Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Sep. 24, 2018 | Dec. 31, 2017 | |
Document and Entity Information | |||
Entity Registrant Name | Interlink Plus, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2018 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,643,988 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Common Stock, Shares Outstanding | 67,373,008 | ||
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 | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Entity Public Float | $ 188,055 | ||
Trading Symbol | itrk |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Current assets | ||
Cash | $ 11,494 | $ 12,201 |
Accounts receivable | 3,118 | 11,121 |
Prepaid expenses | 10,952 | 58,693 |
Total current assets | 25,564 | 82,015 |
Other assets | ||
Fixed assets, net | 882 | |
Website, net | 1,201 | 2,201 |
Total other assets | 2,083 | 2,201 |
TOTAL ASSETS | 27,647 | 84,216 |
Current liabilities | ||
Accounts payable | 18,186 | 15,891 |
Accounts payable - related party | 14,729 | 57,000 |
Customer deposits | 3,320 | 60,559 |
Notes payable | 150,000 | |
Notes payable - related party | 6,000 | |
Accrued interest payable | 4,953 | 1,521 |
Accrued interest payable - related party | 1,759 | |
Convertible debt, net | 19,000 | 14,167 |
Current portion of long-term convertible debt - related party | 4,000 | |
Total current liabilities | 210,188 | 160,897 |
Long-term liabilities | ||
Total liabilities | 210,188 | 160,897 |
Stockholders equity | ||
Preferred stock value | 270 | 270 |
Common stock value | 6,737 | 6,737 |
Additional paid-in capital | 70,179 | 62,862 |
Retained earnings (deficit) | (259,726) | (146,550) |
Total stockholders' equity | (182,540) | (76,681) |
Total liabilities and stockholders' equity | $ 27,648 | $ 84,216 |
BALANCE SHEETS (parenthetical)
BALANCE SHEETS (parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Balance Sheet | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 2,700,000 | 2,700,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 475,000,000 | 475,000,000 |
Common stock, shares issued | 67,373,008 | 67,373,008 |
Common stock, shares outstanding | 67,373,008 | 67,373,008 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement | ||
Revenue | $ 86,715 | $ 45,400 |
Operating expenses | ||
Costs of goods sold | 5,816 | |
General and administrative | 24,841 | 5,556 |
Depreciation and amortization | 1,294 | 778 |
Professional fees | 84,933 | 26,355 |
Professional fees - related party | 36,000 | 36,000 |
Total operating expenses | 147,068 | 74,505 |
Operating income (loss) | (60,353) | (29,105) |
Other income (expenses) | ||
Interest expense | 22,622 | 18,976 |
Interest expense - related party | 1,060 | |
Loss of settlement of debt | (30,201) | |
Total other expenses | (52,823) | (20,036) |
Net loss | $ (113,176) | $ (49,141) |
Net loss per common share, basic | $ 0 | $ 0 |
Net loss per common share, diluted | $ 0 | $ 0 |
Weighted average number of shares outstanding, basic | 67,373,008 | 63,569,374 |
Weighted average number of shares outstanding, diluted | 67,373,008 | 63,569,374 |
STATEMENTS OF STOCKHOLDERS' EQU
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Preferred stock | Common stock | Additional paid-in capital | Retained deficit | Total stockholders' equity |
Beginning Balance, shares at Jun. 30, 2016 | 2,800,000 | 56,111,200 | |||
Beginning Balance, amount at Jun. 30, 2016 | $ 280 | $ 5,611 | $ 47,669 | $ (97,409) | $ (43,849) |
Issuance of common stock for conversion of debt, shares | 1,261,808 | ||||
Issuance of common stock for conversion of debt, value | $ 126 | 6,183 | 6,309 | ||
Issuance of common stock for conversion of preferred stock, shares | (100,000) | 10,000,000 | |||
Issuance of common stock for conversion of preferred stock, value | $ (10) | $ 1,000 | (990) | ||
Beneficial conversion feature of convertible debt | 10,000 | 10,000 | |||
Net loss for the period | (49,414) | (49,141) | |||
Ending Balance, shares at Jun. 30, 2017 | 2,700,000 | 67,373,008 | |||
Ending Balance, amount at Jun. 30, 2017 | $ 270 | $ 6,737 | 62,862 | (146,550) | (76,681) |
Beneficial conversion feature of convertible debt | 6,950 | 6,950 | |||
Donated capital | 367 | 367 | |||
Net loss for the period | (113,176) | (113,176) | |||
Ending Balance, shares at Jun. 30, 2018 | 2,700,000 | 67,373,008 | |||
Ending Balance, amount at Jun. 30, 2018 | $ 270 | $ 6,737 | $ 70,179 | $ (259,726) | $ (182,540) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (113,176) | $ (49,141) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,294 | 778 |
Amortization of debt discount | 13,758 | 17,358 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | 8,003 | (10,777) |
(Increase) decrease in prepaid expenses | 51,241 | (58,318) |
(Increase) decrease in prepaid expenses - related party | (3,500) | |
Increase (decrease) in accounts payable | 2,295 | 9,832 |
Increase (decrease) in accounts payable - related party | (42,271) | 30,000 |
Increase (decrease) in accrued interest payable - related party | 3,486 | 1,548 |
Increase (decrease) in accrued interest payable | (838) | 953 |
Increase (decrease) in customer deposits | (57,239) | 60,559 |
Net cash provided by (used in) operating activities | (136,947) | 2,792 |
Cash flows from investing activities: | ||
Purchase fixed assets | 1,176 | 2,000 |
Net cash used by investing activities | (1,176) | (2,000) |
Cash flows from financing activities: | ||
Proceeds from notes payable | 165,000 | |
Repayments to notes payable | 15,000 | 500 |
Proceeds from convertible debt | 102,000 | 10,000 |
Repayments to convertible debt | 114,950 | |
Donated capital | 367 | |
Net cash provided by financing activities | 137,417 | 9,500 |
Net increase (decrease) in cash | (706) | 10,292 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 12,201 | 1,909 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 11,495 | 12,201 |
Supplemental information: | ||
Interest paid | 4,300 | 107 |
Income taxes paid | ||
Non-cash investing and financing activities: | ||
Amortization of debt discount | $ 13,758 | $ 17,358 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization The Company was incorporated on May 11, 2015 (Date of Inception) under the laws of the State of Nevada, as Interlink Plus, Inc. Nature of operations The Company will provide services for oversea travel agents on hotel price quotation and negotiation, contract reviewing, detailed guests arrangements, hotel check-in assistance, as well as tradeshow services to domestic and international businesses. Additionally, the Company is offering marketing materials and other products for the tradeshows. Year end The Companys year end is June 30. Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. Accounts receivable The allowance for uncollectible accounts receivables is determined principally on the basis of past collection experience as well as consideration of current economic conditions and changes in our customer collection trends. Since the inception of the Company through today, the Company has had no material bad debt write offs and believes its current policy is reasonable. Fixed assets The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful life of the assets or the lease term, whichever is shorter. Leasehold improvements include the cost of the Companys internal development and construction department. Depreciation periods are as follows: Computer equipment 3 years Website The Company capitalizes the costs associated with the development of the Companys website pursuant to ASC Topic 350. Other costs related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes. The Company plans to commence amortization upon completion and release of the Companys fully operational website. Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services are completed as part of the service contract. Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the years ended June 30, 2018 and 2017. Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2018 and 2017. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1 Level 2 Level 3 Stock-based compensation The Company accounts for stock-based compensation based on the fair value of all option grants or stock issuances made to employees or directors on or after its implementation date (the beginning of fiscal 2006), as well as a portion of the fair value of each option and stock grant made to employees or directors prior to the implementation date that represents the unvested portion of these share-based awards as of such implementation date, to be recognized as an expense, as codified in ASC 718. The Company calculates stock option-based compensation by estimating the fair value of each option as of its date of grant using the Black-Scholes option pricing model. These amounts are expensed over the respective vesting periods of each award using the straight-line attribution method. Compensation expense is recognized only for those awards that are expected to vest, and as such, amounts have been reduced by estimated forfeitures. The Company has historically issued stock options and vested and non-vested stock grants to employees and outside directors whose only condition for vesting has been continued employment or service during the related vesting or restriction period. The estimated fair value of grants of stock options and warrants to nonemployees of the Company is charged to expense, if applicable, in the financial statements. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are 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. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of June 30, 2018 and 2017, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material affect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. As of June 30, 2018 and 2017, no income tax expense has been incurred. 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. Recent pronouncements The Company has evaluated the recent accounting pronouncements through September 2018 and believes that none of them will have a material effect on the companys financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Going Concern | NOTE 2 - GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the recoverability of assets and the satisfaction of liabilities in the normal course of business. As noted above, the Company is in its early stages and, accordingly, has generated slight revenues from operations. Since its inception, the Company has been engaged substantially in financing activities and developing its business plan and incurring start up costs and expenses. As a result, the Company incurred accumulated net losses from Inception (May 11, 2015) through the period ended June 30, 2018 of ($259,726). In addition, the Companys development activities since inception have been financially sustained through debt and equity financing. The ability of the Company to continue as a going concern is dependent upon its ability to raise additional capital from the sale of common stock and, ultimately, the achievement of significant operating revenues. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty. |
Prepaid Expenses Disclosure
Prepaid Expenses Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Prepaid Expenses Disclosure | NOTE 3 - PREPAID EXPENSES As of June 30, 2018, the Company had prepaid transfer agent expenses totaling $375 and prepaid consulting fees of $3,500 to a related party. The prepaid professional fees will be expensed on a straight-line basis over the remaining life of the service period. During the year ended June 30, 2018, the Company incurred an additional $750 of prepaid transfer agent fees and amortized transfer agent expenses of $750. Additionally, the Company had prepaid expense related to deposits at hotels totaling $7,077. The prepaid expenses will be reclassified against revenue when our clients complete their stay at the hotel. |
Fixed Assets Disclosure
Fixed Assets Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Fixed Assets Disclosure | NOTE 4 - FIXED ASSETS The following is a summary of fixed asset costs: June 30, June 30, 2018 2017 Fixed asset $ 1,176 $ -- Less: accumulated amortization (294) -- Fixed asset, net $ 882 $ -- Depreciation expense for the years ended June 30, 2018 and 2017, was $294 and $0, respectively. |
Website Disclosure
Website Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Website Disclosure | NOTE 5 - WEBSITE The following is a summary of website costs: June 30, 2018 June 30, 2017 Website $ 3,500 $ 1,500 Less: Accumulated amortization (2,299) (1,229) Website, net $ 1,201 $ 2,201 Amortization expense for the years ended June 30, 2018 and 2017 was $1,000 and $778, respectively. |
Notes Payable Disclosure
Notes Payable Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Notes Payable Disclosure | NOTE 6 - NOTES PAYABLE On October 11, 2017, the Company executed a promissory note with an entity for $15,000. The unsecured note has a flat interest payment of $2,250 and is due in forty-five days of issuing the note or two business days after demand for payment. During the year ended June 30, 2018, the Company repaid the entire balance of principal ($15,000)and accrued interest. As of June 30, 2018, the principal balance is $0 and accrued interest is $0. On June 15, 2018, the Company executed a promissory note with an entity for $150,000. The unsecured note bears interest at 10% per annum and is due in two business days after demand for payment. As of June 30, 2018, the principal balance is $150,000 and accrued interest is $658. |
Convertible Debt Disclosure
Convertible Debt Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Convertible Debt Disclosure | NOTE 7 -CONVERTIBLE DEBT On December 23, 2015, the Company executed a promissory note with a related party for $5,000. The unsecured note bears interest at 10% per annum and is due upon demand. During July 2017, the terms of the loan were negotiated. The interest rate is 20% per annum starting August 1, 2017 and is convertible at a fixed conversion rate equal to $0.005 per share. The loan has a prepayment penalty. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. During the year ended June 30, 2018, this loan was paid in full and settled. On February 26, 2016, the Company executed a promissory note with a related party for $1,000. The unsecured note bears interest at 10% per annum and is due upon demand. During July 2017, the terms of the loan were negotiated. The interest rate is 20% per annum starting August 1, 2017 and is convertible at a fixed conversion rate equal to $0.005 per share. The loan is due on July 31, 2018. The loan has a prepayment penalty. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. During the year ended June 30, 2018, this loan was paid in full and settled. On May 22, 2015, the Company executed a convertible promissory note with a related party for $4,000. The unsecured note bears interest at 10% per annum and is due on May 22, 2017. This note is convertible at $0.005 per share and can be converted on or before the maturity date of May 22, 2017. During July 2017, the partied agreed to extend the maturity date to July 31, 2018. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. On January 26, 2018, the Company executed a convertible promissory note for $65,000. The unsecured note bears interest at 8% per annum and is due on October 30, 2018. This note cannot be converted for the initial 180-day period and is convertible at discount of 39% of the market price based on the previous ten days of trading. This note has prepayment penalties. During the year ended June 30, 2018, this loan was paid in full and settled. On March 5, 2018, the Company executed a convertible promissory note for $43,000. The unsecured note bears interest at 8% per annum and is due on December 15, 2018. This note cannot be converted for the initial 180-day period and is convertible at discount of 39% of the market price based on the previous ten days of trading. This note has prepayment penalties. During the year ended June 30, 2018, this loan was paid in full and settled. On April 25, 2016, the Company executed a convertible promissory note with an entity for $5,000. The unsecured note bears interest at 10% per annum and is due on April 25, 2017. This note is convertible at $0.005 per share and can be converted on or before the maturity date of April 25, 2017. During July 2017, the partied agreed to extend the maturity date to July 31, 2018. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. On July 15, 2016, the Company executed a convertible promissory note with an entity for $5,000. The unsecured note bears interest at 10% per annum and is due on July 15, 2017. This note is convertible at $0.005 per share and can be converted on or before the maturity date of July 15, 2017. During July 2017, the partied agreed to extend the maturity date to July 31, 2018. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. On August 18, 2016, the Company executed a convertible promissory note with an entity for $5,000. The unsecured note bears interest at 10% per annum and is due on August 18, 2017. This note is convertible at $0.005 per share and can be converted on or before the maturity date of September 27, 2018. On December 22, 2017, the note was sold to an unrelated third party. On March 14, 2018, the note was sold to another unrelated third party. As of June 30, 2018, the balance of accrued interest was $4,295. The interest expense for the year ended June 30, 2018 was $22,622 including amortization of debt discount of $13,758. |
Stockholders' Equity, Disclosur
Stockholders' Equity, Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Stockholders' Equity, Disclosure | NOTE 8 - STOCKHOLDERS EQUITY The Company is authorized to issue 475,000,000 shares of its $0.0001 par value common stock and 25,000,000 shares of its $0.0001 par value preferred stock. The Series A convertible preferred stock have a liquidation preference of $0.10 per share, have super voting rights of 100 votes per share, and each share of Series A may be converted into 100 shares of common stock. Common stock On July 15, 2016, the Company recorded a beneficial conversion feature of $5,000 as part of the convertible debt. On August 18, 2016, the Company recorded a beneficial conversion feature of $5,000 as part of the convertible debt. On September 9, 2016, the Company issued 1,261,808 shares of common stock for the conversion of debt totaling $6,309. Of the total, $6,000 was the principal and $309 was the accrued interest payable. During November 2016, the Company issued 10,000,000 shares of common stock as part of a conversion of 100,000 shares of preferred stock. During the year ended June 30, 2018, the Company recorded $6,950 to additional paid in capital for beneficial conversion feature on the convertible debt and $367 in donated capital. Preferred stock During November 2016, the Company issued 10,000,000 shares of common stock as part of a conversion of (100,000) shares of preferred stock. |
Warrants and Options Disclosure
Warrants and Options Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Warrants and Options Disclosure | NOTE 9 - WARRANTS AND OPTIONS As of June 30, 2018 and 2017, there were no warrants or options outstanding to acquire any additional shares of common stock. |
Income Taxes Disclosures
Income Taxes Disclosures | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Income Taxes Disclosures | NOTE 10 - INCOME TAXES At June 30, 2018 and 2017, the Company had a federal operating loss carryforward of approximately $260,000 and $147,000 which begins to expire in 2035. Components of net deferred tax assets, including a valuation allowance, are as follows at June 30, 2018 and 2017: 2018 2017 Deferred tax assets: Net operating loss carryforward $ 52,000 $ 51,000 Total deferred tax assets 52,000 51,000 Less: Valuation allowance (52,000) (51,000) Net deferred tax assets $ -- $ -- The valuation allowance for deferred tax assets as of June 30, 2018 and 2017 was $52,000 and $51,000, respectively, which will begin to expire in 2035. In assessing the recovery of the deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in the periods in which those temporary differences become deductible. Management considers the scheduled reversals of future deferred tax assets, projected future taxable income, and tax planning strategies in making this assessment. As a result, management determined it was more likely than not the deferred tax assets would not be realized as of June 30, 2018 and 2017 and maintained a full valuation allowance. Reconciliation between the statutory rate and the effective tax rate is as follows at June 30, 2018 and 2017: 2018 2017 Federal statutory rate (20.0)% (35.0)% State taxes, net of federal benefit (0.00)% (0.00)% Change in valuation allowance 20.0% 35.0% Effective tax rate 0.0% 0.0% |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Related Party Transactions | NOTE 11 - RELATED PARTY TRANSACTIONS On July 11, 2015, the Company executed a consulting agreement for a period of three years with a former officer and director and current shareholder at a rate of $3,000 per month. During the years ended June 30, 2018 and 2017, the Company had professional fees - related party totaling $0 and $36,000, respectively. As of June 30, 2018 and 2017, the accounts payable - related party balance was $14,729 and $57,000, respectively. On July 1, 2017, the parties mutually agreed to terminate the agreement. On July 1, 2017, the Company executed a consulting agreement Company owned and controlled with a former officer and director and current shareholder at a rate of $3,000 per month. The Company or entity may terminate with 30 days written notice. During the year ended June 30, 2018, the Company had professional fees - related party totaling $36,000. As of June 30, 2018, there was prepaid expense - related party of $3,500 and accounts payable - related party balance was $0. |
Subsequent Events Disclosure
Subsequent Events Disclosure | 12 Months Ended |
Jun. 30, 2018 | |
Notes | |
Subsequent Events Disclosure | NOTE 12 - SUBSEQUENT EVENTS On September 24, 2018, the Company and one of its noteholders agreed to extend the maturity date of all of the loans to September 30, 2019. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies: Organization (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Organization | Organization The Company was incorporated on May 11, 2015 (Date of Inception) under the laws of the State of Nevada, as Interlink Plus, Inc. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies: Nature of Operations (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Nature of Operations | Nature of operations The Company will provide services for oversea travel agents on hotel price quotation and negotiation, contract reviewing, detailed guests arrangements, hotel check-in assistance, as well as tradeshow services to domestic and international businesses. Additionally, the Company is offering marketing materials and other products for the tradeshows. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies: Year End Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Year End Policy | Year end The Companys year end is June 30. |
Summary of Significant Accoun22
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Cash and Cash Equivalents Policy | Cash and cash equivalents For the purpose of the statements of cash flows, all highly liquid investments with an original maturity of three months or less are considered to be cash equivalents. The carrying value of these investments approximates fair value. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies: Accounts Receivable, Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Accounts Receivable, Policy | Accounts receivable The allowance for uncollectible accounts receivables is determined principally on the basis of past collection experience as well as consideration of current economic conditions and changes in our customer collection trends. Since the inception of the Company through today, the Company has had no material bad debt write offs and believes its current policy is reasonable. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies: Fixed Assets Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Fixed Assets Policy | Fixed assets The Company records all property and equipment at cost less accumulated depreciation. Improvements are capitalized while repairs and maintenance costs are expensed as incurred. Depreciation is calculated using the straight-line method over the estimated useful life of the assets or the lease term, whichever is shorter. Leasehold improvements include the cost of the Companys internal development and construction department. Depreciation periods are as follows: Computer equipment 3 years |
Summary of Significant Accoun25
Summary of Significant Accounting Policies: Website Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Website Policy | Website The Company capitalizes the costs associated with the development of the Companys website pursuant to ASC Topic 350. Other costs related to the maintenance of the website are expensed as incurred. Amortization is provided over the estimated useful lives of 3 years using the straight-line method for financial statement purposes. The Company plans to commence amortization upon completion and release of the Companys fully operational website. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Revenue Recognition Policy | Revenue recognition We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable. The Company will record revenue when it is realizable and earned and the services are completed as part of the service contract. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies: Advertising Costs Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Advertising Costs Policy | Advertising costs Advertising costs are anticipated to be expensed as incurred; however there were no advertising costs included in general and administrative expenses for the years ended June 30, 2018 and 2017. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies: Fair Value of Financial Instruments Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Fair Value of Financial Instruments Policy | Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2018 and 2017. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, prepaid expenses and accounts payable. Fair values were assumed to approximate carrying values for cash and payables because they are short term in nature and their carrying amounts approximate fair values or they are payable on demand. Level 1 Level 2 Level 3 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies: Stock-based Compensation Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Stock-based Compensation Policy | Stock-based compensation The Company accounts for stock-based compensation based on the fair value of all option grants or stock issuances made to employees or directors on or after its implementation date (the beginning of fiscal 2006), as well as a portion of the fair value of each option and stock grant made to employees or directors prior to the implementation date that represents the unvested portion of these share-based awards as of such implementation date, to be recognized as an expense, as codified in ASC 718. The Company calculates stock option-based compensation by estimating the fair value of each option as of its date of grant using the Black-Scholes option pricing model. These amounts are expensed over the respective vesting periods of each award using the straight-line attribution method. Compensation expense is recognized only for those awards that are expected to vest, and as such, amounts have been reduced by estimated forfeitures. The Company has historically issued stock options and vested and non-vested stock grants to employees and outside directors whose only condition for vesting has been continued employment or service during the related vesting or restriction period. The estimated fair value of grants of stock options and warrants to nonemployees of the Company is charged to expense, if applicable, in the financial statements. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies: Earnings Per Share Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Earnings Per Share Policy | Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earning per common share (EPS) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earning per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies: Income Taxes Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Income Taxes Policy | Income taxes The Company follows ASC Topic 740 for recording the provision for income taxes. Deferred tax assets and liabilities are computed based upon the difference between the financial statement and income tax basis of assets and liabilities using the enacted marginal tax rate applicable when the related asset or liability is expected to be realized or settled. Deferred income tax expenses or benefits are based on the changes in the asset or liability each period. If available evidence suggests that it is more likely than not that some portion or all of the deferred tax assets will not be realized, a valuation allowance is required to reduce the deferred tax assets to the amount that is more likely than not to be realized. Future changes in such valuation allowance are included in the provision for deferred income taxes in the period of change. Deferred income taxes may arise from temporary differences resulting from income and expense items reported for financial accounting and tax purposes in different periods. Deferred taxes are classified as current or non-current, depending on the classification of assets and liabilities to which they relate. Deferred taxes arising from temporary differences that are 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. The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. ASC Topic 740 only allows the recognition of those tax benefits that have a greater than fifty percent likelihood of being sustained upon examination by the taxing authorities. As of June 30, 2018 and 2017, the Company reviewed its tax positions and determined there were no outstanding, or retroactive tax positions with less than a 50% likelihood of being sustained upon examination by the taxing authorities, therefore this standard has not had a material affect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. The Company classifies tax-related penalties and net interest as income tax expense. As of June 30, 2018 and 2017, no income tax expense has been incurred. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies: Use of Estimates Policy (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Use of Estimates Policy | 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 revenue and expenses during the reporting period. Actual results could differ significantly from those estimates. |
Summary of Significant Accoun33
Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Policies | |
Recent Pronouncements | Recent pronouncements The Company has evaluated the recent accounting pronouncements through September 2018 and believes that none of them will have a material effect on the companys financial statements. |
Fixed Assets Disclosure_ Summar
Fixed Assets Disclosure: Summary of Fixed Assets (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Summary of Fixed Assets | June 30, June 30, 2018 2017 Fixed asset $ 1,176 $ -- Less: accumulated amortization (294) -- Fixed asset, net $ 882 $ -- |
Website Disclosure_ Summary of
Website Disclosure: Summary of website costs (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Summary of website costs | June 30, 2018 June 30, 2017 Website $ 3,500 $ 1,500 Less: Accumulated amortization (2,299) (1,229) Website, net $ 1,201 $ 2,201 |
Income Taxes Disclosures_ Sched
Income Taxes Disclosures: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | 2018 2017 Deferred tax assets: Net operating loss carryforward $ 52,000 $ 51,000 Total deferred tax assets 52,000 51,000 Less: Valuation allowance (52,000) (51,000) Net deferred tax assets $ -- $ -- |
Income Taxes Disclosures_ Sch37
Income Taxes Disclosures: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | 2018 2017 Federal statutory rate (20.0)% (35.0)% State taxes, net of federal benefit (0.00)% (0.00)% Change in valuation allowance 20.0% 35.0% Effective tax rate 0.0% 0.0% |
Summary of Significant Accoun38
Summary of Significant Accounting Policies: Fixed Assets Policy (Details) | 12 Months Ended |
Jun. 30, 2018 | |
Computer Equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
Going Concern (Details)
Going Concern (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Details | ||
Retained earnings (deficit) | $ 259,726 | $ 146,550 |
Prepaid Expenses Disclosure (De
Prepaid Expenses Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Prepaid expenses | $ 10,952 | $ 58,693 |
Transfer agent expenses | ||
Prepaid expenses | 375 | |
Amortization of prepaid expenses | 750 | |
Prepaid consulting fees - related party | ||
Prepaid expenses | 3,500 | |
Deposits at hotels | ||
Prepaid expenses | $ 7,077 |
Fixed Assets Disclosure_ Summ41
Fixed Assets Disclosure: Summary of Fixed Assets (Details) | Jun. 30, 2018USD ($) |
Details | |
Fixed asset | $ 1,176 |
Amount of accumulated amortization | (294) |
Fixed assets, net | $ 882 |
Fixed Assets Disclosure (Detail
Fixed Assets Disclosure (Details) | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Details | |
Depreciation expense | $ 294 |
Website Disclosure_ Summary o43
Website Disclosure: Summary of website costs (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Details | ||
Website, gross | $ 3,500 | $ 1,500 |
Website, accumulated amortization | (2,299) | (1,229) |
Website, net | $ 1,201 | $ 2,201 |
Website Disclosure (Details)
Website Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Details | ||
Amortization of website costs | $ 1,000 | $ 778 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Proceeds from notes payable | $ 165,000 | |
Repayments to notes payable | 15,000 | $ 500 |
Promissory note - October 11, 2017 | ||
Proceeds from notes payable | 15,000 | |
Promissory note - June 15, 2018 | ||
Proceeds from notes payable | 150,000 | |
Accrued interest payable | $ 658 |
Convertible Debt Disclosure (De
Convertible Debt Disclosure (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | |
Repayments to convertible debt | $ 114,950 | ||
Interest expense | 22,622 | $ 18,976 | |
Amortization of debt discount | 13,758 | $ 17,358 | |
Convertible promissory note - January 26, 2018 | |||
Repayments to convertible debt | 65,000 | ||
Convertible promissory note - March 5, 2018 | |||
Repayments to convertible debt | 43,000 | ||
Convertible promissory note - April 25, 2016 | |||
Debt sold to unrelated third party | 5,000 | ||
Convertible promissory note - July 15, 2016 | |||
Debt sold to unrelated third party | 5,000 | ||
Convertible promissory note - August 18, 2016 | |||
Debt sold to unrelated third party | $ 5,000 | ||
On convertible debt | |||
Accrued interest payable | 4,295 | ||
Interest expense | 22,622 | ||
Amortization of debt discount | 13,758 | ||
Convertible promissory note - May 22, 2015 | |||
Debt sold to unrelated third party | 4,000 | ||
Promissory note - December 23, 2015 | |||
Debt sold to unrelated third party | 5,000 | ||
Promissory note - February 26, 2016 | |||
Debt sold to unrelated third party | $ 1,000 |
Stockholders' Equity, Disclos47
Stockholders' Equity, Disclosure (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Common stock shares authorized for issuance | 475,000,000 | 475,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Preferred (Series A) shares authorized for issuance | 25,000,000 | 25,000,000 |
Preferred stock par value | $ 0.0001 | $ 0.0001 |
Series A convertible preferred stock preference | $ 0.10 | |
Additional paid in capital for beneficial conversion feature on convertible debt | $ 6,950 | |
Common stock issued for debt conversion | 1,261,808 | |
Amount of original debt converted to stock | $ 6,309 | |
Common stock issued for conversion of preferred stock | 10,000,000 | |
Number of preferred stock converted | 100,000 | |
Donated capital | $ 367 | |
On July 15, 2016 | ||
Additional paid in capital for beneficial conversion feature on convertible debt | $ 5,000 | |
On August 18, 2016 | ||
Additional paid in capital for beneficial conversion feature on convertible debt | $ 5,000 |
Income Taxes Disclosures_ Sch48
Income Taxes Disclosures: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Details | ||
Net operating loss carryforward | $ 52,000 | $ 51,000 |
Deferred tax assets, gross | 52,000 | 51,000 |
Less: Valuation allowance | $ (52,000) | $ (51,000) |
Income Taxes Disclosures_ Sch49
Income Taxes Disclosures: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Details | ||
Federal statutory rate | (20.00%) | (35.00%) |
State taxes, net of federal benefit | (0.00%) | (0.00%) |
Change in valuation allowance | 20.00% | 35.00% |
Effective tax rate | 0.00% | 0.00% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jul. 02, 2017 | |
Accounts payable - related party | $ 14,729 | $ 57,000 | |
Professional fees - related party | 36,000 | 36,000 | |
Prepaid expenses | 10,952 | 58,693 | |
Prepaid consulting fees - related party | |||
Prepaid expenses | 3,500 | ||
Consulting Agreement with Current Shareholder | |||
Accounts payable - related party | 14,729 | $ 57,000 | |
Consulting agreement with Company owned by a related party | |||
Monthly compensation | $ 3,000 | ||
Professional fees - related party | $ 36,000 |