Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Apr. 30, 2019 | Jul. 29, 2019 | Oct. 31, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | Evergreen International Corp. | ||
Entity Central Index Key | 0000710782 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Incorporation State Country Code | FL | ||
Entity Public Float | $ 355,000 | ||
Entity Common Stock, Shares Outstanding | 7,350,540 | ||
Entity File Number | 000-30432 | ||
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 785 | $ 205,636 |
Total Current Assets | 785 | 205,636 |
Total Assets | 785 | 205,636 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 11,226 | 1,500 |
Accounts Payable and Accrued Expenses - related party | 20,345 | |
Total Current Liabilities | 31,571 | 1,500 |
Commitments and Contingencies | ||
Stockholders' (Deficit) Equity: | ||
Preferred Stock, $.001 par value; 1,000,000 shares authorized; None issued and outstanding | ||
Common Stock, $.001 par value; 10,000,000 shares authorized; 7,350,540 shares issued and outstanding | 7,350 | 7,350 |
Additional Paid-In Capital | 2,190,644 | 2,372,640 |
Accumulated Deficit | (2,228,780) | (2,175,854) |
Total Stockholders' (Deficit) Equity | (30,786) | 204,136 |
Total Liabilities and Stockholders' (Deficit) Equity | $ 785 | $ 205,636 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Apr. 30, 2019 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 7,350,540 | 7,350,540 |
Common stock, shares outstanding | 7,350,540 | 7,350,540 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Income Statement [Abstract] | ||
Net Sales | ||
Costs and Expenses: | ||
Selling, General and Administrative Expenses | 53,059 | 19,985 |
Loss from Operations | (53,059) | (19,985) |
Other Income: | ||
Interest Income | 133 | 211 |
Net Loss | $ (52,926) | $ (19,774) |
Loss Per Common Share – Basic and diluted | $ (0.01) | $ 0 |
Weighted Average Shares Outstanding | 7,350,540 | 7,350,540 |
Statements of Stockholders_ (De
Statements of Stockholders’ (Deficit) Equity - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Apr. 30, 2017 | $ 7,350 | $ 2,372,640 | $ (2,156,080) | $ 223,910 |
Balance, shares at Apr. 30, 2017 | 7,350,540 | |||
Net Loss | (19,774) | (19,774) | ||
Balance at Apr. 30, 2018 | $ 7,350 | 2,372,640 | (2,175,854) | 204,136 |
Balance, shares at Apr. 30, 2018 | 7,350,540 | |||
Special Dividends | (181,996) | (181,996) | ||
Net Loss | (52,926) | (52,926) | ||
Balance at Apr. 30, 2019 | $ 7,350 | $ 2,190,644 | $ (2,228,780) | $ (30,786) |
Balance, shares at Apr. 30, 2019 | 7,350,540 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Apr. 30, 2019 | Apr. 30, 2018 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (52,926) | $ (19,774) |
Changes in Operating Assets and Liabilities: | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | 9,726 | (625) |
Increase in Accounts Payable and Accrued Liabilities – related party | 20,345 | |
Net Cash Used in Operating Activities | (22,855) | (20,399) |
Cash Flows from Financing Activities: | ||
Special Dividends Paid | (181,996) | |
Net Cash Used in Financing Activities | (181,996) | |
Decrease in Cash and Cash Equivalents | (204,851) | (20,399) |
Cash and Cash Equivalents - Beginning of the Year | 205,636 | 226,035 |
Cash and Cash Equivalents - End of the Year | 785 | 205,636 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash Paid for Interest | ||
Cash Paid for Income Taxes |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business Historically, Evergreen International Corp. ("Evergreen", "we", "our" or "the Company") was a wood products company that had been in business since 1980. Our business fluctuated over the years. We were almost wholly dependent on sales to The Home Depot, Inc. On September 2, 2003, we terminated our business relationship with Home Depot due to increased difficulties in transacting business with such company on a profitable basis. These difficulties included Home Depot's prohibition against price increases, despite increases in our costs of production, a diminution in the Home Depot territories to which we were allowed to sell product, and Home Depot's demands regarding returns of ordered products that we were unwilling to accede to for economic reasons. On June 22, 2018, the Company entered into a Stock Purchase Agreement (the "SPA") with a third party (the "Purchaser") and certain selling stockholders, including the Company's controlling stockholders ( all of the selling stockholders, collectively, On July 6, 2018, the Board of Directors of the Company (i) declared a cash dividend in an aggregate amount of $181,996, or an average of $0.024760 per share, payable to stockholders of record on July 16, 2018, and (ii) approved an amendment to the Company's Certificate of Incorporation to change the Company's name to Evergreen International, Corp, which amendment was filed with the Secretary of State of the State of Delaware on July 13, 2018 and became effective July 20, 2018. On July 27, 2018, the transactions contemplated by the SPA were closed, and as a result, the Purchaser completed the acquisition of the Shares, representing 98.75% of the company's issued and outstanding common stock for $325,000, which was funded by the Purchaser's personal funds. The consummation of the transactions contemplated by the SPA resulted in a change of control of the Company. Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of April 30, 2019 and 2018. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Actual results could differ from those estimates. Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Loss Per Share The basic computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC 260, "Earnings Per Share". Since the Company has no common stock equivalents, diluted loss per share is the same as basic loss per share. Fair Value of Financial Instruments The fair value of the Company's financial instruments, which consist primarily of cash and cash equivalents and accounts payable and accrued liabilities, approximate their carrying amounts reported due to their short-term nature. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Going Concern Risk As of April 30, 2019, the Company has accumulated losses of $2,228,780, negative working capital of $30,786, and has no operating activities currently. These factors raise substantial doubt about the Company's ability to continue as a going concern. It is management's intention to fund the ongoing operations of the Company while it seeks potential business opportunities. |
Stockhlders_ (Deficit) Equity
Stockhlders’ (Deficit) Equity | 12 Months Ended |
Apr. 30, 2019 | |
Equity [Abstract] | |
STOCKHLDERS' (DEFICIT) EQUITY | NOTE 2 – STOCKHLDERS' (DEFICIT) EQUITY Change of Control On June 22, 2018, the Company entered into a Stock Purchase Agreement (the "SPA") with a third party (the "Purchaser") and certain selling stockholders, including the Company's controlling stockholders ( all of the selling stockholders, collectively, On July 27, 2018, the transactions contemplated by the SPA were closed, and as a result, the Purchaser completed the acquisition of the Shares, representing 98.75% of the company's issued and outstanding common stock for $325,000, which was funded by the Purchaser's personal funds. The consummation of the transactions contemplated by the SPA resulted in a change of control of the Company. Special Dividend As a condition to the SPA discussed above, the Company issued a cash dividend of substantially all of its cash, less a reserve to discharge any remaining liabilities of the Company. The dividend was paid based on an average rate of $0.024760 per share for an aggregate total of $181,996. |
Changes in Management
Changes in Management | 12 Months Ended |
Apr. 30, 2019 | |
Changes in Management [Abstract] | |
CHANGES IN MANAGEMENT | NOTE 3 – CHANGES IN MANAGEMENT Pursuant to the requirements of the SPA closed on July 27, 2018, effective on August 6, 2018, Mr. Brad Houtkin resigned from his positions as President, CEO, CFO, Treasurer and Director of the Company. Mr. Michael Houtkin resigned as the Secretary and Director of the Company, and Ms. Sherry Houtkin resigned as the Director of the Company. Further, effective as of the same date, the Board of Directors of the Company appointed Jianguo Wei as the sole Director, CEO, CFO, President and Treasurer of the Company, and Ge Gao as the Corporate Secretary of the Company. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS During the fiscal year ended April 30, 2019, the Company's CEO and related party, Jianguo Wei , paid certain expenses on behalf of the Company. At April 30, 2019, the Company had a payable to this related party of $20,345. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES For income tax purposes, the Company has available net operating loss carryforwards ("NOL") at April 30, 2019 of approximately $534,000 expiring in various years from 2024 through 2040 to reduce state taxable income, if any. The Federal NOL generated will not expire due to NOLs having an indefinite life as enacted in the 2017 Tax Cuts and Jobs Act. The deferred tax asset at April 30, 2019 and 2018 is summarized as follows: April 30, 2019 2018 Deferred Tax Deferred Tax Assets Liabilities Assets Liabilities Net Operating Loss Carryforwards $ 165,000 - $ 149,000 $ - 165,000 - 149,000 - Less: Valuation Allowance 165,000 - 149,000 - $ - $ - $ - $ - The Company has taken a 100% valuation allowance against the deferred asset attributable to the NOL carry-forwards and other temporary differences due to the uncertainty of realizing the future tax benefits. The difference in the Federal Statutory Rate of 21% and the state rate of approximately 10% and the Company's effective tax rate of 0% is due to a valuation allowance against the deferred tax asset attributable to the net operating loss carryforward for federal and state taxes. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 6 – RECENT ACCOUNTING PRONOUNCEMENTS Management does not believe there would have been a material effect on the accompanying financial statements had any recently issued, but not yet effective, accounting standards been adopted in the current period. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Apr. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS We have evaluated all events that occurred after the balance sheet date through the date when our financial statements were issued to determine if they must be reported. Management has determined that there were no additional reportable subsequent events to be disclosed. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. There were no cash equivalents as of April 30, 2019 and 2018. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Actual results could differ from those estimates. |
Income Taxes | Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Loss Per Share | Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company's financial instruments, which consist primarily of cash and cash equivalents and accounts payable and accrued liabilities, approximate their carrying amounts reported due to their short-term nature. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Going Concern Risk | Going Concern Risk As of April 30, 2019, the Company has accumulated losses of $2,228,780, negative working capital of $30,786, and has no operating activities currently. These factors raise substantial doubt about the Company's ability to continue as a going concern. It is management's intention to fund the ongoing operations of the Company while it seeks potential business opportunities. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax asset | April 30, 2019 2018 Deferred Tax Deferred Tax Assets Liabilities Assets Liabilities Net Operating Loss Carryforwards $ 165,000 - $ 149,000 $ - 165,000 - 149,000 - Less: Valuation Allowance 165,000 - 149,000 - $ - $ - $ - $ - |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | Jul. 06, 2018 | Jul. 27, 2018 | Jun. 22, 2018 | Apr. 30, 2019 | Apr. 30, 2018 |
Organization and Summary of Significant Accounting Policies (Textual) | |||||
Federal depository insurance limits coverage | $ 250,000 | ||||
Accumulated losses | (2,228,780) | $ (2,175,854) | |||
Negative working capital | $ 30,786 | ||||
Board of Directors Chairman [Member] | |||||
Organization and Summary of Significant Accounting Policies (Textual) | |||||
Description of cash dividend | (i) declared a cash dividend in an aggregate amount of $181,996, or an average of $0.024760 per share, payable to stockholders of record on July 16, 2018, and (ii) approved an amendment to the Company's Certificate of Incorporation to change the Company's name to Evergreen International, Corp, which amendment was filed with the Secretary of State of the State of Delaware on July 13, 2018 and became effective July 20, 2018. | ||||
Stock Purchase Agreement [Member] | |||||
Organization and Summary of Significant Accounting Policies (Textual) | |||||
Acquire shares of common stock issued and outstanding percentage | 98.75% | 98.75% | |||
Business acquisition transactions cost | $ 325,000 |
Stockhlders_ (Deficit) Equity (
Stockhlders’ (Deficit) Equity (Details) - USD ($) | 1 Months Ended | ||
Jul. 27, 2018 | Jun. 22, 2018 | Apr. 30, 2019 | |
Stockholders' (Deficit) Equity (Textual) | |||
Dividend paid on average rate per share | $ 0.024760 | ||
Dividend aggregate total | $ 181,996 | ||
Stock Purchase Agreement [Member] | |||
Stockholders' (Deficit) Equity (Textual) | |||
Acquire shares of common stock issued and outstanding percentage | 98.75% | 98.75% | |
Business acquisition transactions cost | $ 325,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | Apr. 30, 2019USD ($) |
Related Party Transactions (Textual) | |
Amount payable to related party | $ 20,345 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Apr. 30, 2019 | Apr. 30, 2018 |
Deferred Tax Assets | ||
Net Operating Loss Carryforwards | $ 165,000 | |
Deferred Tax Assets, Gross | 165,000 | |
Less: Valuation Allowance | 165,000 | |
Total | ||
Deferred Tax Liabilities | ||
Net Operating Loss Carryforwards | 149,000 | |
Deferred Tax Liabilities, Gross | 149,000 | |
Less: Valuation Allowance | 149,000 | |
Total |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended |
Apr. 30, 2019USD ($) | |
Income Taxes (Textual) | |
Net operating loss carryforwards | $ 534,000 |
Income tax, description | The Company has available net operating loss carryforwards (“NOL”) at April 30, 2019 of approximately $534,000 expiring in various years from 2024 through 2040 to reduce state taxable income. |
Valuation allowance against deferred asset | 100.00% |
Federal Statutory Rate | 21.00% |
State rate | 10.00% |
Company's effective tax rate | 0.00% |