Cover
Cover - shares | 6 Months Ended | ||
Dec. 31, 2022 | Feb. 08, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-Q | ||
Amendment Flag | false | ||
Document Quarterly Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | Q2 | ||
Document Fiscal Year Focus | 2023 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity File Number | 000-56315 | ||
Entity Registrant Name | Sparx Holdings Group, Inc. | ||
Entity Central Index Key | 0001874138 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | false | ||
common shares outstanding | 278,750,031 | 278,825,031 | 178,750,031 |
Balance Sheet (Unaudited)
Balance Sheet (Unaudited) - USD ($) | Dec. 31, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
TOTAL ASSETS | ||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||
TOTAL LIABILITIES | ||
Stockholders’ Equity (Deficit) | ||
Preferred stock ($.0001 par value, 5,000,000 shares authorized; 0 issued and outstanding as of December 31, 2022 and June 30, 2022) | ||
Common stock ($.0001 par value, 500,000,000 shares authorized, 278,750,031 shares issued and outstanding as of December 31, 2022; $.0001 par value, 200,000,000 shares authorized, 178,750,031 shares issued and outstanding as of June 30, 2022) | 27,875 | 17,875 |
Additional paid-in capital | (595) | (7,422) |
Accumulated deficit | (27,282) | (10,453) |
Total Stockholders’ Equity (Deficit) | ||
TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) |
Balance Sheet (Unaudited) (Pare
Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2022 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
par value preferred stock | $ 0.0001 | |
preferred shares authorized | 5,000,000 | |
preferred shares issued and outstanding | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 0 | 200,000,000 |
Common Stock, Shares, Issued | 278,750,031 | 178,750,031 |
Statement of Operations (Unaudi
Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | ||||
General and administrative expenses | $ 2,054 | $ 1,850 | $ 16,829 | $ 2,632 |
Total operating expenses | 2,054 | 1,850 | 16,829 | 2,632 |
Net loss | $ (2,054) | $ (1,850) | $ (16,829) | $ (2,632) |
Basic and Diluted net loss per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding - Basic and Diluted | 278,750,031 | 178,750,031 | 246,684,814 | 178,750,031 |
Statement of Changes in Stockho
Statement of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid in Capital | Retained Earnings [Member] | Total |
Balance, value | $ 960 | $ (4,710) | $ (4,710) | |
Beginning balance, value at Jun. 30, 2021 | 960 | (4,710) | (4,710) | |
Expenses paid on behalf of the Company and contributed to capital | 4,032 | 4,032 | ||
Net loss | (782) | (782) | ||
Beginning balance, value at Jun. 30, 2021 | 960 | (4,710) | (4,710) | |
Expenses paid on behalf of the Company and contributed to capital | 6,032 | |||
Net loss | $ (2,632) | |||
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (12,883) | (5,492) | $ (500) |
Beginning balance, value at Sep. 30, 2021 | 17,875 | (12,883) | (5,492) | (500) |
Expenses paid on behalf of the Company and contributed to capital | 2,000 | 2,000 | ||
Net loss | (1,850) | $ (1,850) | ||
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (10,883) | (7,342) | $ (350) |
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (7,422) | (10,453) | |
Beginning balance, value at Jun. 30, 2022 | 17,875 | (7,422) | (10,453) | |
Shares issued as compensation | 10,000 | 10,000 | ||
Expenses paid on behalf of the Company and contributed to capital | 4,775 | 4,775 | ||
Net loss | (14,775) | (14,775) | ||
Beginning balance, value at Jun. 30, 2022 | 17,875 | (7,422) | (10,453) | |
Expenses paid on behalf of the Company and contributed to capital | 6,829 | |||
Net loss | $ (16,829) | |||
Shares issued and outstanding | 278,750,031 | |||
Balance, value | 27,875 | (2,647) | (25,228) | |
Beginning balance, value at Sep. 30, 2022 | 27,875 | (2,647) | (25,228) | |
Expenses paid on behalf of the Company and contributed to capital | 2,054 | 2,054 | ||
Net loss | (2,054) | $ (2,054) | ||
Shares issued and outstanding | 278,750,031 | |||
Balance, value | $ 27,875 | $ (593) | $ (27,282) |
Statement of Changes in Stock_2
Statement of Changes in Stockholders' Deficit (Unaudited) Continued - USD ($) | Common Stock [Member] | Additional Paid in Capital | Retained Earnings [Member] | Total |
Balance, value | $ 960 | $ (4,710) | $ (4,710) | |
Beginning balance, value at Jun. 30, 2021 | 960 | (4,710) | (4,710) | |
Common shares issued in reorganization | 17,875 | (17,875) | ||
Expenses paid on behalf of the Company and contributed to capital | 4,032 | 4,032 | ||
Net loss | (782) | (782) | ||
Beginning balance, value at Jun. 30, 2021 | 960 | (4,710) | (4,710) | |
Expenses paid on behalf of the Company and contributed to capital | 6,032 | |||
Net loss | $ (2,632) | |||
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (12,883) | (5,492) | $ (500) |
Beginning balance, value at Sep. 30, 2021 | 17,875 | (12,883) | (5,492) | (500) |
Expenses paid on behalf of the Company and contributed to capital | 2,000 | 2,000 | ||
Net loss | (1,850) | $ (1,850) | ||
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (10,883) | (7,342) | $ (350) |
Shares issued and outstanding | 178,750,031 | |||
Balance, value | 17,875 | (7,422) | (10,453) | |
Beginning balance, value at Jun. 30, 2022 | 17,875 | (7,422) | (10,453) | |
Expenses paid on behalf of the Company and contributed to capital | 4,775 | 4,775 | ||
Net loss | (14,775) | (14,775) | ||
Beginning balance, value at Jun. 30, 2022 | 17,875 | (7,422) | (10,453) | |
Expenses paid on behalf of the Company and contributed to capital | 6,829 | |||
Net loss | $ (16,829) | |||
Shares issued and outstanding | 278,750,031 | |||
Balance, value | 27,875 | (2,647) | (25,228) | |
Beginning balance, value at Sep. 30, 2022 | 27,875 | (2,647) | (25,228) | |
Expenses paid on behalf of the Company and contributed to capital | 2,054 | 2,054 | ||
Net loss | (2,054) | $ (2,054) | ||
Shares issued and outstanding | 278,750,031 | |||
Balance, value | $ 27,875 | $ (593) | $ (27,282) |
Statement of Cash Flows (Unaudi
Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||||
Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
Net loss | $ (2,054) | $ (14,775) | $ (1,850) | $ (782) | $ (16,829) | $ (2,632) | |
Adjustment to reconcile net loss to net cash used in operating activities: | |||||||
Share-based compensation | 10,000 | ||||||
Expenses contributed to capital | 2,054 | 4,775 | 2,000 | 4,032 | 6,829 | 6,032 | $ 17,282 |
Changes in current assets and liabilities: | |||||||
Accrued expenses | (3,400) | ||||||
Net cash used in operating activities | |||||||
Net change in cash | |||||||
Beginning cash balance | |||||||
Ending cash balance | |||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||
Interest paid | |||||||
Income taxes paid |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 1 - Organization and Description of Business | Note 1 - Organization and Description of Business The Company was originally incorporated on June 30, 2021 in the State of Nevada with the name, “Prime Time Holdings, Inc.” On June 30, 2021, Jeffrey DeNunzio was appointed Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director of the Company. On September 14, 2021, the Company entered into an “Agreement and Plan of Merger”, whereas it agreed to, and subsequently participated in, a Nevada holding company reorganization pursuant to NRS 92A.180, NRS 92A.200, NRS 92A.230 and NRS 92A.250 (“Reorganization”). The constituent corporations in the Reorganization were China Shouguan Investment Holding Group Corp. (“CHSO” or “Predecessor”), Sparx Holdings Group, Inc., FKA “Prime Time Holdings, Inc.” (“Successor”), and Prime Time Merger Sub, Inc. (“Merger Sub”). Immediately prior to the Reorganization, Prime Time Holdings, Inc. issued 1,000 common shares of its common stock to Predecessor and Merger Sub issued 1,000 shares of its common stock to Prime Time Holdings, Inc. As such, immediately prior to the merger, Prime Time Holdings, Inc. became a wholly owned direct subsidiary of China Shouguan Investment Holding Group Corp. and Merger Sub became a wholly owned and direct subsidiary of Prime Time Holdings, Inc. On September 15, 2021, Prime Time Holdings, Inc. filed Articles of Merger with the Nevada Secretary of State. The merger became effective on September 17, 2021 at 9:00 AM PST (“Effective Time”). At the Effective Time, Predecessor was merged with and into Merger Sub (the “Merger), and Predecessor became the surviving corporation. Each share of Predecessor common stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid and non-assessable share of Prime Time Holdings, Inc.’s (“Successors”) common stock. The result of the merger was that all previous shareholders of Predecessor became the identical shareholders of PRTM holding an equivalent amount of shares in PRTM that they previous held in CHSO prior to the merger. The Agreement and Plan of merger were made a part of the Articles of Merger that were filed as EX-99.1 to the Form 8-K filed with the Commission on September 20, 2021. At the Effective Time, Prime Time Holdings, Inc., as successor issuer to China Shouguan Investment Holding Group Corp. continued to trade in the OTC MarketPlace under the previous ticker symbol “CHSO” until the new ticker symbol “PRTM” for the Company was released into the OTC MarketPlace on September 21, 2021. The Company was given a new CUSIP Number by CUSIP Global Services for its common stock of 74167E103. On September 17, 2021, after the completion of the Holding Company Reorganization, we cancelled all of the stock held in China Shouguan Investment Holding Group Corp. resulting in China Shouguan Investment Holding Group Corp. as a stand-alone company. Our common stock traded in the OTC Markets under the Predecessor ticker symbol “CHSO” under which the common stock of Predecessor previously listed and traded until the new ticker symbol “PRTM” was announced September 20, 2021 on the Financial Industry Regulatory Authority’s daily list with a market effective date of September 21, 2021. We were given a new CUSIP Number of 74167E103. The Company believes that the Reorganization, was not a transaction of the type described in subparagraph (a) of Rule 145 under the Securities Act of 1933 and the consummation of the Reorganization will not be deemed to involve an “offer”, “offer to sell”, “offer for sale” or “sale” within the meaning of Section 2(3) of the Securities Act of 1933. The Reorganization was consummated without the vote or consent of the Company’s stockholders. In addition, the provisions of NRS 92A.180 did not provide a stockholder of the Company with appraisal rights in connection with the Reorganization. The Company believes that in the absence of any right of any of the Company’s stockholders to vote with respect to the Reorganization or to insist that their shares be purchased for fair value, the Reorganization could not be deemed to involve an “offer” “offer to sell”; or “sale” within the meaning of Section 2(3) of the Securities Act of 1933. On May 18, 2022, Mr. Jeffrey DeNunzio resigned as the Company’s Chief Executive Officer, Chief Financial Officer, President, Secretary, and Treasurer. He remains a Director of the Company. The resignations of Mr. Jeffrey DeNunzio were not the result of any disagreement with the Company on any matter relating to its operations, policies, or practices. There is no arrangement or understanding among the newly appointed officers and directors or any other person pursuant to which they were appointed as a director and officer of the Company. On May 18, 2022, Ms. Cassandra DeNunzio was appointed as the Company’s Chief Executive Officer, Chief Financial Officer, President, Secretary, Treasurer, and Director. Following the appointments of Ms. Cassandra DeNunzio, the Company began to seek business opportunities in the area of fire suppression technologies. Our majority shareholder, NVC Holdings, LLC, a Wyoming Limited Liability Company, and our Directors, Mr. Jeffrey DeNunzio and Ms. Cassandra DeNunzio, executed a resolution to ratify, affirm, and approve a name change from Prime Time Holdings, Inc. to Sparx Holdings Group, Inc. The aforementioned parties also approved, via the same resolution, to change the Company’s ticker symbol and the authorized shares of Common Stock of the Company from 200,000,000 to 500,000,000. A Certificate of Amendment to change our name and our authorized shares of Common Stock was filed with the Nevada Secretary of State on July 19, 2022. On or about July 22, 2022, th e Company initiated a FINRA corporate action to effectuate the aforementioned name change from Prime Time Holdings, Inc. to Sparx Holdings Group, Inc., and to change our ticker symbol. This corporate action has now been processed and completed. The FINRA Daily List Announcement Date for the aforementioned FINRA corporate action was November 8, 2022, while the Market Effective Date was November 9, 2022. Our ticker symbol is now SHGI. Our CUSIP number remains the same as before and did not change as a result of this FINRA corporate action. On August 29, 2022, we entered into and consummated a Patent License Agreement (“Agreement”) with Sparx Technologies, LLC, a limited liability company (“Licensor”). Licensor is solely owned and controlled by Ms. Cassandra DeNunzio, our CEO and Director. Ms. DeNunzio is the sole and first named inventor under a provisional patent application with a Serial No. 63/304,302 filed with the United States Patent Office (“USPTO”) on January 28, 2022, relating to the fire protection industry and particularly a commercially available battery-operated wireless electronic fire sprinkler network. The Patent License Agreement was filed as an exhibit to our Form 8-K, as filed with the SEC on August 29, 2022. It is incorporated herein by reference. As a result of the Agreement, we adopted the existing operations and business plan of Sparx Technologies, LLC pursuant to the terms and conditions of the patent licensing agreement and ceased to be a shell company. In partial consideration for the exclusive license granted by Licensor to the Company, the Company paid Sparx Holdings, LLC, a limited liability company, controlled and solely owned by Ms. DeNunzio, a non-refundable license fee upon execution of the Agreement in the amount of One Hundred Million shares (100,000,000) of the Company’s common stock (the “Initial License Fee”). The Initial License Fee is consideration for the grant and continuation of the license pursuant to a five-year term. Licensor shall have no obligation or liability to return any portion of the Initial License Fee. The Company shall pay Licensor a royalty of fifty percent (50%) of Licensee’s Net Sales of all Licensed Products developed and sold by the Company. Ownership of the licensed technology prior to, during the course or as a result of the Agreement, will be the sole and exclusive property of Licensor. The consummation of the Agreement is deemed to be a related party transaction given Cassandra DeNunzio serves as our sole officer, and as a member of our Board of Directors. She is also the sole member and controller of Sparx Technologies, LLC. On September 19, 2022, Sparx Technologies, LLC filed with the USPTO two Trademark Applications, Serial No. 97/597085 and Serial No. 97/5977092. SPARX TM On January 20, 2023, Sparx Technologies, LLC filed a utility patent application with the USPTO under 35 USC 111(a) for a Mesh Network Fire Suppression System and Associated Methods with Serial No. 18/099,584. A prior provisional application with Serial No. 63/304,302 was issued by the USPTO on January 28, 2022. In addition, an international patent application (PCT) was also filed with the USPTO on January 23, 2023, resulting in international patent pending status. An international application Serial No. PCT/US23/11314 was issued by the USPTO. We use home office space of our directors at no cost. We have no employees at this time and we rely upon the services of our sole officer Cassandra DeNunzio, and our two directors, Jeffrey DeNunzio and Cassandra DeNunzio. The Company has elected June 30 th -F5- Table of Contents |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Note 2 - Summary of Significant Accounting Policies | Note 2 - Summary of Significant Accounting Policies Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. 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 revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at December 31, 2022 and June 30, 2022 were $ 0 for both periods. Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized at December 31, 2022 and June 30, 2022. Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of December 31, 2022 and, thus, anti-dilution issues are not applicable. Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. Related Parties The Company follows ASC 850, Related Party Disclosures, -F6- Table of Contents Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of December 31, 2022. The Company’s stock-based compensation for the periods ended December 31, 2022 and December 31, 2021 was $ 10,000 Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases that we believe will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. 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 pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 3 - Going Concern
Note 3 - Going Concern | 6 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Note 3 - Going Concern | Note 3 - Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios. The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Note 4 - Income Taxes | Note 4 - Income Taxes The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of December 31, 2022, the Company has incurred a net loss of approximately $27,282 which resulted in a net operating loss for income tax purposes. The loss results in a deferred tax asset of approximately $5,729 at the effective statutory rate of 21%. The deferred tax asset has been offset by an equal valuation allowance. Given our inception on June 30, 2021, and our fiscal year end of June 30, 2022, we have completed only two taxable fiscal years. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Note 5 - Commitments and Contingencies | Note 5 - Commitments and Contingencies The Company follows ASC 450-20, Los Contingencies, |
Note 6 - Shareholder Equity
Note 6 - Shareholder Equity | 6 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Note 6 - Shareholder Equity | Note 6 - Shareholder Equity Preferred Stock The authorized preferred stock of the Company consists of 5,000,000 shares with a par value of $0.0001. There were no shares issued and outstanding as of December 31, 2022 and June 30, 2022. Common Stock As of December 31, 2022, the authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. As of June 30, 2022, the authorized common stock of the Company consists of 200,000,000 shares with a par value of $0.0001. There were 278,750,031 and 178,750,031 shares of common stock issued and outstanding as of December 31, 2022 and June 30, 2022, respectively. On August 29, 2022, 100,000,000 shares of common stock were issued to Sparx Holdings, LLC as compensation for licensing rights (see Note 1). Effective September 17, 2021, CHSO completed a holding company reorganization with the Company whereas the outstanding common shares of CHSO were exchanged for an equivalent amount of common shares of the Company (see Note 1). Additional Paid-In Capital The Company’s director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $6,829 during the period ended December 31, 2022. The Company’s director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $9,453 during the period ended June 30, 2022. The Company’s director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $960 during the period ended June 30, 2021. The $ 17,282 in total payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. |
Note 7 - Related-Party Transact
Note 7 - Related-Party Transactions | 6 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Note 7 - Related-Party Transactions | Note 7 - Related-Party Transactions Office Space We utilize the home office space and equipment of our management at no cost. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 6 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Note 8 - Subsequent Events | Note 8 - Subsequent Events On August 29, 2022, we entered into and consummated a Patent License Agreement (“Agreement”) with Sparx Technologies, LLC, a limited liability company (“Licensor”). Licensor is solely owned and controlled by Ms. Cassandra DeNunzio, our CEO and Director. Ms. DeNunzio is the sole and first named inventor under a provisional patent application with Serial No. 63/304,302 filed with the United States Patent Office (“USPTO”) on January 28, 2022, relating to the fire protection industry and particularly a commercially available battery-operated wireless electronic fire sprinkler network. On January 20, 2023, Sparx Technologies, LLC filed a utility patent application with the USPTO under 35 USC 111(a) for a Mesh Network Fire Suppression System and Associated Methods with Serial No. 18/099,584. A prior provisional application with Serial No. 63/304,302 was issued by the USPTO on January 28, 2022. In addition, an international patent application (PCT) was also filed with the USPTO on January 23, 2023, resulting in international patent pending status. An international application Serial No. PCT/US23/11314 was issued by the USPTO. On or about January 4, 2023, the Company issued 75,000 shares of our Common Stock to a non-related party in exchange for their services related to designing a component of a battery-operated wireless electronic sprinkler network that is currently being developed by Sparx Technologies, LLC. The battery-operated wireless electronic sprinkler network, remains in the prototype stages of development. No consideration was exchanged pursuant to this transaction. We have a vested interest in Sparx Technologies, LLC as we intend to sell products developed by Sparx Technologies, LLC. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Use of Estimates | 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 revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at December 31, 2022 and June 30, 2022 were $ 0 for both periods. |
Income Taxes | Income Taxes The Company accounts for income taxes under ASC 740, “Income Taxes.” Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized at December 31, 2022 and June 30, 2022. |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of December 31, 2022 and, thus, anti-dilution issues are not applicable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2022. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. |
Related Parties | Related Parties The Company follows ASC 850, Related Party Disclosures, -F6- Table of Contents |
Share-Based Compensation | Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of December 31, 2022. The Company’s stock-based compensation for the periods ended December 31, 2022 and December 31, 2021 was $ 10,000 |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases that we believe will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. 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 pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 6 Months Ended | |
Dec. 31, 2022 | Sep. 30, 2022 | |
Accounting Policies [Abstract] | ||
Cash | $ 0 | |
Share-Based Payment Arrangement, Noncash Expense | $ 10,000 |
Note 6 - Shareholder Equity (De
Note 6 - Shareholder Equity (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||||||
Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 08, 2023 | Jun. 30, 2022 | |
Equity [Abstract] | |||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||||
Common Stock, Shares, Issued | 278,750,031 | 278,750,031 | 278,750,031 | 278,825,031 | 178,750,031 | ||||
Proceeds from Contributed Capital | $ 2,054 | $ 4,775 | $ 2,000 | $ 4,032 | $ 6,829 | $ 6,032 | $ 17,282 |