Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Oct. 12, 2016 | Dec. 31, 2015 | |
Document and Entity Information: | |||
Entity Registrant Name | HEAVENSTONE CORP | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Trading Symbol | hvsc | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,624,025 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 71,159,423 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 0 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets | ||
Cash and cash equivalents | $ 52,592 | $ 271,101 |
Prepaid and other current assets | 156,340 | 250 |
Total current assets | 208,932 | 271,351 |
Fixed assets | ||
Land and land development cost | 3,888,846 | 2,842,860 |
Office furniture and equipment | 14,047 | 14,047 |
Accumulated depreciation | (4,448) | (1,639) |
Total fixed assets | 3,898,445 | 2,855,268 |
Total assets | 4,107,377 | 3,126,619 |
Current liabilities | ||
Accounts payable | 155,538 | 97,301 |
Interest payable | 185,509 | 69,173 |
Short-term notes payable | 38,846 | 0 |
Short-term related party debt | 2,100,000 | 100 |
Total current liabilities | 2,479,893 | 166,574 |
Non-current liabilities | ||
Long-term related party debt | 629,975 | 2,100,000 |
Long-term notes payable | 1,050,000 | 750,000 |
Total non-current liabilities | 1,679,975 | 2,850,000 |
Total liabilities | 4,159,868 | 3,016,574 |
Stockholders' equity (deficit) | ||
Preferred stock, $.0001 par value: 50,000,000 shares authorized; zero and zero shares issued and outstanding at June 30, 2016 and 2015, respectively | 0 | 0 |
Common stock, $.0001 par value: 200,000,000 shares authorized; 71,159,423 shares and 71,159,423 shares issued and outstanding at June 30, 2016 and 2015, respectively | 7,116 | 7,116 |
Additional paid-in capital | 394,386 | 394,386 |
Accumulated deficit | (453,993) | (291,457) |
Total stockholders' equity (deficit) | (52,491) | 110,045 |
Total liabilities and stockholders' equity (deficit) | $ 4,107,377 | $ 3,126,619 |
BALANCE SHEET PARENTHETICALS
BALANCE SHEET PARENTHETICALS - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Parentheticals | ||
Preferred Stock, par value | $ 0.0001 | $ 0.0001 |
Preferred Stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.0001 | $ 0.0001 |
Common Stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, shares issued | 71,159,423 | 71,159,423 |
Common Stock, shares outstanding | 71,159,423 | 71,159,423 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues: | ||
Operating expenses | $ 145,064 | $ 200,409 |
Operating loss | (145,064) | (200,409) |
Interest expense | (17,472) | (91,048) |
Net loss | $ (162,536) | $ (291,457) |
Loss per share: | ||
Basic and diluted. | $ 0 | $ 0 |
Weighted average number of shares outstanding: | ||
Basic and diluted | 71,159,423 | 70,448,077 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock,$.0001 par value Shares | Common Stock,$.0001 par value Amount | Additional Paid-in Capital | Accumulated Deficit | Total Stockholders' Equity (Deficit) |
Inception at Jul. 14, 2014 | 0 | ||||
Stock issued for cash | 70,909,423 | 7,091 | 394,161 | 401,252 | |
Stock issued for compensation | 250,000 | 25 | 225 | 250 | |
Net loss | $ (291,457) | $ (291,457) | |||
Balance at Jun. 30, 2015 | 71,159,423 | 7,116 | 394,386 | (291,457) | 110,045 |
Net loss | $ (162,536) | $ (162,536) | |||
Balance. at Jun. 30, 2016 | 71,159,423 | 7,116 | 394,386 | (453,993) | (52,491) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (162,536) | $ (291,457) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Stock-based compensation | 0 | 250 |
Impairment expense | 4,000 | 0 |
Depreciation expense | 2,809 | 1,639 |
Changes in operating assets and liabilities: | ||
Prepaid and other current assets | (79,503) | (250) |
Accounts payable | (55,421) | 76,516 |
Interest payable | (20,865) | 69,173 |
Net cash used in operating activities | (311,516) | (144,129) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Cash paid for purchase of land and land development costs | (799,127) | (2,072,075) |
Cash paid for purchase of furniture and equipment | 0 | (14,047) |
Net cash used in investing activities | (799,127) | (2,086,122) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from sale of common stock | 0 | 401,252 |
Borrowings on loans from related parties | 629,975 | 2,100,100 |
Repayments on loans to related parties | (100) | 0 |
Borrowings on loans from third parties | 300,000 | 0 |
Repayments on loans to third parties | (37,741) | 0 |
Net cash provided by financing activities | 892,134 | 2,501,352 |
NET INCREASE (DECREASE) IN CASH | (218,509) | 271,101 |
Cash, beginning of year | 271,101 | 0 |
Cash, end of year | 52,592 | 271,101 |
Non-cash investing the financing activities | ||
Capitalized interest to land development cost., | 137,201 | 0 |
Land development cost incurred on credit., | 113,658 | 20,785 |
Notes issued for land purchases | 0 | 750,000 |
Promissory note issued for premium on insurance | 76,587 | 20,785 |
Supplemental disclosure of cash flow information | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 38,337 | $ 21,875 |
THE COMPANY
THE COMPANY | 12 Months Ended |
Jun. 30, 2016 | |
THE COMPANY | |
THE COMPANY | NOTE 1. THE COMPANY Heavenstone Corp. (the "Company") was incorporated on June 13, 2014, in the State of Nevada and established a fiscal year end of June 30. The Company's focus is to become a large real estate development and construction company centered in the Temecula, California area, specializing in luxury vineyard estate homes. In addition, the Company intends to construct and operate a five-star hotel, spa and winery also in the Temecula area. "True" Inception Date While the Company was incorporated in the State of Nevada in June 2014, it undertook no activities until July 14, 2014. Due to its having less than one year of actual operations, the Company determined, for financial statement purposes, its "true" inception date to be July 14, 2014, the date of its first activities. The accompanying financial statements are presented in accordance with such determination. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Jun. 30, 2016 | |
GOING CONCERN | |
GOING CONCERN | NOTE 2. GOING CONCERN These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. During the year ended June 30, 2016, the Company has an accumulated deficit of $453,993 and revenue of $-0-. The continuation of the Company as a going concern is dependent upon the company's continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company intends to fund operations through equity and debt financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending June 30, 2017. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying Financial Statements include the accounts of the Company. The Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles 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 these estimates. Significant estimates during the year ended June 30, 2016, and the period ended June 30, 2015, include the valuation of deferred tax assets and the value of stock-based compensation. Fiscal Year End The Company elected June 30 as its fiscal year ending date. Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at June 30, 2016, and June 30, 2015. Property and Equipment Property is carried at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets, which is five years. During the year ended June 30, 2016, and the period ended June 30, 2015, the Company purchased $-0- and $14,047, respectively, of office furniture and equipment in cash. Depreciation expense was $2,809 and $1,639 for the year ended June 30, 2016, and the period ended June 30, 2015, respectively. Long-Lived Assets All long-lived assets held and used by the Company, including intangible assets, are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In accordance with ASC 360-10-35 "Impairment or Disposal of Long-lived Assets", the Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable the Company determines whether impairment has occurred through the use of an undiscounted cash flows analysis of the asset. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the estimated value of the asset. During the year ended June 30, 2016, and the period ended June 30, 2015, no impairment is considered necessary on long-lived assets. Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the "measurement date." The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. Loss per Share Basic and diluted net loss per common share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. At June 30, 2016 and 2015, there were no outstanding common share equivalents. Income Taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes". Certain recognition thresholds must be met before a tax position is recognized in the financial statements. An entity may only recognize or continue to recognize tax positions that meet a "more-likely-than-not" threshold. As of June 30, 2016 and 2015, the Company does not believe it has any uncertain tax positions that would require either recognition or disclosure in the accompanying financial statements. Recent Accounting Pronouncements The Company has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's financial position and results of operations. |
LAND AND LAND DEVELOPMENT COSTS
LAND AND LAND DEVELOPMENT COSTS | 12 Months Ended |
Jun. 30, 2016 | |
LAND AND LAND DEVELOPMENT COSTS | |
LAND AND LAND DEVELOPMENT COSTS | NOTE 4. LAND AND LAND DEVELOPMENT COSTS During the period ended June 30, 2015, the Company purchased three parcels of undeveloped real estate located in Temecula, California. Land and land development costs are carried at cost. Land development costs capitalized include costs associated with the development of the purchased land, including inspection fees and engineering fees. During the period ended June 30, 2015, the Company had $2,842,860 in land and land development costs, of which $2,072,075 was land purchased with cash, $750,000 was land purchased with a promissory note and the balance, $20,785, was development costs incurred on credit. During the year ended June 30, 2016, the Company had $912,785 in land development costs, of which $799,127 was paid in cash, with the remaining $113,658 incurred on credit. Also, the Compamy capitalized the interest costs of $137,201 incurred for the real estate projects under ASC 835-20 during the year ended June 30, 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES | |
INCOME TAXES | NOTE 5. INCOME TAXES The Company maintains deferred tax assets that 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 purposes. These deferred tax assets consist of net operating loss carryforward. The net deferred tax asset has been fully offset by a valuation allowance because of the Company's history of losses. The Company's approximate net deferred tax asset as of June 30, 2016 and 2015, is as follows: Deferred Tax Asset: 6/30/16 6/30/15 Net operating loss carryforward $ 158,810 $ 101,922 Valuation allowance (158,810 ) (101,922 ) Net deferred tax asset $ --- $ --- The Company provided a valuation allowance equal to the deferred income tax assets for the year ended June 30, 2016, and the period ended June 30, 2015, because it was not known whether future taxable income will be sufficient to utilize the loss carryforward. The potential tax benefit arising from the loss carryforward will expire in 2034. Additionally, the future utilization of the net operating loss carryforward to offset future taxable income may be subject to an annual limitation as a result of ownership changes that could occur in the future. If necessary, the deferred tax assets will be reduced by any carryforward that expire prior to utilization as a result of such limitations, with a corresponding reduction of the valuation allowance. As of June 30, 2016, the Company had a net operating loss of approximately $454,000. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Disclosures: | |
Related Party Transactions Disclosure | NOTE 6. RELATED-PARTY TRANSACTIONS Loan from Officer In August 2014, an officer loaned $100 to the Company. This loan was made on open bank account, was due on demand and did not bear interest. The $100 loan from an officer was repaid during the year ended June 30, 2016. Stock Purchase Agreement In June 2014, pursuant to a stock purchase agreement, the Company's majority shareholder purchased 70,000,000 shares of the Company's common stock for $70,000, or $.001 per share, in cash. However, such funds were not received by the Company until July 2014 and the shares were issued during August 2014. Stock Bonuses In September 2014, a total of 250,000 shares of common stock were issued as bonuses to certain of the Company's officers and directors. These shares were valued at $.001 per share, or $250, in the aggregate. Loans from Majority Shareholder During the period ended June 30, 2015, the Company obtained three separate loans from its majority shareholder, as follows: October 2014 $850,000 October 2014 $650,000 December 2014 $600,000 During the year ended June 30, 2016, the Company obtained two separate loans from its majority shareholder, as follows: February 2016 $50,000 February 2016 $100,000 Loans from Officer's Family During the year ended June 30, 2016, the Company obtained two separate loans from the family of one of its officers, as follows: May 2016 $279,975 June 2016 $200,000 As of June 30, 2016 and 2015, the total outstanding short term related party debt was $2,100,000 and $100, respectively. As of June 30, 2016 and 2015, the total outstanding long term related party debt was $629,975 and $2,100,000, respectively. Guaranty of Director In connection the Company's purchase of approximately 50 acres located in Temecula, California, one of its directors has personally guaranteed the Company's performance under a $750,000 promissory note issued to the selling party. This director was paid no compensation by the Company for such personal guaranty. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Jun. 30, 2016 | |
NOTES PAYABLE | |
NOTES PAYABLE | NOTE 7. NOTES PAYABLE In connection with the Company's purchase of 50 acres of land in Temecula, California, in November 2014, the Company issued a $750,000 face amount promissory note to the third-party seller of the land. The principal balance is due in November 2019. The unpaid principal balance of such promissory note bears interest at 5% per annum, with payments of $3,125 due monthly until the entire principal balance has been paid. This promissory note is secured by a deed of trust in favor of the selling party. During the year ended June 30, 2016, the Company obtained two separate loans from third parties, as follows: February 2016 $76,587 March 2016 $300,000 As of June 30, 2016 and 2015, the total outstanding short-term notes payable was $38,846 and $-0-, respectively. As of June 30, 2016 and 2015, the total outstanding long-term notes payable was $1,050,000 and $750,000, respectively. |
CAPITAL STOCK
CAPITAL STOCK | 12 Months Ended |
Jun. 30, 2016 | |
CAPITAL STOCK | |
Shareholders' Equity and Share-based Payments | NOTE 8. CAPITAL STOCK Articles of Amendment to Articles of Incorporation In October 2014, the Articles of Incorporation of the Company were amended to increase the number of authorized shares of Company common stock to 200,000,000 and to add 50,000,000 shares of $.0001 par value preferred stock to the Company's authorized capital stock. Common Stock Issued for Bonuses In September 2014, a total of 250,000 shares of common stock were issued as bonuses to the Company's officers and directors. These shares were valued at $.001 per share, or $250, in the aggregate. Common Stock Issued for Cash During the period ended June 30, 2015, the Company completed three separate private offerings, as follows: October 2014 October 2014 December 2014 The total cash received by the Company pursuant to the three private offerings was $401,252, net of $6,782 in offering-related expenses. In June 2014, pursuant to a stock purchase agreement, the Company's majority shareholder purchased 70,000,000 shares of the Company's common stock for $70,000 in cash, or $.001 per share. However, such funds were not received by the Company until July 2014. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2016 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS Subsequent to June 30, 2016, the Company has obtained two separate loans from the family of one of its officers, as follows: July 2016 $170,000 August 2016 $100,000 Subsequent to June 30, 2016, the Company has obtained a single loan from a related party, as follows: September 2016 $270,000 |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies): | |
Basis of Presentation | Basis of Presentation The accompanying Financial Statements include the accounts of the Company. The Company has elected to early adopt Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. The adoption of this ASU allows the company to remove the inception to date information and all references to development stage. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with generally accepted accounting principles 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 these estimates. Significant estimates during the year ended June 30, 2016, and the period ended June 30, 2015, include the valuation of deferred tax assets and the value of stock-based compensation. |
Fiscal Year End | Fiscal Year End The Company elected June 30 as its fiscal year ending date. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash and short-term highly liquid investments purchased with original maturities of three months or less. There were no cash equivalents at June 30, 2016, and June 30, 2015. |
Property and Equipment | Property and Equipment Property is carried at cost. Depreciation is computed on the straight-line method over the estimated useful lives of the assets, which is five years. During the year ended June 30, 2016, and the period ended June 30, 2015, the Company purchased $-0- and $14,047, respectively, of office furniture and equipment in cash. Depreciation expense was $2,809 and $1,639 for the year ended June 30, 2016, and the period ended June 30, 2015, respectively. |
Long-Lived Assets | Long-Lived Assets All long-lived assets held and used by the Company, including intangible assets, are reviewed to determine whether any events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. In accordance with ASC 360-10-35 "Impairment or Disposal of Long-lived Assets", the Company bases its evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment indicators are present or other factors exist that indicate that the carrying amount of the asset may not be recoverable the Company determines whether impairment has occurred through the use of an undiscounted cash flows analysis of the asset. If impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the estimated value of the asset. During the year ended June 30, 2016, and the period ended June 30, 2015, no impairment is considered necessary on long-lived assets. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation is accounted for based on the requirements of the Share-Based Payment Topic of ASC 718 which requires recognition in the financial statements of the cost of employee and director services received in exchange for an award of equity instruments over the period the employee or director is required to perform the services in exchange for the award (presumptively, the vesting period). The ASC also requires measurement of the cost of employee and director services received in exchange for an award based on the grant-date fair value of the award. Pursuant to ASC Topic 505-50, for share-based payments to consultants and other third-parties, compensation expense is determined at the "measurement date." The expense is recognized over the service period of the award. Until the measurement date is reached, the total amount of compensation expense remains uncertain. |
Loss per Share | Loss per Share Basic and diluted net loss per common share are computed based on the weighted-average common shares and common share equivalents outstanding during the period. At June 30, 2016 and 2015, there were no outstanding common share equivalents. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities arise from temporary differences associated with differences between the financial statements and tax basis of assets and liabilities, as measured by the enacted tax rates, which are expected to be in effect when these differences reverse. Deferred tax assets and liabilities are classified as current or non-current, depending upon the classification of the asset or liabilities to which they relate. Deferred tax assets and liabilities not related to an asset or liability are classified as current or non-current depending on the periods in which the temporary differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company follows the provisions of FASB ASC 740-10 "Uncertainty in Income Taxes". Certain recognition thresholds must be met before a tax position is recognized in the financial statements. An entity may only recognize or continue to recognize tax positions that meet a "more-likely-than-not" threshold. As of June 30, 2016 and 2015, the Company does not believe it has any uncertain tax positions that would require either recognition or disclosure in the accompanying financial statements. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Schedule of Deferred Tax Assets | |
Schedule of Deferred Tax Assets | The Company's approximate net deferred tax asset as of June 30, 2016 and 2015, is as follows: Deferred Tax Asset: 6/30/16 6/30/15 Net operating loss carryforward $ 158,810 $ 101,922 Valuation allowance (158,810 ) (101,922 ) Net deferred tax asset $ --- $ --- |
GOING CONCERN (DETAILS)
GOING CONCERN (DETAILS) | Jun. 30, 2016USD ($) |
GOING CONCERN DETAILS | |
Accumulated deficit | $ 453,993 |
Company has an revenue | $ 0 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES (DETAILS) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property and Equipment Details | ||
Company purchased of office furniture and equipment | $ 0 | $ 14,047 |
Depreciation expense | $ 2,809 | $ 1,639 |
LAND AND LAND DEVELOPMENT COS20
LAND AND LAND DEVELOPMENT COSTS (DETAILS) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
LAND AND LAND DEVELOPMENT COSTS DETAILS | ||
Company had land and land development costs | $ 2,842,860 | $ 912,785 |
Land purchased with cash | 2,072,075 | 799,127 |
Land purchased with a promissory note | 750,000 | |
Development costs incurred on credit | 20,785 | 113,658 |
Compamy capitalized the interest costs for the real estate projects | $ 137,201 | $ 0 |
INCOME TAXES (DETAILS)
INCOME TAXES (DETAILS) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
INCOME TAXES DETAILS | ||
Net operating loss carryforward | $ 158,810 | $ 101,922 |
Valuation allowance | $ (158,810) | (101,922) |
Net deferred tax asset | $ 0 |
OPERATING LOSS (DETAILS)
OPERATING LOSS (DETAILS) | Jun. 30, 2016USD ($) |
OPERATING LOSS DETAILS | |
Company had a net operating loss | $ 454,000 |
RELATED-PARTY TRANSACTIONS (DET
RELATED-PARTY TRANSACTIONS (DETAILS) - USD ($) | Sep. 30, 2014 | Aug. 31, 2014 | Jun. 30, 2014 |
RELATED-PARTY TRANSACTIONS DETAILS | |||
Officer loaned to the Company | $ 100 | ||
Stock Purchase Agreement | |||
Shareholder purchased shares | 70,000,000 | ||
Shares of the Company's common stock | 70,000 | ||
Shares of the Company's common stock per share, in cash | $ 0.001 | ||
Stock Bonuses | |||
Shares of common stock were issued as bonuses | 250,000 | ||
Shares were valued at per share | $ 0.001 | ||
Shares were valued at in the aggregate | $ 250 |
LOAN FROM MAJORITY SHAREHOLDER
LOAN FROM MAJORITY SHAREHOLDER (DETAILS) - USD ($) | Jun. 30, 2016 | May 31, 2016 | Feb. 29, 2016 | Feb. 01, 2016 | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 01, 2014 |
LOAN FROM MAJORITY SHAREHOLDER DETAILS | ||||||||
Company obtained this loan pursuant to a loan agreement and delivered a promissory note, face amount | $ 200,000 | $ 279,975 | $ 100,000 | $ 50,000 | $ 600,000 | $ 650,000 | $ 850,000 | |
Unpaid principal on such loan bears interest per annum | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |
Total outstanding short term related party debt | $ 2,100,000 | $ 100 | ||||||
Outstanding short term related party debt | 629,975 | $ 2,100,000 | ||||||
Promissory note issued to the selling party | $ 750,000 |
NOTES PAYABLE (DETAILS)
NOTES PAYABLE (DETAILS) - USD ($) | Jun. 30, 2016 | Mar. 31, 2016 | Feb. 29, 2016 | Jun. 30, 2015 | Nov. 30, 2014 |
NOTES PAYABLE DETAILS | |||||
Company issued face amount promissory note to the third-party seller | $ 750,000 | ||||
Unpaid principal balance of such promissory note bears interest per annum | 5.00% | ||||
Promissory note bears interest per annum with payments monthly until the entire principal balance | $ 3,125 | ||||
Company delivered a promissory note, face amount | $ 76,587 | ||||
Unpaid principal on such loan bears interest per annum | 6.95% | ||||
Repayment of this promissory note is to be made in ten equal monthly payments | $ 7,904.80 | ||||
Company obtained this loan pursuant to a loan agreement and delivered a promissory note, face amount | $ 300,000 | ||||
Unpaid principal on such loan bears interest per annum | 5.00% | ||||
Total outstanding short term related party debt | $ 38,846 | $ 0 | |||
Outstanding short term related party debt | $ 1,050,000 | $ 750,000 |
CAPITAL STOCK (DETAILS)
CAPITAL STOCK (DETAILS) - USD ($) | Jun. 30, 2016 | Dec. 31, 2014 | Oct. 31, 2014 | Oct. 01, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
CAPITAL STOCK DETAILS | ||||||
Increase the number of authorized shares of Company common stock | 200,000,000 | |||||
Company common stock to add shares | 50,000,000 | |||||
Company common stock to add shares par valuue | $ 0.0001 | |||||
Common Stock Issued for Bonuses | ||||||
Shares of common stock were issued as bonuses | 250,000 | |||||
Shares were valued at per share | $ 0.001 | |||||
Shares were valued at in the aggregate | $ 250 | |||||
Common Stock Issued for Cash | ||||||
Company sold a total of shares of common stock for cash | $ 192,345 | $ 287,078 | $ 430,000 | |||
Company sold a total of shares of common stock for cash in the aggregate amount | $ 192,345 | $ 143,539 | $ 2,150 | |||
Company sold a total of shares of common stock for cash in the aggregate amount per share | $ 1 | $ 0.50 | $ 0.005 | |||
Company pursuant to the three private offerings | $ 401,252 | |||||
Company pursuant to the three private offerings net in offering-related expenses | $ 6,782 | |||||
Shareholder purchased shares | 70,000,000 | |||||
Shares of the Company's common stock | 70,000 | |||||
Shares of the Company's common stock per share, in cash | $ 0.001 |
SUBSEQUENT EVENTS (DETAILS)
SUBSEQUENT EVENTS (DETAILS) - USD ($) | Sep. 30, 2016 | Aug. 31, 2016 | Jul. 31, 2016 |
SUBSEQUENT EVENTS DETAILS | |||
Company obtained this loan pursuant to a loan agreement and delivered a promissory note, face amount | $ 270,000 | $ 100,000 | $ 170,000 |
Unpaid principal on such loan bears interest per annum | 5.00% | 5.00% | 5.00% |