| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (" FASB Codification GAAP 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 satisfaction of liabilities in the normal course of business for the twelve-month period following
the date of these financial statements. The Company has incurred significant operating losses since inception. As of March 31,
2020, the Company had a working capital deficit of $79,427 and negative shareholders' equity of $580,430. Because
the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this
raises substantial doubt about the Company's ability to continue as a going concern. Therefore, the Company will need to
raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David
Lazar who is extending interest-free demand loans to the Company. Historically, the Company has raised capital through private
placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale
of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until
its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize
working capital, and intends to continue this practice where feasible. Use
of Estimates The
preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect
the reported amounts of 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. The most significant estimates relate to income
taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends, and various other
assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements.
The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that
are not readily apparent from other sources. Actual results could differ from these estimates. Revenue
Recognition We
have not generated any revenue since inception. On
July 1, 2018, the Company adopted Accounting Standards Codification ("ASC") Topic 606, Revenue from Contracts with
Customers ("ASC 606"). Results for reporting periods beginning after January 1, 2018, are presented under ASC 606. As
of and for the year ended June 30, 2019, the financial statements were not impacted due to the application of Topic 606 because
the Company had no revenues. Cash
and cash equivalents The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
On March 31, 2020, and June 30, 2019, the Company's cash equivalents totaled $0 and $0 respectively. Income
taxes The
Company accounts for income taxes under FASB ASC 740, "Accounting for Income Taxes" "Accounting for
Uncertainty in Income Taxes" The
amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate
settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts
or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position's sustainability
under audit. Stock-based
Compensation The
Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of
the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity
to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair
value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required
to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost
is recognized for equity instruments for which employees do not render the requisite service. Net
Loss per Share Net
loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as
defined by Financial Accounting Standards, ASC Topic 260, "Earnings per Share." Basic earnings per common share ("EPS")
calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during
the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number
of common shares and dilutive common share equivalents outstanding. Recent
Accounting Pronouncements In
February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Codification Improvements Codification Improvements to Topic 842, Leases (Topic 842) Targeted Improvements, We
intend to adopt ASC 842 on July 1, 2020. The adoption of this guidance did not have any impact on our financial statements. Stockholders'
Equity The
Company has authorized 2,000,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock. As of March 31, 2020, and
June 30, 2019, respectively, there were 938,880,000 shares of Common Stock issued and outstanding, and no shares of Preferred
Stock issued and outstanding. |
