Cover
Cover - shares | 9 Months Ended | |
Mar. 31, 2021 | Apr. 24, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | Fritzy Tech Inc. | |
Entity Central Index Key | 0001622408 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Mar. 31, 2021 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 27,746,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
ASSETS | ||
Current Assets | $ 0 | $ 0 |
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 12,277 | 18,071 |
Accrued interest | 37,648 | 12,859 |
Convertible notes | 104,660 | 83,801 |
Due to related party | 5,574 | 0 |
Total Liabilities | 160,159 | 114,731 |
Stockholders' Deficit | ||
Preferred stock par value $0.000001: 8,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock par value $0.000001: 92,000,000 shares authorized, 27,746,000 shares and 96,000 shares issued and outstanding, respectively | 28 | 0 |
Additional paid-in capital | 25,189,755 | 158,324 |
Stock payable | 0 | 25,000,000 |
Accumulated deficit | (25,459,847) | (25,382,960) |
Retained earnings from discontinued operations | 109,905 | 109,905 |
Total Stockholders' Deficit | (160,159) | (114,731) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Jun. 30, 2020 |
Stockholders' Deficit | ||
Preferred stock, shares par value | $ 0.000001 | $ 0.000001 |
Preferred stock, shares authorized | 8,000,000 | 8,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.000001 | $ 0.000001 |
Common stock, shares authorized | 92,000,000 | 92,000,000 |
Common stock, shares issued | 27,746,000 | 96,000 |
Common stock, shares outstanding | 27,746,000 | 96,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
OPERATING EXPENSES | ||||
Professional fees | $ 3,750 | $ 8,778 | $ 25,939 | $ 30,159 |
General and administrative | 0 | 0 | 0 | 1,165 |
Total Operating Expenses | 3,750 | 8,778 | 25,939 | 31,324 |
OTHER EXPENSES | ||||
Interest expense | (9,001) | (12,376) | (50,948) | (81,282) |
Total other expenses | (9,001) | (12,376) | (50,948) | (81,282) |
NET LOSS | $ (12,751) | $ (21,154) | $ (76,887) | $ (112,606) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ (0.22) | $ 0 | $ (1.17) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 27,746,000 | 96,000 | 25,718,080 | 96,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders Deficit (Unaudited) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Discontinued Operations Retained Earnings [Member] | Stock Payable [Member] |
Balance, shares at Jun. 30, 2019 | 96,000 | |||||
Balance, amount at Jun. 30, 2019 | $ (64,023) | $ 0 | $ 74,523 | $ (248,451) | $ 109,905 | |
Net loss from continued operations | (13,696) | $ 0 | 0 | (13,696) | 0 | |
Balance, shares at Sep. 30, 2019 | 96,000 | |||||
Balance, amount at Sep. 30, 2019 | (77,719) | $ 0 | 74,523 | (262,147) | 109,905 | |
Balance, shares at Jun. 30, 2019 | 96,000 | |||||
Balance, amount at Jun. 30, 2019 | (64,023) | $ 0 | 74,523 | (248,451) | 109,905 | |
Net loss from continued operations | (112,606) | |||||
Balance, shares at Mar. 31, 2020 | 96,000 | |||||
Balance, amount at Mar. 31, 2020 | (101,638) | $ 0 | 149,514 | (361,057) | 109,905 | |
Balance, shares at Sep. 30, 2019 | 96,000 | |||||
Balance, amount at Sep. 30, 2019 | (77,719) | $ 0 | 74,523 | (262,147) | 109,905 | |
Net loss from continued operations | (77,756) | 0 | 0 | (77,756) | 0 | |
Beneficial conversion feature | 68,772 | $ 0 | 68,772 | 0 | 0 | |
Balance, shares at Dec. 31, 2019 | 96,000 | |||||
Balance, amount at Dec. 31, 2019 | (86,703) | $ 0 | 143,295 | (339,903) | 109,905 | |
Net loss from continued operations | (21,154) | 0 | (21,154) | 0 | ||
Beneficial conversion feature | 6,219 | $ 0 | 6,219 | 0 | 0 | |
Balance, shares at Mar. 31, 2020 | 96,000 | |||||
Balance, amount at Mar. 31, 2020 | (101,638) | $ 0 | 149,514 | (361,057) | 109,905 | |
Balance, shares at Jun. 30, 2020 | 96,000 | |||||
Balance, amount at Jun. 30, 2020 | (114,731) | $ 0 | 158,324 | (25,382,960) | 109,905 | $ 25,000,000 |
Net loss from continued operations | (46,151) | 0 | 0 | (46,151) | 0 | 0 |
Beneficial conversion feature | 20,754 | $ 0 | 20,754 | 0 | 0 | 0 |
Stock based compensation, shares | 25,000,000 | |||||
Stock based compensation, amount | 0 | $ 25 | 24,999,975 | 0 | 0 | (25,000,000) |
Issuance of common stock for note conversion, shares | 2,650,000 | |||||
Issuance of common stock for note conversion, amount | 5,300 | $ 3 | 5,297 | |||
Balance, shares at Sep. 30, 2020 | 27,746,000 | |||||
Balance, amount at Sep. 30, 2020 | (134,828) | $ 28 | 25,184,350 | (25,429,111) | 109,905 | 0 |
Balance, shares at Jun. 30, 2020 | 96,000 | |||||
Balance, amount at Jun. 30, 2020 | (114,731) | $ 0 | 158,324 | (25,382,960) | 109,905 | 25,000,000 |
Net loss from continued operations | (76,887) | |||||
Balance, shares at Mar. 31, 2021 | 27,746,000 | |||||
Balance, amount at Mar. 31, 2021 | (160,159) | $ 28 | 25,189,755 | (25,459,847) | 109,905 | 0 |
Balance, shares at Sep. 30, 2020 | 27,746,000 | |||||
Balance, amount at Sep. 30, 2020 | (134,828) | $ 28 | 25,184,350 | (25,429,111) | 109,905 | 0 |
Net loss from continued operations | (17,985) | 0 | 0 | (17,985) | 0 | 0 |
Beneficial conversion feature | 5,405 | $ 0 | 5,405 | 0 | 0 | 0 |
Balance, shares at Dec. 31, 2020 | 27,746,000 | |||||
Balance, amount at Dec. 31, 2020 | (147,408) | $ 28 | 25,189,755 | (25,447,096) | 109,905 | 0 |
Net loss from continued operations | (12,751) | $ 0 | 0 | (12,751) | 0 | 0 |
Balance, shares at Mar. 31, 2021 | 27,746,000 | |||||
Balance, amount at Mar. 31, 2021 | $ (160,159) | $ 28 | $ 25,189,755 | $ (25,459,847) | $ 109,905 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
Net loss | $ (12,751) | $ (21,154) | $ (76,887) | $ (76,887) | $ (112,606) | $ (112,606) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
Amortization of debt discount | 26,159 | 74,991 | ||||
Changes in operating liabilities: | ||||||
Accounts payable and accrued liabilities | (5,794) | 14,220 | ||||
Accrued interest | 24,789 | 0 | ||||
Net cash used in operating activities | (31,733) | (23,395) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
Proceeds from issuance of convertible notes | 26,159 | 23,395 | ||||
Advancement from a shareholder | 5,574 | 0 | ||||
Net cash provided by financing activities | 31,733 | 23,395 | ||||
Net changes in cash and cash equivalents | 0 | 0 | ||||
Cash and cash equivalents - beginning of period | 0 | 0 | ||||
Cash and cash equivalents - end of period | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 |
Supplemental Cash Flow Disclosures | ||||||
Cash paid for interest | 0 | 0 | ||||
Cash paid for income taxes | 0 | 0 | ||||
Non-Cash Investing and Financing Activity: | ||||||
Beneficial conversion feature | 26,159 | 74,991 | ||||
Conversion of convertible notes to common stock | 5,300 | 0 | ||||
Issuance of common stock for stock payable | $ 25,000,000 | $ 0 |
Organization and Operations
Organization and Operations | 9 Months Ended |
Mar. 31, 2021 | |
Organization and Operations | |
Note 1 - Organization and Operations | Fritzy Tech , Inc. (“First Priority” or the “Company”) was incorporated on March 31, 2014 under the laws of the State of Delaware. On May 8, 2018, Fritzy Tech , Inc. entered into an Asset Purchase Agreement with Silverlight International Limited., the Company owned by the owner of Zshoppers, Inc., whereby Fritzy Tech , Inc. has agreed to acquire the net assets of Zshoppers, Inc. On October 1, 2018, Fritzy Tech , Inc. disposed of Zshoppers, Inc. On December 3,2019, a majority of shareholders and board of directors approved a resolution to change the name of the Company to Fritzy Tech Inc. (“Fritzy Tech” or the “Company”). We are working on relaunching the Zshoppers.com brand under the direct ownership of Fritzy Tech Inc. We are also in the late-stage developments of our plan to launch and market homekout.com. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 9 Months Ended |
Mar. 31, 2021 | |
Significant and Critical Accounting Policies and Practices | |
Note 2 - Significant and Critical Accounting Policies and Practices | The Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the portrayal of the Company’s financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles. Basis of Presentation The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These condensed unaudited consolidated financial statements should be read in conjunction with the financial statements of the Company for the reporting period ended June 30, 2020 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on September 2, 2020. Basis of Consolidation These condensed consolidated financial statements include the accounts of the Company and the acquired assets of Zshoppers, Inc. All material intercompany balances and transactions have been eliminated. Fiscal Year End The Company elected June 30th as its fiscal year end date upon its formation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of accounts payable and accrued liabilities, accrued interest, convertible notes and due to related party approximates its fair value due to their short-term maturity. Earnings per Share Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-dilutive contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. For the nine months ended March 31, 2021 and 2020, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive: March 31, March 31, 2021 2020 (Shares) (Shares) Convertible notes payable 52,329,940 37,495,640 Recently Issued Accounting Pronouncements Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Going Concern
Going Concern | 9 Months Ended |
Mar. 31, 2021 | |
Going Concern | |
Note 3 - Going Concern | The accompanying unaudited condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying financials at March 31, 2021 and June 30, 2020, the Company had an accumulated deficit of $25,459,847 and $25,382,960 of continuing operations, respectively, and retained earnings of $109,905 and $109,905 from discontinued operations, as of March 31, 2021 and June 30, 2020, respectively. The Company has a working capital deficit (total current liabilities exceeded total current assets) of $160,159 and $114,731, at March 31, 2021 and June 30, 2020, respectively. The Company’s cash balance and revenues generated are not currently sufficient and cannot be projected to cover its operating expenses for the next twelve months from the filing date of this report. These factors among others raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time. The Company’s existence is dependent upon management’s ability to develop profitable operations. Management is devoting substantially all of its efforts to developing its business and raising capital and there can be no assurance that the Company’s efforts will be successful. No assurance can be given that management’s actions will result in profitable operations or the resolution of its liquidity problems. The accompanying consolidated financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern. In order to improve the Company’s liquidity, the Company’s management is actively pursuing additional equity financing through discussions with investment bankers and private investors. There can be no assurance that the Company will be successful in its effort to secure additional equity financing. |
Equity Transactions
Equity Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Equity Transactions | |
Note 4 - Equity Transactions | Preferred Stock The Company has authorized 8,000,000 preferred shares with a par value of $0.000001 per share. No shares of preferred stock have been issued. Common Stock The Company has authorized 92,000,000 common shares with a par value of $0.000001 per share, and 5,760,000 shares of common stock issued and outstanding. Nine Months Ended March 31, 2021 On July 20, 2020, the Company issued 25,000,000 shares of restricted common stock valued at $25,000,000 based on stock trading price at $1.00 per share to the Company’s Chief Executive Officer as compensation for year 2019. On July 21, 2020, the Company issued 2,650,000 shares of common stock for the repayment of convertible notes at aggregate principal amount of $5,300. Year Ended June 30, 2020 On December 3, 2019, a majority of the Company’s shareholders and board of directors approved a reverse stock split of the Company’s issued and outstanding shares of common stock on a one (1) new for 60 old basis. The reverse stock split was approved by Financial Industry Regulatory Authority ( FINRA ) with an effective date of December 23, 2019. As a result of the reverse split, the Company’s issued and outstanding common stock decreased from 5,760,000 shares to 96,000 shares, all with a par value of $0.000001. The Company’s authorized shares remain unchanged. As of March 31, 2021 and June 30, 2020, the issued and outstanding common stock was 27,746,000 shares and 96,000 shares, respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions | |
Note 5 - Related Party Transactions | On December 30, 2019, the Company issued convertible notes to two un-affiliated parties for an aggregate amount of $68,772 to replace the full amount of related party advances that had been provided to the Company through December 31, 2019. On July 20, 2020, the Company issued 25,000,000 shares of restricted common stock valued at $25,000,000 based on stock trading price at $1.00 per share to the Company’s Chief Executive Officer as compensation for year 2019. During the nine months ended March 31, 2021, the Director of the Company advanced $5,574 for payment of operating expense. The loan is non-interest bearing and due on demand. As of March 31, 2021 and June 30, 2020, due to related party was $5,574 and $0, respectively. |
Convertible Notes
Convertible Notes | 9 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions | |
Note 6 - Convertible Notes | March 31, June 30, 2021 2020 Convertible Notes - December 2019 $ 63,472 $ 68,772 Convertible Note - March 2020 6,219 6,219 Convertible Note - June 2020 8,810 8,810 Convertible Note - September 2020 20,754 - Convertible Note - December 2020 5,405 - 104,660 83,801 Less current portion of convertible notes payable (104,660 ) (83,801 ) Long-term convertible notes payable $ - $ - On December 30, 2019, the Company issued convertible notes to two un-affiliated parties for an aggregate amount of $68,772 to replace the full amount of related party advances that had been provided to the Company through December 31, 2019. The convertible notes are due on demand, bear interest at 35% per annum and are convertible at $0.002 per share for the Company common stock. On March 31, 2020, the Company issued a convertible note to an un-affiliated party of $6,219 for payment of operation expenses. The convertible note is due on demand, bear interest at 35% per annum and is convertible at $0.002 per share for the Company common stock. On June 30, 2020, the Company issued a convertible note to an un-affiliated party of $8,810 for payment of operation expenses. The convertible note is due on demand, bear interest at 35% per annum and is convertible at $0.002 per share for the Company common stock. On September 30, 2020, the Company issued a convertible note to an un-affiliated party of $20,754 for payment of operation expenses. The convertible note is due on demand, bear interest at 35% per annum and is convertible at $0.002 per share for the Company common stock. On December 31, 2020, the Company issued a convertible note to an un-affiliated party of $5,405 for payment of operation expenses. The convertible note is due on demand, bear interest at 35% per annum and is convertible at $0.002 per share for the Company common stock. During the nine months ended March 31, 2021 and 2020, the amortization on note discount from beneficial conversion feature of the convertible notes was $26,159 and $74,991, respectively. During the nine ended March 31, 2021 and 2020, the Company incurred note interest expense of 24,789 and $6,291, respectively. As of March 31, 2021 and June 30, 2020, the convertible note interest payable was $37,648 and $12,859, respectively. |
Significant and Critical Acco_2
Significant and Critical Accounting Policies and Practices (Policies) | 9 Months Ended |
Mar. 31, 2021 | |
Significant and Critical Accounting Policies and Practices | |
Basis of Presentation | The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These condensed unaudited consolidated financial statements should be read in conjunction with the financial statements of the Company for the reporting period ended June 30, 2020 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on September 2, 2020. |
Basis of Consolidation | These condensed consolidated financial statements include the accounts of the Company and the acquired assets of Zshoppers, Inc. All material intercompany balances and transactions have been eliminated. |
Fiscal Year End | The Company elected June 30th as its fiscal year end date upon its formation. |
Use of Estimates | The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | ASC 820 “ Fair Value Measurements and Disclosures These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying value of accounts payable and accrued liabilities, accrued interest, convertible notes and due to related party approximates its fair value due to their short-term maturity. |
Earnings per Share | Earnings per share (“EPS”) are the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-dilutive contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. For the nine months ended March 31, 2021 and 2020, respectively, the following convertible notes were excluded from the computation of diluted net loss per shares as the result of the computation was anti-dilutive: March 31, March 31, 2021 2020 (Shares) (Shares) Convertible notes payable 52,329,940 37,495,640 |
Recently Issued Accounting Pronouncements | Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Significant and Critical Acco_3
Significant and Critical Accounting Policies and Practices (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Significant and Critical Accounting Policies and Practices | |
Schedule of diluted net loss per shares | March 31, March 31, 2021 2020 (Shares) (Shares) Convertible notes payable 52,329,940 37,495,640 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 9 Months Ended |
Mar. 31, 2021 | |
Convertible Notes (Tables) | |
Schedule of convertible notes | March 31, June 30, 2021 2020 Convertible Notes - December 2019 $ 63,472 $ 68,772 Convertible Note - March 2020 6,219 6,219 Convertible Note - June 2020 8,810 8,810 Convertible Note - September 2020 20,754 - Convertible Note - December 2020 5,405 - 104,660 83,801 Less current portion of convertible notes payable (104,660 ) (83,801 ) Long-term convertible notes payable $ - $ - |
Significant and Critical Acco_4
Significant and Critical Accounting Policies and Practices (Details) - shares | 9 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Significant and Critical Accounting Policies and Practices | ||
Convertible notes payable | 52,329,940 | 37,495,640 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Going Concern | ||
Accumulated deficit | $ (25,459,847) | $ (25,382,960) |
Retained earnings from discontinued operations | 109,905 | 109,905 |
Working capital deficit | $ (160,159) | $ (114,731) |
Equity Transactions (Details Na
Equity Transactions (Details Narrative) - USD ($) | Dec. 03, 2019 | Jul. 21, 2020 | Jul. 20, 2020 | Mar. 31, 2021 | Jun. 30, 2020 |
Preferred stock, par value | $ 0.000001 | $ 0.000001 | |||
Common stock share issued upon repayment of convertible note | 2,650,000 | ||||
Debt instrument, principal amount | $ 5,300 | ||||
Preferred stock, shares authorized | 8,000,000 | 8,000,000 | |||
Common stock, shares outstanding, decreased | $ 96,000 | ||||
Common stock issued before reverse stock split | 5,760,000 | ||||
Common stock outstanding before reverse stock split | 5,760,000 | ||||
Common stock, shares authorized | 92,000,000 | 92,000,000 | |||
Common stock, shares issued | 27,746,000 | 96,000 | |||
Common stock, shares outstanding | 27,746,000 | 96,000 | |||
Common stock, par value | $ 0.000001 | $ 0.000001 | |||
Common stock value | $ 28 | $ 0 | |||
Chief Executive Officers [Member] | |||||
Restricted Common stock shares issued | 25,000,000 | ||||
Stock trading price | $ 1 | ||||
Common stock value | $ 25,000,000 | ||||
Common Stocks [Member] | |||||
Common stock, shares authorized | 92,000,000 | 92,000,000 | |||
Common stock, shares issued | 96,000 | 5,760,000 | |||
Common stock, shares outstanding | 96,000 | 5,760,000 | |||
Common stock, par value | $ 0.000001 | $ 0.000001 | |||
Common stock reverse stock split description | A reverse stock split of the Company’s issued and outstanding shares of common stock on a one (1) new for 60 old basis. |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Jul. 20, 2020 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 30, 2019 | |
Due to related party | $ 5,574 | $ 5,574 | $ 0 | |||
Common Stock value | 28 | 28 | 0 | |||
Convertible Notes | 63,472 | 63,472 | $ 68,772 | |||
Advanced from related party | $ 5,574 | $ 0 | ||||
Two Un-Affiliated Parties [Member] | On December 30, 2019 [Member] | ||||||
Convertible Notes | $ 68,772 | |||||
Director [Member] | ||||||
Advanced from related party | $ 5,574 | |||||
Chief Executive Officers [Member] | ||||||
Restricted common stock share issued | 25,000,000 | |||||
Stock trading per share | $ 1 | |||||
Common Stock value | $ 25,000,000 |
Convertible Notes (Details)
Convertible Notes (Details) - USD ($) | Mar. 31, 2021 | Jun. 30, 2020 |
Related Party Transactions | ||
Convertible Notes - December 2019 | $ 63,472 | $ 68,772 |
Convertible note - March 2020 | 6,219 | 6,219 |
Convertible note - June 2020 | 8,810 | 8,810 |
Convertible note - September 2020 | 20,754 | 0 |
Convertible note - December 2020 | 5,405 | 0 |
Total Convertible Note | 104,660 | 83,801 |
Less current portion of convertible notes payable | (104,660) | (83,801) |
Long-term convertible notes payable | $ 0 | $ 0 |
Convertible Notes (Details Narr
Convertible Notes (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Discount on convertible notes from beneficial conversion feature | $ 26,159 | $ 74,991 | |||||
Convertible note interest payable | $ 37,648 | 37,648 | $ 12,859 | ||||
Interest expenses | 9,001 | $ 12,376 | 50,948 | 81,282 | |||
Un-Affiliated Party [Member] | |||||||
Convertible Notes | $ 6,219 | $ 6,219 | $ 5,405 | $ 20,754 | $ 8,810 | ||
Conversion price | $ 0.002 | $ 0.002 | $ 0.002 | $ 0.002 | $ 0.002 | ||
Interest rate | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% | ||
Two Un-Affiliated Parties [Member] | On December 30, 2019 [Member] | |||||||
Convertible Notes | $ 68,772 | $ 68,772 | |||||
Conversion price | $ 0.002 | $ 0.002 | |||||
Interest rate | 35.00% | 35.00% |