Cover
Cover - USD ($) | 12 Months Ended | ||
Jun. 30, 2022 | Oct. 11, 2022 | Dec. 31, 2021 | |
Cover [Abstract] | |||
Entity Registrant Name | HOOPS SCOUTING USA | ||
Entity Central Index Key | 0001721056 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | true | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Jun. 30, 2022 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Entity Common Stock Shares Outstanding | 850,000 | ||
Entity Public Float | $ 35,000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation State Country Code | WY | ||
Entity Tax Identification Number | 38-4010393 | ||
Entity Interactive Data Current | Yes | ||
Entity Address Address Line 1 | 63 Rocio Court | ||
Entity Address City Or Town | Palm Desert | ||
Entity Address State Or Province | CA | ||
Entity Address Postal Zip Code | 92260 | ||
City Area Code | 760 | ||
Local Phone Number | 636-4353 | ||
Security 12g Title | Common stock, par value of $0.0001 | ||
Auditor Firm Id | 3627 | ||
Auditor Name | Sadler, Gibb & Associates, LLC | ||
Auditor Location | Draper, UT |
Balance sheets
Balance sheets - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Current assets | ||
Cash | $ 392 | $ 10,586 |
Total assets | 392 | 10,586 |
Current liabilities | ||
Accounts payable and accrued liabilities | 4,903 | 655 |
Due to related party (Note 3) | 61,581 | 26,580 |
Total current liabilities | 66,484 | 27,235 |
Non-current liabilities | ||
Loans payable (Note 5) | 16,000 | 16,000 |
Total liabilities | 82,484 | 43,235 |
Stockholders' deficit | ||
Common stock Authorized: 1,000,000 common shares, $0.0001 par value 850,000 shares and 500,000 shares issued and outstanding, respectively | 85 | 50 |
Additional paid-in capital | 34,965 | 0 |
Share subscriptions received (Note 4) | 0 | 32,000 |
Deficit | (117,142) | (64,699) |
Total stockholders' deficit | (82,092) | (32,649) |
Total liabilities and stockholders' deficit | $ 392 | $ 10,586 |
Balance sheets (Parenthetical)
Balance sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Jun. 30, 2021 |
Balance sheets | ||
Common Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares, Issued | 850,000 | 500,000 |
Common Stock, Shares, Outstanding | 850,000 | 500,000 |
Statements of operations
Statements of operations - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expenses | ||
General and administrative | $ 703 | $ 1,793 |
Professional fees | 46,700 | 31,774 |
Transfer agent | 5,040 | 3,025 |
Total expenses | 52,443 | 36,592 |
Net loss | $ (52,443) | $ (36,592) |
Loss per share, basic and diluted | $ (0.07) | $ (0.07) |
Weighted average shares outstanding | 748,356 | 500,000 |
Statements of stockholders' def
Statements of stockholders' deficit - USD ($) | Total | Common Stock [Member] | Share Subscriptions Received [Member] | Additional Paid-In Capital [Member] | Deficit [Member] |
Balance, shares at Jun. 30, 2020 | 500,000 | ||||
Balance, amount at Jun. 30, 2020 | $ (28,057) | $ 50 | $ 0 | $ 0 | $ (28,107) |
Share subscriptions received | 32,000 | 0 | 32,000 | 0 | 0 |
Net loss for the year | (36,592) | 0 | 0 | 0 | (36,592) |
Balance, amount at Jun. 30, 2021 | (32,649) | $ 50 | 32,000 | 0 | (64,699) |
Balance, shares at Jun. 30, 2021 | 500,000 | ||||
Share subscriptions received | 3,000 | $ 0 | 3,000 | 0 | 0 |
Net loss for the year | (52,443) | $ 0 | 0 | 0 | (52,443) |
Stock issued against share subscriptions received, shares | 350,000 | ||||
Stock issued against share subscriptions received, amount | 0 | $ 35 | (35,000) | 34,965 | 0 |
Balance, amount at Jun. 30, 2022 | $ (82,092) | $ 85 | $ 0 | $ 34,965 | $ (117,142) |
Balance, shares at Jun 30, 2022 at Jun. 30, 2022 | 850,000 |
Statements of cash flows
Statements of cash flows - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities | ||
Net loss | $ (52,443) | $ (36,592) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Prepaid expenses | 0 | 0 |
Accounts payable and accrued liabilities | 4,248 | (5,050) |
Due to related parties | 35,001 | 4,080 |
Net cash used in operating activities | (13,194) | (37,562) |
Financing activities | ||
Proceeds from loans payable | 0 | 16,000 |
Proceeds from share subscriptions received | 3,000 | 32,000 |
Net cash provided by financing activities | 3,000 | 48,000 |
Change in cash | (10,194) | 10,438 |
Cash, beginning of period | 10,586 | 148 |
Cash, end of period | 392 | 10,586 |
Supplemental disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Nature of Operations and Contin
Nature of Operations and Continuance of Business | 15 Months Ended |
Mar. 31, 2022 | |
Nature of Operations and Continuance of Business | |
Nature of Operations and Continuance of Business | 1. Nature of Operations and Continuance of Business Hoops Scouting USA (the “Company”) was incorporated in the State of Wyoming on October 31, 2016. The Company is in the business of scouting high school and college basketball players in Colorado. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. This contagious disease outbreak and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, leading to an economic downturn. The impact on the Company has not been significant, but management continues to monitor the situation. 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. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. During the year ended June 30, 2022, the Company had no revenues and incurred a net loss of $52,443. As at June 30, 2022, the Company has a working capital deficit of $66,092 and an accumulated deficit of $117,142. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed 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. Management plans to promote our website and develop the Hoops Scouting USA app to run in conjunction with the website. We are looking at potential partnerships with current scouting services and college sport sponsorship consulting firms. |
Significant Accounting Policies
Significant Accounting Policies | 15 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Basis of Presentation These financial statements and related notes are prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. The Company’s fiscal year-end is June 30. (b) Use of Estimates and Judgments The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. (c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. (d) Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. (e) Financial Instruments and Fair Value Measures ASC 820, “ Fair Value Measurements and Disclosures Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, amounts due to related parties, and loans payable. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. (f) Loss Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. There are no potentially issuable common shares as of June 30, 2022 and 2021. (g) Comprehensive Loss ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at June 30, 2022 and 2021, the Company had no items that affected comprehensive loss. (h) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Related Party Transactions
Related Party Transactions | 15 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions | |
Related Party Transactions | 3. Related Party Transactions As at June 30, 2022, the Company owed $61,581 (June 30, 2021 - $26,580) to the President and Director of the Company, which is unsecured, non-interest bearing, and due on demand. |
Common Stock
Common Stock | 15 Months Ended |
Mar. 31, 2022 | |
Common Stock | |
Common Stock | 4. Common Stock On October 15, 2021, the Company issued 350,000 common shares at $0.10 per share for proceeds of $35,000, of which $32,000 were received during the year ended June 30, 2021. |
Loans Payable
Loans Payable | 15 Months Ended |
Mar. 31, 2022 | |
Loans Payable | |
Loans Payable | 5. Loans Payable As at June 30, 2022, the Company owed $16,000 (June 30, 2021 - $16,000) to non-related parties for loans payable. The amounts owing are unsecured, non-interest bearing, and due on or before December 31, 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Taxes | |
Income Taxes | 6. Income Taxes The Company is subject to United States federal and state income taxes at a rate of 21% per annum. The reconciliation of the provision for income taxes at the statutory rate compared to the Company’s income tax expense as reported is as follows: For the year ended June 30, 2022 For the year ended June 30, 2021 Income tax expense (benefit) at statutory rate (11,013 ) (7,685 ) Change in valuation allowance 11,013 7,685 Income tax expense - - The significant components of deferred income tax assets and liabilities as at June 30, 2021 and 2020 are as follows: June 30, 2022 June 30, 2021 Gross deferred tax asset 24,600 13,587 Valuation allowance (24,600 ) (13,587 ) Net deferred tax asset - - The Company has net operating losses carried forward of $117,142 which may be carried forward to apply against future years’ taxable income, subject to the final determination by taxation authorities, expiring in the following years: 2037 274 2038 7,923 2039 10,934 2040 8,976 2041 36,592 2042 52,443 Total 117,142 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Jun. 30, 2022 | |
Subsequent Event | |
Subsequent Event | 7. Subsequent Event The Company evaluated all events or transactions that occurred after June 30, 2022. Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended June 30, 2022 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies | |
Basis of Presentation | These financial statements and related notes are prepared in accordance with accounting principles generally accepted in the United States and are expressed in US dollars. The Company’s fiscal year-end is June 30. |
Use of Estimates and Judgments | The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Cash and Cash Equivalents | The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. |
Income Taxes | The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provides that deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred income tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred income tax assets to the amount that is believed more likely than not to be realized. |
Financial Instruments and Fair Value Measures | ASC 820, “ Fair Value Measurements and Disclosures Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of cash, accounts payable and accrued liabilities, amounts due to related parties, and loans payable. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Comprehensive Loss | ASC 220, “Comprehensive Income” establishes standards for the reporting and display of comprehensive income and its components in the financial statements. As at June 30, 2022 and 2021, the Company had no items that affected comprehensive loss. |
Recent Accounting Pronouncements | The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Taxes | |
Schedule Of Provision For Income Taxes | For the year ended June 30, 2022 For the year ended June 30, 2021 Income tax expense (benefit) at statutory rate (11,013 ) (7,685 ) Change in valuation allowance 11,013 7,685 Income tax expense - - |
Schedule of Deferred Income Tax Assets | June 30, 2022 June 30, 2021 Gross deferred tax asset 24,600 13,587 Valuation allowance (24,600 ) (13,587 ) Net deferred tax asset - - |
Summary of Operating Loss Carryforwards | 2037 274 2038 7,923 2039 10,934 2040 8,976 2041 36,592 2042 52,443 Total 117,142 |
Nature of Operations and Cont_2
Nature of Operations and Continuance of Business (Details Narrative) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Nature of Operations and Continuance of Business | ||
Working capital deficit | $ (66,092) | |
Accumulated deficit | (117,142) | $ (64,699) |
Net loss | $ (52,443) | $ (36,592) |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Amounts owed to related party | $ 61,581 | $ 26,580 |
President and Director [Member] | ||
Amounts owed to related party | $ 61,581 | $ 26,580 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | 12 Months Ended | |
Oct. 15, 2021 | Jun. 30, 2021 | |
Common Stock | ||
Common stock shares issued | 350,000 | |
Common stock per share | $ 0.10 | |
Proceeds from share subscriptions received | $ 35,000 | $ 32,000 |
Loans Payable (Details Narrativ
Loans Payable (Details Narrative) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Amounts owed to non-related parties for loans payable | $ 16,000 | $ 16,000 |
Non Related Parties [Member] | Loans Payable [Member] | ||
Amounts owed to non-related parties for loans payable | $ 16,000 | $ 16,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Income Taxes | ||
Income tax expense (benefit) at statutory rate | $ (11,013) | $ (7,685) |
Valuation allowance change | 11,013 | 7,685 |
Income tax expense | $ 0 | $ 0 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) | Jun. 30, 2022 | Jun. 30, 2021 |
Income Taxes | ||
Gross deferred tax asset | $ 24,600 | $ 13,587 |
Valuation allowance | (24,600) | (13,587) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) | Jun. 30, 2022 USD ($) |
Operating loss carryforward available for future years' taxable income | $ 117,142 |
Tax Year 2042 | |
Operating Loss Carryforwards | 52,443 |
Tax Year 2037 | |
Operating loss carryforward available for future years' taxable income | 274 |
Tax Year 2038 | |
Operating loss carryforward available for future years' taxable income | 7,923 |
Tax Year 2039 | |
Operating loss carryforward available for future years' taxable income | 10,934 |
Tax Year 2040 | |
Operating loss carryforward available for future years' taxable income | 8,976 |
Tax Year 2041 | |
Operating loss carryforward available for future years' taxable income | $ 36,592 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) | 12 Months Ended |
Jun. 30, 2022 USD ($) | |
Income Taxes | |
Operating loss carryforward available for future years' taxable income | $ 117,142 |
Statutory Federal Income Tax Rate | 21% |