2016 377,000 $ 0.75 377,000 $ 0.75 1.66 Additions Granted - - - - Expired Expired - - - - Exercised - - - - Outstanding June 30, 2017 377,000 $ 0.75 377,000 $ 0.75 .66 |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) | 12 Months Ended |
Jun. 30, 2017 | |
Sync2 Networks International [Member] | |
Ownership interest | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred Tax Assets - Non-current: | ||
Deferred Tax asset | $ 434,621 | $ 405,579 |
Valuation allowance | (434,621) | (405,579) |
Deferred tax assets, (net) | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 22, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Potentially dilutive shares outstanding | 1,835,835 | |||
Deferred Tax asset | $ 434,621 | $ 405,579 | ||
Statutory rate | 21.00% | |||
Federal tax rate | 21.00% | |||
Valuation allowance | $ (434,621) | $ (405,579) | ||
Net operating loss carry forward | $ (2,069,623) | |||
Shares issued upon service rendered, shares | 450,000 | |||
Deferred tax asset for future periods | 20 years | |||
Description of federal corporate income tax rate | The Tax Act lowers the U.S. federal corporate income tax rate (“Federal Tax Rate”) from 35% to 21% effective January 1, 2018. | |||
Shares issued upon conversion of warrant, shares | 377,000 | |||
Sync2 Networks International [Member] | ||||
Ownership interest | 100.00% | |||
Equipment [Member] | Maximum [Member] | ||||
Estimated useful life | 7 years | |||
Equipment [Member] | Minimum [Member] | ||||
Estimated useful life | 3 years |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
GOING CONCERN | ||
Accumulated deficit | $ (2,054,623) | $ (1,931,329) |
Working capital deficit | $ (285,350) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 24, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | |
Management fee expense | $ 60,000 | $ 60,000 | |
Amortization Expense | 57,000 | 36,000 | |
Management Agreement [Member] | January 1, 2015 [Member] | |||
Consulting expense | $ 60,000 | ||
Price per share | $ .60 | ||
Lazarus asset management, LLC [Member] | |||
Promissory note | $ 34,550 | ||
Interest rate | 5.00% | ||
Maturity date | Jun. 24, 2015 | ||
Accrued interest | $ 5,219 | ||
Frank Horkey [Member] | Management Agreement [Member] | January 1, 2015 [Member] | |||
Description of consulting agreement | Company entered into a management agreement with Frank Horkey for a period of 5 years and will issue 350,000 shares of its common stock as consideration and is accounted for on the balance sheet as shares to be issued and will be expensed over the life of the contract (5 years), | ||
Amortization Expense | $ 42,000 | 36,000 | |
Consulting expense | $ 210,000 | ||
Price per share | $ .60 | ||
Squadron Marketing, Inc. [Member] | |||
Promissory note | $ 19,350 | ||
Interest rate | 5.00% | ||
Maturity date | Jun. 24, 2015 | ||
Accrued interest | $ 2,922 | ||
Squadron Marketing, Inc. and Lazarus Asset Management, Inc. [Member] | July 1, 2014 [Member] | Related Party Transation [Member] | |||
Management fee expense | $ 60,000 | $ 60,000 | |
Agreement description | On July 1, 2014, the Company entered into management agreements with Squadron Marketing, Inc. and Lazarus Asset Management, LLC for $30,000 each annually to assist the Company in obtaining potential merger candidates, negotiating the merger agreements, drafting, along with the Company’s attorney, offering documents, and assisting with closing the transactions. |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 21, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization Expenses | $ 57,000 | $ 36,000 | |
BoardWalk [Member] | |||
Debt conversion converted instrument, amount | $ 691,927 | ||
Common stock, shares issued upon debt conversion, shares | 1,835,835 | ||
Management Agreement [Member] | January 1, 2015 [Member] | |||
Term of agreement | 2 years | ||
Common stock shares issuable | 100,000 | ||
Price per share | $ .60 | ||
Consulting expenses | $ 60,000 | ||
Management Agreement [Member] | January 1, 2015 [Member] | Frank Horkey [Member] | |||
Amortization Expenses | $ 42,000 | $ 36,000 | |
Term of agreement | 5 years | ||
Common stock shares issuable | 350,000 | ||
Price per share | $ .60 | ||
Consulting expenses | $ 210,000 |
WARRANTS (Details)
WARRANTS (Details) - Warrants [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Warrants, outstanding, beginning balance | 377,000 | 377,000 |
Granted | 0 | 0 |
Expired | 0 | 0 |
Exercised | 0 | 0 |
Warrants, outstanding, ending balance | 377,000 | 377,000 |
Warrants, weighted average exercise price, beginning balance | $ 0.75 | $ 0.75 |
Granted | 0 | 0 |
Expired | 0 | 0 |
Exercised | 0 | 0 |
Warrants, weighted average exercise price, ending balance | $ 0.75 | $ 0.75 |
Warrants exercisable - common share equivalents, beginning balance | 377,000 | 377,000 |
Warrants exercisable - common share equivalents, Additions, Granted | 0 | 0 |
Warrants exercisable - common share equivalents, Exercised | 0 | 0 |
Warrants exercisable - common share equivalents, Granted | 0 | 0 |
Warrants exercisable - common share equivalents, ending balance | 377,000 | 377,000 |
Weighted average exercise price per share beginning balance | $ 0.75 | $ 0.75 |
Warrants exercisable additions granted | 0 | 0 |
Weighted average exercise price per share ending balance | $ 0.75 | $ 0.75 |
Weighted average life in years, beginning outstanding | 1 year 7 months 28 days | 2 years 7 months 28 days |
Weighted average life in years, ending outstanding | 7 months 28 days | 1 year 7 months 28 days |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | Jul. 14, 2014 | May 14, 2014 | May 03, 2014 | Jun. 30, 2017 |
Description of warrants exercise | It was resolved that the Company shall offer 250,000 Units at a price of $.80 per unit. Each Unit shall consist of (a) one (1) share of common stock and (b) a combination of series A warrants (which may be exercised within three (3) years) and series B warrants exercised within five (5) years of the consummation of a merger. | |||
Warrants issued, shares | 250,000 | |||
Subscription Arrangement Two [Member] | ||||
Warrants issued, shares | 62,500 | |||
Warrants issued, amount | $ 50,000 | |||
Exercise price | $ .80 | |||
Description of warrant issued | Each unit consists of one (1) share of common stock, and two (2) Series A warrants to purchase one (1) share of common stock at $.65 per share and one (1) series B warrant to purchase one (1) share of common stock at $.80. Each series A warrant expires three years from the consummation of a merger and each series B warrant expires 5 years from the consummation a merger. | |||
Subscription Arrangement One [Member] | ||||
Warrants issued, shares | 32,000 | |||
Warrants issued, amount | $ 25,000 | |||
Exercise price | $ .80 | |||
Description of warrant issued | Each unit consists of one (1) share of common stock and one (1) series A warrant to purchase one share of common stock at $1.25 per share. Each A warrant expires three years from the date of issuance. | |||
Subscription Arrangement [Member] | ||||
Warrants issued, shares | 157,500 | |||
Warrants issued, amount | $ 125,000 | |||
Exercise price | $ .80 | |||
Description of warrant issued | Each unit consists of one (1) share of common stock and one (1) series A warrant to purchase one share of common stock at $1.25 per share. Each A warrant expires three years from the date of issuance. | |||
Warrants Series A [Member] | ||||
Warrants issued | 125,000 | |||
Warrants, outstanding | 189,500 | |||
Description of warrant | The inputs for series A used a price $.59, a strike price range of .65 – 1.25, maturity 3 years, a risk-free interest rate of 3.9% and a beta of 50% estimated and were valued at $.202. The inputs for series B used a price $.59, a strike price of .80, maturity 5 years, a risk-free interest rate of 3.9% and a beta of 50% estimated and were valued at $.232. | |||
Warrants B [Member] | ||||
Warrants issued | 62,500 | |||
Description of closing price of warrant | The Company may call the B Warrants at such point the quoted market closing price is at least $2.50 for 20 consecutive trading days. In the event the Company calls the Warrants, it shall immediately notify holders of the Warrants of the call. Warrants holders will be granted a period of 45 calendar days to redeem the Warrants by returning the Warrant to the Company accompanied by payment of $.80 per share. |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Mar. 12, 2020 | Nov. 20, 2020 | Jun. 24, 2020 | Jan. 21, 2020 | Apr. 19, 2018 | Jun. 30, 2017 |
Common stock shares issued | 377,000 | |||||
Subsequent Event [Member] | ||||||
Shares issued upon conversion of debt, shares | 8,900,000 | |||||
Common stock shares issued | 1,300,000 | |||||
Prepayment for future expense | $ 80,000 | |||||
Common stock, shares issued upon debt conversion, amount | $ 890,000 | |||||
Shares issued for services rendered, shares | 300,000 | |||||
Subsequent Event [Member] | 2020 Stock Issuances [Member] | ||||||
Shares issued upon conversion of debt, shares | 1,835,835 | |||||
Share issued for compensation | 450,000 | |||||
Kaneptec Enterprises, Inc. [Member] | Subsequent Event [Member] | 2018 Failed Reverse Merger Attempt [Member] | ||||||
Related party debt | $ 47,500 | |||||
Shares issued upon conversion of debt, shares | 350,000 | |||||
Consideration amount, merger | $ 20,000 | |||||
Kerr [Member] | Subsequent Event [Member] | 2020 Stock Issuances [Member] | Private Placement [Member] | ||||||
Related party debt | $ 47,500 | |||||
Common stock shares issued for private placement | 350,000 | |||||
Common stock shares issued during the period | 350,000 | |||||
Shares issued for failed transaction | 250,000 |