0001262463-18-000364.txt : 20181119 0001262463-18-000364.hdr.sgml : 20181119 20181119135237 ACCESSION NUMBER: 0001262463-18-000364 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 46 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181119 DATE AS OF CHANGE: 20181119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL LEADERS CAPITAL Corp CENTRAL INDEX KEY: 0001470550 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 270491634 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53780 FILM NUMBER: 181192044 BUSINESS ADDRESS: STREET 1: 9811 W. CHARLESTON BLVD STREET 2: SUITE 2-518 CITY: LAS VEGAS STATE: NV ZIP: 89117 BUSINESS PHONE: 857-210-5004 MAIL ADDRESS: STREET 1: 9811 W. CHARLESTON BLVD STREET 2: SUITE 2-518 CITY: LAS VEGAS STATE: NV ZIP: 89117 FORMER COMPANY: FORMER CONFORMED NAME: STAR CENTURY PANDAHO Corp DATE OF NAME CHANGE: 20150210 FORMER COMPANY: FORMER CONFORMED NAME: Journal of Radiology, Inc. DATE OF NAME CHANGE: 20090818 10-Q 1 ilcc93018.htm FORM 10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 205495

FORM 10-Q

 

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

 

For the quarterly period ended September 30, 2018

 

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 000-53780

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

(Exact name of registrant as specified in its charter)

 

Nevada 27-0491634
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
   

9811 W Charleston Blvd., Suite 2-518

Las Vegas, Nevada

 

89117

(Address of Principal executive offices) (Zip Code)
   
Registrant’s telephone number, including area code. (857) 210-5004

 

   

  (Former name and former address, if changed since last Report)

 

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 x No ¨

 

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

 

 1 

 

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 the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. ¨

 

  Large accelerated filer                 ¨     Accelerated filer                    ¨     
  Non-accelerated filer                   ¨      Smaller reporting company   x
  Emerging Growth Company        ¨       

  

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

 

As of November 14, 2018, the registrant had 249,386,285 outstanding shares of Common Stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 2 

 

 INTERNATIONAL LEADERS CAPITAL CORPORATION

INDEX

 

   

Page

Number

PART I. FINANCIAL INFORMATION  
     
Item 1   Financial Statements:  
  Condensed Consolidated Balance Sheets as of September 30, 2018 (Unaudited) and June 30, 2018 5
  Condensed Consolidated Statements of Operations for the Three Months Ended September 30, 2018 and 2017 (Unaudited) 6
  Condensed Consolidated Statement of Stockholders’ Deficiency for the Three Months Ended September 30, 2018 (Unaudited) 7
  Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2018 and 2017 (Unaudited) 8
  Notes to Condensed Consolidated Financial Statements (Unaudited) - Three months Ended September 30, 2018 and 2017 9
Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 16
Item 3 Quantitative and Qualitative Disclosures About Market Risk 19
Item 4T Controls and Procedures 19
     
PART II OTHER INFORMATION  
     
Item 1 Legal Proceedings 20
Item 1A Risk Factors 20
Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 3 Defaults upon Senior Securities 20
Item 4 Mine Safety Disclosures 20
Item 5 Other Information 20
Item 6 Exhibits 20
     
SIGNATURES 21
     
EXHIBITS  

 

 

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 3 

 

Forward-Looking Statements

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “1933 Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact are “forward-looking statements” for purposes of this Quarterly Report on Form 10-Q, including any projections of earnings, revenue or other financial items, any statements regarding the plans and objectives of management for future operations, any statements concerning proposed new products or services, any statements regarding future economic conditions or performance, any statements regarding expected benefits from any transactions and any statements of assumptions underlying any of the foregoing. In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential” or “continue,” or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct and actual results could differ materially from those projected or assumed in the forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risk and uncertainties, including, but not limited to, the risk factors set forth in “Part II, Item 1A – Risk Factors” below and for the reasons described elsewhere in this Quarterly Report on Form 10-Q. All forward looking statements and reasons why results may differ included in this report are made as of the date hereof and we do not intend to update any forward-looking statements except as required by law or applicable regulations. Except where the context otherwise requires, in this Quarterly Report on Form 10-Q, the “Company,” “International Leaders Capital Corporation,”, “the Company ”, “we,” “us” and “our” refer to International Leaders Capital Corporation, a Nevada corporation.

 4 

 

 

PART 1 – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   September 30,  June  30,
   2018  2018
Assets   (Unaudited)      
Current assets:          
Cash and cash equivalents  $78,554   $8,117 
Advances to employees   7,818    —   
Prepaid expenses   7,199    11,000 
Lease deposit   44,158    45,802 
Total current assets   137,729    64,919 
           
Office equipment   7,104    12,254 
Total assets  $144,833   $77,173 
           
Liabilities and Stockholders’ Deficiency          
Current Liabilities:          
Accounts payable and accrued liabilities (including accounts payable due to related party of $0 and $66,650 at September 30, 2018 and June 30, 2018, respectively)  $87,586   $123,106 
Accrued compensation-related party   64,000    301,322 
Deferred revenue   125,725    —  
Advances payable – related parties   156,040    205,456 
Convertible notes – related party, net of discount of $37,066 and $35,452 at September 30, 2018 and June 30, 2018, respectively   11,495    80,656 
Total current liabilities   444,846    710,540 
           
Non-redeemable convertible note – related party   —      43,180 
           
Commitments and contingencies          
           
Stockholders' Deficiency:          
Preferred stock; par value $0.01; 48,900,000 shares authorized;  no shares issued and outstanding   —      —   
Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding   —      —   
Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding   250    250 
Common stock; par value $0.001; 750,000,000 shares authorized; 249,386,285 and 2,311,285 shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively   249,386    2,311 
Additional paid-in capital   121,910,970    121,375,474 
Additional other comprehensive income   3,083    —   
Notes receivable   (5,000,000)   (5,000,000)
Accumulated deficiency   (117,463,702)   (117,054,582)
Total stockholders' deficiency   (300,013)   (676,547)
Total liabilities and stockholders’ deficiency  $144,833   $77,173 
 See accompanying notes 
 5 

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

  

 

Three months

September 30, 2018

 

 

Three months

September 30, 2017

           
Revenue  $—     $—   
Cost of revenue   —      —   
Gross profit   —      —   
           
Operating costs:          
  Compensation   254,370    29,501 
  General and administrative   160,680    31,031 
Total operating expenses   415,050    60,532 
           
Loss from operations   (415,050)   (60,532)
           
Other income (expense):          
  Interest expense   (6,220)   (38,937)
  Private placement costs   —      (130,381)
  Change in fair value of derivative liabilities   —      35,289 
  Gain on debt settlement   12,150    —   
Total other income (expense)   5,930    (134,029)
           
Net loss  $(409,120)  $(194,561)
           
Net loss per share – basic and diluted  $(0.00)  $(0.12)
           
Weighted average number of common shares outstanding – basic and diluted   144,870,524    1,574,179 
           

See accompanying notes

 

 

 

 

 

 

 

 6 

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY

(Unaudited)

   Common
Shares
  Common
Stock
  Series B Preferred Shares  Series B Preferred Stock  Additional Paid-in Capital  Accumulated
Other Comprehensive Income
  Accumulated
Deficit
  Note
Receivable
  Total Stockholders’
Deficiency
Balance June 30, 2018   2,311,285   $2,311    25,000   $250   $121,375,474   $—     $(117,054,582)  $(5,000,000)  $(676,547)
Shares issued for cash   247,000,000    247,000    —      —           —      —      —      247,000 
Fair value of shares in excess of purchase price paid by management   —      —      —      —      201,120    —      —      —      201,120 
Shares issued for compensation   75,000    75    —      —      41,175    —      —      —      41,250 
Gain on settlement of debt and accrued interest - related parties treated as a capital contribution   —      —      —      —      286,201    —      —      —      286,201 
Beneficial conversion feature on issuance of convertible notes - related party   —      —      —      —      7,000    —      —      —      7,000 
Accumulated other comprehensive income   —      —      —      —      —      3,083    —      —      3,083 
Net loss   —      —      —           —      —      (409,120)   —      (409,120)
Balance September 30, 2018   249,386,285   $249,386    25,000   $250   $121,910,970   $3,083   $(117,463,702)  $(5,000,000)  $(300,013)
                                              

See accompanying notes

 

 

 7 

 

 

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited) 

   Three months ended
September 30, 2018
  Three months ended
September 30, 2017
Cash Flows from Operating Activities:          
Net loss  $(409,120)  $(194,561)
Adjustments to reconcile net loss to net cash used in operating activities:          
Amortization of debt discount   5,386    34,107 
  Depreciation   348    —   
  Fair value of shares issued for compensation   242,370    —   
  Private placement costs   —      130,381 
  Gain on debt settlement   (12,150)   —   
  Change in fair value of derivative liability   —      (35,289)
Accrued interest   834    4,830 
Changes in operating assets and liabilities:          
Prepaid expenses   3,801    2,500 
Accounts receivable and other   (7,818)   —   
Accounts payable and accrued expenses   (23,120)   12,163 
Accrued compensation-related parties   12,000    (12,999)
Deferred revenue   125,725    —   
Net cash used in operating activities   (61,744)   (58,868)
           
Cash Flows from Investing Activities:          
    Share of affiliates in office equipment costs   4,802    —   
Cash provided by investing activities   4,802    —   
           
Cash Flows from Financing Activities:          
   Proceeds from convertible notes-related parties   7,000    100,000 
   Payment made on convertible notes-related parties   (58,142)   (100,000)
   Payment on non-redeemable convertible note   (43,180)   —   
   Advances from related parties   29,974    —   
   Repayment of advances-related parties   (25,000)   (11,000)
   Repayment of advances   (35,000)   —   
   Proceeds from the issuance of common stock-related party   247,000    —   
Net cash provided (used in) by financing activities   122,652    (11,000)
           
Change in foreign exchange   4,727    —   
           
Net change in cash and cash equivalents   70,437    (69,868)
Cash and cash equivalents, beginning of year   8,117    92,004 
Cash and cash equivalents, end of year  $78,554   $22,136 
           
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION          
Cash paid during period for:          
   Interest paid  $—     $—   
   Income tax paid  $—     $—   
NON-CASH FINANCING ACTIVITIES          
Beneficial conversion feature recorded as discount upon issuance of convertible notes-related party  $7,000   $5,000 
Gain on settlement of debt–related parties  $286,201   $—   

See accompanying notes

 8 

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

Notes to Condensed Consolidated Financial Statements

Three months ended September 30, 2018 and 2017

(Unaudited)

 

NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

International Leaders Capital Corporation ("the Company") was organized under the laws of the State of Nevada on May 21, 2009. The Company was established as part of the Chapter 11 reorganization of AP Corporate Services, Inc.

 

On May 28, 2017, Star Century Entertainment Corporation, a shareholder of the Company, agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang.

 

Effective August 2, 2017, the Company’s Board of Directors and a majority of the shareholders of the Company amended the Company’s Articles of Incorporation to (i) change the name of the Company to International Leaders Capital Corporation and (ii) effect a 1-for-50 reverse common stock split. All common stock share and per-share amounts for all periods presented in these consolidated financial statements have been adjusted retroactively to reflect the reverse stock split.

 

On December 1, 2017, the Company purchased International Leadership Center Holdings Limited (“ILC”) for $2,500. ILC has two subsidiaries, Hong Kong ILC Business Services and Shenzhen Qian Chuang Hui Technology Incubator Limited (“Shenzhen QCH Incubator”). Prior to December 1, 2017, ILC or its subsidiaries did not have any operations and the purchase price of $2,500 was expensed. In April 2018, ILC through its subsidiary Shenzhen QCH Incubator, leased an office space in Shenzhen, Peoples Republic of China (“PRC”) and purchased some office equipment to be used in future planned operations. As of September 30, 2018, the Company, and ILC and its subsidiaries, have not commenced their planned principal operations and are in the process of setting up a consultancy business.

 

The Company operates as a financial services firm which provide consulting services for businesses and training programs for general investors. The Company earns revenue from business training and consulting, and jointly investing in projects and ventures for companies which it consults with. In September 2018, the Company received deposits of $125,725 for listing services which the Company expects will be generally earned over the next year as services are provided. The Company’s administrative headquarters are in Las Vegas, Nevada with planned operations in the PRC.

 

Basis of presentation

 

The unaudited condensed consolidated financial statements of the Company for the three months ended September 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2018 was derived from the audited financial statements included in the Company's financial statements as of and for the fiscal year ended June 30, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2018. These financial statements should be read in conjunction with that report.

 

Going concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2018, the Company incurred a net loss of $409,120 and used cash in operating activities of $61,744, and at September 30, 2018, had a stockholders’ deficiency of $300,013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should we be unable to continue as a going concern.

 

 9 

 

The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern through November 2019. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs.

 

The Company hopes to be able to attract suitable investors for our business plan, which will not require us to use our cash. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing.

 

Principles of consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, International Leadership Center Holdings Limited, Hong Kong ILC Business Services Limited and Shenzhen Qian Chuang Hui Technology Incubator Limited. All intercompany transactions and balances have been eliminated in consolidation.

 

Foreign currency translation and transactions

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of the Chinese Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), which is also the respective functional currency of the subsidiaries.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

 

   As of and for the three months ended
September 30,
   2018  2017
Period-end RMB : US$1 exchange rate  $6.8690   $—   
Period-average RMB : US$1 exchange rate  $6.8127   $—   
Period-end  HK$ : US$1 exchange rate  $7.8282   $—   

 

Loss per share

 

Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

 

At September 30, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive:

 

   September 30, 2018  September 30, 2017
Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable   4,178,913    5,378,010 
Common stock issuable upon conversion of accrued compensation   116,364    240,821 
Total   4,295,277    5,618,831 

 

 10 

 

Share-Based Compensation

 

The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

 

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

 

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The estimated fair value of certain financial instruments, including cash and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates.

 Segments  

The Company operates in one segment for its planned consultancy business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying consolidated financial statements.

 

 11 

 

Concentrations

 

At September 30, 2018, the Company’s assets include $132,803 of assets that are located in the PRC.

 

Economic and Political Risks

 

The Company’s planned operations in the PRC will be subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.

 

Revenue recognition

 

The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”).

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principles based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Under ASU 2014-09, revenue will be recognized when performance obligations under the terms of a contract are satisfied, which generally occurs upon shipment or delivery to customers based on written sales terms, which is also when control is transferred. Revenue will be measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company adopted the guidance of ASU 2014-09 on July 1, 2018. The adoption of the new guidance did not impact the Company’s consolidated financial statements.

 

For certain of our service contracts providing assistance to clients in capital market listings (“Listing services”), our services provided are considered to be one performance obligation. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue. As of September 30, 2018, the Company has reflected deferred revenue of $125,725 related to cash received prior to the completion of the performance obligation.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

 

 12 

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

 

NOTE 2. ACCRUED COMPENSATION-RELATED PARTIES

 

 

   September 30,
2018
  June 30,
2018
Accrued compensation, CEO (a)  $64,000   $52,000 
Accrued compensation, shareholder/consultant (b)   —      249,322 
   $64,000   $301,322 

 

(a)

Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the three months ended September 30, 2018, compensation expense of $12,000 was recorded, including $6,000 accrual of annual compensation and $6,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At September 30, 2018 the accrued compensation due to the executive was $64,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 116,364 of the Company’s common stock.

 

(b)

In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500.

 

At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined.

 

On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under the both consulting agreements aggregating $249,322 (See Note 6).

 

NOTE 3. ADVANCES PAYABLE

 

The Company from time to time borrows from its principal shareholders, or others, to pay expenses such as filing fees, accounting fees and legal fees. These advances are non-interest bearing, unsecured, and generally due upon demand. At September 30, 2018 and June 30, 2018, the Company was obligated for the following advances:

 

   September 30,  
2018
  June 30,
2018
Advances due to CEO  $149,829   $119,865 
Advances due to director   6,211    6,201 
Advances due to shareholder/consultant   —      25,000 
Advances due to former officers, directors and shareholders   —      54,390 
   $156,040   $205,456 

 

On August 10, 2018, the advances due to shareholder of $25,000 and advances due to former officers, directors and shareholders of $54,390 were fully settled (See Note 6).

 

NOTE 4. CONVERTIBLE NOTES-RELATED PARTY

 

A summary of convertible notes payable-related party as of September 30, 2018 and June 30, 2018 is as follows:

 

 13 

 

 

   September 30,
2018
  June 30,
2018
Convertible notes payable-related party (a)  $—     $75,381 
Convertible notes payable-ILC Holdings (b)   48,561    40,727 
Unamortized note discounts   (37,066)   (35,452)
   $11,495   $80,656 

 

(a)

Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and are due from January 2019 through November 2019. These notes are convertible into shares of the Company’s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381.

 

On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6).

 

(b)

In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company’s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock.

 

In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company’s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company’s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes.

 

At September 30, 2018 principal of $47,000 and accrued interest of $1,561 are due under the notes and the total outstanding balance of this note amounted to $48,561 and is convertible into 4,178,913 shares of common stock.

 

At June 30, 2018 the unamortized note discount was $35,452. During the three months ended September 30, 2018, the discount was increased by the $7,000 discussed above, and $5,386 of discount was amortized, At September 30, 2018 the unamortized note discount was $37,066.

 

NOTE 5. NON-REDEEMABLE CONVERTIBLE NOTE-RELATED PARTY

 

Non-redeemable convertible note-related party is secured by all the assets of the Company, accrued interest at 20% per annum through June 30, 2016, and was non-interest bearing thereafter, and was due August 1, 2019. The Company may prepay the note in readily available funds at any time prior to the maturity date. The Company has the right to convert the note into shares of the Company’s common stock at any time prior to the maturity date at a fixed price of $0.05 per share of common stock. At June 30, 2018, principal and accrued interest totaled $43,180.

 

On August 10, 2018, the non-redeemable convertible note and accrued interest of $43,180 were fully settled (See Note 6).

 

NOTE 6. SETTLEMENT OF LIABILITIES

 

At June 30, 2018 the Company owed $16,750 to various unrelated parties, made up of accounts payable of $16,750. On August 10, 2018, the Company fully settled the total liabilities of $16,750 for cash payments of $4,600. The resulting gain of $12,150 was recorded as a gain on settlement of debt in the condensed consolidated statements of operations.

 

At June 30, 2018 the Company owed $513,923 to a related party stockholder/consultant and various former officers, directors and shareholders of the Company, made up of accounts payable of $66,650, accrued consulting fees of $249,322, convertible notes and accrued interest payable of $75,381, non-redeemable note and accrued interest payable of $43,180, and advances due of $79,390. On August 10, 2018, the Company fully settled the total liabilities of $513,923 for a cash payment of $227,722. The resulting gain on settlement of debt-related party of $286,201 was recorded as a capital contribution in the condensed consolidated statement of stockholders’ deficiency.

 

 14 

 

NOTE 7. STOCKHOLDERS’ DEFICIENCY

 

Common stock

 

In July 2018 and August 2018, the Company issued 247,000,000 shares of common stock for cash proceeds of $247,000 ($0.001 per share). As part of the issuance, 66,802,163 shares of common stock were issued to the Company’s CEO, 33,992,000 were issued to the Company’s COO, 72,500,000 shares of common stock were issued to 7 individuals other than the Company’s CEO that are members of ILC Holdings, LLC, and 73,705,837 shares of common stock were issued to 90 other individuals.

 

Pursuant to generally accepted accounting principles related to share-based payment arrangements with employees, the Company recorded compensation costs of $201,120 to account for the difference between the purchase price $0.001 per share and the fair value of $0.003 per share on the issuance of 100,794,163 shares of common stock to the Company’s CEO and COO.

 

On August 15, 2018, the Company issued 75,000 shares of common stock with a fair value of $41,250 ($0.55 per share) for services.

 

 

 

 

 

 15 

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

Company Overview

 

International Leaders Capital Corporation (“ILCC” or "the Company") was organized under the laws of the State of Nevada on May 21, 2009.

 

On May 28, 2017, Star Century Entertainment Corporation agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang.

 

On December 1, 2017, the Company purchased International Leadership Center Holdings Limited (“ILC”) for $2,500. ILC has two subsidiaries, Hong Kong ILC Business Services and Shenzhen Qian Chuang Hui Technology Incubator Limited (“Shenzhen QCH Incubator”). Prior to December 1, 2017, ILC or its subsidiaries did not have any operations and the purchase price of $2,500 was expensed. In April 2018, ILC through its subsidiary Shenzhen QCH Incubator, leased an office space in Shenzhen, Peoples Republic of China (“PRC”) and purchased some office equipment to be used in future planned operations.

 

As of September 1, 2018, the Company and its subsidiaries, planned principal operations to operate a consultancy business commenced.

 

The Company plans to operate a financial services firm which provides consulting services for businesses and training programs for general investors. The Company anticipates earning revenue from (1) business training and consulting and (2) jointly investing in quality projects and ventures for companies which we serve. Our professional investment education program commences with a three day intensive program for general investors which is further reinforced with monthly training courses. In addition, we plan to offer a roadshow platform for OTC listed companies which guides clients through the fund raising process. The Company’s administrative headquarters are based in Las Vegas, Nevada with planned operations in the People’s Republic of China (“PRC”) and Asia.

 

RESULTS OF OPERATIONS

 

THREE MONTHS ENDED SEPTEMBER 30, 2018 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2017

 

REVENUE

 

For the three months ended September 30, 2018 and 2017, we had no revenue.

 16 

 

OPERATING COSTS

 

Compensation includes salaries, stock-based compensation expenses and benefits paid and payable to the CEO and COO of the Company and a consultant/shareholder of the Company. Compensation expense was $254,370 for the three months ended September 30, 2018, compared to $29,501 for the three months ended September 30, 2017.

 

For the three months ended September 30, 2018, compensation expense included $6,000 for accrual of annual compensation due, $6,000 for the fair value that could be paid in shares of common stock and $242,370 of stock-based compensation. For the three months ended September 30, 2017, the Company recorded $29,501 of compensation related to these agreements. The increase in compensation expense is primarily due to stock based compensation paid to the CEO and COO of the Company.

 

General and administrative expenses were $168,680 for the three months ended September 30, 2018, compared to $31,031 for the three months ended September 30, 2017. Administration expense includes accounting, audit, legal and transfer agent costs related to SEC compliance and investor relation expenses. The increase in general and administrative expenses is primarily due to increase in rent and administrative expenses related to the Company’s leasing of an office space in Shenzhen, PRC.

 

OTHER INCOME (EXPENSE)

 

Other income (expense) includes $12,150 gain on debt settlement.

 

Other income (expense) includes interest expense of $6,220 and $38,537 for the three months ended September 30, 2018 and 2017, respectively. The decrease in interest expense is due to decrease of amortization of debt discount on the convertible note-ILC Holdings LLC and the settlement of various debts on August 10, 2018.

 

NET LOSS

 

Our net loss for the three months ended September 30, 2018 was $409,120 compared to net loss of $194,561 for the three months ended September 30, 2017. Our losses increased because of increase in compensation expense and general and administrative expenses.

 

LIQUIDITY

 

As of September 30, 2018, we had cash of $78,554 and total liabilities of $444,846. Our current cash balance and cash flow from operating activities will not be sufficient to fund our operations for the next 12 months.

 

The Company’s consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2018, the Company incurred a net loss of $409,120 and used cash in operating activities of $61,744, and at September 30, 2018, had a stockholders’ deficiency of $300,013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. The Company’s independent registered public accounting firm, in their report on the Company’s consolidated financial statements for the year ending June 30, 2018, expressed substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should we be unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern. Over the next 12 months, the Company expects to expend up to approximately $50,000 for legal, accounting and administrative costs. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs. The Company has not yet determined the amount of cash that will be necessary to fund its planned operations in China.

 

We hope to be able to attract suitable investors for our business plan. The inability to obtain financing or generate sufficient cash from operations could require us to reduce or eliminate expenditures or otherwise curtail or discontinue our operations, which could have a material adverse effect on our business, financial condition and results of operations. Furthermore, to the extent that we raise additional capital through the sale of equity or convertible debt securities, the issuance of such securities may result in dilution to existing stockholders. If we raise additional funds through the issuance of debt securities, these securities may have rights, preferences and privileges senior to holders of our common stock and the terms of such debt could impose restrictions on our operations. Regardless of whether our cash assets prove to be inadequate to meet our operational needs, we may seek to compensate providers of services by issuing stock in lieu of cash, which may also result in dilution to existing stockholders.

 

 17 

 

OPERATING CAPITAL AND CAPITAL EXPENDITURE REQUIREMENTS

 

Our controlling shareholders expect to advance us additional funding for operating costs in order to implement our business plan. The funds are loaned to the Company as required to pay amounts owed by the Company. As such, our operating capital is currently limited to the resources of our controlling shareholders. The loans from our controlling shareholders are unsecured and non-interest bearing and have no set terms of repayment. We anticipate receiving additional capital once we are able to have our securities actively trading on a public exchange. There is no guarantee our stock will develop a market on that public exchange.

 

PLAN OF OPERATION AND FUNDING 

During the next twelve months we anticipate incurring costs related to:

 

      (i) filing of Exchange Act reports, and

      (ii) costs relating to developing our business plan

We believe we will be able to meet these costs through amounts, as necessary, to be loaned to or invested in us by our stockholders, management or other investors. The costs of investigating and analyzing business combinations for the next 12 months and beyond such time will be paid with amounts to be loaned to or invested in us by our stockholders, management or other investors.

 

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements.

Critical Accounting Policies and Estimates

 

The preparation of our consolidated financial statements in conformity with accounting principles generally accepted in the United States, or GAAP, requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. When making these estimates and assumptions, we consider our historical experience, our knowledge of economic and market factors and various other factors that we believe to be reasonable under the circumstances. Actual results may differ under different estimates and assumptions.

 

The accounting estimates and assumptions discussed in this section are those that we consider to be the most critical to an understanding of our consolidated financial statements because they inherently involve significant judgments and uncertainties.

 

Revenue recognition

 

The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”).

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principles based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Under ASU 2014-09, revenue will be recognized when performance obligations under the terms of a contract are satisfied, which generally occurs upon shipment or delivery to customers based on written sales terms, which is also when control is transferred. Revenue will be measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company adopted the guidance of ASU 2014-09 on July 1, 2018. The adoption of the new guidance did not impact the Company’s consolidated financial statements.

 

 18 

 

Share-Based Compensation

 

The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods.

 

Recent Accounting Pronouncements

 

See Note 1 of the financial statements for discussion of recent accounting pronouncements.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

 

ITEM 4T. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 of the Securities Exchange Act of 1934, our principal executive officer and principal financial officer evaluated our company's disclosure controls and procedures (as defined in Rules 13a-15(e) of the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based on this evaluation, our principal executive officer and principal financial officer concluded that as of the end of the period covered by this report, these disclosure controls and procedures were not effective to ensure that the information required to be disclosed by our company in reports it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities Exchange Commission and to ensure that such information is accumulated and communicated to our company's management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure.

 

The conclusion that our disclosure controls and procedures were not effective was due to the presence of the following material weaknesses in internal control over financial reporting which are indicative of many small companies with small staff: (i) inadequate segregation of duties and effective risk assessment; and (ii) insufficient written policies and procedures for accounting and financial reporting with respect to the requirements and application of both United States generally accepted accounting principles and Securities and Exchange Commission guidelines. Management anticipates that such disclosure controls and procedures will not be effective until the material weaknesses are remediated. 

 

We plan to take steps to enhance and improve the design of our internal controls over financial reporting. During the period covered by this quarterly report on Form 10-Q, we have not been able to remediate the material weaknesses identified above. To remediate such weaknesses, we plan to implement the following changes during our fiscal year ending June 30, 2019, subject to obtaining additional financing: (i) appoint additional qualified personnel to address inadequate segregation of duties and ineffective risk management; and (ii) adopt sufficient written policies and procedures for accounting and financial reporting. The remediation efforts set out above are largely dependent upon our securing additional financing to cover the costs of implementing the changes required. If we are unsuccessful in securing such funds, remediation efforts may be adversely affected in a material manner.

 19 

 

Changes in Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting during the quarter ended September 30, 2018 that have materially affected or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

NONE.

ITEM 1A. RISK FACTORS

 

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended June 30, 2018.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable

ITEM 5. OTHER INFORMATION.

None

ITEM 6. EXHIBITS.

Except as so indicated in Exhibits 32.1 and 32.2, the following exhibits are filed as part of, or incorporated by reference, to this Quarterly Report on Form 10-Q.

 

      Incorporated by reference
Exhibit Exhibit Description Filed herewith Form Period ending Exhibit Filing date
3.1 Articles of Incorporation   10/A#2   3.1 11/5/2009
3.2 Bylaws   10/A #2   3.2 11/5/2009
31.1 Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X        
31.2 Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 X        
32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X        
32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 X        
101

Interactive Data Files for the International Leaders Capital Corporation Form 10Q for the period ended September 30, 2018

 

X        
 20 

 

  

 

 SIGNATURES

In accordance with Section 13 or 15 (d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  INTERNATIONAL LEADERS CAPITAL CORPORATION
     
     
Date:  November 19, 2018 By: /s/ Cihan Huang
   

Cihan Huang, Chief Executive Officer, President and Director

(Principal Executive Officer)

     
  By: /s/ Zhou Bing
    Zhou Bing, Chief Operating Officer, Secretary and Treasurer (Principal Accounting and Financial Officer)

 

 

 

 21 

 

EX-31 2 ex311.htm EXHIBIT 31.1

EXHIBIT 31.1

INTERNATIONAL LEADERS CAPITAL CORPORATION

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

 

I, Cihan Huang certify that:

 

1.   I have reviewed this Form 10-Q of International Leaders Capital Corporation;

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 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 and I have disclosed, based on my 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:  November 19, 2018

 

By: /s/ Cihan Huang

Cihan Huang

Chief Executive Officer

(Principal Executive Officer)

 

 1 

 

 

EX-31 3 ex312.htm EXHIBIT 31.2

EXHIBIT 31.2 

INTERNATIONAL LEADERS CAPITAL CORPORATION

OFFICER'S CERTIFICATE PURSUANT TO SECTION 302

 

I, Zhou Bing certify that:

 

1.   I have reviewed this Form 10-Q of International Leaders Capital Corporation;

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 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 and I have disclosed, based on my 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: November 19, 2018

 

By: /s/ Zhou Bing

Zhou Bing

Chief Financial Officer

(Principal Financial Officer)

 

 1 

 

EX-32 4 ex321.htm EXHIBIT 32.1

EXHIBIT 32.1

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

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 of International Leaders Capital Corporation (the Registrant) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Cihan Huang, Principal  Executive  Officer of the Company, certify,  pursuant to 18 U.S.C.  ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(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 results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Cihan Huang and will be retained by  International Leaders Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

 

Dated: November 19, 2018

 

By: /s/ Cihan Huang

Cihan Huang

Chief Executive Officer

(Principal Executive Officer)

 

 

 

 1 

 

EX-32 5 ex322.htm EXHIBIT 32.2

EXHIBIT 32.2

 

INTERNATIONAL LEADERS CAPITAL CORPORATION

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 of International Leaders Capital Corporation (the Registrant) on Form 10-Q for the period ended September 30, 2018 as filed with the Securities and Exchange  Commission on the date hereof (the Report), I, Zhou Bing, Principal Financial Officer of the Company, certify,  pursuant to 18 U.S.C.  ss.1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(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 results of operations of the Company.

 

A signed original of this written statement required by Section 906 has been provided to Zhou Bing and will be retained by  International Leaders Capital Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

 

Dated: November 19, 2018

 

By: /s/ Zhou Bing

Zhou Bing

Chief Financial Officer
(Principal Financial Officer)

 

 

 1 

 

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Document and Entity Information - shares
3 Months Ended
Sep. 30, 2018
Nov. 14, 2018
Document And Entity Information    
Entity Registrant Name INTERNATIONAL LEADERS CAPITAL CORPORATION  
Entity Central Index Key 0001470550  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity's Reporting Status Current? Yes  
Is Entity Emerging Growth Company? false  
Elected Not To Use the Extended Transition Period false  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   249,386,285
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2019  
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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Current assets:    
Cash and cash equivalents $ 78,554 $ 8,117
Advances to employees 7,818
Prepaid expenses 7,199 11,000
Lease deposit 44,158 45,802
Total current assets 137,729 64,919
Office equipment 7,104 12,254
Total assets 144,833 77,173
Current Liabilities:    
Accounts payable and accrued liabilities (including accounts payable due to related party of $0 and $66,650 at September 30, 2018 and June 30, 2018, respectively) 87,586 123,106
Accrued compensation-related party 64,000 301,322
Deferred revenue 125,725  
Advances payable - related parties 156,040 205,456
Convertible notes - related party, net of discount of $37,066 and $35,452 at September 30, 2018 and June 30, 2018, respectively 11,495 80,656
Total current liabilities 444,846 710,540
Non-redeemable convertible note - related party 43,180
Stockholders' Deficiency :    
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding 250 250
Common stock; par value $0.001; 750,000,000 shares authorized; 249,386,285 and 2,311,285 shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively 249,386 2,311
Additional paid-in capital 121,910,970 121,375,474
Additional other comprehensive income 3,083
Notes receivable 5,000,000 5,000,000
Accumulated deficiency (117,463,702) (117,054,582)
Total stockholders' deficiency (300,013) (676,547)
Total liabilities and stockholders' deficiency 144,833 77,173
Series A Convertible Preferred Stock [Member]    
Stockholders' Deficiency :    
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding
Total stockholders' deficiency
Total liabilities and stockholders' deficiency
Series B Preferred Stock [Member]    
Stockholders' Deficiency :    
Preferred stock; par value $0.01; 48,900,000 shares authorized; no shares issued and outstanding; Series A Convertible Preferred Stock; par value $0.01; 1,000,000 shares authorized; no shares issued and outstanding; Series B Preferred Stock; par value $0.01; 100,000 shares authorized; 25,000 shares issued and outstanding 250 250
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Total liabilities and stockholders' deficiency $ 250 $ 250
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
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Debt discount $ 37,066 $ 35,452
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 48,900,000 48,900,000
Preferred stock, shares issued
Preferred stock, shares outstanding
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Common stock, shares authorized 750,000,000 750,000,000
Common stock, shares issued 249,386,285 2,311,285
Common stock, shares outstanding 249,386,285 2,311,285
Series A Convertible Preferred Stock [Member]    
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Preferred stock, shares authorized 1,000,000 1,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Series B Preferred Stock [Member]    
Preferred stock, par value per share $ 0.01 $ 0.01
Preferred stock, shares authorized 100,000 100,000
Preferred stock, shares issued 25,000 25,000
Preferred stock, shares outstanding 25,000 25,000
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Condensed Consolidated Statements Of Operations (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]    
Revenue
Cost of revenue
Gross profit
Operating costs:    
Compensation 254,370 29,501
General and administrative 160,680 31,031
Total operating expenses 415,050 60,532
Loss from operations (415,050) (60,532)
Other income (expense):    
Interest expense 6,220 38,937
Private placement costs 130,381
Change in fair value of derivative liabilities 35,289
Gain on debt settlement 12,150
Total other income (expense) 5,930 (134,029)
Net loss $ (409,120) $ (194,561)
Net loss per share - basic and diluted $ (0.00) $ (0.12)
Weighted average number of common shares outstanding - basic and diluted 144,870,524 1,574,179
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Condensed Consolidated Statement Of Stockholders' Equity Deficiency (Unaudited) - 3 months ended Sep. 30, 2018 - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Accumulated Other Comprehensive Income [Member]
Accumulated Deficit [Member]
Series B Preferred Stock [Member]
Note Receivable [Member]
Total
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Balance preferred stock, shares at Jun. 30, 2018         25,000  
Balance, value at Jun. 30, 2018 $ 2,311 $ 121,375,474 $ (117,054,582) $ 250 $ (5,000,000) $ (676,547)
Shares issued for cash, shares 247,000,000            
Shares issued for cash, value $ 247,000 247,000
Fair value of shares in excess of purchase price paid by management   201,120         201,120
Shares issued for compensation, shares 75,000            
Shares issued for compensation, value $ 75 41,175   41,250
Gain on settlement of debt and accrued interest - related parties treated as a capital contribution   286,201         286,201
Beneficial conversion feature on issuance of convertible note payable-related party   7,000         7,000
Accumulated other comprehensive income     3,083       3,083
Net loss       (409,120)     $ (409,120)
Balance common stock, shares at Sep. 30, 2018 249,386,285           249,386,285
Balance preferred stock, shares at Sep. 30, 2018         25,000  
Balance, value at Sep. 30, 2018 $ 249,386 $ 121,910,970 $ 3,083 $ (117,463,702) $ 250 $ (5,000,000) $ (300,013)
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Condensed Consolidated Statement Of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash Flows from Operating Activities:    
Net loss $ (409,120) $ (194,561)
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of debt discount 5,386 34,107
Depreciation 348
Fair value of shares issued for compensation 242,370
Private placement costs 130,381
Gain on debt settlement 12,150
Change in fair value of derivative liability 35,289
Accrued interest 834 4,830
Changes in operating assets and liabilities:    
Prepaid expenses (3,801) (2,500)
Accounts receivable and other 7,818
Accounts payable and accrued expenses (23,120) 12,163
Accrued compensation-related parties 12,000 (12,999)
Deferred revenue 125,725
Net cash used in operating activities (61,744) (58,868)
Cash Flows from Investing Activities:    
Share of affiliates in office equipment costs 4,802
Cash provided by investing activities 4,802
Cash Flows from Financing Activities:    
Proceeds from convertible notes - related parties 7,000 100,000
Payment made on convertible notes - related parties 58,142 100,000
Payment on non-redeemable convertible note 43,180
Advances from related parties 29,974
Repayment of advances-related parties 25,000 11,000
Repayment of advances 35,000
Proceeds from the issuance of common stock - related party 247,000
Net cash provided (used in) by financing activities 122,652 (11,000)
Change in foreign exchange 4,727
Net change in cash and cash equivalents 70,437 (69,868)
Cash and cash equivalents, beginning of year 8,117 92,004
Cash and cash equivalents, end of year 78,554 22,136
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Cash paid during period for: Interest paid
Cash paid during period for: Income tax paid
NON-CASH FINANCING ACTIVITIES    
Beneficial conversion feature recorded as discount upon issuance of convertible notes-related party 7,000 5,000
Gain on settlement of debt - related parties $ 286,201
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Nature Of Business And Summary Of Significant Accounting Policies
3 Months Ended
Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Business and Summary of Significant Accounting Policies

NOTE 1. NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

International Leaders Capital Corporation ("the Company") was organized under the laws of the State of Nevada on May 21, 2009. The Company was established as part of the Chapter 11 reorganization of AP Corporate Services, Inc.

 

On May 28, 2017, Star Century Entertainment Corporation, a shareholder of the Company, agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang.

 

Effective August 2, 2017, the Company’s Board of Directors and a majority of the shareholders of the Company amended the Company’s Articles of Incorporation to (i) change the name of the Company to International Leaders Capital Corporation and (ii) effect a 1-for-50 reverse common stock split. All common stock share and per-share amounts for all periods presented in these consolidated financial statements have been adjusted retroactively to reflect the reverse stock split.

 

On December 1, 2017, the Company purchased International Leadership Center Holdings Limited (“ILC”) for $2,500. ILC has two subsidiaries, Hong Kong ILC Business Services and Shenzhen Qian Chuang Hui Technology Incubator Limited (“Shenzhen QCH Incubator”). Prior to December 1, 2017, ILC or its subsidiaries did not have any operations and the purchase price of $2,500 was expensed. In April 2018, ILC through its subsidiary Shenzhen QCH Incubator, leased an office space in Shenzhen, Peoples Republic of China (“PRC”) and purchased some office equipment to be used in future planned operations. As of September 30, 2018, the Company, and ILC and its subsidiaries, have not commenced their planned principal operations and are in the process of setting up a consultancy business.

 

The Company operates as a financial services firm which provide consulting services for businesses and training programs for general investors. The Company earns revenue from business training and consulting, and jointly investing in projects and ventures for companies which it consults with. In September 2018, the Company received deposits of $125,725 for listing services which the Company expects will be generally earned over the next year as services are provided. The Company’s administrative headquarters are in Las Vegas, Nevada with planned operations in the PRC.

 

Basis of presentation

 

The unaudited condensed consolidated financial statements of the Company for the three months ended September 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2018 was derived from the audited financial statements included in the Company's financial statements as of and for the fiscal year ended June 30, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2018. These financial statements should be read in conjunction with that report.

 

Going concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2018, the Company incurred a net loss of $409,120 and used cash in operating activities of $61,744, and at September 30, 2018, had a stockholders’ deficiency of $300,013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should we be unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern through November 2019. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs.

 

The Company hopes to be able to attract suitable investors for our business plan, which will not require us to use our cash. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing.

 

Principles of consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, International Leadership Center Holdings Limited, Hong Kong ILC Business Services Limited and Shenzhen Qian Chuang Hui Technology Incubator Limited. All intercompany transactions and balances have been eliminated in consolidation.

 

Foreign currency translation and transactions

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of the Chinese Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), which is also the respective functional currency of the subsidiaries.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

 

   As of and for the three months ended
September 30,
   2018  2017
Period-end RMB : US$1 exchange rate  $6.8690   $—   
Period-average RMB : US$1 exchange rate  $6.8127   $—   
Period-end  HK$ : US$1 exchange rate  $7.8282   $—   

 

Loss per share

 

Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

 

At September 30, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive:

 

   September 30, 2018  September 30, 2017
Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable   4,178,913    5,378,010 
Common stock issuable upon conversion of accrued compensation   116,364    240,821 
Total   4,295,277    5,618,831 

 

Share-Based Compensation

 

The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods.

 

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

 

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

 

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The estimated fair value of certain financial instruments, including cash and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates.

Segments

 

The Company operates in one segment for its planned consultancy business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying consolidated financial statements.

 

Concentrations

 

At September 30, 2018, the Company’s assets include $132,803 of assets that are located in the PRC.

 

Economic and Political Risks

 

The Company’s planned operations in the PRC will be subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.

 

Revenue recognition

 

The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”).

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principles based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Under ASU 2014-09, revenue will be recognized when performance obligations under the terms of a contract are satisfied, which generally occurs upon shipment or delivery to customers based on written sales terms, which is also when control is transferred. Revenue will be measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company adopted the guidance of ASU 2014-09 on July 1, 2018. The adoption of the new guidance did not impact the Company’s consolidated financial statements.

 

For certain of our service contracts providing assistance to clients in capital market listings (“Listing services”), our services provided are considered to be one performance obligation. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue. As of September 30, 2018, the Company has reflected deferred revenue of $125,725 related to cash received prior to the completion of the performance obligation.

 

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Compensation-Related Parties
3 Months Ended
Sep. 30, 2018
Compensation Related Costs [Abstract]  
Accrued Compensation-Related Parties

NOTE 2. ACCRUED COMPENSATION-RELATED PARTIES

 

   September 30,
2018
  June 30,
2018
Accrued compensation, CEO (a)  $64,000   $52,000 
Accrued compensation, shareholder/consultant (b)   —      249,322 
   $64,000   $301,322 

 

(a)

Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the three months ended September 30, 2018, compensation expense of $12,000 was recorded, including $6,000 accrual of annual compensation and $6,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At September 30, 2018 the accrued compensation due to the executive was $64,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 116,364 of the Company’s common stock.

 

(b)

In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500.

 

At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined.

 

On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under the both consulting agreements aggregating $249,322 (See Note 6).

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Advances Payable
3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Advances Payable

NOTE 3. ADVANCES PAYABLE

 

The Company from time to time borrows from its principal shareholders, or others, to pay expenses such as filing fees, accounting fees and legal fees. These advances are non-interest bearing, unsecured, and generally due upon demand. At September 30, 2018 and June 30, 2018, the Company was obligated for the following advances:

 

   September 30,  
2018
  June 30,
2018
Advances due to CEO  $149,829   $119,865 
Advances due to director   6,211    6,201 
Advances due to shareholder/consultant   —      25,000 
Advances due to former officers, directors and shareholders   —      54,390 
   $156,040   $205,456 

 

On August 10, 2018, the advances due to shareholder of $25,000 and advances due to former officers, directors and shareholders of $54,390 were fully settled (See Note 6).

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes-Related Parties
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Convertible Notes-Related Parties

NOTE 4. CONVERTIBLE NOTES-RELATED PARTY

 

A summary of convertible notes payable-related party as of September 30, 2018 and June 30, 2018 is as follows:

 

   September 30,
2018
  June 30,
2018
Convertible notes payable-related party (a)  $—     $75,381 
Convertible notes payable-ILC Holdings (b)   48,561    40,727 
Unamortized note discounts   (37,066)   (35,452)
   $11,495   $80,656 

 

(a)

Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and are due from January 2019 through November 2019. These notes are convertible into shares of the Company’s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381.

 

On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6).

 

(b)

In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company’s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock.

 

In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company’s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company’s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes.

 

At September 30, 2018 principal of $47,000 and accrued interest of $1,561 are due under the notes and the total outstanding balance of this note amounted to $48,561 and is convertible into 4,178,913 shares of common stock.

 

At June 30, 2018 the unamortized note discount was $35,452. During the three months ended September 30, 2018, the discount was increased by the $7,000 discussed above, and $5,386 of discount was amortized, At September 30, 2018 the unamortized note discount was $37,066.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Non-Redeemable Convertible Note-Related Party
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Non-Redeemable Convertible Note-Related Party

NOTE 5. NON-REDEEMABLE CONVERTIBLE NOTE-RELATED PARTY

 

Non-redeemable convertible note-related party is secured by all the assets of the Company, accrued interest at 20% per annum through June 30, 2016, and was non-interest bearing thereafter, and was due August 1, 2019. The Company may prepay the note in readily available funds at any time prior to the maturity date. The Company has the right to convert the note into shares of the Company’s common stock at any time prior to the maturity date at a fixed price of $0.05 per share of common stock. At June 30, 2018, principal and accrued interest totaled $43,180.

 

On August 10, 2018, the non-redeemable convertible note and accrued interest of $43,180 were fully settled (See Note 6).

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Settlement Of Liabilities
3 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Settlement of Liabilities

NOTE 6. SETTLEMENT OF LIABILITIES

 

At June 30, 2018 the Company owed $16,750 to various unrelated parties, made up of accounts payable of $16,750. On August 10, 2018, the Company fully settled the total liabilities of $16,750 for cash payments of $4,600. The resulting gain of $12,150 was recorded as a gain on settlement of debt in the condensed consolidated statements of operations.

 

At June 30, 2018 the Company owed $513,923 to a related party stockholder/consultant and various former officers, directors and shareholders of the Company, made up of accounts payable of $66,650, accrued consulting fees of $249,322, convertible notes and accrued interest payable of $75,381, non-redeemable note and accrued interest payable of $43,180, and advances due of $79,390. On August 10, 2018, the Company fully settled the total liabilities of $513,923 for a cash payment of $227,722. The resulting gain on settlement of debt-related party of $286,201 was recorded as a capital contribution in the condensed consolidated statement of stockholders’ deficiency.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficiency
3 Months Ended
Sep. 30, 2018
Stockholders' Equity Note [Abstract]  
Stockholders' Deficiency

NOTE 7. STOCKHOLDERS’ DEFICIENCY

 

Common stock

 

In July 2018 and August 2018, the Company issued 247,000,000 shares of common stock for cash proceeds of $247,000 ($0.001 per share). As part of the issuance, 66,802,163 shares of common stock were issued to the Company’s CEO, 33,992,000 were issued to the Company’s COO, 72,500,000 shares of common stock were issued to 7 individuals other than the Company’s CEO that are members of ILC Holdings, LLC, and 73,705,837 shares of common stock were issued to 90 other individuals.

 

Pursuant to generally accepted accounting principles related to share-based payment arrangements with employees, the Company recorded compensation costs of $201,120 to account for the difference between the purchase price $0.001 per share and the fair value of $0.003 per share on the issuance of 100,794,163 shares of common stock to the Company’s CEO and COO.

 

On August 15, 2018, the Company issued 75,000 shares of common stock with a fair value of $41,250 ($0.55 per share) for services.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature Of Business And Summary Of Significant Accounting Policies (Policies)
3 Months Ended
Sep. 30, 2018
Nature Of Business And Summary Of Significant Accounting Policies  
Basis of Presentation

Basis of presentation

 

The unaudited condensed consolidated financial statements of the Company for the three months ended September 30, 2018 and 2017 have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Regulation S-K. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. However, such information reflects all adjustments (consisting solely of normal recurring adjustments), which are, in the opinion of management, necessary for the fair presentation of the financial position and the results of operations. Results shown for interim periods are not necessarily indicative of the results to be obtained for a full fiscal year. The balance sheet information as of June 30, 2018 was derived from the audited financial statements included in the Company's financial statements as of and for the fiscal year ended June 30, 2018 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on September 28, 2018. These financial statements should be read in conjunction with that report.

Going Concern

Going concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the three months ended September 30, 2018, the Company incurred a net loss of $409,120 and used cash in operating activities of $61,744, and at September 30, 2018, had a stockholders’ deficiency of $300,013. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date that the consolidated financial statements are issued. The Company’s consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty should we be unable to continue as a going concern.

 

The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital and to ultimately achieve profitable operations. Currently, the Company does not have significant cash or other material assets, nor does it have operations or a source of revenue sufficient to cover its operating costs and allow it to continue as a going concern through November 2019. The Company’s officers or principal shareholders have committed to making advances or loans to pay for these legal, accounting, and administrative costs.

 

The Company hopes to be able to attract suitable investors for our business plan, which will not require us to use our cash. No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing or cause substantial dilution for our stockholders, in case or equity financing.

Principles of Consolidation

Principles of consolidation

 

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, International Leadership Center Holdings Limited, Hong Kong ILC Business Services Limited and Shenzhen Qian Chuang Hui Technology Incubator Limited. All intercompany transactions and balances have been eliminated in consolidation.

Foreign Currency Translation and Transactions

Foreign currency translation and transactions

 

The reporting currency of the Company is the United States Dollars (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s operating subsidiaries maintain their books and records in their respective local currency, which consists of the Chinese Renminbi (“RMB”), and Hong Kong Dollars (“HK$”), which is also the respective functional currency of the subsidiaries.

 

In general, for consolidation purposes, assets and liabilities of the Company’s subsidiaries whose functional currency is not the US$ are translated into US$ using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of a foreign subsidiary are recorded as a separate component of accumulated other comprehensive loss within stockholders’ equity.

 

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

 

   As of and for the three months ended
September 30,
   2018  2017
Period-end RMB : US$1 exchange rate  $6.8690   $—   
Period-average RMB : US$1 exchange rate  $6.8127   $—   
Period-end  HK$ : US$1 exchange rate  $7.8282   $—   
Loss Per Share

Loss per share

 

Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted loss per share excludes all potential common shares if their effect is anti-dilutive.

 

At September 30, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive:

 

   September 30, 2018  September 30, 2017
Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable   4,178,913    5,378,010 
Common stock issuable upon conversion of accrued compensation   116,364    240,821 
Total   4,295,277    5,618,831 
Share-Based Compensation

Share-Based Compensation

 

The Company may periodically issue shares of common stock, stock options, or warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for stock option and warrant grants issued and vesting to employees based on the authoritative guidance provided by the FASB whereas the value of the award is measured on the date of grant and recognized over the vesting period. The Company accounts for stock option and warrant grants issued and vesting to non-employees in accordance with the authoritative guidance of the FASB whereas the value of the stock compensation is based upon the measurement date as determined at either a) the date at which a performance commitment is reached, or b) at the date at which the necessary performance to earn the equity instruments is complete. Non-employee stock-based compensation charges generally are amortized over the vesting period on a straight-line basis. In certain circumstances where there are no future performance requirements by the non-employee, option grants are immediately vested and the total stock-based compensation charge is recorded in the period of the measurement date.

 

The fair value of the Company's common stock option grants are estimated using the Black-Scholes option pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the common stock options, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes option pricing model, and based on actual experience. The assumptions used in the Black-Scholes option pricing model could materially affect compensation expense recorded in future periods.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk.

 

In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

 

Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets.

Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques.

The estimated fair value of certain financial instruments, including cash and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. The recorded values of the convertible notes-related parties and non-redeemable convertible note approximates their fair values based upon their effective interest rates.

Segments
Segments

 

The Company operates in one segment for its planned consultancy business. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing and distribution processes. Since the Company operates in one segment, all financial information required by “Segment Reporting” can be found in the accompanying consolidated financial statements.

Concentrations

Concentrations

 

At September 30, 2018, the Company’s assets include $132,803 of assets that are located in the PRC.

Economic and Political Risk

Economic and Political Risks

 

The Company’s planned operations in the PRC will be subject to special considerations and significant risks not typically associated with companies in North America and Western Europe. These include risks associated with, among others, the political, economic and legal environment and foreign currency exchange. The Company’s results may be adversely affected by changes in the political and social conditions in the PRC, and by changes in governmental policies with respect to laws and regulations, anti-inflationary measures, currency conversion, remittances abroad, and rates and methods of taxation.

Revenue Recognition

Revenue recognition

 

The Company’s revenue consists of revenue from providing business consulting and corporate advisory services (“service revenue”).

 

In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, is a comprehensive revenue recognition standard that will supersede nearly all existing revenue recognition guidance under current U.S. GAAP and replace it with a principles based approach for determining revenue recognition. Under ASU 2014-09, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Under ASU 2014-09, revenue will be recognized when performance obligations under the terms of a contract are satisfied, which generally occurs upon shipment or delivery to customers based on written sales terms, which is also when control is transferred. Revenue will be measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer. The Company adopted the guidance of ASU 2014-09 on July 1, 2018. The adoption of the new guidance did not impact the Company’s consolidated financial statements.

 

For certain of our service contracts providing assistance to clients in capital market listings (“Listing services”), our services provided are considered to be one performance obligation. Revenue and expenses are deferred until the performance obligation is complete and collectability of the consideration is probable. For service contracts where the performance obligation is not completed, deferred costs of revenue are recorded as incurred and deferred revenue is recorded for any payments received on such yet to be completed performance obligations. On an ongoing basis, management monitors these contracts for profitability and when needed may record a liability if a determination is made that costs will exceed revenue. As of September 30, 2018, the Company has reflected deferred revenue of $125,725 related to cash received prior to the completion of the performance obligation.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires a lessee to record a right of use asset and a corresponding lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for all interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the expected impact that the standard could have on its financial statements and related disclosures.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future consolidated financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature Of Business And Summary Of Significant Accounting Policies (Tables)
3 Months Ended
Sep. 30, 2018
Earnings Per Share [Abstract]  
Schedule of Translation of Amounts from the Local Currencies

Translation of amounts from the local currencies of the Company into US$ has been made at the following exchange rates for the respective periods:

 

   As of and for the three months ended
September 30,
   2018  2017
Period-end RMB : US$1 exchange rate  $6.8690   $—   
Period-average RMB : US$1 exchange rate  $6.8127   $—   
Period-end  HK$ : US$1 exchange rate  $7.8282   $—   
Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share

At September 30, 2018 and 2017, we excluded the outstanding common stock equivalents summarized below as their effect would have been anti-dilutive:

 

   September 30, 2018  September 30, 2017
Common stock issuable upon conversion of convertible and non-redeemable convertible notes payable   4,178,913    5,378,010 
Common stock issuable upon conversion of accrued compensation   116,364    240,821 
Total   4,295,277    5,618,831 
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Compensation-Related Parties (Tables)
3 Months Ended
Sep. 30, 2018
Accrued Compensation-related Parties  
Summary of Accrued Compensation-Related Parties
   September 30,
2018
  June 30,
2018
Accrued compensation, CEO (a)  $64,000   $52,000 
Accrued compensation, shareholder/consultant (b)   —      249,322 
   $64,000   $301,322 

 

(a)

Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the three months ended September 30, 2018, compensation expense of $12,000 was recorded, including $6,000 accrual of annual compensation and $6,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At September 30, 2018 the accrued compensation due to the executive was $64,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 116,364 of the Company’s common stock.

 

(b)

In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500.

 

At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined.

 

On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under the both consulting agreements aggregating $249,322 (See Note 6).

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Advances Payable (Tables)
3 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Advances Payable

At September 30, 2018 and June 30, 2018, the Company was obligated for the following advances:

 

   September 30,  
2018
  June 30,
2018
Advances due to CEO  $149,829   $119,865 
Advances due to director   6,211    6,201 
Advances due to shareholder/consultant   —      25,000 
Advances due to former officers, directors and shareholders   —      54,390 
   $156,040   $205,456 
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes-Related Parties (Tables)
3 Months Ended
Sep. 30, 2018
Convertible Notes-related Parties  
Summary of Convertible Notes Payable - Related Party

A summary of convertible notes payable-related party as of September 30, 2018 and June 30, 2018 is as follows:

 

   September 30,
2018
  June 30,
2018
Convertible notes payable-related party (a)  $—     $75,381 
Convertible notes payable-ILC Holdings (b)   48,561    40,727 
Unamortized note discounts   (37,066)   (35,452)
   $11,495   $80,656 

 

(a)

Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and are due from January 2019 through November 2019. These notes are convertible into shares of the Company’s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381.

 

On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6).

 

(b)

In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company’s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock.

 

In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company’s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company’s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes.

 

At September 30, 2018 principal of $47,000 and accrued interest of $1,561 are due under the notes and the total outstanding balance of this note amounted to $48,561 and is convertible into 4,178,913 shares of common stock.

 

At June 30, 2018 the unamortized note discount was $35,452. During the three months ended September 30, 2018, the discount was increased by the $7,000 discussed above, and $5,386 of discount was amortized, At September 30, 2018 the unamortized note discount was $37,066.

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature Of Business And Summary Of Significant Accounting Policies (Foreign Currency Translation) (Details)
Sep. 30, 2018
¥ / $
$ / $
Sep. 30, 2017
RMB [Member]    
Period-end / average RMB/HK : US$1 exchange rate 6.8690
Period-average RMB : US$1 exchange rate 6.8127
HKD [Member]    
Period-end / average RMB/HK : US$1 exchange rate 7.8282
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature Of Business And Summary Of Significant Accounting Policies (Loss Per Share) (Details) - shares
3 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share 4,295,277 5,618,831
Common Stock Issuable Upon Conversion Of Convertible And Non-Redeemable Convertible Notes Payable [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share 4,178,913 5,378,010
Common Stock Issuable Upon Conversion Of Accrued Compensation [Member]    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share 116,364 240,821
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Compensation-Related Parties (Details) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Accrued compensation $ 64,000 $ 301,322
Employment Agreement With A Chief Executive Officer [Member]    
Accrued compensation [1] 64,000 52,000
Consulting Agreement With A Shareholder / Consultant [Member]    
Accrued compensation [2] $ 249,322
[1] Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company?s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. The option to accept shares of common stock in lieu of cash is accounted for at the fair value of the potentially issuable common shares and is subject to adjustment at each reporting date based on the change in market value of the shares. At June 30, 2018, accrued compensation due to the executive was $52,000. For the three months ended September 30, 2018, compensation expense of $12,000 was recorded, including $6,000 accrual of annual compensation and $6,000 accrual for the fair value that could be paid in shares of common stock related to this employment agreement. At September 30, 2018 the accrued compensation due to the executive was $64,000, which if the executive elected to be paid in shares of common stock, would result in the issuance of 116,364 of the Company?s common stock.
[2] In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter. At June 30, 2018 the accrued compensation due under this agreement was $22,500. At June 30, 2018, the Company also owed the shareholder/consultant $226,822, related to a consulting contract that had terminated in April 2017. Pursuant to the terms of that agreement, the shareholder/consultant has the option to accept shares of the Company?s common stock in lieu of cash based on a 50% discount to the average stock price, as defined. On August 10, 2018, the shareholder/consultant agreed to fully settle the amounts owed to him under the both consulting agreements aggregating $249,322 (See Note 6).
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accrued Compensation-Related Parties (Details) (Parenthetical) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Aug. 10, 2018
Jun. 01, 2017
Apr. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Related Party Transaction [Line Items]            
Gain on settlement of debt       $ 12,150  
Employment Agreement With A Chief Executive Officer [Member]            
Related Party Transaction [Line Items]            
Related party agreement description   <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Effective June 1, 2017, the Company entered in an employment agreement with its Chief Executive Officer for annual compensation of $24,000. The executive has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined.</font></p>        
Accrued compensation-related party       64,000   $ 52,000
Compensation expenses       12,000    
Cash compensation accrual included in compensation expense       6,000    
Fair value of common shares included in compensation expense       $ 6,000    
Shares to be issued if elected to foreclose the accrued compensation       116,364    
Consulting Agreement With A Shareholder / Consultant Dated April 2017 [Member]            
Related Party Transaction [Line Items]            
Related party agreement description     <p><font style="font-size: 10pt">In April 2017, a consulting agreement was signed between a shareholder/consultant and the Company. Pursuant to this agreement, the Company agreed to pay $7,500 per month in cash for consulting services through December 31, 2017, and month to month thereafter.</font></p>      
Accrued compensation-related party       $ 22,500    
Consulting Agreement With A Shareholder / Consultant Terminated In April 2017 [Member]            
Related Party Transaction [Line Items]            
Related party agreement description           <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Pursuant to the terms of that agreement, the shareholder consultant has the option to accept shares of the Company’s common stock in lieu of cash based on a 50% discount to the average stock price, as defined.</font></p>
Accrued compensation-related party       $ 226,822    
Stockholder / Consultant [Member]            
Related Party Transaction [Line Items]            
Gain on settlement of debt $ 249,322          
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Advances Payable (Details) - USD ($)
Sep. 30, 2018
Aug. 10, 2018
Jun. 30, 2018
Short-term Debt [Line Items]      
Advances due $ 156,040   $ 205,456
Advances [Member]      
Short-term Debt [Line Items]      
Advances due 156,040   205,456
Advances [Member] | CEO [Member]      
Short-term Debt [Line Items]      
Advances due 149,829   119,865
Advances [Member] | Director [Member]      
Short-term Debt [Line Items]      
Advances due 6,211   6,201
Advances [Member] | Shareholder / Consultant [Member]      
Short-term Debt [Line Items]      
Advances due   25,000
Advances [Member] | Former Officers, Directors And Shareholders [Member]      
Short-term Debt [Line Items]      
Advances due $ 54,390 $ 54,390
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes-Related Parties (Details) - USD ($)
Sep. 30, 2018
Jun. 30, 2018
Debt Instrument [Line Items]    
Unamortized note discounts $ 37,066 $ 35,452
Total convertible notes-related party 11,495 80,656
Convertible Notes Payable [Member] | Related Party [Member]    
Debt Instrument [Line Items]    
Convertible notes payable [1] 75,381
Convertible Notes Payable [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member]    
Debt Instrument [Line Items]    
Convertible notes payable [2] 48,561 40,727
Unamortized note discounts $ 37,066 $ 35,452
[1] Convertible notes payable-related party are unsecured, accrue interest at 10% per annum, and are due from January 2019 through November 2019. These notes are convertible into shares of the Company&#146;s common stock at a conversion price ranging from of $0.01 per share to $0.10 per share. At June 30, 2018, principal and accrued interest totaled $75,381. On August 10, 2018, the convertible notes payable-related party of $75,381 were settled (See Note 6).
[2] In April 2018, the Company issued two convertible notes to ILC Holdings, an entity controlled by the Company&#146;s CEO, for $30,000 and $10,000, respectively. The convertible notes were unsecured, accrued interest at 8% per annum, and are due on April 1, 2020 and April 26, 2020, respectively. At June 30, 2018, $727 of accrued interest was added to principal, and the total outstanding balance of these notes amounted to $40,727, and was convertible into 4,072,767 shares of common stock. In September 2018, the Company issued a convertible note to ILC Holdings, an entity controlled by the Company&#146;s CEO, for $7,000. The convertible note is unsecured, accrues interest at 8% per annum, and due on September 11, 2019. The Company determined that the notes contained a beneficial conversion feature of $7,000 since the market price of the Company&#146;s common stock were higher than the conversion price of the notes when they were issued. The beneficial conversion feature of $7,000 was recorded as debt discount to be amortized over the term of the notes or in full upon the conversion of the corresponding notes. At September 30, 2018 principal of $47,000 and accrued interest of $1,561 are due under the notes and the total outstanding balance of this note amounted to $48,561 and is convertible into 4,178,913 shares of common stock. At June 30, 2018 the unamortized note discount was $35,452. During the three months ended September 30, 2018, the discount was increased by the $7,000 discussed above, and $5,386 of discount was amortized, At September 30, 2018 the unamortized note discount was $37,066.
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Convertible Notes-Related Parties (Details) (Parenthetical) - USD ($)
1 Months Ended 3 Months Ended 12 Months Ended
Aug. 10, 2018
Sep. 30, 2018
Apr. 30, 2018
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2017
Jun. 30, 2018
Debt Instrument [Line Items]              
Gain on settlement of debt       $ 12,150    
Unamortized discount   $ 37,066   37,066     $ 35,452
Amortization of debt discount to interest expenses       $ 5,386 $ 34,107    
Convertible Notes Payable [Member] | Related Party [Member]              
Debt Instrument [Line Items]              
Debt description           <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Convertible notes-related party are unsecured</font></p>  
Note interest rate           10.00%  
Note maturity date description           <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Due from January 2019 through November 2019.</font></p>  
Gain on settlement of debt $ 75,381            
Convertible Notes Payable [Member] | Minimum [Member] | Related Party [Member]              
Debt Instrument [Line Items]              
Conversion price per share           $ 0.01  
Convertible Notes Payable [Member] | Maximum [Member] | Related Party [Member]              
Debt Instrument [Line Items]              
Conversion price per share           $ 0.10  
Convertible Notes Payable [Member] | Related Party [Member]              
Debt Instrument [Line Items]              
Debt description       <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Convertible notes-related party are unsecured</font></p>      
Note interest rate       10.00%      
Note maturity date description       <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Due from January 2019 through November 2019.</font></p>      
Principal and accrued interest due             75,381
Convertible Notes Payable [Member] | Related Party [Member] | Minimum [Member]              
Debt Instrument [Line Items]              
Conversion price per share   $ 0.01   $ 0.01      
Convertible Notes Payable [Member] | Related Party [Member] | Maximum [Member]              
Debt Instrument [Line Items]              
Conversion price per share   $ 0.10   $ 0.10      
Convertible Notes Payable [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member]              
Debt Instrument [Line Items]              
Principal and accrued interest due   $ 48,561   $ 48,561     40,727
Accrued interest added to principal portion             $ 727
Shares eligible for converting the note and interest   4,178,913   4,178,913     4,072,767
Unamortized discount   $ 37,066   $ 37,066     $ 35,452
Amortization of debt discount to interest expenses       5,386      
Debt instrument principal amount   47,000   47,000      
Accrued interest   $ 1,561   1,561      
Increase in unamortized debt discount       7,000      
Convertible Notes Payable Issued In April 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member]              
Debt Instrument [Line Items]              
Note interest rate     8.00%        
Convertible notes - related parties face value     $ 30,000        
Note maturity date     Apr. 01, 2020        
Convertible Notes Payable Issued In April 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member]              
Debt Instrument [Line Items]              
Note interest rate     8.00%        
Convertible notes - related parties face value     $ 10,000        
Note maturity date     Apr. 26, 2020        
Convertible Notes Payable Issued In September 2018 [Member] | ILC Holdings LLC - An Entity Controlled By Cihan Huang, Company's CEO And Controlling Shareholder [Member]              
Debt Instrument [Line Items]              
Note interest rate   8.00%          
Amortization of debt discount to interest expenses   $ 7,000          
Convertible notes - related parties face value   $ 7,000   $ 7,000      
Note maturity date   Sep. 11, 2019          
Convertible notes payable beneficial conversion feature   $ 7,000          
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Nature Of Business And Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($)
Dec. 01, 2017
Aug. 02, 2017
May 28, 2017
Sep. 30, 2018
Jun. 30, 2018
Asset       $ 144,833 $ 77,173
Deferred revenue       125,725  
Peoples Republic Of China - "PRC" [Member]          
Asset       $ 132,803  
International Leadership Center Holdings Limited (BVI ILC) [Member]          
Purchase price to acquire BVI ILC $ 2,500        
Common Stock [Member]          
Reverse stock split   <p><font style="font: 10pt Times New Roman, Times, Serif">1-for-50</font></p>      
Star Century Entertainment Corporation - Shareholder Of The Company [Member] | Series B Preferred Stock [Member]          
Description of sale of shares to ILC Holdings, LLC, an unrelated third party     <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">On May 28, 2017, Star Century Entertainment Corporation, a shareholder of the Company, agreed to sell 25,000 shares of the Company’s Series B preferred shares, representing approximately 99% of the voting control of the Company, to ILC Holdings, LLC and the Company experienced a change in control. Cihan Huang is the managing member of ILC Holdings, LLC. On December 1, 2017, ILC Holdings, LLC sold the 25,000 shares of the Company’s Series B Preferred Stock to Cihan Huang.</font></p>    
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Advances Payable (Narrative) (Details) - USD ($)
3 Months Ended
Sep. 30, 2018
Aug. 10, 2018
Jun. 30, 2018
Advances due $ 156,040   $ 205,456
Advances [Member]      
Advances description <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">These advances are non-interest bearing, unsecured, and generally due upon demand.</font></p>    
Advances due $ 156,040   205,456
Advances [Member] | Shareholder [Member]      
Advances due   $ 25,000  
Advances [Member] | Former Officers, Directors And Shareholders [Member]      
Advances due $ 54,390 $ 54,390
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Non-Redeemable Convertible Note-Related Party (Narrative) (Details) - USD ($)
3 Months Ended
Aug. 10, 2018
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Debt Instrument [Line Items]        
Gain on settlement of debt   $ 12,150  
Non Redeemable Convertible Note [Member] | Related Party [Member]        
Debt Instrument [Line Items]        
Note interest rate   20.00%    
Note description   <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">Non-redeemable convertible note-related party is secured by all the assets of the Company, accrued interest at 20% per annum through June 30, 2016, and is non-interest bearing thereafter, and is due August 1, 2019.</font></p>    
Note maturity date   Aug. 01, 2019    
Debt instrument redemption description   <p style="margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The Company may prepay the note in readily available funds at any time prior to the maturity date.</font></p>    
Conversion price per share   $ 0.05    
Principal and accrued interest due       $ 43,180
Gain on settlement of debt $ 43,180      
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Settlement Of Liabilities (Narrative) (Details) - USD ($)
3 Months Ended
Aug. 10, 2018
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Repayment of debt   $ 35,000  
Gain on settlement of debt   12,150  
Due to related parties   $ 11,495   $ 80,656
Related Party - Stockholder/Consultant And Various Former Officers, Directors And Shareholders [Member]        
Repayment of debt $ 227,722      
Gain on settlement of debt 286,201      
Due to related parties       513,923
Value of total liabilities settled 513,923      
Various Unrelated Parties [Member]        
Accounts payable - various unrelated parties       $ 16,750
Repayment of debt 4,600      
Gain on settlement of debt $ 12,150      
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Deficiency (Narrative) (Details) - USD ($)
2 Months Ended 3 Months Ended
Aug. 15, 2018
Aug. 31, 2018
Sep. 30, 2018
Sep. 30, 2017
Jun. 30, 2018
Shares issued for cash, value     $ 247,000    
Common stock, par value per share     $ 0.001   $ 0.001
Share based compensation     $ 242,370  
Common Stock [Member]          
Shares issued for cash, shares   247,000,000 247,000,000    
Shares issued for cash, value   $ 247,000 $ 247,000    
Common stock, par value per share $ 0.55 $ 0.001      
Share based compensation     $ 201,120    
Purchase price per share     $ 0.001    
Fair value price per share     $ 0.003    
Shares issued for services, shares 75,000        
Shares issued for services, value $ 41,250        
Common Stock [Member] | CEO [Member]          
Shares issued for cash, value   $ 66,802,163      
Common Stock [Member] | COO [Member]          
Shares issued for cash, value   33,992,000      
Common Stock [Member] | 7 Individuals - Members Of ILC Holdings, LLC [Member]          
Shares issued for cash, value   72,500,000      
Common Stock [Member] | 90 Other Individuals [Member]          
Shares issued for cash, value   $ 73,705,837      
Common Stock [Member] | CEO And COO [Member]          
Issuance of shares of common stock     100,794,163    
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