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PBAJ Petro USA

Document and Entity Information

Document and Entity Information - shares9 Months Ended
Mar. 31, 2021May 10, 2021
Document And Entity Information
Entity Registrant NamePETRO USA, INC.
Entity Central Index Key0000745543
Document Type10-Q
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Current Fiscal Year End Date--06-30
Is Entity a Shell Company?false
Is Entity's Reporting Status Current?Yes
Entity Interactive DataYes
Entity Filer CategoryNon-accelerated Filer
Entity Common Stock, Shares Outstanding30,920
Document Fiscal Period FocusQ3
Document Fiscal Year Focus2021
Entity Emerging Growth Companyfalse
Entity Small Businesstrue

Balance Sheets

Balance Sheets - USD ($)Mar. 31, 2021Jun. 30, 2020
Current Assets:
Cash and cash equivalents
Total current assets
Total assets0 0
Current Liabilities:
Accounts payable and accrued liabilities25,082 15,223
Due to related parties88,050 75,673
Total current liabilities113,132 90,896
Total liabilities113,132 90,896
Stockholders' Deficit
Preferred Stock, $0.001 par value, 10,000,000 shares authorized, none shares issued and outstanding
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, 2,964,181,540 shares issued and outstanding respectively3 3
Additional paid-in capital121,677,146 121,669,646
Accumulated deficit(121,790,281)(121,760,545)
Total stockholders' deficit(113,132)(90,896)
Total liabilities and stockholders' deficit $ 0 $ 0

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / sharesMar. 31, 2021Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock - par value $ 0.001 $ 0.0001
Preferred stock - shares authorized10,000,000 10,000,000
Preferred stock - shares issued
Preferred stock - shares outstanding
Common stock- par value $ 0.0001 $ 0.0001
Common stock- shares authorized7,000,000,000 7,000,000,000
Common stock- shares issued2,964,181,540 2,964,181,540
Common stock- shares outstanding2,964,181,540 2,964,181,540

Statements of Operations

Statements of Operations - USD ($)3 Months Ended9 Months Ended
Mar. 31, 2021Mar. 31, 2020Mar. 31, 2021Mar. 31, 2020
Income Statement [Abstract]
Revenues
Operating expenses
Other general and administrative expenses540 1,100 29,736 2,600
Total operating expenses540 1,100 29,736 2,600
Loss from operations(540)(1,100)(29,736)(2,600)
Other income (expense)
Loss on settlement of debt
Interest expense
Total other income (expense)
Net loss $ (540) $ (1,100) $ (29,736) $ (2,600)
Basic and fully diluted loss per common share $ (0.02) $ (0.04) $ (0.96) $ (0.06)
Basic and fully diluted weighted average common shares outstanding30,920 30,218 30,920 30,218

Statements of Cash Flows

Statements of Cash Flows - USD ($)9 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash Flows from Operating Activities:
Net loss $ (29,736) $ (2,600)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Issuance of common stock as share based compensation7,500
Loss on extinquishment of debt
Changes in assets and liabilities
Increase (decrease) in accounts payable9,859 2,000
Increase (decrease) in due to related parties12,377 600
Net cash provided by (used in) operating activities
Cash Flows from Financing Activities
Net increase (decrease) in cash
Cash and cash equivalents, beginning period
Cash and cash equivalents, end of period
Supplemental disclosure of cash flow information:
Cash paid for interest
Cash paid for taxes
Non-cash transactions:
Conversion of related party debt

Statement of Changes in Stockho

Statement of Changes in Stockholders' Deficit - USD ($)Preferred StockCommon StockAdditional Paid-In CapitalAccumulated DeficitTotal
Beginning Balance, Shares at Jun. 30, 2019 30,218
Beginning Balance, Amount at Jun. 30, 2019 $ 3 $ 121,669,646 $ (121,743,210) $ (73,561)
Net loss(1,000)(1,000)
Ending Balance, Shares at Sep. 30, 2019 30,218
Ending Balance, Amount at Sep. 30, 2019 $ 3 121,669,646 (121,744,210)(74,561)
Beginning Balance, Shares at Jun. 30, 2019 30,218
Beginning Balance, Amount at Jun. 30, 2019 $ 3 121,669,646 (121,743,210)(73,561)
Net loss(2,600)
Ending Balance, Shares at Mar. 31, 2020 30,218
Ending Balance, Amount at Mar. 31, 2020 $ 3 121,669,646 (121,745,810)(76,161)
Beginning Balance, Shares at Sep. 30, 2019 30,218
Beginning Balance, Amount at Sep. 30, 2019 $ 3 121,669,646 (121,744,210)(74,561)
Net loss(500)(500)
Ending Balance, Shares at Dec. 31, 2019 30,218
Ending Balance, Amount at Dec. 31, 2019 $ 3 121,669,646 (121,744,710)(75,061)
Net loss(1,100)(1,100)
Ending Balance, Shares at Mar. 31, 2020 30,218
Ending Balance, Amount at Mar. 31, 2020 $ 3 121,669,646 (121,745,810)(76,161)
Beginning Balance, Shares at Jun. 30, 2020 30,218
Beginning Balance, Amount at Jun. 30, 2020 $ 3 121,669,646 (121,760,545)(90,896)
Net loss(5,346)(5,346)
Ending Balance, Shares at Sep. 30, 2020 30,218
Ending Balance, Amount at Sep. 30, 2020 $ 3 121,669,646 (121,765,891)(96,242)
Beginning Balance, Shares at Jun. 30, 2020 30,218
Beginning Balance, Amount at Jun. 30, 2020 $ 3 121,669,646 (121,760,545)(90,896)
Net loss(29,736)
Ending Balance, Shares at Mar. 31, 2021 30,920
Ending Balance, Amount at Mar. 31, 2021 $ 3 121,677,146 (121,790,281)(113,132)
Beginning Balance, Shares at Sep. 30, 2020 30,218
Beginning Balance, Amount at Sep. 30, 2020 $ 3 121,669,646 (121,765,891)(96,242)
Shares issued for services, Shares1,000,000
Shares issued for services, Amount $ 1,000 6,500 7,500
Shares returned to treasury, Shares702
Cancellation of preferred shares, Shares702
Ending Balance, Shares at Dec. 31, 20201,000,000 30,920
Ending Balance, Amount at Dec. 31, 2020 $ 1,000 $ 3 121,676,146 (121,789,741)(96,242)
Shares returned to treasury, Shares(1,000,000)
Cancellation of preferred shares, Shares(1,000,000)
Cancellation of preferred shares, Amount $ (1,000)1,000
Net loss(540)(540)
Ending Balance, Shares at Mar. 31, 2021 30,920
Ending Balance, Amount at Mar. 31, 2021 $ 3 $ 121,677,146 $ (121,790,281) $ (113,132)

Organization, Description of Bu

Organization, Description of Business and Basis of Accounting9 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Organization, Description of Business and Basis of Accounting1. Organization, Description of Business, and Basis of Accounting Business Organization All State Properties Holdings, Inc., a corporation (the "Company") was organized under the state of Nevada on April 24, 2008 to conduct business formerly carried on by its predecessor partnership, All State Properties L.P. (the "Partnership"). The Partnership merged with the Company on May 29, 2008. The Company acquired all of the assets and assumed all of the liabilities and obligations of the Partnership. At May 29, 2008 each unit, par value $0.001 per share of the Partnership was converted into one issued and outstanding share of par value $0.0001 common stock of the Corporation. On November 10, 2020, the majority of the shareholders and board of directors of the Registrant approved a name change for the Registrant to Petro U.S.A., Inc. to reflect a change in the business to become an operator of and travel centers in the United States, The Company's fiscal year end is June 30th. Accounting Basis These financial statements have been prepared on the accrual basis of accounting following generally accepted accounting principles of the United States of America (“U.S. GAAP”) consistently applied. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2020 and notes thereto contained in our 10-K Annual Report 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 and disclosure of contingent. Actual results could differ from those estimates. Income Taxes The Company uses the asset and
liability method of accounting for income taxes. At March 31, 2021 and June 30, 2020, respectively, the deferred tax asset
and deferred tax liability accounts as recorded when material to the financial statements, are entirely the result of
temporary and permanent differences. Temporary differences represent differences in the recognition of assets and
liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of
debt . As of March 31, 2021, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company. Dividends Fair Value of Financial Instruments The carrying value of cash, accounts payable and amounts due to related party approximates its fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company accounts for financial instruments in accordance with the Financial Accounting Standard Board's Accounting Standards Codification Topic 820 – Fair Value Measurements and Disclosures ("ASC 820"), which establishes a framework for measuring fair value and expands disclosure of fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this policy established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents assets that are
measured and recognized at fair value on a non-recurring basis: Level 1: None Level 2: None Level 3: None Earnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of March 31, 2021, and June 30,
2020, the Company has no issued and outstanding warrants or options.

Going Concern

Going Concern9 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern2. Going Concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses and is dependent on obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain the necessary funding it could cease operations as a new enterprise. This raises substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements. These financial statements do not include any adjustments that might result from this uncertainty.

Income Taxes

Income Taxes9 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes3. Income Taxes The Company provides for income taxes asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. This method requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% to the net loss before provision for income taxes for the following reasons: March 31, 2021 2020 Income tax expense at statutory rate $ 6,245 $ 546 Valuation Allowance (6,245) (546) Income tax expense per books $ - $ - Net deferred tax assets consist of the following components as of March 31, 2021 and June 30, 2020: March 31, June 30, 2021 2020 Net Operating Loss Carryover $ 224,559 $ 194,823 Valuation Allowance (224,559) (194,823) Net Deferred Tax Asset $ - $ - The Company had net operating loss carryforwards of approximately $840,000 at March 31, 2021.

Related Party

Related Party9 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party4. Related Party Transactions The Amounts due to related parties are advances from a company controlled by the Company's Chief Executive Officer in order to pay operating expenses of the Company. These advances are non-interest bearing and payable upon demand. On January 20, 2021, Mr. Pete R Iodice was appointed as President and Board Member of the Company. On April 9, 2021, Mr. Peter R. Iodice resigned as President and Director of the Company.

Organization, Description of _2

Organization, Description of Business and Basis of Accounting (Policies)9 Months Ended
Mar. 31, 2021
Organization Description Of Business And Basis Of Accounting
Business OrganizationBusiness Organization All State Properties Holdings, Inc., a corporation (the "Company") was organized under the state of Nevada on April 24, 2008 to conduct business formerly carried on by its predecessor partnership, All State Properties L.P. (the "Partnership"). The Partnership merged with the Company on May 29, 2008. The Company acquired all of the assets and assumed all of the liabilities and obligations of the Partnership. At May 29, 2008 each unit, par value $0.001 per share of the Partnership was converted into one issued and outstanding share of par value $0.0001 common stock of the Corporation. On November 10, 2020, the majority of the shareholders and board of directors of the Registrant approved a name change for the Registrant to Petro U.S.A., Inc. to reflect a change in the business to become an operator of and travel centers in the United States, The Company's fiscal year end is June 30th.
Accounting BasisAccounting Basis These financial statements have been prepared on the accrual basis of accounting following generally accepted accounting principles of the United States of America (“U.S. GAAP”) consistently applied. The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2020 and notes thereto contained in our 10-K Annual Report
Use of EstimatesUse 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 and disclosure of contingent. Actual results could differ from those estimates.
Income TaxesIncome Taxes The Company uses the asset and liability method of accounting for income taxes. At March 31, 2021 and June 30, 2020, respectively, the deferred tax asset and deferred tax liability accounts as recorded when material to the financial statements, are entirely the result of temporary and permanent differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt. As of March 31, 2021, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company.
DividendsDividends
Fair Value of Financial InstrumentsFair Value of Financial Instruments The carrying value of cash, accounts payable and amounts due to related party approximates its fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. The Company accounts for financial instruments in accordance with the Financial Accounting Standard Board's Accounting Standards Codification Topic 820 – Fair Value Measurements and Disclosures ("ASC 820"), which establishes a framework for measuring fair value and expands disclosure of fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this policy established a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1. Observable inputs such as quoted prices in active markets; Level 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The following table presents assets that are
measured and recognized at fair value on a non-recurring basis: Level 1: None Level 2: None Level 3: None
Earnings (Loss) per ShareEarnings (Loss) per Share Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements. Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants). Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date. As of March 31, 2021, and June 30,
2020, the Company has no issued and outstanding warrants or options.

Income Taxes (Tables)

Income Taxes (Tables)9 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Provision for Income Taxes March 31, 2021 2020 Income tax expense at statutory rate $ 6,245 $ 546 Valuation Allowance (6,245) (546) Income tax expense per books $ - $ -
Deferred tax assets March 31, June 30, 2021 2020 Net Operating Loss Carryover $ 224,559 $ 194,823 Valuation Allowance (224,559) (194,823) Net Deferred Tax Asset $ - $ -

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($)9 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense at statutory rate $ 6,245 $ 546
Valuation Allowance(6,245)(546)
Income tax expense per books

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets (Details) - USD ($)Mar. 31, 2021Jun. 30, 2020
Income Taxes - Deferred Tax Assets
Net Operating Loss Carryover $ 224,559 $ 194,823
Valuation Allowance(224,559)(194,823)
Net Deferred Tax Asset

Income Taxes (Details Narrative

Income Taxes (Details Narrative)9 Months Ended
Mar. 31, 2021USD ($)
Income Tax Disclosure [Abstract]
Statutory federal income tax rate21.00%
Net operating loss carryover $ 840,000