10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q 

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2021

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to _________________

Commission file number: None

THE DIAMOND CARTEL, INC.

(Exact name of registrant as specified in its charter)

Delaware	80-0914174
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
1586 Noah Bend, London, Ontario, Canada	N6G 0T2
(Address of principal executive offices)	(Zip Code)

(519) 619-4370

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by a checkmark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Date File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☑	Smaller reporting company	☑
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes ☑ No ☐

As of September 20, 2021, the registrant had 895,750 outstanding shares of common stock.

FORM 10-Q

TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)
	Balance Sheets as of July 31, 2021 and April 30, 2021	F-1
	Statements of Operations for the Three Months Ended July 31, 2021 and 2020	F-2
	Statements of Shareholders’ Deficit Three Months Ended July 31, 2021 and 2020	F-3
	Statements of Cash Flows for the Three Months Ended July 31, 2021 and 2020	F-4
	Notes to Financial Statements	F-5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 4.	Controls and Procedures

Item 6.	Exhibits
SIGNATURES

The Diamond Cartel Inc.

Balance Sheets

	July 31, 2021 (unaudited)			April 30, 2021
ASSETS
Prepaid expenses	$	1,130		$	–
Total Assets		1,130			0
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Account payable and accrued liabilities	$	11,932		$	8,565
Due to related party		116,180			108,411
Advances payable		42,813			42,945
Total Liabilities		170,925			159,921
Stockholders’ Deficit
Preferred Stock, 946,000 shares authorized, $0.001 par value; no shares issued and outstanding at July 31, 2021 and April 30, 2021		–			–
Preferred stock – Series A, 54,000 shares authorized, $0.001 par value, 0.48 shares issued and outstanding at July 31, 2021 and April 30, 2021		–			–
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at July 31, 2021 and April 30, 2021		90			90
Additional paid-in capital		454,126			454,126
Accumulated deficit		(624,011	)		(614,137	)
Total Stockholders’ Deficit		(169,795	)		(159,921	)
Total Liabilities and Stockholders’ Deficit	$	1,130		$	0

(The accompanying notes are an integral part of these financial statements)

F-1

The Diamond Cartel Inc.

Satements of Operations

(unaudited)

	Three Months Ended July 31, 2021			Three Months Ended July 31, 2020
Revenue	$	–		$	–
Expenses
General and administrative		9,874			11,899
Net Loss before provision for income tax		(9,874	)		(11,899	)
Provision for income tax		–			–
Net Loss		(9,874	)		(11,899	)
Net Loss Per Common Share – Basic and Diluted	$	(0.01	)	$	(0.01	)
Weighted Average Number of Common Shares Outstanding – Basic and Diluted		895,750			895,750

(The accompanying notes are an integral part of these financial statements)

F-2

The Diamond Cartel Inc.
Statements of Shareholders’ Deficit
(unaudited)

	Preferred Stock		Preferred Stock		Common Stock		Common Stock		Additional Paid-In Capital		Accumulated Deficit			Total
Balance – April 30, 2021		0.48	$	–		895,750	$	90	$	454,126	$	(614,137	)	$	(159,921	)
Net loss for the period		–		–		–		–		–		(9,874	)		(9,874	)
Balance – July 31, 2021		0.48	$	–		895,750	$	90	$	454,126	$	(624,011	)	$	(169,795	)
Balance – April 30, 2020		0.48	$	–		895,750	$	90	$	454,126	$	(581,158	)	$	(126,942	)
Net loss for the period		–		–		–		–		–		(11,899	)		(11,899	)
Balance – July 31, 2020		0.48	$	–		895,750	$	90	$	454,126	$	(593,057	)	$	(138,841	)

(The accompanying notes are an integral part of these financial statements)

F-3

The Diamond Cartel Inc.
Statements of Cash Flows
(unaudited)

	Three Months Ended July 31, 2021			Three Months Ended July 31, 2020
Operating Activities:
Net loss	$	(9,874	)	$	(11,899	)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange gain on amount due to related party		(687	)		76
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		3,680			6,235
Prepaid expenses		(1,130	)		–
Net Cash Used in Operating Activities		(8,011	)		(5,588	)
Financing Activities:
Proceeds of loan from related party		8,011			5,588
Net Cash Provided by Financing Activities		8,011			5,588
Change in Cash		–			–
Cash – Beginning of Period		–			–
Cash – End of Period	$	–		$	–
Supplemental Disclosures:
Interest paid	$	–		$	–
Income taxes paid	$	–		$	–

(The accompanying notes are an integral part of these financial statements)

F-4

The Diamond Cartel Inc.
Notes to the Financial Statements
July 31, 2021
(unaudited)

1. Business Description

The Diamond Cartel Inc. (the “Company”) was incorporated in the State of Delaware on August 17, 2005. The Company is a Blank Check Company which plans to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business with one or more businesses. On July 14, 2018 the Company had entered into a Letter of Intent with an unrelated third party. Except for this Letter of Intent, the Company has not identified any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

2. Going Concern

These financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenue since inception. As of July 31, 2021, the Company has a working capital deficiency of $169,795 and has accumulated losses of $624,011 since inception. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company intends to fund its activities through debt and equity financing arrangements. There is no assurance that the Company will obtain the necessary financing to complete its objectives.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds. Management continues to monitor the situation.

3. Summary of Significant Accounting Policies

a) Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at July 31, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended April 30, 2021 and 2020. The Company has an April 30 year-end.

b) Use of Estimates

The preparation of financial statements in accordance 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 at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

F-5

The Diamond Cartel Inc.
Notes to the Financial Statements
July 31, 2021
(unaudited)

3. Summary of Significant Accounting Policies (continued)

c) Recent Accounting Pronouncements

The Company has implemented all new 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. Advances Payable

On July 14, 2018, the Company executed a Letter of Intent (the “LOI”) with a Corporation registered in the country of Chile (“Corporation”). Pursuant to the LOI, the Corporation agreed to exchange 100% of its total issued and outstanding shares for 13,056,626 shares of common stock of the Company. In addition, the Corporation agreed to provide funding of $500,000 and to enter into a consulting contract with the President of Company. Of the $500,000 funding, $15,000 was payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 was refundable in the event the terms of the LOI were not met. Of the $500,000 funding, $135,000 was to be deposited to a trust account with the Company’s legal counsel for payment of outstanding payables, closing costs associated with the transaction and costs associated with raising capital for the Company. Once the Company raised a minimum of $4,500,000 after the completion the transaction, the President of the Company was to receive the remaining $350,000. As at July 31, 2021, the Company recorded on its balance sheets advances payable of $42,813 (April 30, 2021 - $42,945) representing professional fees paid on behalf of the Company.

5. Related Party Transactions

During the three months ended July 31, 2021, the President of the Company incurred expenses of $8,011 (2020 - $6,235) on behalf of the Company.

As at July 31, 2021 and April 30, 2021, the Company was indebted to the President of the Company for $116,180 and $108,411, respectively, for expenses incurred on behalf of the Company. These amounts are non-interest bearing, unsecured, and are due on demand.

6. Share Capital

On July 1, 2021, the President of the Company entered into a stock purchase agreement with an unrelated party to sell approximately 560,000 shares of the Company’s common stock owned by the President of the Company. The total shares sold under the stock purchase agreement represent 62% of the total shares outstanding, which will result in a change in control. On June 10, 2021, the buyer made a $45,000 non-refundable deposit towards the stock purchase, and on July 9, 2021, the buyer made an additional non-refundable deposit of $13,850 towards the stock purchase. The transaction has not closed as of the date of this filing.

7. Subsequent Events

Management has evaluated subsequent events through the date that these financial statements were issued. There have been no events that would require adjustment to or disclosure in the financial statements.

F-6

ITEM 2.       MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

We are a “blank check” Company incorporated on August 17, 2005 as a Delaware corporation. We plan to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On July 14, 2018 we had entered into a Letter of Intent with an unrelated third party. Except for this Letter of Intent, we have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with respect to identifying any business combination target.

Except as disclosed above, we have not identified any business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussions directly or indirectly, with respect to identifying any business combination target.

Until we complete an acquisition, we may seek to raise additional funds through a private offering of debt or equity to fund our operations, including the costs associated with being a public company. We are not a party to any arrangement or understanding with any third party with respect to raising any additional capital.

Results of Operations

The following discussion of the Company’s financial condition and the results of operations should be read in conjunction with the unaudited financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q.

There is no historical financial information about us upon which to base an evaluation of our performance. We had net loss of $9,874 and $11,899 for the three months ended July 31, 2021 and 2020, respectively.

We have neither engaged in any operations nor generated any revenues to date. Our only activities since inception have been organizational activities. We may not generate any operating revenues until after the completion of a business combination. There has been no significant change in our financial condition and no material adverse change has occurred since October 31, 2020. We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

During the three months ended July 31, 2021 and 2020, we had operating expenses of $9,874 and $11,899, respectively. The decrease in operating expenses is primarily due to a decrease in general and administrative expenses of $2,025.

As of July 31, 2021, we owed Michel Atlidakis, our sole officer and director, $116,180 for expenses incurred on our behalf. The amount we owe Mr. Atlidakis is non-interest bearing, unsecured, and due on demand.

As of July 31, 2021, we did not have any off-balance sheet arrangements and did not have any commitments or contractual obligations.

See Note 3 to our financial statements included as part of this report for a description of our critical accounting policies and the potential impact of the adoption of any new accounting pronouncements.

ITEM 4.       CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Under the direction and with the participation of the Company’s management, including the Company’s Chief Executive and Chief Financial Officer, the Company has conducted an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures as of July 31, 2021. The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its periodic reports with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and regulations, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Company’s disclosure controls and procedures are designed to provide a reasonable level of assurance of reaching its desired disclosure control objectives. Based on the evaluation, the Chief Executive and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of July 31, 2021.

4

Changes in Internal Control over Financial Reporting

During the period ended July 31, 2021 there were no changes in the Company’s internal controls that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

5

PART II OTHER INFORMATION

ITEM 6. EXHIBITS

Exhibit
Number	Description of Document
31.1	Certification of Principal Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, (filed herewith)
31.2	Certification of Principal Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, (filed herewith)
32	Certifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith)
101.INS	XBRL Instance Document.
101.SCH	XBRL Taxonomy Extension Schema Document.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document.

6

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	THE DIAMOND CARTEL, INC.
Dated: September 20, 2021	By:	/s/ Michel Atlidakis
		Michel Atlidakis
		Principal Executive Officer

By:	/s/ Michel Atlidakis
	Michel Atlidakis
	Principal Financial and Accounting Officer

7

EX-31.1

Exhibit 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULES 13a-14(a) AND 15a-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

I, Michel Atlidakis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Diamond Cartel, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: September 20, 2021	By:	/s/ Michel Atlidakis
		Michel Atlidakis
		Principal Executive Officer

8

EX-31.2

Exhibit 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER
PURSUANT TO RULES 13a-14(a) AND 15a-14(a)
OF THE SECURITIES EXCHANGE ACT OF 1934

I, Michel Atlidakis, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of The Diamond Cartel, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: September 20, 2021	By:	/s/ Michel Atlidakis
		Michel Atlidakis
		Principal Financial Officer

9

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO 

18 U.S.C. SECTION 1350, 

AS ADOPTED PURSUANT TO 

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of The Diamond Cartel, Inc. (the “Company”), for the period ended July 31, 2021, as filed with the Securities and Exchange Commission (the “Report”), Michel Atlidakis the principal executive and financial officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Dated: September 20, 2021	By:	/s/ Michel Atlidakis
		Michel Atlidakis
		Principal Executive and Financial Officer

10

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Cover - shares	3 Months Ended
	Jul. 31, 2021	Sep. 20, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jul. 31, 2021
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--04-30
Entity File Number	333-215884
Entity Registrant Name	DIAMOND CARTEL INC
Entity Central Index Key	0001347491
Entity Tax Identification Number	80-0914174
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1586 Noah Bend
Entity Address, City or Town	London
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	N6G 0T2
City Area Code	519
Local Phone Number	619-4370
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		895,750

XML

Balance Sheets (unaudited) - USD ($)	Jul. 31, 2021	Apr. 30, 2021
ASSETS
Prepaid expenses	$ 1,130
Total Assets	1,130	0
Current Liabilities
Account payable and accrued liabilities	11,932	8,565
Due to related party	116,180	108,411
Advances payable	42,813	42,945
Total Liabilities	170,925	159,921
Stockholders’ Deficit
Preferred stock, value
Common stock, 200,000,000 shares authorized, $0.0001 par value; 895,750 shares issued and outstanding at July 31, 2021 and April 30, 2021	90	90
Additional paid-in capital	454,126	454,126
Accumulated deficit	(624,011)	(614,137)
Total Stockholders’ Deficit	(169,795)	(159,921)
Total Liabilities and Stockholders’ Deficit	1,130	0
Series A Preferred Stock [Member]
Stockholders’ Deficit
Preferred stock, value

XML

Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jul. 31, 2021	Apr. 30, 2021
Preferred stock, authorized	946,000	946,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Common stock, authorized	200,000,000	200,000,000
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, issued	895,750	895,750
Common stock, outstanding	895,750	895,750
Series A Preferred Stock [Member]
Preferred stock, authorized	54,000	54,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, issued	0.48	0.48
Preferred stock, outstanding	0.48	0.48

XML

Satements of Operations (unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Income Statement [Abstract]
Revenue
Expenses
General and administrative	9,874	11,899
Net Loss before provision for income tax	(9,874)	(11,899)
Provision for income tax
Net Loss	$ (9,874)	$ (11,899)
Net Loss Per Common Share – Basic and Diluted	$ (0.01)	$ (0.01)
Weighted Average Number of Common Shares Outstanding – Basic and Diluted	895,750	895,750

XML

Statements of Shareholders' Deficit (unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance – April 30, 2020 at Apr. 30, 2020		$ 90	$ 454,126	$ (581,158)	$ (126,942)
Shares, Outstanding, Beginning Balance at Apr. 30, 2020	0.48	895,750
Net loss for the period				(11,899)	(11,899)
Balance – July 31, 2020 at Jul. 31, 2020		$ 90	454,126	(593,057)	(138,841)
Shares, Outstanding, Ending Balance at Jul. 31, 2020	0.48	895,750
Balance – April 30, 2020 at Apr. 30, 2021		$ 90	454,126	(614,137)	(159,921)
Shares, Outstanding, Beginning Balance at Apr. 30, 2021	0.48	895,750
Net loss for the period				(9,874)	(9,874)
Balance – July 31, 2020 at Jul. 31, 2021		$ 90	$ 454,126	$ (624,011)	$ (169,795)
Shares, Outstanding, Ending Balance at Jul. 31, 2021	0.48	895,750

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Statements of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020
Operating Activities:
Net loss	$ (9,874)	$ (11,899)
Adjustments to reconcile net loss to net cash used in operating activities:
Foreign exchange gain on amount due to related party	(687)	76
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	3,680	6,235
Prepaid expenses	(1,130)
Net Cash Used in Operating Activities	(8,011)	(5,588)
Financing Activities:
Proceeds of loan from related party	8,011	5,588
Net Cash Provided by Financing Activities	8,011	5,588
Change in Cash
Cash – Beginning of Period
Cash – End of Period
Supplemental Disclosures:
Interest paid
Income taxes paid

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Business Description

3 Months Ended

Jul. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business Description

1. Business Description

The Diamond Cartel Inc. (the “Company”) was incorporated in the State of Delaware on August 17, 2005. The Company is a Blank Check Company which plans to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business with one or more businesses. On July 14, 2018 the Company had entered into a Letter of Intent with an unrelated third party. Except for this Letter of Intent, the Company has not identified any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target.

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Going Concern

3 Months Ended

Jul. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Going Concern

2. Going Concern

These financial statements have been prepared on a going concern basis, which contemplates the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated any revenue since inception. As of July 31, 2021, the Company has a working capital deficiency of $169,795 and has accumulated losses of $624,011 since inception. These factors, among others, raise substantial doubt regarding the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders, the ability of the Company to obtain necessary equity financing to continue operations. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company intends to fund its activities through debt and equity financing arrangements. There is no assurance that the Company will obtain the necessary financing to complete its objectives.

In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s business or ability to raise funds. Management continues to monitor the situation.

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Summary of Significant Accounting Policies

3 Months Ended

Jul. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

a) Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at July 31, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended April 30, 2021 and 2020. The Company has an April 30 year-end.

b) Use of Estimates

The preparation of financial statements in accordance 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 at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

c) Recent Accounting Pronouncements

The Company has implemented all new 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.

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Advances Payable

3 Months Ended

Jul. 31, 2021

Advances Payable

Advances Payable

4. Advances Payable

On July 14, 2018, the Company executed a Letter of Intent (the “LOI”) with a Corporation registered in the country of Chile (“Corporation”). Pursuant to the LOI, the Corporation agreed to exchange 100% of its total issued and outstanding shares for 13,056,626 shares of common stock of the Company. In addition, the Corporation agreed to provide funding of $500,000 and to enter into a consulting contract with the President of Company. Of the $500,000 funding, $15,000 was payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 was refundable in the event the terms of the LOI were not met. Of the $500,000 funding, $135,000 was to be deposited to a trust account with the Company’s legal counsel for payment of outstanding payables, closing costs associated with the transaction and costs associated with raising capital for the Company. Once the Company raised a minimum of $4,500,000 after the completion the transaction, the President of the Company was to receive the remaining $350,000. As at July 31, 2021, the Company recorded on its balance sheets advances payable of $42,813 (April 30, 2021 - $42,945) representing professional fees paid on behalf of the Company.

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Related Party Transactions

3 Months Ended

Jul. 31, 2021

Related Party Transactions [Abstract]

Related Party Transactions

5. Related Party Transactions

During the three months ended July 31, 2021, the President of the Company incurred expenses of $8,011 (2020 - $6,235) on behalf of the Company.

As at July 31, 2021 and April 30, 2021, the Company was indebted to the President of the Company for $116,180 and $108,411, respectively, for expenses incurred on behalf of the Company. These amounts are non-interest bearing, unsecured, and are due on demand.

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Share Capital

3 Months Ended

Jul. 31, 2021

Share Capital

Share Capital

6. Share Capital

On July 1, 2021, the President of the Company entered into a stock purchase agreement with an unrelated party to sell approximately 560,000 shares of the Company’s common stock owned by the President of the Company. The total shares sold under the stock purchase agreement represent 62% of the total shares outstanding, which will result in a change in control. On June 10, 2021, the buyer made a $45,000 non-refundable deposit towards the stock purchase, and on July 9, 2021, the buyer made an additional non-refundable deposit of $13,850 towards the stock purchase. The transaction has not closed as of the date of this filing.

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Subsequent Events

3 Months Ended

Jul. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

7. Subsequent Events

Management has evaluated subsequent events through the date that these financial statements were issued. There have been no events that would require adjustment to or disclosure in the financial statements.

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Jul. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

a) Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and with Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company’s management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company at July 31, 2021 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended July 31, 2021 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto included elsewhere in this filing for the years ended April 30, 2021 and 2020. The Company has an April 30 year-end.

Use of Estimates

b) Use of Estimates

The preparation of financial statements in accordance 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 at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

Recent Accounting Pronouncements

c) Recent Accounting Pronouncements

The Company has implemented all new 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.

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Going Concern (Details Narrative) - USD ($)	Jul. 31, 2021	Apr. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 169,795
Accumulated losses	$ 624,011	$ 614,137

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Advances Payable (Details Narrative) - USD ($)		3 Months Ended
	Jul. 14, 2018	Jul. 31, 2021	Jul. 31, 2020	Apr. 30, 2021
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Common stock, shares issued		895,750		895,750
Common Stock, Shares, Outstanding		895,750		895,750
Funding into consulting contract with President		$ 8,011	$ 5,588
Advances payable (recognized as professional fees)		42,813		$ 42,945
Related Party [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Ownership percentage	100.00%
Common stock, shares issued	13,056,626
Common Stock, Shares, Outstanding	13,056,626
Description of consulting contract	the Corporation agreed to provide funding of $500,000 and to enter into a consulting contract with the President of Company. Of the $500,000 funding, $15,000 was payable to the President of the Company immediately upon acceptance of the LOI. The $15,000 was refundable in the event the terms of the LOI were not met. Of the $500,000 funding, $135,000 was to be deposited to a trust account with the Company’s legal counsel for payment of outstanding payables, closing costs associated with the transaction and costs associated with raising capital for the Company. Once the Company raised a minimum of $4,500,000 after the completion the transaction, the President of the Company was to receive the remaining $350,000
Funding into consulting contract with President	$ 500,000
Amount deposited to trust for payment of outstanding payables	135,000
Amount raised for transaction	4,500,000
Advances payable (recognized as professional fees)		$ 42,813		$ 42,945
Related Party [Member] | President [Member]
Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves [Line Items]
Refundable amount	15,000
Payable after the acceptance of LOI	15,000
Receivables based on minimum transaction completion	$ 350,000

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Related Party Transactions (Details Narrative) - USD ($)	3 Months Ended
	Jul. 31, 2021	Jul. 31, 2020	Apr. 30, 2021
Related Party Transaction [Line Items]
Due to related party	$ 116,180		$ 108,411
Related Party [Member] | President [Member]
Related Party Transaction [Line Items]
Incurred expenses	8,011	$ 6,235
Due to related party	$ 116,180		$ 108,411

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Share Capital (Details Narrative) - Stock Purchase Agreement [Member] - USD ($)	Jul. 02, 2021	Jul. 09, 2021	Jun. 10, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Unrelated party to sell	560,000
Interest rate	62.00%
Non-refundable deposit		$ 13,850	$ 45,000