Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 14, 2019 | |
Details | ||
Registrant CIK | 0001643988 | |
Fiscal Year End | --06-30 | |
Registrant Name | Interlink Plus, Inc. | |
SEC Form | 10-Q | |
Period End date | Sep. 30, 2019 | |
Tax Identification Number (TIN) | 47-3975872 | |
Number of common stock shares outstanding | 69,753,397 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Entity File Number | 000-55591 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 4952 S Rainbow Blvd, Suite 326 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89118 | |
City Area Code | 702 | |
Local Phone Number | 824-7047 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Current assets: | ||
Cash | $ 4,297 | $ 4,845 |
Accounts receivable | 51 | 4,316 |
Prepaid expenses | 1,375 | 1,750 |
Total current assets | 5,723 | 10,911 |
Other assets: | ||
Fixed assets, net | 392 | 490 |
Website, net | 201 | 368 |
Total other assets | 593 | 858 |
Total assets | 6,316 | 11,769 |
Current liabilities: | ||
Accounts payable | 11,954 | 14,473 |
Accounts payable - related party | 55,056 | 46,056 |
Notes payable | 150,000 | 150,000 |
Accrued interest payable | 23,003 | 18,926 |
Convertible debt, net | 10,000 | 10,000 |
Total current liabilities | 250,013 | 239,455 |
Total liabilities | 250,013 | 239,455 |
Stockholders' deficit: | ||
Series A Convertible Preferred stock, $0.0001 par value, 25,000,000 shares authorized, 2,700,000 and 2,700,000 shares issued and outstanding as of September 30, 2019 and June 30, 2019, respectively | 270 | 270 |
Common stock, $0.0001 par value, 475,000,000 shares authorized, 69,753,397 and 67,373,008 shares issued and outstanding as of September 30, 2019 and June 30, 2019, respectively | 6,975 | 6,737 |
Additional paid-in capital | 81,843 | 70,179 |
Stock payable | 0 | 11,902 |
Accumulated deficit | (332,785) | (316,774) |
Total stockholders' deficit | (243,697) | (227,686) |
Total liabilities and stockholders' deficit | $ 6,316 | $ 11,769 |
CONDENSED BALANCE SHEETS - Pare
CONDENSED BALANCE SHEETS - Parenthetical - $ / shares | Sep. 30, 2019 | Jun. 30, 2019 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 25,000,000 | 25,000,000 |
Preferred Stock, Shares Outstanding | 2,700,000 | 2,700,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 475,000,000 | 475,000,000 |
Common Stock, Shares, Outstanding | 69,753,397 | 67,373,008 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Details | ||
Revenue | $ 11,282 | $ 10,576 |
Costs and expenses: | ||
General and administrative | 218 | 2,449 |
Depreciation and amortization | 265 | 431 |
Professional fees | 13,733 | 17,811 |
Professional fees - related party | 9,000 | 9,000 |
Total costs and expenses | 23,216 | 29,691 |
Operating loss | (11,934) | (19,115) |
Other expenses: | ||
Interest expense | (4,077) | (4,306) |
Total other expenses | (4,077) | (4,306) |
Net loss before provision for income taxes | (16,011) | (23,421) |
Income tax expense | 0 | 0 |
Net income (loss) | $ (16,011) | $ (23,421) |
Net loss per common share - basic | $ 0 | $ 0 |
Net loss per common share - diluted | $ 0 | $ 0 |
Weighted average number of common shares outstanding - basic | 68,278,591 | 67,373,008 |
Weighted average number of common shares outstanding - diluted | 68,278,591 | 67,373,008 |
CONDENSED STATEMENT OF STOCKHOL
CONDENSED STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Stock Payables | Retained Earnings | Total |
Equity Balance at Jun. 30, 2018 | $ 270 | $ 6,737 | $ 70,179 | $ 0 | $ (259,727) | $ (182,541) |
Equity Balance, Shares at Jun. 30, 2018 | 2,700,000 | 67,373,008 | ||||
Stock issued for stock payable | $ 0 | $ 238 | 11,664 | (11,902) | 0 | 0 |
Stock issued for stock payable, shares | 0 | 2,380,389 | ||||
Net income (loss) | $ 0 | $ 0 | 0 | 0 | (23,421) | (23,421) |
Equity Balance, Shares at Sep. 30, 2018 | 2,700,000 | 67,373,008 | ||||
Equity Balance at Sep. 30, 2018 | $ 270 | $ 6,737 | 70,179 | 0 | (283,148) | (205,962) |
Equity Balance at Jun. 30, 2019 | $ 270 | $ 6,737 | 70,179 | 11,902 | (316,775) | $ (227,687) |
Equity Balance, Shares at Jun. 30, 2019 | 2,700,000 | 67,373,008 | ||||
Stock issued for stock payable, shares | 2,380,389 | |||||
Net income (loss) | $ 0 | $ 0 | 0 | 0 | (16,011) | $ (16,011) |
Equity Balance, Shares at Sep. 30, 2019 | 2,700,000 | 69,753,397 | ||||
Equity Balance at Sep. 30, 2019 | $ 270 | $ 6,975 | $ 81,843 | $ 0 | $ (332,786) | $ (243,698) |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ (16,011) | $ (23,421) |
Adjustments to reconcile to net loss to net cash used in operating activities: | ||
Depreciation and amortization | 265 | 431 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | 4,265 | 424 |
(Increase) decrease in prepaid expenses | 375 | (16,760) |
(Increase) decrease in prepaid expenses - related party | 0 | 3,500 |
Increase (decrease) in accounts payable | (2,519) | (10,039) |
Increase (decrease) in accounts payable - related party | 9,000 | 15,841 |
Increase (decrease) in accrued interest payable | 4,077 | 4,306 |
Increase (decrease) in customer deposits | 0 | 37,617 |
Net cash used in operating activities | (548) | 11,899 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net cash used in operating activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net cash provided by financing activities | 0 | 0 |
NET CHANGE IN CASH | (548) | 11,899 |
CASH AT BEGINNING OF PERIOD | 4,845 | 11,494 |
CASH AT END OF PERIOD | 4,297 | 23,393 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended June 30, 2019 and notes thereto included in the Companys annual report. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for the interim period are not indicative of annual results. Organization The Company was incorporated on May 11, 2015 under the laws of the State of Nevada, as Interlink Plus, Inc. Nature of operations The Company provides services for overseas 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 offers 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. As of September 30, 2019, the Company had no cash equivalents. 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 commenced amortization upon completion and release of the Companys fully operational website. Revenue recognition The Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Boards (FASB) Accounting Standards Codification (ASC) 606, Revenue From Contracts with Customers, which requires that five steps to evaluate revenue recognition: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation. Revenue recognition occurs as the services are rendered to customers and upon completion of the hotel stay, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. We only record revenue when collectability is probable. The Company provides travelers access to book hotel room reservations through our contracts with lodging suppliers, which provide the Company with rates and availability information for rooms but for which we have no control over the rooms and do not bear inventory risk. The customers pay the Company for merchant hotel transactions prior to departing on their trip, generally when they book the reservation. The payment is recorded in customer deposits until the stayed night occurs, at which point the Company recognize the revenue, net of amounts paid to suppliers, as this is when our performance obligation is satisfied. Fair value of financial instruments Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2019. 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: The preferred inputs to valuation efforts are quoted prices in active markets for identical assets or liabilities, with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as unobservable, and limits their use by saying they shall be used to measure fair value to the extent that observable inputs are not available. This category allows for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Earlier in the standard, FASB explains that observable inputs are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted earnings 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. As of September 30, 2019 and 2018, 272,671,787 and 274,755,844 dilutive shares were excluded from the calculation of diluted loss per common share. 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. Concentration of credit risk The Company maintains its cash accounts with banks located in Nevada. The total cash balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per bank. The Company had cash balances on deposit at June 30, 2019 and 2018 did not exceed the balance insured by the FDIC. Accounts receivable are typically unsecured and are derived from revenue earned from customers primarily located in North America and Asia. Recent pronouncements ASU 2016-02 - In February 2016, the FASB issued ASU No. 2016-02, "Leases", ("ASC 842") which amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 is effective for public companies during interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU No. 2018-11, which permits entities to record the right-of-use asset and lease liability on the date of adoption, with no requirement to recast comparative periods. We adopted early ASC 842 effective January 1, 2019 using the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, comparative financial information was not adjusted and continues to be reported under the prior lease accounting guidance in ASC 840. We elected the transition relief package of practical expedients, and as a result, we did not assess 1) whether existing or expired contracts contain embedded leases, 2) lease classification for any existing or expired leases, and 3) whether lease origination costs qualified as initial direct costs. We elected the short-term lease practical expedient by establishing an accounting policy to exclude leases with a term of 12 months or less, as well as the land easement practical expedient for maintaining our current accounting policy for existing or expired land easements. No material impact to the condensed financial statements as we do not have and leases greater than one year. |
Going Concern
Going Concern | 3 Months Ended |
Sep. 30, 2019 | |
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. 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 had an accumulated deficit as of September 30, 2019 of $332,785. In addition, the Companys activities since inception have been financially sustained through debt and equity financing. These issued raise substantial doubt about the Companys ability to continue as a going concern within one year from the date of filing. The managements plans are to raise capital through debt and equity financing and to continue to generate additional revenue to continue operations. 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 | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Prepaid Expenses Disclosure | NOTE 3 - PREPAID EXPENSES As of September 30, 2019, the Company had prepaid transfer agent expenses totaling $1,375, The prepaid professional fees will be expensed on a straight-line basis over the remaining life of the service period. |
Fixed Assets Disclosure
Fixed Assets Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Fixed Assets Disclosure | NOTE 4 - FIXED ASSETS The following is a summary of fixed asset costs: September 30, 2019 Fixed asset $ 1,176 Less: accumulated amortization (784) Fixed asset, net $ 392 Depreciation expense for the three months ended September 30, 2019 was $98. |
Website Disclosure
Website Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Website Disclosure | NOTE 5 - WEBSITE The following is a summary of website costs: September 30, 2019 Website $ 3,500 Less: accumulated amortization (3,299) Website, net $ 201 Amortization expense for the three months ended September 30, 2019 was $167. |
Notes Payable Disclosure
Notes Payable Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Notes Payable Disclosure | NOTE 6 - NOTES PAYABLE 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 September 30, 2019, the principal balance is $150,000 and accrued interest is $19,644. The interest expense for the three months ended September 30, 2019 and 2018 was $3,822 and $3,822. |
Convertible Debt Disclosure
Convertible Debt Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Convertible Debt Disclosure | NOTE 7 - CONVERTIBLE DEBT 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 party 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. During September 2018, the party agreed to extend the maturity date to September 30, 2019. During the year ended June 30, 2019, the note holder converted the entire balance of principal and accrued interest into 1,114,000 shares of common stock. During the three months ended September 30, 2019, the Company issued the shares and reduced the stock payable by $5,570. 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 party 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. During September 2018, the party agreed to extend the maturity date to September 30, 2019. Additionally, in October 2019, the party agreed to extend the maturity date to October 30, 2020. 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 party 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. During September 2018, the party agreed to extend the maturity date to September 30, 2019. Additionally, in October 2019, the party agreed to extend the maturity date to October 30, 2020. 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. During September 2018, the party agreed to extend the maturity date to September 30, 2019. During the year ended June 30, 2019, the note holder converted the entire balance of principal and accrued interest into 1,266,389 shares of common stock. During the three months ended September 30, 2019, the Company issued the shares and reduced the stock payable by $6,332. As of September 30, 2019, the balance of accrued interest was $3,359. The interest expense for the three months ended September 30, 2019 was $255. |
Commitments and Contingencies.
Commitments and Contingencies. Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Commitments and Contingencies. Disclosure | NOTE 8 - COMMITMENTS AND CONTINGENCIES As of September 30, 2019, we did not have any known commitments or contingencies other than our notes payable and convertible debt. Legal matter contingencies The Company believes, based on current knowledge and after consultation with counsel, that it is not currently party to any material pending proceedings, individually or in the aggregate, the resolution of which would have a material effect on the Company. Provisions for losses are established in accordance with ASC 450, Contingencies when warranted. Once established, such provisions are adjusted when there is more information available of when an event occurs requiring a change. |
Stockholders' Equity, Disclosur
Stockholders' Equity, Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Stockholders' Equity, Disclosure | NOTE 9 - STOCKHOLDERS DEFICIT 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. Preferred stock During the three months ended September 30, 2019 there have been no other issuances of preferred stock. Common stock During the three months ended September 30, 2019 the Company issued a total of 2,380,389 shares of common stock and reduced stock payable by $11,902. |
Warrants and Options Disclosure
Warrants and Options Disclosure | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Warrants and Options Disclosure | NOTE 10 - WARRANTS AND OPTIONS As of September 30, 2019, there were no warrants or options outstanding to acquire any additional shares of common stock. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Related Party Transactions | NOTE 11 - RELATED PARTY TRANSACTIONS 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 three months ended September 30, 2019 and 2018, the Company had professional fees - related party totaling $9,000 and $9,000, respectively. As of September 30, 2019, there was prepaid expense - related party of $0 and accounts payable - related party balance was $35,500. 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. The individual can choose her monthly compensation in the form of 300,000 shares of common stock or $3,000 payable at the Companys discretion. On July 1, 2017, the parties mutually agreed to terminate the agreement. The Company still has amounts outstanding related to this agreement, and as of September 30, 2019, the accounts payable - related party balance was $19,556. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2019 | |
Notes | |
Subsequent Events | NOTE 12 - SUBSEQUENT EVENTS In October 2019, a noteholder and the Company had mutually agreed to extend the maturity date of the two remaining convertible notes to October 30, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies: Basis of presentation, Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Basis of presentation, Policy | Basis of presentation The interim financial statements included herein, presented in accordance with United States generally accepted accounting principles and stated in US dollars, have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. These statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management, are necessary for fair presentation of the information contained therein. It is suggested that these interim financial statements be read in conjunction with the financial statements of the Company for the year ended June 30, 2019 and notes thereto included in the Companys annual report. The Company follows the same accounting policies in the preparation of interim reports. Results of operations for the interim period are not indicative of annual results. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies: Organization (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Organization | Organization The Company was incorporated on May 11, 2015 under the laws of the State of Nevada, as Interlink Plus, Inc. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies: Year End Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Year End Policy | Year end The Companys year-end is June 30. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies: Cash and Cash Equivalents Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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. As of September 30, 2019, the Company had no cash equivalents. |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies: Accounts Receivable, Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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 Accoun_7
Summary of Significant Accounting Policies: Fixed Assets Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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 Accoun_8
Summary of Significant Accounting Policies: Website Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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 commenced amortization upon completion and release of the Companys fully operational website. |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies: Revenue Recognition Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Revenue Recognition Policy | Revenue recognition The Company recognizes revenue in accordance with generally accepted accounting principles as outlined in the Financial Accounting Standard Boards (FASB) Accounting Standards Codification (ASC) 606, Revenue From Contracts with Customers, which requires that five steps to evaluate revenue recognition: (i) identify the contract with the customer; (ii) identity the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price; and (v) recognize revenue when or as the entity satisfied a performance obligation. Revenue recognition occurs as the services are rendered to customers and upon completion of the hotel stay, when control transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. We only record revenue when collectability is probable. The Company provides travelers access to book hotel room reservations through our contracts with lodging suppliers, which provide the Company with rates and availability information for rooms but for which we have no control over the rooms and do not bear inventory risk. The customers pay the Company for merchant hotel transactions prior to departing on their trip, generally when they book the reservation. The payment is recorded in customer deposits until the stayed night occurs, at which point the Company recognize the revenue, net of amounts paid to suppliers, as this is when our performance obligation is satisfied. |
Summary of Significant Accou_10
Summary of Significant Accounting Policies: Fair Value of Financial Instruments Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019. 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: The preferred inputs to valuation efforts are quoted prices in active markets for identical assets or liabilities, with the caveat that the reporting entity must have access to that market. Information at this level is based on direct observations of transactions involving the same assets and liabilities, not assumptions, and thus offers superior reliability. However, relatively few items, especially physical assets, actually trade in active markets. Level 2: FASB acknowledged that active markets for identical assets and liabilities are relatively uncommon and, even when they do exist, they may be too thin to provide reliable information. To deal with this shortage of direct data, the board provided a second level of inputs that can be applied in three situations. Level 3: If inputs from levels 1 and 2 are not available, FASB acknowledges that fair value measures of many assets and liabilities are less precise. The board describes Level 3 inputs as unobservable, and limits their use by saying they shall be used to measure fair value to the extent that observable inputs are not available. This category allows for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Earlier in the standard, FASB explains that observable inputs are gathered from sources other than the reporting company and that they are expected to reflect assumptions made by market participants. |
Summary of Significant Accou_11
Summary of Significant Accounting Policies: Earnings Per Share Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Earnings Per Share Policy | Earnings per share The Company follows ASC Topic 260 to account for the earnings per share. Basic earnings per common share (EPS) calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the year. Diluted earnings 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. As of September 30, 2019 and 2018, 272,671,787 and 274,755,844 dilutive shares were excluded from the calculation of diluted loss per common share. |
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Summary of Significant Accounting Policies: Use of Estimates, Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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. |
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Summary of Significant Accounting Policies: Concentration Risk, Policy (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Concentration Risk, Policy | Concentration of credit risk The Company maintains its cash accounts with banks located in Nevada. The total cash balances are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per bank. The Company had cash balances on deposit at June 30, 2019 and 2018 did not exceed the balance insured by the FDIC. Accounts receivable are typically unsecured and are derived from revenue earned from customers primarily located in North America and Asia. |
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Summary of Significant Accounting Policies: Recent Pronouncements (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
Policies | |
Recent Pronouncements | Recent pronouncements ASU 2016-02 - In February 2016, the FASB issued ASU No. 2016-02, "Leases", ("ASC 842") which amended the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASC 842 is effective for public companies during interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. In July 2018, the FASB issued ASU No. 2018-11, which permits entities to record the right-of-use asset and lease liability on the date of adoption, with no requirement to recast comparative periods. We adopted early ASC 842 effective January 1, 2019 using the optional transition method of recognizing a cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. Therefore, comparative financial information was not adjusted and continues to be reported under the prior lease accounting guidance in ASC 840. We elected the transition relief package of practical expedients, and as a result, we did not assess 1) whether existing or expired contracts contain embedded leases, 2) lease classification for any existing or expired leases, and 3) whether lease origination costs qualified as initial direct costs. We elected the short-term lease practical expedient by establishing an accounting policy to exclude leases with a term of 12 months or less, as well as the land easement practical expedient for maintaining our current accounting policy for existing or expired land easements. No material impact to the condensed financial statements as we do not have and leases greater than one year. |
Fixed Assets Disclosure_ Summar
Fixed Assets Disclosure: Summary of Fixed Assets (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Summary of Fixed Assets | September 30, 2019 Fixed asset $ 1,176 Less: accumulated amortization (784) Fixed asset, net $ 392 |
Website Disclosure_ Summary of
Website Disclosure: Summary of website costs (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Tables/Schedules | |
Summary of website costs | September 30, 2019 Website $ 3,500 Less: accumulated amortization (3,299) Website, net $ 201 |
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Summary of Significant Accounting Policies: Fixed Assets Policy (Details) | 3 Months Ended |
Sep. 30, 2019 | |
Computer Equipment | |
Property, Plant and Equipment, Useful Life | 3 years |
Going Concern (Details)
Going Concern (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Details | ||
Accumulated deficit | $ 332,785 | $ 316,774 |
Prepaid Expenses Disclosure (De
Prepaid Expenses Disclosure (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Prepaid expenses | $ 1,375 | $ 1,750 |
Prepaid transfer agent expenses | ||
Prepaid expenses | $ 1,375 |
Fixed Assets Disclosure_ Summ_2
Fixed Assets Disclosure: Summary of Fixed Assets (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Details | ||
Fixed asset | $ 1,176 | |
Amount of accumulated amortization | (784) | |
Fixed assets, net | $ 392 | $ 490 |
Fixed Assets Disclosure (Detail
Fixed Assets Disclosure (Details) | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Details | |
Depreciation expense | $ 98 |
Website Disclosure_ Summary o_2
Website Disclosure: Summary of website costs (Details) | Sep. 30, 2019USD ($) |
Details | |
Website, gross | $ 3,500 |
Website, accumulated amortization | (3,299) |
Website, net | $ 201 |
Website Disclosure (Details)
Website Disclosure (Details) | 3 Months Ended |
Sep. 30, 2019USD ($) | |
Details | |
Amortization of website costs | $ 167 |
Notes Payable Disclosure (Detai
Notes Payable Disclosure (Details) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Notes payable | $ 150,000 | $ 150,000 |
Promissory note - June 15, 2018 | ||
Interest rate per annum | 10.00% | |
Notes payable | $ 150,000 | |
Accrued interest payable | $ 19,644 |
Convertible Debt Disclosure (De
Convertible Debt Disclosure (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Stock payable | $ 0 | $ 11,902 |
Convertible promissory note - May 22, 2015 | ||
Amount of debt converted for common stock | $ 4,000 | |
Common stock issued for convertible debt | 1,114,000 | |
Stock payable | 5,570 | |
Convertible promissory note - April 25, 2016 | ||
Convertible debt, net | $ 5,000 | |
Convertible promissory note - July 15, 2016 | ||
Convertible debt, net | 5,000 | |
Convertible promissory note - August 18, 2016 | ||
Amount of debt converted for common stock | $ 5,000 | |
Common stock issued for convertible debt | 1,266,389 | |
Stock payable | $ 6,332 | |
Convertible debt amounts | ||
Accrued interest payable | $ 3,359 | |
Interest expense | $ 255 |
Stockholders' Equity, Disclos_2
Stockholders' Equity, Disclosure (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Jun. 30, 2019 | |
Details | ||
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 | |
Stock issued for stock payable, shares | 2,380,389 | |
Stock payable | $ 0 | $ 11,902 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | |
Professional fees - related party | $ 9,000 | $ 9,000 | |
Accounts payable - related party | 55,056 | $ 46,056 | |
Consulting agreement with company owned and controlled by a current shareholder | |||
Monthly compensation | 3,000 | ||
Professional fees - related party | 9,000 | $ 9,000 | |
Accounts payable - related party | 35,500 | ||
Consulting agreement with current shareholder | |||
Monthly compensation | 3,000 | ||
Accounts payable - related party | $ 19,556 |