Document and Entity Information
Document and Entity Information | 5 Months Ended |
Sep. 30, 2018shares | |
Details | |
Registrant Name | Hawkeye Systems, Inc. |
Registrant CIK | 1,750,777 |
SEC Form | S1 |
Period End date | Sep. 30, 2018 |
Fiscal Year End | --06-30 |
Trading Symbol | TBD |
Tax Identification Number (TIN) | 333,227,029 |
Number of common stock shares outstanding | 8,886,416 |
Filer Category | Non-accelerated Filer |
Current with reporting | Yes |
Small Business | true |
Emerging Growth Company | true |
Ex Transition Period | false |
Amendment Description | Response to SEC Comments |
Amendment Flag | true |
Document Fiscal Year Focus | 2,019 |
Document Fiscal Period Focus | FY |
Entity Incorporation, State Country Name | Nevada |
Entity Address, Address Line One | 7119 W. Sunset Blvd, #468 |
Entity Address, City or Town | Los Angeles |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90,046 |
City Area Code | 310 |
Local Phone Number | 606-2054 |
Balance Sheet
Balance Sheet - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | May 14, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 213,357 | $ 334,650 | $ 0 |
Total current assets | 213,357 | 334,650 | |
Investment in joint venture | 226,492 | 150,000 | $ 0 |
Total Assets | 439,849 | 484,650 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 298 | 12,800 | |
Total current liabilities | 298 | 12,800 | |
Total liabilities | 298 | 12,800 | |
Preferred stock | 0 | 0 | |
Common stock | 889 | 889 | |
Additional paid-in capital | 655,836 | 655,836 | |
Stock subscription receivable | 0 | (142,500) | |
Accumulated deficit | (217,174) | (42,375) | |
Total stockholders' equity | 439,551 | 471,850 | |
Total Liabilities and Stockholders' Equity | $ 439,849 | $ 484,650 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | May 14, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 213,357 | $ 334,650 | $ 0 |
Total current assets | 213,357 | 334,650 | |
Investment in joint venture | 226,492 | 150,000 | $ 0 |
Total Assets | 439,849 | 484,650 | |
Current liabilities: | |||
Accounts payable and accrued liabilities | 298 | 12,800 | |
Total current liabilities | 298 | 12,800 | |
Total liabilities | 298 | 12,800 | |
Preferred stock | 0 | 0 | |
Common stock | 889 | 889 | |
Additional paid-in capital | 655,836 | 655,836 | |
Stock subscription receivable | 0 | (142,500) | |
Accumulated deficit | (217,174) | (42,375) | |
Total stockholders' equity | 439,551 | 471,850 | |
Total Liabilities and Stockholders' Equity | $ 439,849 | $ 484,650 |
Balance Sheet - Parenthetical
Balance Sheet - Parenthetical - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 8,886,416 | 8,886,416 |
Common Stock, Shares, Outstanding | 8,886,416 | 8,886,416 |
Condensed Balance Sheets - Pare
Condensed Balance Sheets - Parenthetical - $ / shares | Sep. 30, 2018 | Jun. 30, 2018 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 |
Common Stock, Shares, Issued | 8,886,416 | 8,886,416 |
Common Stock, Shares, Outstanding | 8,886,416 | 8,886,416 |
Statement of Operations
Statement of Operations | 2 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Details | |
Revenue | $ 0 |
Expenses: | |
General and administrative expenses | 1,075 |
Legal and professional expenses | 41,300 |
Total expenses | 42,375 |
Unrealized gain/(loss) on joint venture | 0 |
Net loss | $ (42,375) |
Net loss per share - basic | $ / shares | $ (0.010) |
Net loss per share - diluted | $ / shares | $ (0.006) |
Basic weighted average shares outstanding | shares | 4,443,208 |
Diluted weighted average shares outstanding | shares | 6,881,874 |
Condensed Statement of Operatio
Condensed Statement of Operations | 3 Months Ended | |
Sep. 30, 2018USD ($)$ / sharesshares | ||
Details | ||
Revenue | $ 0 | |
Expenses: | ||
General and administrative expenses | 748 | |
Legal and professional expenses | 33,750 | |
Regulatory filing expenses and fees | 7,000 | |
Escrow Fees | 9,793 | |
Total expenses | 51,291 | |
Operating loss | (51,291) | |
Unrealized gain/(loss) on joint venture | (123,508) | |
Net loss | $ (174,799) | |
Net loss per share - basic and diluted * | $ / shares | $ (0.014) | [1] |
Basic and diluted weighted average shares outstanding | shares | 8,886,416 | |
[1] | *Excludes all anti-dilutive potential shares |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Equity - 2 months ended Jun. 30, 2018 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Receivables from Stockholder | Retained Earnings |
Balance - May 15, 2018 (Inception) at May. 14, 2018 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Common stock issued for cash | 351,551 | 889 | 350,662 | 0 | 0 |
Warrants issued | 305,174 | 0 | 305,174 | 0 | 0 |
Stock subscription receivable | (142,500) | 0 | 0 | (142,500) | 0 |
Net loss | (42,375) | 0 | 0 | 0 | (42,375) |
Balance - June 30, 2018 at Jun. 30, 2018 | $ 471,850 | $ 889 | $ 658,836 | $ (142,500) | $ (42,375) |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 2 Months Ended | 3 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2018 | ||
Cash flows from operating activities | |||
Net loss | $ (42,375) | $ (174,799) | |
Increase in accounts payable and accrued liabilities | 12,800 | (12,502) | |
Net cash from operating activities | (29,575) | (63,793) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Unrealized gain/(loss) on joint venture | 0 | (123,508) | |
Changes in operating assets and liabilities: | |||
Increase in accounts payable and accrued liabilities | 12,800 | (12,502) | |
Cash flows from investing activities | |||
Investment in joint venture | 150,000 | 200,000 | |
Net cash from investing activities | [1] | (150,000) | (200,000) |
Cash flows from financing activities | |||
Issuance of common stock for cash | 514,225 | ||
Net cash from financing activities | 514,225 | 142,500 | |
Cash received for stock subscriptions receivable | 142,500 | ||
Net increase (decrease) in cash | 334,650 | (121,293) | |
Cash, beginning of period | 0 | 334,650 | |
Cash, end of period | 334,650 | 213,357 | |
Supplemental disclosure of cash flow information | |||
Interest | 0 | 0 | |
Income taxes | $ 0 | $ 0 | |
[1] | Refer to Note 2 in the financial statements for disclosures over all non-cash investing and financing activities during the period. |
Nature of Operations and Organi
Nature of Operations and Organization of the Company | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
Nature of Operations and Organization of the Company | 1. Nature of Operations and Organization of the Company Hawkeye Systems, Inc., a Nevada corporation incorporated on May 15, 2018, is a technology company that is developing cutting edge optical imaging products for military and law enforcement markets to assist with intelligence, surveillance and reconnaissance (ISR). Other potential markets include commercial entertainment and outdoor sportsmanship activities. This SOCOM to Commercial (United States Special Operations Command to Commercial) model has worked well for other companies. On June 7, 2018, the Company entered into a joint-venture partnership with Insight Engineering, LLC (Insight). On August 1, 2018, the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement (the Joint Venture or Optical Flow) which superseded the previous joint-venture partnership. Pursuant to the Joint Venture, the Company and Insight will co-develop high resolution imaging systems. Insight is a Nevada limited liability corporation that is led by Lucas Foster, who has two decades of experience working on advanced camera technology for entertainment/motion picture uses. The Company currently owns fifty (50%) percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or the Companys percentage of participation will be reduced by the pro rata percentage that the actual contribution bears to the $2,000,000 requirement. | 1. Nature of Operations and Organization of the Company Hawkeye Systems, Inc., a Nevada corporation incorporated on May 15, 2018, is a technology company that is developing cutting edge optical imaging products for military and law enforcement markets to assist with intelligence, surveillance and reconnaissance (ISR). Other potential markets include commercial entertainment and outdoor sportsmanship activities. This SOCOM to Commercial (United States Special Operations Command to Commercial) model has worked well for other companies. On June 7, 2018, the Company entered into a joint-venture partnership with Insight Engineering, LLC (Insight). On August 1, 2018, the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement (the Joint Venture or Optical Flow) which superseded the previous joint-venture partnership. Pursuant to the Joint Venture, the Company and Insight will co-develop high resolution imaging systems. Insight is a Nevada limited liability corporation that is led by Lucas Foster, who has two decades of experience working on advanced camera technology for entertainment/motion picture uses. The Company currently owns fifty (50%) percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or it will forfeit its interest in the Joint Venture pro rata to funds raised. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
2. Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders' equity and cash flows of the Company. These financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles. Year End The Company has adopted June 30 as its fiscal year end. Use of Estimates Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. The company considers short-term, highly liquid investments that are readily convertible to known amounts of cash and that are so near their maturity that they present insignificant risk of changes in value because of changes in interest rate to be cash equivalents. This balance includes $334,650 held in a trust account that is legal title of the Company. There were no cash equivalents as of June 30, 2018. 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture The investment in the Joint Venture is accounted for by the Company using the equity method in accordance with FASB ASC 323. The company current owns fifty percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or the Companys percentage of participation will be reduced by the pro rata percentage that the actual contribution bears to the $2,000,000 requirement. As at June 30, 2018 the Company has contributed $150,000 to the Joint Venture and will make additional payments over the course of the year as follows: · · · · · The Joint Venture is currently developing a wide field of view, single lens virtual reality imaging product. Initially, these products are being designed to be able to be mounted to law enforcement and/or military personnel to record and stream high resolution images to a wifi or Bluetooth network, when required. Through the Joint Venture, the Company is conducting research and development for the further development of this imaging system for the body/head camera platform. The milestones over the next 12-months are: · · · · · Joint Venture Balance sheet at June 30, 2018: Cash 150,000 Total assets 150,000 Joint Ventures equity 150,000 There were no operating activities with an impact to the Income Statement or the Statement of Cash Flows of the Joint Venture for the period from June 7, 2018 to June 30, 2018. Investment in Joint Venture as at May 15, 2018 $ - Cash contributions to Joint Venture by Hawkeye 150,000 Companys share of the Joint Venture net income for the period - Investment in Joint Venture value as at June 30, 2018 $ 150,000 2. Summary of Significant Accounting Policies (continued) Income Taxes The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. As of June 30, 2018, the Company reviewed its tax positions and determined there were no outstanding 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 effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. Stock Subscription Receivable This balance relates to capital stock issued during the period for which payment has not been received by the Company at year end. The balance receivable was collected in full by July 31, 2018. Net Loss per Share Net income (loss) per common share is computed and presented in both basic and diluted earnings per share (EPS) on the face of the income statement. Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Anti-dilutive potential shares that have been excluded from the diluted EPS calculation includes 3,384,166 warrants with an exercise price of $1.00 and 3,384,166 warrants with an exercise price of $2.00. Stock Purchase Warrants The Company accounts for warrants issued to purchase shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock, Distinguishing Liabilities from Equity. Commitments and Contingencies The Company has committed to contribute $2,000,000 to the Joint Venture over a twelve month period as disclosed above. To date the Company has contributed $150,000 and has a commitment of $1,850,000 to the Joint Venture to be paid within the next 12 months. Management of the Company is not aware any other commitments or contingencies that would have a material adverse effect on the Companys financial condition, results of operations or cash flows. 2. Summary of Significant Accounting Policies (continued) Foreign Currency Translation The Companys functional and reporting currency is the US dollar. Foreign exchange items are translated to US dollars using the exchange rate prevailing at the balance sheet date. Monetary assets and liabilities are translated using the exchange rate at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. 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. | 2. Summary of Significant Accounting Policies Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders' equity and cash flows of the Company. These financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles. Year End The Company has adopted June 30 as its fiscal year end. Use of Estimates Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and Cash Equivalents The Company maintains a cash balance in a non-interest-bearing account. The Company considers short-term, highly liquid investments that are readily convertible to known amounts of cash and that are so near their maturity that they present insignificant risk of changes in value because of changes in interest rate to be cash equivalents. This balance includes $213,357 ($334,650 at June 30, 2018) held in a trust account that is legal title of the Company. There were no cash equivalents as at September 30, 2018 (none as at June 30, 2018). 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture The investment in the Joint Venture is accounted for by the Company using the equity method in accordance with FASB ASC 323. The company currently owns fifty percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or it will forfeit its interest in the Joint Venture pro rata to funds raised. As at September 30, 2018 the Company has contributed $350,000 ($150,000 as at June 30, 3018) to the Joint Venture and will make additional payments over the course of the year as follows: · $350,000 USD on or before November 30, 2018, · $300,000 USD on or before January 30, 2019, · $500,000 USD on or before April 1, 2019, · The remaining balance of $500,000 USD on or before June 15, 2019 The Joint Venture is currently developing a wide field of view, single lens virtual reality imaging product. Initially, these products are being designed to be able to be mounted to law enforcement and/or military personnel to record and stream high resolution images to a wifi or Bluetooth network, when required. Through the Joint Venture, the Company is conducting research and development for the further development of this imaging system for the body/head camera platform. The milestones over the next 12-months are: · Design the single lens platform; · Develop hardware design and source components; · Sign a binding agreement with the imaging sensor provider; · Produce working prototype(s); and · Get user/client feedback on use cases and user requirements. On August 1, 2018, the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement (the Joint Venture or Optical Flow) which superseded the previous joint-venture partnership. Pursuant to the Joint Venture, the Company and Insight will co-develop high resolution imaging systems. This includes a worldwide license for military and law enforcement purposes (the License) to use and build products derived from software, devices, methods, apparatus, and product designs . The License will allow the Joint Venture to excel in developing a next generation body and head camera that sees behind the user and presents a clear and wide field of view. The Joint Venture will develop and own additional technology that may include further iterations of this system, and all the related mounting and charging technologies that facilitate its use. 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture (continued) Joint Venture Balance Sheets As at September 30, 2018 All figures in USD Cash and cash equivalents 156,591 Prepaid expenses 20,000 Computers (net of accumulated depreciation of $188) 2,063 Total assets 178,654 Accrued liabilities 24,602 Accrued liabilities related party 51,067 Total liabilities 75,669 Venturer contributions 350,000 Retained earnings (247,016) Venturers equity 102,984 Total liabilities and venturers equity 178,653 As at June 30, 2018 All figures in USD Cash and cash equivalents 150,000 Total assets 150,000 Venturers equity 150,000 Joint Venture Income Statement For the three months ended September 30, 2018 All figures in USD Revenue - Expenses: Research and development 80,000 Management fees 80,000 Consulting fees 15,000 Legal and professional fees 13,448 Marketing expenses 11,267 Meals, entertainment and travel expenses 27,465 Project management expenses 13,413 General and administrative expenses 6,236 Depreciation 188 Net loss 247,017 There were no operating activities with an impact to the Income Statement of the Joint Venture for the period from June 7, 2018 to June 30, 2018. 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture (continued) Value of Hawkeye Investment in Joint Venture For the period of May 15, 2018 to June 30, 2018 Investment in Joint Venture as at May 15, 2018 $ - Cash contributions to Joint Venture by Hawkeye 150,000 Companys share of the Joint Venture net income for the period - Investment in Joint Venture value as at June 30, 2018 $ 150,000 For the three months ended September 30, 2018 Investment in Joint Venture as at June 30, 2018 $ 150,000 Cash contributions to Joint Venture by Hawkeye 200,000 Companys share of the Joint Venture net income for the period (123,508) Investment in Joint Venture value as at September 30, 2018 $ 226,492 Income Taxes The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. As of September 30, 2018, the Company reviewed its tax positions and determined there were no outstanding 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 effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. Stock Subscription Receivable This balance relates to capital stock issued during the period for which payment has not been received by the Company at year end. The balance receivable was collected in full by July 31, 2018. Net Loss per Share Net income (loss) per common share is computed and presented in both basic and diluted earnings per share (EPS) on the face of the income statement. Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Anti-dilutive potential shares that have been excluded from the diluted EPS calculation includes 3,384,166 warrants with an exercise price of $1.00 and 3,384,166 warrants with an exercise price of $2.00 Stock Purchase Warrants The Company accounts for warrants issued to purchase shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock, Distinguishing Liabilities from Equity. 2. Summary of Significant Accounting Policies (continued) Commitments and Contingencies The Company has committed to contribute $2,000,000 to the Joint Venture over a twelve month period as disclosed above. To date the Company has contributed $350,000 ($150,000 at June 30, 2018) and has a commitment of $1,650,000 ($1,850,000 as at June 30, 2018) to the Joint Venture to be paid within the next 9 months. Management of the Company is not aware any other commitments or contingencies that would have a material adverse effect on the Companys financial condition, results of operations or cash flows. Foreign Currency translation The Companys functional and reporting currency is the US dollar. Foreign exchange items are translated to US dollars using the exchange rate prevailing at the balance sheet date. Monetary assets and liabilities are translated using the exchange rate at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. 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. |
3. Going Concern
3. Going Concern | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
3. Going Concern | 3. Going Concern The Companys financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of $42,375 as of June 30, 2018. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. 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. | 3. Going Concern The Companys financial statements are prepared using generally accepted accounting principles in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company had an accumulated deficit of $217,174 ($42,375 as of June 30, 2018). The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. In order to continue as a going concern, the Company will need, among other things, additional capital resources. The Company is dependent upon its ability, and will continue to attempt, to secure equity and/or debt financing. There are no assurances that the Company will be successful and without sufficient financing it would be unlikely for the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. 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. |
4. Stockholders' Equity
4. Stockholders' Equity | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
4. Stockholders' Equity | 4. Stockholders Equity Common Stock The Company has 400,000,000 shares of Common Stock authorized with a par value of $0.0001 per share and 50,000,000 shares of Preferred Stock authorized, with a par value of $0.0001 per share. As of June 30, 2018 there were 8,886,416 common shares outstanding and no shares of Preferred Stock are outstanding. Effective May 15, 2018, 3,000,000 shares of common stock were offered and sold to Corby Marshall (Director, CFO and CEO of the Company), at a purchase price of $0.0001 per share. Effective May 22, 2018, 2,362,500 shares of common stock were offered and sold to 14 investors at a purchase price of $0.01 per share. This included 1,250,000 shares to directors of the Company. Effective June 1, 2018, 612,500 shares of common stock were offered and sold to 9 investors at a purchase price of $0.05 per share. Effective June 15, 2018, 2,438,666 shares of common stock were offered and sold to 12 investors at a purchase price of $0.15 per share and include the option to purchase up to 9,754,644 shares via warrants at various exercise prices between $0.30 and $2.00. Effective June 29, 2018, 472,750 shares of common stock were offered and sold to 29 investors at a purchase price of $0.50 per share and include the option to purchase up to 1,891,000 shares via warrants at exercise prices of $1.00 and $2.00. Stock Purchase Warrants As of June 30, 2018 there were warrants outstanding to acquire additional shares of stock that would have a dilutive effect on current shares outstanding, the warrants outstanding have been disclosed below: Number of Warrants Outstanding Exercise Price Value 2,438,666 $0.30 $1,048,065 2,438,666 $0.50 $995,440 3,384,166 $1.00 $1,261,276 3,384,166 $2.00 $1,227,074 Stock purchased at $0.15 per share include the option to purchase warrants with an exercise price of $0.30, $0.50, $1.00 and $2.00. The warrants with an exercise price of $0.30, $0.50 and $1.00 are exercisable for one year from the initial investment for one share of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for one share of the Companys common stock. Stock purchased at $0.50 per share include the option to purchase warrants with an exercise price of $1.00 and $2.00. The warrants with an exercise price of $1.00 are exercisable for one year from the initial investment for two shares of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for two shares of the Companys common stock. 4. Stockholders Equity (continued) The fair value of the warrants listed above was determined using the Black-Scholes option pricing model with the following assumptions: Expected life: 1.0 to 2.0 years Volatility: 265%* Dividend yield: 0%** Risk free interest rate: 2.33% to 2.52%*** * The volatility is based on the average volatility rate of three similar publicly traded companies ** The Company has no history or expectation of paying cash dividends on its common stock *** The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant All warrants were granted during the year ended June 30, 2018 and there were no warrants forfeited or exercised during the period. | 4. Stockholders Equity Common Stock The Company has 400,000,000 shares of Common Stock authorized with a par value of $0.0001 per share and 50,000,000 shares of Preferred Stock authorized, with a par value of $0.0001 per share. As of September 30, 2018 and as of June 30, 2018 there were 8,886,416 common shares outstanding and no shares of Preferred Stock are outstanding. Effective May 15, 2018, 3,000,000 shares of common stock were offered and sold to Corby Marshall (Director, CFO and CEO of the Company), at a purchase price of $0.0001 per share. Effective May 22, 2018, 2,362,500 shares of common stock were offered and sold to 14 investors at a purchase price of $0.01 per share. This included 1,250,000 shares to directors of the Company. Effective June 1, 2018, 612,500 shares of common stock were offered and sold to 9 investors at a purchase price of $0.05 per share. Effective June 15, 2018, 2,438,666 shares of common stock were offered and sold to 12 investors at a purchase price of $0.15 per share and include the option to purchase up to 9,754,644 shares via warrants at various exercise prices between $0.30 and $2.00. Effective June 29, 2018, 472,750 shares of common stock were offered and sold to 29 investors at a purchase price of $0.50 per share and include the option to purchase up to 1,891,000 shares via warrants at exercise prices of $1.00 and $2.00. |
5. Related Party Transactions
5. Related Party Transactions | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
5. Related Party Transactions | 5. Related Party Transactions None noted during the period. | 5. Related Party Transactions None noted during the period. |
6. Subsequent Events
6. Subsequent Events | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Notes | ||
6. Subsequent Events | 6. Subsequent Events On August 1, 2018, the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement (the Joint Venture or Optical Flow) which superseded the previous joint-venture partnership. Pursuant to the Joint Venture, the Company and Insight will co-develop high resolution imaging systems. On August 1, 2018 the Joint Venture and Insight entered into an exclusive and worldwide license for military and law enforcement purposes (the License) to use and build products derived from all technology, information, intellectual property and other materials for or relevant to the 360 degree visible and infrared spectrum single lens camera platform, including without limitation, all business plans, technical plans, specifications, templates, demonstration versions, hardware, equipment, software, devices, methods, apparatus, and product designs . The Companys Management has reviewed all other material events through the date of this report and there are no additional material subsequent events to report that have not already been disclosed within the aforementioned notes. | 6. Subsequent Events The Companys Management has reviewed all other material events through the date of this report and there are no additional material subsequent events to report that have not already been disclosed within the aforementioned notes. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies: Basis of presentation (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Basis of presentation | Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders' equity and cash flows of the Company. These financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles. | Basis of presentation The financial statements present the balance sheet, statements of operations, stockholders' equity and cash flows of the Company. These financial statements are presented in United States dollars and have been prepared in accordance with U.S. generally accepted accounting principles. |
2. Summary of Significant Acc_3
2. Summary of Significant Accounting Policies: Year End (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Year End | Year End The Company has adopted June 30 as its fiscal year end. | Year End The Company has adopted June 30 as its fiscal year end. |
2. Summary of Significant Acc_4
2. Summary of Significant Accounting Policies: Use of Estimates (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Use of Estimates | Use of Estimates Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | Use of Estimates Preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
2. Summary of Significant Acc_5
2. Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Cash and Cash Equivalents | Cash and Cash Equivalents The Company maintains a cash balance in a non-interest-bearing account that currently does not exceed federally insured limits. The company considers short-term, highly liquid investments that are readily convertible to known amounts of cash and that are so near their maturity that they present insignificant risk of changes in value because of changes in interest rate to be cash equivalents. This balance includes $334,650 held in a trust account that is legal title of the Company. There were no cash equivalents as of June 30, 2018. | Cash and Cash Equivalents The Company maintains a cash balance in a non-interest-bearing account. The Company considers short-term, highly liquid investments that are readily convertible to known amounts of cash and that are so near their maturity that they present insignificant risk of changes in value because of changes in interest rate to be cash equivalents. This balance includes $213,357 ($334,650 at June 30, 2018) held in a trust account that is legal title of the Company. There were no cash equivalents as at September 30, 2018 (none as at June 30, 2018). |
2. Summary of Significant Acc_6
2. Summary of Significant Accounting Policies: Investment in Joint Venture (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Investment in Joint Venture | Investment in Joint Venture The investment in the Joint Venture is accounted for by the Company using the equity method in accordance with FASB ASC 323. The company current owns fifty percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or the Companys percentage of participation will be reduced by the pro rata percentage that the actual contribution bears to the $2,000,000 requirement. As at June 30, 2018 the Company has contributed $150,000 to the Joint Venture and will make additional payments over the course of the year as follows: · · · · · The Joint Venture is currently developing a wide field of view, single lens virtual reality imaging product. Initially, these products are being designed to be able to be mounted to law enforcement and/or military personnel to record and stream high resolution images to a wifi or Bluetooth network, when required. Through the Joint Venture, the Company is conducting research and development for the further development of this imaging system for the body/head camera platform. The milestones over the next 12-months are: · · · · · Joint Venture Balance sheet at June 30, 2018: Cash 150,000 Total assets 150,000 Joint Ventures equity 150,000 There were no operating activities with an impact to the Income Statement or the Statement of Cash Flows of the Joint Venture for the period from June 7, 2018 to June 30, 2018. Investment in Joint Venture as at May 15, 2018 $ - Cash contributions to Joint Venture by Hawkeye 150,000 Companys share of the Joint Venture net income for the period - Investment in Joint Venture value as at June 30, 2018 $ 150,000 | Investment in Joint Venture The investment in the Joint Venture is accounted for by the Company using the equity method in accordance with FASB ASC 323. The company currently owns fifty percent of the Joint Venture. Pursuant to the terms and conditions of the Joint Venture, the Company must contribute $2,000,000 to the Joint Venture over a 12-month period or it will forfeit its interest in the Joint Venture pro rata to funds raised. As at September 30, 2018 the Company has contributed $350,000 ($150,000 as at June 30, 3018) to the Joint Venture and will make additional payments over the course of the year as follows: · $350,000 USD on or before November 30, 2018, · $300,000 USD on or before January 30, 2019, · $500,000 USD on or before April 1, 2019, · The remaining balance of $500,000 USD on or before June 15, 2019 The Joint Venture is currently developing a wide field of view, single lens virtual reality imaging product. Initially, these products are being designed to be able to be mounted to law enforcement and/or military personnel to record and stream high resolution images to a wifi or Bluetooth network, when required. Through the Joint Venture, the Company is conducting research and development for the further development of this imaging system for the body/head camera platform. The milestones over the next 12-months are: · Design the single lens platform; · Develop hardware design and source components; · Sign a binding agreement with the imaging sensor provider; · Produce working prototype(s); and · Get user/client feedback on use cases and user requirements. On August 1, 2018, the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement (the Joint Venture or Optical Flow) which superseded the previous joint-venture partnership. Pursuant to the Joint Venture, the Company and Insight will co-develop high resolution imaging systems. This includes a worldwide license for military and law enforcement purposes (the License) to use and build products derived from software, devices, methods, apparatus, and product designs . The License will allow the Joint Venture to excel in developing a next generation body and head camera that sees behind the user and presents a clear and wide field of view. The Joint Venture will develop and own additional technology that may include further iterations of this system, and all the related mounting and charging technologies that facilitate its use. 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture (continued) Joint Venture Balance Sheets As at September 30, 2018 All figures in USD Cash and cash equivalents 156,591 Prepaid expenses 20,000 Computers (net of accumulated depreciation of $188) 2,063 Total assets 178,654 Accrued liabilities 24,602 Accrued liabilities related party 51,067 Total liabilities 75,669 Venturer contributions 350,000 Retained earnings (247,016) Venturers equity 102,984 Total liabilities and venturers equity 178,653 As at June 30, 2018 All figures in USD Cash and cash equivalents 150,000 Total assets 150,000 Venturers equity 150,000 Joint Venture Income Statement For the three months ended September 30, 2018 All figures in USD Revenue - Expenses: Research and development 80,000 Management fees 80,000 Consulting fees 15,000 Legal and professional fees 13,448 Marketing expenses 11,267 Meals, entertainment and travel expenses 27,465 Project management expenses 13,413 General and administrative expenses 6,236 Depreciation 188 Net loss 247,017 There were no operating activities with an impact to the Income Statement of the Joint Venture for the period from June 7, 2018 to June 30, 2018. 2. Summary of Significant Accounting Policies (continued) Investment in Joint Venture (continued) Value of Hawkeye Investment in Joint Venture For the period of May 15, 2018 to June 30, 2018 Investment in Joint Venture as at May 15, 2018 $ - Cash contributions to Joint Venture by Hawkeye 150,000 Companys share of the Joint Venture net income for the period - Investment in Joint Venture value as at June 30, 2018 $ 150,000 For the three months ended September 30, 2018 Investment in Joint Venture as at June 30, 2018 $ 150,000 Cash contributions to Joint Venture by Hawkeye 200,000 Companys share of the Joint Venture net income for the period (123,508) Investment in Joint Venture value as at September 30, 2018 $ 226,492 |
2. Summary of Significant Acc_7
2. Summary of Significant Accounting Policies: Income Taxes (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Income Taxes | Income Taxes The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. As of June 30, 2018, the Company reviewed its tax positions and determined there were no outstanding 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 effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. | Income Taxes The Company applies a more-likely-than-not recognition threshold for all tax uncertainties. As of September 30, 2018, the Company reviewed its tax positions and determined there were no outstanding 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 effect on the Company. The Company does not anticipate any significant changes to its total unrecognized tax benefits within the next 12 months. |
2. Summary of Significant Acc_8
2. Summary of Significant Accounting Policies: Stock Subscription Receivable (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Stock Subscription Receivable | Stock Subscription Receivable This balance relates to capital stock issued during the period for which payment has not been received by the Company at year end. The balance receivable was collected in full by July 31, 2018. | Stock Subscription Receivable This balance relates to capital stock issued during the period for which payment has not been received by the Company at year end. The balance receivable was collected in full by July 31, 2018. |
2. Summary of Significant Acc_9
2. Summary of Significant Accounting Policies: Net Loss per Share (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Net Loss per Share | Net Loss per Share Net income (loss) per common share is computed and presented in both basic and diluted earnings per share (EPS) on the face of the income statement. Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Anti-dilutive potential shares that have been excluded from the diluted EPS calculation includes 3,384,166 warrants with an exercise price of $1.00 and 3,384,166 warrants with an exercise price of $2.00. | Net Loss per Share Net income (loss) per common share is computed and presented in both basic and diluted earnings per share (EPS) on the face of the income statement. Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive loss per share reflects the potential dilution of securities that could share in the losses of the Company. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. Anti-dilutive potential shares that have been excluded from the diluted EPS calculation includes 3,384,166 warrants with an exercise price of $1.00 and 3,384,166 warrants with an exercise price of $2.00 |
2. Summary of Significant Ac_10
2. Summary of Significant Accounting Policies: Stock Purchase Warrants (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Stock Purchase Warrants | Stock Purchase Warrants The Company accounts for warrants issued to purchase shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock, Distinguishing Liabilities from Equity. | Stock Purchase Warrants The Company accounts for warrants issued to purchase shares of its common stock as equity in accordance with FASB ASC 480, Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock, Distinguishing Liabilities from Equity. |
2. Summary of Significant Ac_11
2. Summary of Significant Accounting Policies: Commitments and Contingencies (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Commitments and Contingencies | Commitments and Contingencies The Company has committed to contribute $2,000,000 to the Joint Venture over a twelve month period as disclosed above. To date the Company has contributed $150,000 and has a commitment of $1,850,000 to the Joint Venture to be paid within the next 12 months. Management of the Company is not aware any other commitments or contingencies that would have a material adverse effect on the Companys financial condition, results of operations or cash flows. | Commitments and Contingencies The Company has committed to contribute $2,000,000 to the Joint Venture over a twelve month period as disclosed above. To date the Company has contributed $350,000 ($150,000 at June 30, 2018) and has a commitment of $1,650,000 ($1,850,000 as at June 30, 2018) to the Joint Venture to be paid within the next 9 months. Management of the Company is not aware any other commitments or contingencies that would have a material adverse effect on the Companys financial condition, results of operations or cash flows. |
2. Summary of Significant Ac_12
2. Summary of Significant Accounting Policies: Foreign Currency Translation (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Foreign Currency Translation | Foreign Currency Translation The Companys functional and reporting currency is the US dollar. Foreign exchange items are translated to US dollars using the exchange rate prevailing at the balance sheet date. Monetary assets and liabilities are translated using the exchange rate at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. | Foreign Currency translation The Companys functional and reporting currency is the US dollar. Foreign exchange items are translated to US dollars using the exchange rate prevailing at the balance sheet date. Monetary assets and liabilities are translated using the exchange rate at the balance sheet date. Non-monetary assets and liabilities are translated at historical rates. Revenues and expenses are translated at average rates for the period. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. |
2. Summary of Significant Ac_13
2. Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies) | 2 Months Ended | 5 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Policies | ||
Recent Accounting Pronouncements | 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. | 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. |
4. Stockholders' Equity_ Stock
4. Stockholders' Equity: Stock Purchase Warrants (Policies) | 2 Months Ended |
Jun. 30, 2018 | |
Policies | |
Stock Purchase Warrants | Stock Purchase Warrants As of June 30, 2018 there were warrants outstanding to acquire additional shares of stock that would have a dilutive effect on current shares outstanding, the warrants outstanding have been disclosed below: Number of Warrants Outstanding Exercise Price Value 2,438,666 $0.30 $1,048,065 2,438,666 $0.50 $995,440 3,384,166 $1.00 $1,261,276 3,384,166 $2.00 $1,227,074 Stock purchased at $0.15 per share include the option to purchase warrants with an exercise price of $0.30, $0.50, $1.00 and $2.00. The warrants with an exercise price of $0.30, $0.50 and $1.00 are exercisable for one year from the initial investment for one share of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for one share of the Companys common stock. Stock purchased at $0.50 per share include the option to purchase warrants with an exercise price of $1.00 and $2.00. The warrants with an exercise price of $1.00 are exercisable for one year from the initial investment for two shares of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for two shares of the Companys common stock. 4. Stockholders Equity (continued) The fair value of the warrants listed above was determined using the Black-Scholes option pricing model with the following assumptions: Expected life: 1.0 to 2.0 years Volatility: 265%* Dividend yield: 0%** Risk free interest rate: 2.33% to 2.52%*** * The volatility is based on the average volatility rate of three similar publicly traded companies ** The Company has no history or expectation of paying cash dividends on its common stock *** The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant All warrants were granted during the year ended June 30, 2018 and there were no warrants forfeited or exercised during the period. |
4. Stockholders' Equity_ Stoc_2
4. Stockholders' Equity: Stock Purchase Warrants: Schedule of Stock Purchase Warrants Outstanding (Tables) | 2 Months Ended |
Jun. 30, 2018 | |
Tables/Schedules | |
Schedule of Stock Purchase Warrants Outstanding | As of June 30, 2018 there were warrants outstanding to acquire additional shares of stock that would have a dilutive effect on current shares outstanding, the warrants outstanding have been disclosed below: Number of Warrants Outstanding Exercise Price Value 2,438,666 $0.30 $1,048,065 2,438,666 $0.50 $995,440 3,384,166 $1.00 $1,261,276 3,384,166 $2.00 $1,227,074 Stock purchased at $0.15 per share include the option to purchase warrants with an exercise price of $0.30, $0.50, $1.00 and $2.00. The warrants with an exercise price of $0.30, $0.50 and $1.00 are exercisable for one year from the initial investment for one share of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for one share of the Companys common stock. Stock purchased at $0.50 per share include the option to purchase warrants with an exercise price of $1.00 and $2.00. The warrants with an exercise price of $1.00 are exercisable for one year from the initial investment for two shares of the Companys common stock and the warrants with an exercise price of $2.00 are exercisable for 2 years from the initial investment for two shares of the Companys common stock. |
2. Summary of Significant Ac_14
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Joint Venture Balance Sheets (Tables) | 5 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Joint Venture Balance Sheets | Joint Venture Balance Sheets As at September 30, 2018 All figures in USD Cash and cash equivalents 156,591 Prepaid expenses 20,000 Computers (net of accumulated depreciation of $188) 2,063 Total assets 178,654 Accrued liabilities 24,602 Accrued liabilities related party 51,067 Total liabilities 75,669 Venturer contributions 350,000 Retained earnings (247,016) Venturers equity 102,984 Total liabilities and venturers equity 178,653 As at June 30, 2018 All figures in USD Cash and cash equivalents 150,000 Total assets 150,000 Venturers equity 150,000 |
2. Summary of Significant Ac_15
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Joint Venture Income Statement (Tables) | 5 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Joint Venture Income Statement | Joint Venture Income Statement For the three months ended September 30, 2018 All figures in USD Revenue - Expenses: Research and development 80,000 Management fees 80,000 Consulting fees 15,000 Legal and professional fees 13,448 Marketing expenses 11,267 Meals, entertainment and travel expenses 27,465 Project management expenses 13,413 General and administrative expenses 6,236 Depreciation 188 Net loss 247,017 |
2. Summary of Significant Ac_16
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Value of Hawkeye Investment in Joint Venture (Tables) | 5 Months Ended |
Sep. 30, 2018 | |
Tables/Schedules | |
Value of Hawkeye Investment in Joint Venture | Value of Hawkeye Investment in Joint Venture For the period of May 15, 2018 to June 30, 2018 Investment in Joint Venture as at May 15, 2018 $ - Cash contributions to Joint Venture by Hawkeye 150,000 Companys share of the Joint Venture net income for the period - Investment in Joint Venture value as at June 30, 2018 $ 150,000 For the three months ended September 30, 2018 Investment in Joint Venture as at June 30, 2018 $ 150,000 Cash contributions to Joint Venture by Hawkeye 200,000 Companys share of the Joint Venture net income for the period (123,508) Investment in Joint Venture value as at September 30, 2018 $ 226,492 |
4. Stockholders' Equity (Detail
4. Stockholders' Equity (Details) - $ / shares | Jun. 29, 2018 | Jun. 15, 2018 | Jun. 01, 2018 | May 22, 2018 | May 16, 2018 |
Details | |||||
Shares, Issued | 472,750 | 2,438,666 | 612,500 | 2,362,500 | 3,000,000 |
Shares Issued, Price Per Share | $ 0.50 | $ 0.15 | $ 0.05 | $ 0.01 | $ 0.0001 |
4. Stockholders' Equity_ Stoc_3
4. Stockholders' Equity: Stock Purchase Warrants: Schedule of Stock Purchase Warrants Outstanding (Details) | Jun. 30, 2018USD ($)shares |
$ 0.30 | |
Class of Warrant or Right, Outstanding | shares | 2,438,666 |
Warrants and Rights Outstanding | $ | $ 1,048,065 |
$ 0.50 | |
Class of Warrant or Right, Outstanding | shares | 2,438,666 |
Warrants and Rights Outstanding | $ | $ 995,440 |
$ 1 | |
Class of Warrant or Right, Outstanding | shares | 3,384,166 |
Warrants and Rights Outstanding | $ | $ 1,261,276 |
$ 2 | |
Class of Warrant or Right, Outstanding | shares | 3,384,166 |
Warrants and Rights Outstanding | $ | $ 1,227,074 |
6. Subsequent Events (Details)
6. Subsequent Events (Details) | 5 Months Ended |
Sep. 30, 2018 | |
Joint Venture | |
Subsequent Event, Date | Aug. 1, 2018 |
Subsequent Event, Description | the Company and Insight incorporated Optical Flow, LLC and entered into an operating agreement |
License | |
Subsequent Event, Date | Aug. 1, 2018 |
Subsequent Event, Description | the Joint Venture and Insight entered into an exclusive and worldwide license for military and law enforcement purposes |
2. Summary of Significant Ac_17
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Joint Venture Balance Sheets (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | May 14, 2018 |
Cash and cash equivalents | $ 213,357 | $ 334,650 | $ 0 |
Total assets | 213,357 | 334,650 | |
Accounts payable and accrued liabilities | 298 | 12,800 | |
Total liabilities | 298 | 12,800 | |
Accumulated deficit | (217,174) | (42,375) | |
Venturers' equity | 439,551 | 471,850 | |
Total Liabilities and Stockholders' Equity | 439,849 | 484,650 | |
Investment in Joint Venture | |||
Cash and cash equivalents | 156,591 | 150,000 | |
Prepaid expenses | 20,000 | ||
Computers (net of accumulated depreciation of $188) | 2,063 | ||
Total assets | 178,654 | 150,000 | |
Accounts payable and accrued liabilities | 24,602 | ||
Accrued liabilities - related party | 51,067 | ||
Total liabilities | 75,669 | ||
Venturer contributions | 350,000 | ||
Accumulated deficit | (247,016) | ||
Venturers' equity | 102,984 | ||
Total Liabilities and Stockholders' Equity | $ 178,653 | $ 150,000 |
2. Summary of Significant Ac_18
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Joint Venture Income Statement (Details) - USD ($) | 2 Months Ended | 3 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | |
Revenue | $ 0 | $ 0 |
Expenses: | ||
General and administrative expenses | 1,075 | 748 |
Net loss | $ (42,375) | (174,799) |
Investment in Joint Venture | ||
Revenue | 0 | |
Expenses: | ||
Research and development | 80,000 | |
Management fees | 80,000 | |
Consulting fees | 15,000 | |
Legal and professional fees | 13,448 | |
Marketing expenses | 11,267 | |
Meals, entertainment and travel expenses | 27,465 | |
Project management expenses | 13,413 | |
General and administrative expenses | 6,236 | |
Depreciation | 188 | |
Net loss | $ 247,017 |
2. Summary of Significant Ac_19
2. Summary of Significant Accounting Policies: Investment in Joint Venture: Value of Hawkeye Investment in Joint Venture (Details) - USD ($) | 2 Months Ended | 3 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2018 | May 14, 2018 | |
Details | |||
Investment in joint venture | $ 150,000 | $ 226,492 | $ 0 |
Investment in joint venture | 150,000 | 200,000 | |
Unrealized gain/(loss) on joint venture | $ 0 | $ (123,508) |