10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

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

For the quarterly period ended 

March 31, 2020

or

☐	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ____________ to ____________

Commission File Number 

333-188152

BIONOVATE TECHNOLOGIES CORP.

(Exact name of registrant as specified in its charter)

Nevada	33-1229553
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
Nuevo Leon 202 Piso 7 Col. Hipodromo, Cuidad de Mexico, Mexico	06100
(Address of principal executive offices)	(Zip Code)

(646) 224-1160

(Registrant’s telephone number, including area code)

Rothschild Blvd 22, Tel Aviv-Yafo, Israel 6688218

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

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

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

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ YES      ☐ NO

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

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

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

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) ☐ YES      ☒ NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ☐ YES      ☐ NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

59,423,598 common shares issued and outstanding as of May 7, 2020.

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION		3
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition or Plan of Operation	14
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	18
Item 4.	Controls and Procedures	18
PART II - OTHER INFORMATION		19
Item 1.	Legal Proceedings	19
Item 1A.	Risk Factors	19
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	19
Item 3.	Defaults Upon Senior Securities	19
Item 4.	Mine Safety Disclosures	19
Item 5.	Other Information	19
Item 6.	Exhibits	20
SIGNATURES		21

2

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Bionovate Technologies Corp

BALANCE SHEETS

(Unaudited)

	March 31,			June 30,
	2020			2019
ASSETS
Current Assets
Cash	$	-		$	-
Total Current Assets		-			-
TOTAL ASSETS	$	-		$	-
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities
Accounts payable and accrued liabilities	$	192,328		$	148,621
Convertible notes payable		183,375			183,668
Total Current Liabilities		375,703			332,289
TOTAL LIABILITIES		375,703			332,289
Stockholders’ Deficit
Preferred stock: 90,000,000 authorized; $0.0001 par value - no shares issued and outstanding		-			-
Common stock: 100,000,000 authorized; $0.0001 par value 59,423,598 and 155,798 shares issued and outstanding		5,942			15
Additional paid in capital		2,293,633			2,243,891
Accumulated deficit		(2,675,278	)		(2,576,195	)
Total Deficit		(375,703	)		(332,289	)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	-		$	-

The accompanying notes are an integral part of these unaudited financial statements

3

Bionovate Technologies Corp

STATEMENT OF OPERATIONS

(Unaudited)

	Three Months Ended						Nine Months Ended
	March 31,						March 31,
	2020			2019			2020			2019
Revenues	$	-		$	-		$	-		$	-
Operating Expenses
General and administration		-			875			-			5,805
Professional		2,748			4,517			27,110			33,025
Total operating expenses		2,748			5,392			27,110			38,830
Net loss from operations		(2,748	)		(5,392	)		(27,110	)		(38,830	)
Other income (expense)
Realized foreign currency gain (loss)		210			(136	)		103			(168	)
Interest expense		(21,600	)		(19,806	)		(72,076	)		(121,174	)
Total other expense		(21,390	)		(19,942	)		(71,973	)		(121,342	)
Net loss before taxes		(24,138	)		(25,334	)		(99,083	)		(160,172	)
Net loss	$	(24,138	)	$	(25,334	)	$	(99,083	)	$	(160,172	)
Basic and dilutive loss per share
Net loss	$	(0.00	)	$	(0.16	)	$	(0.01	)	$	(1.03	)
Weighted average number of shares outstanding		40,520,545			155,798			13,512,860			155,798

The accompanying notes are an integral part of these unaudited financial statements

4

Bionovate Technologies Corp

STATEMENT OF STOCKHOLDERS’ DEFICIENCY

(Unaudited)

For the Nine Months Ended March 31, 2020

					Additional
	Common Stock				Paid in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance, June 30, 2019		155,798	$	15	$	2,243,891	$	(2,576,195	)	$	(332,289	)
Beneficial conversion feature		-		-		526		-			526
Net loss		-		-		-		(29,376	)		(29,376	)
Balance, September 30, 2019		155,798	$	15	$	2,244,417	$	(2,605,571	)	$	(361,139	)
Beneficial conversion feature		-		-		18,892		-			18,892
Net loss		-		-		-		(45,569	)		(45,569	)
Balance, December 31, 2019		155,798	$	15	$	2,263,309	$	(2,651,140	)	$	(387,816	)
Common shares issued for conversion of debt		59,267,800		5,927		24,490		-			30,417
Beneficial conversion feature		-		-		5,834		-			5,834
Net loss		-		-		-		(24,138	)		(24,138	)
Balance, March 31, 2020		59,423,598	$	5,942	$	2,293,633	$	(2,675,278	)	$	(375,703	)

5

For the Nine Months Ended March 31, 2019

					Additional
	Common Stock				Paid in		Accumulated
	Shares		Amount		Capital		Deficit			Total
Balance, June 30, 2018		155,798	$	15	$	2,057,602	$	(2,367,299	)	$	(309,682	)
Debt forgiveness				-		85,523		-			85,523
Beneficial conversion feature				-		60,000		-			60,000
Net loss		-		-		-		(87,509	)		(87,509	)
Balance, September 30, 2018		155,798	$	15	$	2,203,125	$	(2,454,808	)	$	(251,668	)
Beneficial conversion feature				-		17,302		-			17,302
Net loss		-		-		-		(47,329	)		(47,329	)
Balance, December 31, 2018		155,798	$	15	$	2,220,427	$	(2,502,137	)	$	(281,695	)
Beneficial conversion feature				-		6,427		-			6,427
Net loss		-		-		-		(25,334	)		(25,334	)
Balance, March 31, 2019		155,798	$	15	$	2,226,854	$	(2,527,471	)	$	(300,602	)

The accompanying notes are an integral part of these unaudited financial statements

6

Bionovate Technologies Corp

STATEMENT OF CASH FLOWS

(Unaudited)

	Nine Months Ended
	March 31,
	2020			2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(99,083	)	$	(160,172	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Expenses paid by convertible notes		25,252			23,729
Amortization of debt discount		25,252			83,729
Foreign currency adjustment		(103	)		168
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities		48,682			52,546
Net cash provided by operating activities		-			-
Net change in cash and cash equivalents		-			-
Cash and cash equivalents, beginning of period		-			-
Cash and cash equivalents, end of period	$	-		$	-
Supplemental cash flow information
Cash paid for interest	$	-		$	-
Cash paid for taxes	$	-		$	-
Non-cash transactions:
Beneficial conversion feature	$	25,252		$	83,729
Debt forgiveness	$	-		$	85,523
Common stock issued for conversion of debt	$	30,417		$	-

The accompanying notes are an integral part of these unaudited financial statements

7

Bionovate Technologies Corp

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 – NATURE AND CONTINUANCE OF OPERATIONS

Bionovate Technologies Corp. (the “Company”, or the “Corporation”) was incorporated in the state of Nevada, United States on October 24, 2012 under the name MJP International Ltd. On December 1, 2017, the Company’s corporate name was changed to Bionovate Technologies Corp.

The Corporation was formed and organized to capitalize on new opportunities found in the North American market for light-emitting diode (“LED”) lighting. With China as the manufacturing backbone of future LED products, the Corporation has set up an office in Guangzhou, China in search of high-quality products offered by reputable manufacturers to be introduced to Canada, the United States, and abroad. The Corporation has set out further details of the acquisition below as well as in Notes 3 and 4 to these consolidated financial statements.

On February 5, 2016, Energy Alliance Labs Inc. (“Energy Alliance”), incorporated on February 5, 2016, entered into an agreement to acquire 80% of the issued and outstanding equity interests of Human Energy Alliance Laboratories Corp., an Idaho corporation (“HEAL”) from certain shareholders of HEAL for $80,000. The cash for the acquisition of shares was transferred to the shareholders on November 1, 2016 and that is when the acquisition closed. Subsequent to the transfer of cash, the previous shareholders of the Company owned 80% of the issued and outstanding shares of HEAL.

On October 28, 2016, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Liao Zu Guo, an individual residing in China, whereby the Company issued 80,000 shares of its common stock in exchange for 100% of the issued and outstanding equity interests of Energy Alliance. Subsequent to the execution of the Share Exchange Agreement, Liao Zu Gao became a member of the Board of Directors of the Company.

On January 1, 2017, the Company entered into transfer agreement with Liao Zu Guo, whereby the Company transferred 100% of issued and outstanding equity interests of Energy Alliance for $20,000 for past services provided by Executive to the Company and agreed to assume the debt of Energy Alliance owed to the Liao Zu Guo in the aggregate amount of $28,239.

On December 1, 2017, a majority of stockholders and the board of directors approved a reverse stock split of the issued and outstanding shares of common stock on a fifty (50) old for one (1) new basis. A Certificate of Amendment was filed with the Nevada Secretary of State on December 11, 2017 with an effective date of December 21, 2017.

On October 1, 2019, a majority of our shareholders approved a reverse stock split on a basis of 100 old shares for one (1) new share of our issued and outstanding common stock. No fractional shares of common stock will be issued as a result of the reverse split. Any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number.

As a result of the reverse split, our issued and outstanding shares of common stock will decrease from 15,579,749 to 155,798 shares of common stock. We confirm that our authorized capital will remain unchanged.

The reverse split has been reviewed by the Financial Industry Regulatory Authority (FINRA) and has been approved for filing with an effective date of January 9, 2020. All share and per share information in these financial statements retroactively reflect this stock distribution.

Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001.

Effective January 28, 2020, the Note was assigned to Evergreen Solutions Ltd., and was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control.

8

On February 3, 2020, Cohen Mizrahi resigned as a director and as an officer of our company. Dr. Mizrahi’s resignation was not the result of a disagreement between Dr. Mizrahi and our company on any matter relating to our company’s operations, policies or practices. On February 3, 2020, David Magana Gonzalez was appointed as a director to replace Dr. Mizrahi and he was also appointed President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of our company.

GOING CONCERN

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit at March 31, 2020 of $2,675,278, is in a net liability position and needs cash to maintain its operations.

These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s continued existence is dependent upon management’s ability to develop profitable operations, continued contributions from the Company’s executive officers to finance its operations and the ability to obtain additional funding sources to explore potential strategic relationships and to provide capital and other resources for the further development and marketing of the Company’s products and business.

NOTE 2– SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. For further information, refer to the financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2019.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect application of policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited condensed interim financial statements include the provision for unpaid loss and loss adjustment expenses which may result from product warranty provisions; valuation of deferred income taxes; valuation and impairment assessment of intangible assets; goodwill recoverability; and deferred acquisition costs.

Fair Value of Financial Instrument

The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

9

The Corporation applies FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments.

Basic and Diluted Loss per Common Stock

FASB ASC 260 requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per stock would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per common stock on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive.

Reclassification

Certain amounts in the comparative financial statements have been reclassified to conform with the presentation of the financial statements of the current period.

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS

AS of March 31, 2020 and June 30, 2019, accounts payable and accrued liabilities consisted of as follows,

	March 31,		June 30,
	2020		2019
Accounts payable	$	21,757	$	22,434
Accrued expense		12,654		10,121
Accrued interest		116,892		75,041
Due to a former related party		41,025		41,025
	$	192,328	$	148,621

NOTE 4 – CONVERTIBLE NOTE

Convertible notes payable at March 31, 2020 and June 30,2019, consists of the following:

	March 31,		June 30,
	2020		2019
Dated November 1, 2016	$	4,439	$	4,439
Dated January 1, 2017 - 1		-		6,200
Dated January 1, 2017 - 2		-		10,489
Dated January 1, 2017 - 3		-		3,429
Dated June 30, 2017		9,969		9,969
Dated April 1, 2018 - 1		10,000		10,000
Dated April 1, 2018 - 2		10,000		10,000
Dated June 30, 2018		28,376		28,376
Dated July 5, 2018 - 1		30,000		30,000
Dated July 5, 2018 - 2		15,000		15,000
Dated July 5, 2018 - 3		15,000		15,000
Dated December 31, 2018		17,302		17,302
Dated March 31, 2019		1,000		6,427
Dated June 30, 2019		17,037		17,037
Dated September 30, 2019		526		-
Dated December 31, 2019		18,892		-
Dated March 31, 2020		5,834		-
Total convertible notes payable		183,375		183,668
Less: Unamortized debt discount		-		-
Total convertible notes		183,375		183,668
Less: current portion of convertible notes		183,375		183,668
Long-term convertible notes	$	-	$	-

10

For the nine months ended March 31, 2020 and 2018, the Company recognized interest expense of $46,824 and $37,445 and amortization of discount, included in interest expense, of $25,252 and $83,729, respectively. As of March 31, 2020, and June 30, 2019, the Company recorded accrued interest of $116,892 and $75,041, respectively

Dated November 1, 2016

On November 1, 2016, the Company issued a convertible note with a conversion price of $0.005 to extinguish debt of $18,239. The convertible note is unsecured, bears interest at 4% per annum and due and payable on November 1, 2017. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $18,239.

Dated January 1, 2017 - 1

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $10,000. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $6,200 was converted into 1,240,000 shares of common stock by the new note holder.

Dated January 1, 2017 - 2

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $14,289. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $14,289. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $10,489 and accrued interest of $3,800 was converted into 2,857,800 shares of common stock by the new note holder.

Dated January 1, 2017 - 3

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $3,352 (Canadian dollar (“CAD”) $4,500). The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $3,352 (CAD $4,500). The difference of amount was a result of change of exchange rate. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $3,384 and accrued interest of $1,116 was converted into 900,000 shares of common stock by the new note holder.

11

Dated June 30, 2017

On June 30, 2017, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $9,969. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $9,969.

Dated April 1, 2018 – 1 and 2

On April 1, 2018, the Company issued 2 convertible notes totaling of $20,000 with a conversion price of $$0.01 to pay a purchase of a patent of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $20,000.

Dated June 30, 2018

On June 30, 2018, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $28,376. The convertible note is unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $28,376.

Dated July 5, 2018 – 1, 2 and 3

On June 30, 2018, the Company issued 3 convertible notes totaling of $60,000 with a conversion price of $0.01 to extinguish amounts due to related parties of $145,523. The convertible notes are unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $60,000.

Dated December 31, 2018

On December 31, 2018, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,302. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,302.

Dated March 31, 2019

On March 31, 2019, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $6,427. The convertible note is unsecured, bears interest at 20% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $6,427.

Effective January 28, 2020, the Company amended a convertible note. The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001.

Effective January 28, 2020, the Note of $6,427 was assigned to Evergreen Solutions Ltd., and $5,427 was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control.

Dated June 30, 2019

On June 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,037. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,037.

Dated September 30, 2019

On September 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $526. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $526.

12

Dated December 31, 2019

On December 31, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $18,892. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $18,892.

Dated March 31, 2020

On March 31, 2020, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $5,834. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $5,834.

NOTE 5 – DUE TO RELATED PARTIES

During the year ended June 30, 2018, the Company’s former CEO paid accounts payable of $41,025 on behalf of the Company. The loans are unsecured, non-interest bearing and due on demand.

During the period ended March 31, 2020, a change of control occurred and the former CEO who was also a major shareholder was no longer a related party. As a result. the Company reclassed due to related party of $41,025 to accounts payable and accrued liabilities.

NOTE 6 – EQUITY

Preferred Stock

The Company is authorized to issue 90,000,000 shares of preferred stock at a par value of $0.0001.

No shares were issued and outstanding as of March 31, 2020 and June 30,2019, respectively.

Common Stock

The Company is authorized to issue 100,000,000 shares of preferred stock at a par value of $0.0001.

During the nine months ended March 31, 2020, the Company issued 59,267,800 shares of common stock for conversion of debt of $30,417.

As at March 31, 2020 and June 30, 2019, 59,423,598 and 155,798 shares of common stock were issued and outstanding.

As at March 31, 2020, there were no warrants or options outstanding.

NOTE 7 – SUBSEQUENT EVENT

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

13

Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation

FORWARD-LOOKING STATEMENTS

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Our consolidated unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.

Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.

As used in this quarterly report, the terms “we”, “us”, “our” and “our company” mean Bionovate Technologies Corp., unless otherwise indicated.

Corporate Overview

Our company was incorporated in the State of Nevada on October 24, 2012. Founded in Calgary, Canada, we were formed and organized to capitalize on new opportunities found in the North American market for light-emitting diode (“LED”) lighting. With China as the manufacturing backbone of future LED products, we have set up an office in Guangzhou, China in search of high quality products offered by reputable manufacturers to be introduced to Canada, the United States, and abroad. In November 2016, we expanded our operations to include reselling various energy products and green technology products. We achieved this by acquiring Energy Alliance Labs Inc. (“Energy Alliance”), which is the 80% owner of Human Energy Alliance Laboratories Corp., an Idaho corporation (“HEAL”). HEAL is a “green technology” and retail company with the mission of developing and distributing technologies that relieve its customers of certain burdens, while simultaneously decreasing the energy they use. HEAL’s primary products are mid-sized wind turbines, small solar panels and related controllers and inverters.

On October 28, 2016, we entered into a share exchange agreement with Cohen Mizrahi, a director of our company, whereby on the same date we issued 4,000,000 shares of our common stock in exchange for 100% of the issued and outstanding equity interests of Energy Alliance.

On November 1, 2016, Energy Alliance closed the transactions contemplated under an agreement with certain shareholders of HEAL, in which the shareholders holding 80% of the outstanding equity interests of HEAL sold all of their shares of HEAL to Energy Alliance.

As a result of such transactions we became the owner of 100% of the issued and outstanding equity interests of Energy Alliance and Energy Alliance became the owner of 80% of the issued and outstanding equity interests of HEAL.

Effective October 4, 2016, we filed a Certificate of Dissolution of MJP Holdings Ltd., our wholly-owned subsidiary.

14

Effective November 28, 2016, we entered into a Share Exchange Agreement with MJP Lighting Solutions Ltd., a British Virgin Islands (“BVI”) corporation and Tong Tang and Zhao Hui Ma (the “Shareholders”) whereby the parties exchanged 100% of the issued and outstanding shares of BVI, belonging to our company for the tender of 5,500,000 restricted common shares of our company, belonging to the Shareholders, to our treasury for cancellation.

On January 1, 2017, MJP entered into transfer agreement with Cohen Mizrahi, whereby we transferred 100% of the issued and outstanding equity interests of Energy Alliance for consideration of $20,000 for past services provided to our company by Mr. Guo.

On December 1, 2017, a majority of our stockholders and our board of directors approved a change of name of our company to “Bionovate Technologies Corp.” and a reverse stock split of our issued and outstanding shares of common stock on a fifty (50) old for one (1) new basis.

A Certificate of Amendment was filed with the Nevada Secretary of State on December 11, 2017 with an effective date of December 21, 2017.

The name change and reverse split became effective with the OTC Markets at the opening of trading on December 21, 2017 under the symbol “BIIO”.

October 1, 2019, a majority of our shareholders approved a reverse stock split on a basis of 100 old shares for one (1) new share of our issued and outstanding common stock. As a result of the reverse split, our issued and outstanding shares of common stock decreased from 15,579,749 to 155,798 shares of common stock, our authorized capital remained unchanged. The reverse split became effective with the OTC Markets at the opening of trading on January 9, 2020.

Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001.

Effective January 28, 2020, the Note was assigned to Evergreen Solutions Ltd., and was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control.

On February 3, 2020, Cohen Mizrahi resigned as a director and as an officer of our company. Dr. Mizrahi’s resignation was not the result of a disagreement between Dr. Mizrahi and our company on any matter relating to our company’s operations, policies or practices. On February 3, 2020, David Magana Gonzalez was appointed as a director to replace Dr. Mizrahi and he was also appointed President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of our company.

Mr. Gonzalez, age 31, is a graduate from the University of Colima where he studied Business Administration where he consistently ranked top percentile. After graduating, Mr. Gonzalez held management positions at local businesses in Colima, Mexico. First, Mr. Gonzalez worked for public transport company SINTRA where he was responsible for operations from 2010 until 2015. In 2015, Mr. Gonzalez took a position at SOCACOVA as business strategist.

We do not have any subsidiaries.

We have not been subject to any bankruptcy, receivership or similar proceeding.

Our executive offices are located at Av Nuevo Leon, Col. Hipodromo 06100, Cuidad de Mexico 06100. Our telephone number is (628) 300-2311.

Current Business

We are a medical device company that intends to develop the first automated treatment for age spots (solar lentigines). The technology (patent issued) uses a “scan and treat” protocol that removes age spots accurately and completely without disturbing the surrounding skin area. Current methods of treatment (lasers and manual liquid nitrogen spray devices) are either painful, costly, or require a physician to perform the procedure. The Bionovate system would be safe and would produce excellent results and can be used for other types of skin lesions. Its operation would require minimal user interaction and users can be trained in minutes. We are also looking into developing novel cancer detection methods based on its electronic imaging patent.

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Results of Operations

Our operations for the three and nine months ended March 31, 2020 and 2019 are outlined below:

Three months ended March 31, 2020 compared to three months ended March 31, 2019.

	Three Months Ended
	March 31,						Change
	2020			2019			Amount			%
Revenues	$	-		$	-		$	-			-
Operating Expenses		2,748			5,392			(2,644	)		(49	)%
Total other expense		(21,390	)		(19,942	)		(1,448	)		7	%
Net Loss	$	(24,138	)	$	(25,334	)	$	1,196			(5	)%

For the three months ended March 31, 2020 and 2019, we had no revenue. Expenses for the three months ended March 31, 2020 totaled $24,138 resulting in a net loss of $24,138 as compared to a net loss of $25,334 for the three months ended March 31, 2019. The decrease in net loss for the three months ended March 31, 2020 is a result of a decrease in professional fees offset by an increase in interest expense.

Nine months ended March 31, 2020 compared to nine months ended March 31, 2019.

	Nine Months Ended
	March 31,						Change
	2020			2019			Amount		%
Revenues	$	-		$	-		$	-		-
Operating Expenses		(27,110	)		(38,830	)		11,720		(30	)%
Total other expense		(71,973	)		(121,342	)		49,369		(41	)%
Net Loss	$	(99,083	)	$	(160,172	)	$	61,089		(38	)%

For the nine months ended March 31, 2020 and 2019, we had no revenue. Expenses for the nine months ended March 31, 2020 totaled $99,083 resulting in a net loss of $99,083 as compared to a net loss of $160,172 for the nine months ended March 31, 2019. The decrease in net loss for the nine months ended March 31, 2020 is a result of a decrease in general and administration expense, professional fee and amortization of discount.

Liquidity and Capital Resources

The following table provides selected financial data about our company as of March 31, 2020 and June 30, 2019, respectively.

Working Capital

	March 31,			June 30,			Change
	2020			2019			Amount			%
Current Assets	$	-		$	-		$	-			-
Current Liabilities	$	375,703		$	332,289			43,414			13	%
Working Capital (Deficit)	$	(375,703	)	$	(332,289	)	$	(43,414	)		13	%

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Cash Flows

	Nine Months Ended
	March 31,
	2020		2019
Net Cash Provided by Operating Activities	$	-	$	-
Net Cash Provided by Investing Activities	$	-	$	-
Net Cash Provided by Financing Activities	$	-	$	-
Net Change in Cash During the Period	$	-	$	-

On March 31, 2020, our Company’s cash balance was $0 and total assets were $0. On June 30, 2019, our Company’s cash balance was $0 and total assets were $0.

On March 31, 2020, our Company had total liabilities of $375,703, compared with total liabilities of $332,289 as at June 30, 2019.

On March 31, 2020, our Company had working capital deficiency of $375,703 compared with working capital deficiency of $332,289 as at June 30, 2019. The increase in working capital was primarily attributed to an increase in accounts payable and accrued liabilities.

Cash Flow from Operating Activities

During the nine months ended March 31, 2020, our Company used $0 in operating activities, compared to $0 provided by operating activities during the nine months ended March 31, 2019.

Cash Flow from Investing Activities

During the nine months ended March 31, 2020, our Company did not have any investing activities.

Cash Flow from Financing Activities

During the nine months ended March 31, 2020, our Company did not have any investing activities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, and capital expenditures or capital resources that are material to stockholders.

Critical Accounting Policies

Revenue Recognition

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

· identify the contract with a customer;

· identify the performance obligations in the contract;

· determine the transaction price;

· allocate the transaction price to performance obligations in the contract; and

· recognize revenue as the performance obligation is satisfied.

17

Recent Accounting Pronouncements

We have implemented all new accounting pronouncements that are in effect and that may impact our financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on our financial position or results of operations. Our company regularly reviews and analyses the recent accounting pronouncements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2020. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the period ended March 31, 2020, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2020, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1. Legal Proceedings

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

Item 1A. Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Effective January 28, 2020, a Note was assigned to Evergreen Solutions Ltd., and was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control.

On February 21, 2020, a principal amount of $6,200 was converted into 1,240,000 shares of common stock.

On February 21, 2020, a principal amount of $10,489 and accrued interest of $3,800 were converted into 2,857,800 shares of common stock.

On February 21, 2020, a principal amount of $3,384 and accrued interest of $1,116 were converted into 900,000 shares of common stock.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None

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Item 6. Exhibits

Exhibit Number	Description
(31)	Rule 13a-14 (d)/15d-14d) Certifications
31.1*	Section 302 Certification under the Sarbanes-Oxley Act of 2002
(32)	Section 1350 Certifications
32.1*	Section 906 Certification under the Sarbanes-Oxley Act of 2002
101*	Interactive Data File
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith.

** XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

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.

	BIONOVATE TECHNOLOGIES CORP.
	(Registrant)
Dated: May 15, 2020	/s/ David Magana Gonzalez
	David Magana Gonzalez
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)

21

EX-31.1

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TOSECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, David Magana Gonzalez, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Bionovate Technologies Corp.;
2	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 15, 2020

/s/ David Magana Gonzalez

David Magana Gonzalez

President, Chief Executive Officer, Chief Financial

Officer, Secretary, Treasurer and Director

(Principal Executive Officer, Principal Financial Officer

and Principal Accounting Officer)

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, David Magana Gonzalez, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	the Quarterly Report on Form 10-Q of Bionovate Technologies Corp. for the period ended March 31, 2020 (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 Bionovate Technologies Corp.

Dated: May 15, 2020	/s/ David Magana Gonzalez
	David Magana Gonzalez
	President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director
	(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
	Bionovate Technologies Corp.

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Bionovate Technologies Corp. and will be retained by Bionovate Technologies Corp. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

CONVERTIBLE NOTE (Details Narrative) - USD ($)	1 Months Ended		9 Months Ended
	Jan. 28, 2020	Jun. 30, 2018	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019	Jun. 30, 2019
Amortization of debt discount			$ 25,252	$ 83,729
Interest expense			46,824	37,445
Accrued interest			116,892			$ 75,041
Beneficial conversion feature			25,252	83,729
Debt conversion, converted instrument, principal amount			$ 30,417
Common stock shares issued upon conversion of debt			59,267,800
Convertible Notes Payable [Member] | March 31, 2020 [Member]
Convertible note conversion price			$ 0.005
Operating expenses			$ 5,834
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 5,834
Convertible promissory note			$ 5,834
Convertible Notes Payable [Member] | November 1, 2016 [Member]
Convertible note conversion price			$ 0.005
Convertible note bearing interest			4.00%
Beneficial conversion feature			$ 18,239
Extinguisment of debt			$ 18,239
Maturity date			Nov. 01, 2017
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member]
Accrued interest			$ 3,800
Convertible note conversion price			$ 0.005
Convertible note bearing interest			45.00%
Beneficial conversion feature			$ 14,289
Debt conversion, converted instrument, principal amount			$ 10,489
Common stock shares issued upon conversion of debt			2,857,800
Amount due to relates parties			$ 14,289
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member]
Accrued interest			$ 1,116
Convertible note conversion price			$ 0.005
Convertible note bearing interest			45.00%
Beneficial conversion feature			$ 3,352
Debt conversion, converted instrument, principal amount			$ 3,384
Common stock shares issued upon conversion of debt			900,000
Amount due to relates parties			$ 3,352
Convertible Notes Payable [Member] | December 31, 2018 [Member]
Convertible note conversion price			$ 0.005
Operating expenses			$ 17,302
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 17,302
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member]
Convertible note conversion price	$ 0.0001		$ 0.01
Operating expenses			$ 6,427
Convertible note bearing interest	0.00%		20.00%
Beneficial conversion feature			$ 6,427
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member] | Evergreen Solutions Ltd. [Member]
Convertible promissory note	$ 6,427
Debt conversion, converted instrument, principal amount	$ 5,427
Common stock shares issued upon conversion of debt	54,270,000
Convertible Notes Payable [Member] | June, 30 2018 [Member]
Convertible note conversion price			$ 0.01
Operating expenses			$ 28,376
Convertible note bearing interest			30.00%
Beneficial conversion feature			$ 28,376
Convertible promissory note			$ 17,037			$ 17,037
Convertible Notes Payable [Member] | January 1, 2017 [Member]
Convertible note conversion price			$ 0.005
Convertible note bearing interest			45.00%
Beneficial conversion feature			$ 10,000
Debt conversion, converted instrument, principal amount			$ 6,200
Common stock shares issued upon conversion of debt			1,240,000
Amount due to relates parties			$ 10,000
Convertible Notes Payable [Member] | June 30, 2019 [Member]
Convertible note conversion price			$ 0.005
Operating expenses			$ 17,037
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 17,037
Convertible Notes Payable [Member] | July, 5 2018-1, 2 or 3 [Member]
Convertible note conversion price		$ 0.01
Operating expenses		$ 60,000
Convertible note bearing interest		30.00%
Beneficial conversion feature		$ 60,000
Amount due to relates parties		$ 145,523
Convertible Notes Payable [Member] | December 31, 2019 [Member]
Convertible note conversion price			$ 0.005
Operating expenses			$ 18,892
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 18,892
Convertible Note Payable [Member] | June, 30 2017 [Member]
Convertible note conversion price			$ 0.01
Operating expenses			$ 9,969
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 9,969
Convertible Note Payable [Member] | September, 30 2019 [Member]
Convertible note conversion price					$ 0.005
Operating expenses			$ 526
Convertible note bearing interest			35.00%
Beneficial conversion feature			$ 526
Convertible Notes Two [Member] | April, 1 2018- 1, 2 [Member]
Convertible note conversion price			$ 0.01
Convertible note bearing interest			45.00%
Beneficial conversion feature			$ 20,000
Patent purchase			10,000
Convertible promissory note			$ 20,000

XML

EQUITY

9 Months Ended

Mar. 31, 2020

EQUITY

NOTE 6 - EQUITY

Preferred Stock

The Company is authorized to issue 90,000,000 shares of preferred stock at a par value of $0.0001.

No shares were issued and outstanding as of March 31, 2020 and June 30,2019, respectively.

Common Stock

The Company is authorized to issue 100,000,000 shares of preferred stock at a par value of $0.0001.

During the nine months ended March 31, 2020, the Company issued 59,267,800 shares of common stock for conversion of debt of $30,417.

As at March 31, 2020 and June 30, 2019, 59,423,598 and 155,798 shares of common stock were issued and outstanding.

As at March 31, 2020, there were no warrants or options outstanding.

XML

CONVERTIBLE NOTE (Tables)

9 Months Ended

Mar. 31, 2020

CONVERTIBLE NOTE

Schedule of convertible note payable

	March 31,		June 30,
	2020		2019
Dated November 1, 2016	$	4,439	$	4,439
Dated January 1, 2017 - 1		-		6,200
Dated January 1, 2017 - 2		-		10,489
Dated January 1, 2017 - 3		-		3,429
Dated June 30, 2017		9,969		9,969
Dated April 1, 2018 - 1		10,000		10,000
Dated April 1, 2018 - 2		10,000		10,000
Dated June 30, 2018		28,376		28,376
Dated July 5, 2018 - 1		30,000		30,000
Dated July 5, 2018 - 2		15,000		15,000
Dated July 5, 2018 - 3		15,000		15,000
Dated December 31, 2018		17,302		17,302
Dated March 31, 2019		1,000		6,427
Dated June 30, 2019		17,037		17,037
Dated September 30, 2019		526		-
Dated December 31, 2019		18,892		-
Dated March 31, 2020		5,834		-
Total convertible notes payable		183,375		183,668
Less: Unamortized debt discount		-		-
Total convertible notes		183,375		183,668
Less: current portion of convertible notes		183,375		183,668
Long-term convertible notes	$	-	$	-

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NATURE AND CONTINUANCE OF OPERATIONS

9 Months Ended

Mar. 31, 2020

NATURE AND CONTINUANCE OF OPERATIONS

NOTE 1 - NATURE AND CONTINUANCE OF OPERATIONS

Bionovate Technologies Corp. (the “Company”, or the “Corporation”) was incorporated in the state of Nevada, United States on October 24, 2012 under the name MJP International Ltd. On December 1, 2017, the Company’s corporate name was changed to Bionovate Technologies Corp.

The Corporation was formed and organized to capitalize on new opportunities found in the North American market for light-emitting diode (“LED”) lighting. With China as the manufacturing backbone of future LED products, the Corporation has set up an office in Guangzhou, China in search of high-quality products offered by reputable manufacturers to be introduced to Canada, the United States, and abroad. The Corporation has set out further details of the acquisition below as well as in Notes 3 and 4 to these consolidated financial statements.

On February 5, 2016, Energy Alliance Labs Inc. (“Energy Alliance”), incorporated on February 5, 2016, entered into an agreement to acquire 80% of the issued and outstanding equity interests of Human Energy Alliance Laboratories Corp., an Idaho corporation (“HEAL”) from certain shareholders of HEAL for $80,000. The cash for the acquisition of shares was transferred to the shareholders on November 1, 2016 and that is when the acquisition closed. Subsequent to the transfer of cash, the previous shareholders of the Company owned 80% of the issued and outstanding shares of HEAL.

On October 28, 2016, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Liao Zu Guo, an individual residing in China, whereby the Company issued 80,000 shares of its common stock in exchange for 100% of the issued and outstanding equity interests of Energy Alliance. Subsequent to the execution of the Share Exchange Agreement, Liao Zu Gao became a member of the Board of Directors of the Company.

On January 1, 2017, the Company entered into transfer agreement with Liao Zu Guo, whereby the Company transferred 100% of issued and outstanding equity interests of Energy Alliance for $20,000 for past services provided by Executive to the Company and agreed to assume the debt of Energy Alliance owed to the Liao Zu Guo in the aggregate amount of $28,239.

On December 1, 2017, a majority of stockholders and the board of directors approved a reverse stock split of the issued and outstanding shares of common stock on a fifty (50) old for one (1) new basis. A Certificate of Amendment was filed with the Nevada Secretary of State on December 11, 2017 with an effective date of December 21, 2017.

On October 1, 2019, a majority of our shareholders approved a reverse stock split on a basis of 100 old shares for one (1) new share of our issued and outstanding common stock. No fractional shares of common stock will be issued as a result of the reverse split. Any fractional shares that would have resulted from the reverse split will be rounded up to the next whole number.

As a result of the reverse split, our issued and outstanding shares of common stock will decrease from 15,579,749 to 155,798 shares of common stock. We confirm that our authorized capital will remain unchanged.

The reverse split has been reviewed by the Financial Industry Regulatory Authority (FINRA) and has been approved for filing with an effective date of January 9, 2020. All share and per share information in these financial statements retroactively reflect this stock distribution.

Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001.

Effective January 28, 2020, the Note was assigned to Evergreen Solutions Ltd., and was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control. 

On February 3, 2020, Cohen Mizrahi resigned as a director and as an officer of our company. Dr. Mizrahi’s resignation was not the result of a disagreement between Dr. Mizrahi and our company on any matter relating to our company’s operations, policies or practices. On February 3, 2020, David Magana Gonzalez was appointed as a director to replace Dr. Mizrahi and he was also appointed President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer of our company.

GOING CONCERN

The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. However, the Company has an accumulated deficit at March 31, 2020 of $2,675,278, is in a net liability position and needs cash to maintain its operations.

These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company’s continued existence is dependent upon management’s ability to develop profitable operations, continued contributions from the Company’s executive officers to finance its operations and the ability to obtain additional funding sources to explore potential strategic relationships and to provide capital and other resources for the further development and marketing of the Company’s products and business.

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BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Jun. 30, 2019
Stockholders' Deficit
Preferred stock, shares par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	90,000,000	90,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	59,423,598	155,798
Common stock, shares outstanding	59,423,598	155,798

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SUBSEQUENT EVENTS

9 Months Ended

Mar. 31, 2020

SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure.

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NATURE AND CONTINUANCE OF OPERATIONS (Details Narrative) - USD ($)		1 Months Ended	9 Months Ended
	Feb. 05, 2016	Oct. 28, 2016	Mar. 31, 2020	Jan. 09, 2020	Jun. 30, 2019
State of incorporation			Nevada
Date of incorporation			Oct. 24, 2012
Debt instrument convenant description			Effective January 28, 2020, the Company amended a 20% Convertible Note originally issued on March 31, 2019 (the “Note”). The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001
Accumulated deficit			$ (2,675,278)		$ (2,576,195)
Common stock shares issued			59,423,598		155,798
Common stock shares outstanding			59,423,598		155,798
Share Exchange Agreement [Member] | Liao Zu Guo [Member]
Issued and outstanding equity interests		100.00%
Number of common shares in exchange for issued and outstanding equity interests		80,000
Human Energy Alliance Laboratories Corp [Member]
Issued and outstanding equity interests	80.00%
Number of common shares in exchange for issued and outstanding equity interests	80,000
December 1, 2017 [Member]
Reverse stock split			common stock on a fifty (50) old for one (1) new basis
November 1, 2016 [Member] | Human Energy Alliance Laboratories Corp [Member]
Issued and outstanding equity interests	80.00%
January 28, 2020 [Member] | Evergreen Solutions Ltd. [Member]
Common stock shares issued			54,270,000
October 1, 2019 [Member]
Reverse stock split			stock split on a basis of 100 old shares for one (1) new share
January 1, 2017 [Member]
Assumption of due to related party			$ (28,239)
Consideration for past services provided by Executive to the company			$ 20,000
January 1, 2017 [Member] | Energy Alliance [Member] | Liao Zu Guo [Member]
Issued and outstanding equity interests			100.00%
Reverse Stock Split [Member]
Common stock shares issued				155,798	15,579,749
Common stock shares outstanding				155,798	15,579,749

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STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (99,083)	$ (160,172)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Expenses paid by convertible notes	25,252	23,729
Amortization of debt discount	25,252	83,729
Foreign currency adjustment	(103)	168
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	48,682	52,546
Net cash provided by operating activities
Net change in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
Supplemental cash flow information
Cash paid for interest
Cash paid for taxes
Non-cash transactions:
Beneficial conversion feature	25,252	83,729
Debt forgiveness		$ 85,523
Common stock issued for conversion of debt	30,417

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BALANCE SHEETS - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Current Assets
Cash
Total Current Assets
TOTAL ASSETS
Current Liabilities
Accounts payable and accrued liabilities	192,328	148,621
Convertible notes payable	183,375	183,668
Total Current Liabilities	375,703	332,289
TOTAL LIABILITIES	375,703	332,289
Stockholders' Deficit
Preferred stock: 90,000,000 authorized; $0.0001 par value - no shares issued and outstanding
Common stock: 100,000,000 authorized; $0.0001 par value 59,423,598 and 155,798 shares issued and outstanding	5,942	15
Additional paid in capital	2,293,633	2,243,891
Accumulated deficit	(2,675,278)	(2,576,195)
Total Deficit	(375,703)	(332,289)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

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DUE TO RELATED PARTIES (Details Narrative) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Chief Executive Officer [Member]
Due to related parties	$ 41,025	$ 41,025

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CONVERTIBLE NOTE (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Total convertible notes payable	$ 183,375	$ 183,668
Less: Unamortized debt discount
Total convertible notes	183,375	183,668
Less: current portion of convertible notes	183,375	183,668
Long-term convertible notes
Convertible Notes Payable [Member] | March 31, 2020 [Member]
Total convertible notes	5,834
Convertible Notes Payable [Member] | December, 31 2019 [Member]
Total convertible notes	18,892
Convertible Notes Payable [Member] | November 1, 2016 [Member]
Total convertible notes payable	4,439	4,439
Convertible Notes Payable [Member] | January 1, 2017 - 1 [Member]
Total convertible notes payable		6,200
Convertible Notes Payable [Member] | January 1, 2017 - 2 [Member]
Total convertible notes payable		10,489
Convertible Notes Payable [Member] | January 1, 2017 - 3 [Member]
Total convertible notes payable		3,429
Convertible Notes Payable [Member] | June 30, 2017 [Member]
Total convertible notes payable	9,969	9,969
Convertible Notes Payable [Member] | April 1, 2018 - 1 [Member]
Total convertible notes payable	10,000	10,000
Convertible Notes Payable [Member] | April 1, 2018 - 2 [Member]
Total convertible notes payable	10,000	10,000
Convertible Notes Payable [Member] | June 30, 2018 [Member]
Total convertible notes payable	28,376	28,376
Convertible Notes Payable [Member] | July 5, 2018 - 1 [Member]
Total convertible notes payable	30,000	30,000
Convertible Notes Payable [Member] | July 5, 2018 - 2 [Member]
Total convertible notes payable	15,000	15,000
Convertible Notes Payable [Member] | July 5, 2018 - 3 [Member]
Total convertible notes payable	15,000	15,000
Convertible Notes Payable [Member] | December 31, 2018 [Member]
Total convertible notes payable	17,302	17,302
Convertible Notes Payable [Member] | Dated March 31, 2019 [Member]
Total convertible notes payable	1,000	6,427
Convertible Notes Payable [Member] | June, 30 2018 [Member]
Total convertible notes	17,037	17,037
Convertible Notes Payable [Member] | September, 30 2019 [Member]
Total convertible notes	$ 526

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DUE TO RELATED PARTIES

9 Months Ended

Mar. 31, 2020

DUE TO RELATED PARTIES

NOTE 5 - DUE TO RELATED PARTIES

During the year ended June 30, 2018, the Company’s former CEO paid accounts payable of $41,025 on behalf of the Company. The loans are unsecured, non-interest bearing and due on demand.

During the period ended March 31, 2020, a change of control occurred and the former CEO who was also a major shareholder was no longer a related party. As a result. the Company reclassed due to related party of $41,025 to accounts payable and accrued liabilities.

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ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables)

9 Months Ended

Mar. 31, 2020

ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables)

Schedule of accounts payable and accrued liabilities

	March 31,		June 30,
	2020		2019
Accounts payable	$	21,757	$	22,434
Accrued expense		12,654		10,121
Accrued interest		116,892		75,041
Due to a former related party		41,025		41,025
	$	192,328	$	148,621

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STATEMENT OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
STATEMENT OF OPERATIONS (Unaudited)
Revenues
Operating Expenses
General and administration		875		5,805
Professional	2,748	4,517	27,110	33,025
Total operating expenses	2,748	5,392	27,110	38,830
Net loss from operations	(2,748)	(5,392)	(27,110)	(38,830)
Other income (expense)
Realized foreign currency gain (loss)	210	(136)	103	(168)
Interest expense	(21,600)	(19,806)	(72,076)	(121,174)
Total other expense	(21,390)	(19,942)	(71,973)	(121,342)
Net loss before taxes	$ (24,138)	$ (25,334)	$ (99,083)	$ (160,172)
Net loss	$ (24,138)	$ (25,334)	$ (99,083)	$ (160,172)
Basic and dilutive loss per share
Net loss	$ (0.00)	$ (0.16)	$ (0.01)	$ (1.03)
Weighted average number of shares outstanding	40,520,545	155,798	13,512,860	155,798

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Mar. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. For further information, refer to the financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2019.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect application of policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited condensed interim financial statements include the provision for unpaid loss and loss adjustment expenses which may result from product warranty provisions; valuation of deferred income taxes; valuation and impairment assessment of intangible assets; goodwill recoverability; and deferred acquisition costs.

Fair Value of Financial Instrument

The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Corporation applies FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments.

Basic and Diluted Loss per Common Stock

FASB ASC 260 requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per stock would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per common stock on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive.

Reclassification

Certain amounts in the comparative financial statements have been reclassified to conform with the presentation of the financial statements of the current period.

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EQUITY (Details Narrative) - USD ($)	9 Months Ended
	Mar. 31, 2020	Jun. 30, 2019
EQUITY (Details Narrative)
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	90,000,000	90,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock shares authorized	100,000,000	100,000,000
Common stock, shares issued	59,423,598	155,798
Common stock, shares outstanding	59,423,598	155,798
Common stock shares issued upon conversion of debt, shares	59,267,800
Common stock shares issued upon conversion of debt, amount	$ 30,417

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CONVERTIBLE NOTE

9 Months Ended

Mar. 31, 2020

CONVERTIBLE NOTE

NOTE 4 - CONVERTIBLE NOTE

Convertible notes payable at March 31, 2020 and June 30,2019, consists of the following:

	March 31,		June 30,
	2020		2019
Dated November 1, 2016	$	4,439	$	4,439
Dated January 1, 2017 - 1		-		6,200
Dated January 1, 2017 - 2		-		10,489
Dated January 1, 2017 - 3		-		3,429
Dated June 30, 2017		9,969		9,969
Dated April 1, 2018 - 1		10,000		10,000
Dated April 1, 2018 - 2		10,000		10,000
Dated June 30, 2018		28,376		28,376
Dated July 5, 2018 - 1		30,000		30,000
Dated July 5, 2018 - 2		15,000		15,000
Dated July 5, 2018 - 3		15,000		15,000
Dated December 31, 2018		17,302		17,302
Dated March 31, 2019		1,000		6,427
Dated June 30, 2019		17,037		17,037
Dated September 30, 2019		526		-
Dated December 31, 2019		18,892		-
Dated March 31, 2020		5,834		-
Total convertible notes payable		183,375		183,668
Less: Unamortized debt discount		-		-
Total convertible notes		183,375		183,668
Less: current portion of convertible notes		183,375		183,668
Long-term convertible notes	$	-	$	-

For the nine months ended March 31, 2020 and 2018, the Company recognized interest expense of $46,824 and $37,445 and amortization of discount, included in interest expense, of $25,252 and $83,729, respectively. As of March 31, 2020, and June 30, 2019, the Company recorded accrued interest of $116,892 and $75,041, respectively

Dated November 1, 2016

On November 1, 2016, the Company issued a convertible note with a conversion price of $0.005 to extinguish debt of $18,239. The convertible note is unsecured, bears interest at 4% per annum and due and payable on November 1, 2017. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $18,239.

Dated January 1, 2017 - 1

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $10,000. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $6,200 was converted into 1,240,000 shares of common stock by the new note holder.

Dated January 1, 2017 - 2

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $14,289. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $14,289. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $10,489 and accrued interest of $3,800 was converted into 2,857,800 shares of common stock by the new note holder.

Dated January 1, 2017 - 3

On January 1, 2017, the Company issued a convertible note with a conversion price of $0.005 to extinguish amounts due to related parties of $3,352 (Canadian dollar (“CAD”) $4,500). The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $3,352 (CAD $4,500). The difference of amount was a result of change of exchange rate. During the nine months ended March 31, 2020, the outstanding balance of the note was assigned and assumed in an agreement between the original note holder and a 3^rd party. The principal amount of $3,384 and accrued interest of $1,116 was converted into 900,000 shares of common stock by the new note holder.

Dated June 30, 2017

On June 30, 2017, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $9,969. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $9,969.

Dated April 1, 2018 – 1 and 2

On April 1, 2018, the Company issued 2 convertible notes totaling of $20,000 with a conversion price of $$0.01 to pay a purchase of a patent of $10,000. The convertible note is unsecured, bears interest at 45% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $20,000.

Dated June 30, 2018

On June 30, 2018, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $28,376. The convertible note is unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $28,376.

Dated July 5, 2018 – 1, 2 and 3

On June 30, 2018, the Company issued 3 convertible notes totaling of $60,000 with a conversion price of $0.01 to extinguish amounts due to related parties of $145,523. The convertible notes are unsecured, bears interest at 30% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $60,000.

Dated December 31, 2018

On December 31, 2018, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,302. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,302.

Dated March 31, 2019

On March 31, 2019, the Company issued a convertible note with a conversion price of $0.01 to pay operating expenses of $6,427. The convertible note is unsecured, bears interest at 20% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $6,427.

Effective January 28, 2020, the Company amended a convertible note. The Note reduces the interest rate from 20% to 0 and changes the conversion price from $0.01 to $0.0001.

Effective January 28, 2020, the Note of $6,427 was assigned to Evergreen Solutions Ltd., and $5,427 was immediately converted for the issuance of 54,270,000 shares of common stock of the Company resulting in a change of control.

Dated June 30, 2019

On June 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $17,037. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $17,037.

Dated September 30, 2019

On September 30, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $526. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $526. 

Dated December 31, 2019

On December 31, 2019, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $18,892. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $18,892.

Dated March 31, 2020

On March 31, 2020, the Company issued a convertible note with a conversion price of $0.005 to pay operating expenses of $5,834. The convertible note is unsecured, bears interest at 35% per annum, has no maturity date and is due on demand. The Company recorded a discount on the convertible notes due to a beneficial conversion feature of $5,834.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Mar. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis Of Presentation

The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions for Form 10-Q and Article 210 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature. Operating results for the nine months ended March 31, 2020, are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2020. For further information, refer to the financial statements and footnotes thereto included in the Corporation’s filed Form 10-K for the year ended June 30, 2019.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect application of policies and the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Changes in estimates are recorded in the accounting period in which they are determined. The critical accounting estimates and assumptions in the accompanying unaudited condensed interim financial statements include the provision for unpaid loss and loss adjustment expenses which may result from product warranty provisions; valuation of deferred income taxes; valuation and impairment assessment of intangible assets; goodwill recoverability; and deferred acquisition costs.

Fair Value of Financial Instrument

The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Corporation applies FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments.

Basic and Diluted Loss per Common Stock

FASB ASC 260 requires dual presentation of basic and diluted earnings per share (EPS) with a reconciliation of the numerator and denominator of the EPS computations. Basic earnings per share amounts are based on the weighted average shares of common stock outstanding. If applicable, diluted earnings per stock would assume the conversion, exercise or issuance of all potential common stock instruments such as options, warrants and convertible securities, unless the effect is to reduce a loss or increase earnings per share. Diluted net income (loss) per common stock on the potential exercise of the equity-based financial instruments is not presented where anti-dilutive.

Reclassification

Certain amounts in the comparative financial statements have been reclassified to conform with the presentation of the financial statements of the current period.

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ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS (Tables)
Accounts payable	$ 21,757	$ 22,434
Accrued expenses	12,654	10,121
Accrued interest	116,892	75,041
Due to a former related party	41,025	41,025
Total Accounts payable and accrued liability	$ 192,328	$ 148,621

XML

ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS

9 Months Ended

Mar. 31, 2020

ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS

NOTE 3 - ACCOUNTS PAYABLE AND ACCRUED LIABILITEIS

AS of March 31, 2020 and June 30, 2019, accounts payable and accrued liabilities consisted of as follows,

	March 31,		June 30,
	2020		2019
Accounts payable	$	21,757	$	22,434
Accrued expense		12,654		10,121
Accrued interest		116,892		75,041
Due to a former related party		41,025		41,025
	$	192,328	$	148,621

XML

STATEMENT OF STOCKHOLDERS DEFICIT (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Balance, shares at Jun. 30, 2018		155,798
Balance, amount at Jun. 30, 2018	$ (309,682)	$ 15	$ 2,057,602	$ (2,367,299)
Beneficial conversion feature	60,000		60,000
Debt forgiveness	85,523		85,523
Net loss	$ (87,509)			$ (87,509)
Balance, shares at Sep. 30, 2018		155,798
Balance, amount at Sep. 30, 2018	$ (251,668)	$ 15	$ 2,203,125	$ (2,454,808)
Beneficial conversion feature	17,302		$ 17,302
Net loss	$ (47,329)			$ (47,329)
Balance, shares at Dec. 31, 2018		155,798
Balance, amount at Dec. 31, 2018	$ (281,695)	$ 15	$ 2,220,427	$ (2,502,137)
Beneficial conversion feature	6,427		$ 6,427
Net loss	$ (25,334)			$ (25,334)
Balance, shares at Mar. 31, 2019		155,798
Balance, amount at Mar. 31, 2019	$ (300,602)	$ 15	$ 2,226,854	$ (2,527,471)
Balance, shares at Jun. 30, 2019		155,798
Balance, amount at Jun. 30, 2019	$ (332,289)	$ 15	$ 2,243,891	$ (2,576,195)
Beneficial conversion feature	526		526
Net loss	$ (29,376)			$ (29,376)
Balance, shares at Sep. 30, 2019		155,798
Balance, amount at Sep. 30, 2019	$ (361,139)	$ 15	$ 2,244,417	$ (2,605,571)
Beneficial conversion feature	18,892		$ 18,892
Net loss	$ (45,569)			$ (45,569)
Balance, shares at Dec. 31, 2019		155,798
Balance, amount at Dec. 31, 2019	$ (387,816)	$ 15	$ 2,263,309	$ (2,651,140)
Beneficial conversion feature	5,834		5,834
Net loss	(24,138)			$ (24,138)
Common shares issued for conversion of debt, shares		59,267,800
Common shares issued for conversion of debt, amount	$ 30,417	$ 5,927	$ 24,490
Balance, shares at Mar. 31, 2020		59,423,598
Balance, amount at Mar. 31, 2020	$ (375,703)	$ 5,942	$ 2,293,633	$ (2,675,278)

XML

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2020	May 07, 2020
Document And Entity Information
Entity Registrant Name	BIONOVATE TECHNOLOGIES CORP.
Entity Central Index Key	0001575420
Document Type	10-Q
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2020
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Entity Common Stock Shares Outstanding		59,423,598
Entity Interactive Data Current	Yes