0001520138-23-000095.txt : 20230214 0001520138-23-000095.hdr.sgml : 20230214 20230214171556 ACCESSION NUMBER: 0001520138-23-000095 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20221231 FILED AS OF DATE: 20230214 DATE AS OF CHANGE: 20230214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ZHRH Corp CENTRAL INDEX KEY: 0001594114 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-FURNITURE & HOME FURNISHINGS [5020] IRS NUMBER: 990369270 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-192874 FILM NUMBER: 23631600 BUSINESS ADDRESS: STREET 1: 50 WEST LIBERTY ST. SUITE 880 CITY: RENO STATE: NV ZIP: 89130 BUSINESS PHONE: (212) 371-7799 MAIL ADDRESS: STREET 1: 50 WEST LIBERTY ST. SUITE 880 CITY: RENO STATE: NV ZIP: 89130 FORMER COMPANY: FORMER CONFORMED NAME: KETDARINA CORP DATE OF NAME CHANGE: 20131212 10-Q 1 zhrh_10q.htm FORM 10-Q FOR PERIOD ENDING DECEMBER 31, 2022
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended December 31, 2022

 

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

 

For the transition period from _________ to _________

 

Commission File Number: 333-192874

 

ZHRH CORPORATION

 

(Exact name of Registrant as specified in its charter)

 

Nevada   99-0369270
(State of incorporation)   (IRS Employer ID Number)

 

50 West Liberty Str. Suite 880, Reno, NV 89501

(Address of Principal Executive Offices) Zip Code

 

775-322-06261

(Registrant’s telephone number)

 

Not Applicable

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

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted every Interactive Data File required to be submitted 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 such files).

 

Yes ☒ No ☐

 

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

 

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

 

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

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☒ No ☐

 

As of February 14, 2023, there were 75,000,000 shares of our common stock issued and outstanding.

 

 

 

 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.

 

In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q. 

 

 

 

TABLE OF CONTENTS

 

      Page No. 
  PART I – FINANCIAL INFORMATION    
       
Item 1. Financial Statements:    
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   11
Item 3. Quantitative and Qualitative Disclosures About Market Risk    15
Item 4. Controls and Procedures    15
       
  PART II – OTHER INFORMATION  
       
Item 1. Legal Proceedings    16
Item 1a. Risk Factors    16
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds    16
Item 3. Defaults Upon Senior Securities    16
Item 4. Mine Safety Disclosures    16
Item 5. Other Information    16
Item 6. Exhibits    17

i

 

 

ZHRH Corp

formerly known as

Ketdarina Corp.

Balance Sheets

(Stated in U.S. Dollars)

 

           
   December 31,   June 30, 
   2022   2022 
ASSETS          
Current assets          
Cash and cash equivalents  $20,223   $180,079 
Total current assets   20,223    180,079 
           
TOTAL ASSETS  $20,223   $180,079 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
Current liabilities          
Accrued liabilities and other current liabilities  $110,036   $150,811 
Related parties loan payable   234,573    228,382 
Convertible note, net of discount   430,000    430,000 
Common stock payable   195,379    123,926 
Total current liabilities   969,987    933,119 
TOTAL LIABILITIES   969,987    933,119 
           
COMMITMENTS & CONTINGENCIES   -    - 
           
STOCKHOLDERS’ DEFICIT          
Common stock, no par value; 75,000,000 shares authorized, 75,000,000 shares issued and outstanding at December 31, 2022 and June 30, 2022   75,000    75,000 
Additional paid-in capital   (15,115)   (15,115)
Accumulated deficit   (1,009,649)   (812,925)
TOTAL STOCKHOLDERS’ DEFICIT   (949,765)   (753,041)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $20,223   $180,079 

 

See accompanying notes to the financial statements

 

1

 

 

ZHRH Corp

formerly known as

Ketdarina Corp.

Statements of Operations and Comprehensive Income

(Stated in U.S. Dollars)

 

                     
   For the three months ended   For the six months ended 
   December 31,   December 31, 
   2022   2021   2022   2021 
Operating expenses                    
Legal fees   68,161    40,635    74,451    127,412 
Audit and accounting fees   8,600    10,400    49,200    61,500 
Consulting fees   19,015    -    150,001    44,141 
General and administrative expense   2,810    -    3,798    10,199 
Total operating expense   98,856    50,834    277,450    243,252 
                     
Loss from operations   (98,856)   (50,834)   (277,450)   (243,252)
                     
Other income (expenses)                    
Other Income   104,168    -    104,168    - 
Interest expense   (11,721)   -    (23,442)   - 
Total other income(expenses)   92,447    -    80,726    - 
                     
Net loss  $(6,139)  $(50,834)  $(196,724)  $(243,252)
Net loss per common share – basic and diluted  $-   $-   $-   $- 
Weighted average common shares outstanding – basic and diluted   75,000,000    75,000,000    75,000,000    75,000,000 

 

See accompanying notes to the financial statements

 

2

 

 

ZHRH Corp

formerly known as

Ketdarina Corp

Statements of Cash Flows

(Stated in U.S. Dollars)

 

           
   For the Six Months Ended 
   December 31,   December 31, 
   2022   2021 
Cash flows from operating activities          
Net loss  $(196,724)   (243,252)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities          
Stock based compensation   71,452    - 
Changes in assets and liabilities          
Increase in accruals and other payables   (40,775)   114,617 
Increase in related party payables   6,191    128,635 
Net cash used in operating activities   (159,856)   - 
           
Proceeds from Convertible note   -    - 
Payments on related party debt   -    - 
Net cash used in financing activities   -    - 
           
Net increase in cash and cash equivalents   (159,856)   - 
Effect of foreign currency translation on cash and cash equivalents   -    - 
Cash and cash equivalents–beginning of period   180,079    - 
Cash and cash equivalents–end of period   20,223    - 
           
Supplementary cash flow information:          
Interest paid  $-   $- 
Income taxes paid  $-   $- 
           
Non-Cash Financing and Investing Activities:          
Forgiveness of related party debt   -    - 
Payment on related party debt   -    - 
Common stock issuable in conjunction with Convertible Note   -    - 

 

See accompanying notes to the financial statements

 

3

 

 

ZHRH Corp

formerly known as

Ketdarina Corp

Statements of Stockholders’ Equity (Deficit)

(Stated in U.S. Dollars)

 

For the six months ended December 31, 2022

 

                     
   Common Stock   Additional       Total 
   Number of
Shares
   Par
Value
   Paid In
Capital
   Accumulated
Deficit
   Stockholders’
Deficit
 
Balance - June 30, 2022   75,000,000   $75,000   $(15,115)  $(812,925)  $(753,041)
                          
Net loss   -    -    -    (190,585)   (190,585)
                          
Balance - September 30, 2022   75,000,000   $75,000   $(15,115)  $(1,003,511)  $(943,626)
                          
Net loss   -    -    -    (6,139)   (6,139)
                          
Balance - December 31, 2022   75,000,000   $75,000   $(15,115)  $(1,009,649)  $(949,765)

 

See accompanying notes to the financial statements

 

4

 

 

For the six months ended December 31, 2021

 

   Common Stock   Additional       Total 
   Number of
Shares
   Par
Value
   Paid In
Capital
   Accumulated
Deficit
   Stockholders’
Deficit
 
Balance - June 30, 2021   75,000,000   $75,000   $(20,916)  $(222,768)  $(168,684)
                          
Forgiveness of related party debt             5,801         5,801 
                          
Net loss   -    -         (192,418)   (192,418)
                          
Balance - September 30, 2021   75,000,000   $75,000   $(15,115)  $(415,186)  $(355,301)
                          
Net loss   -    -    -     (50,834)   (50,834)
                          
Balance - December 31, 2021   75,000,000   $75,000   $(15,115)  $(466,021)  $(406,136)

  

See accompanying notes to the financial statements

 

5

 

 

ZHRH Corp

formerly known as

Ketdarina Corp

Notes to Financial Statements

For the six months ended December 31, 2022

and the fiscal year ended June 30, 2022

 

Note 1 – Organization and basis of accounting

 

Basis of Presentation and Organization

 

Ketdarina Corp. was incorporated under the laws of the State of Nevada on July 13, 2011. Until November 19, 2014, we were in the business of wholesale of bedding products to industrial, commercial and institutional retailers, and other professional business users, or to other wholesalers and related subordinated services.

 

On November 19, 2014, as reported in our Form 8-K which was filed with the Securities and Exchange Commission on November 28, 2014, the previous principal shareholders: (a) sold their shares to Western Highlands Minerals, Ltd., a Vietnamese corporation “WHM”); (b) resigned as our management and appointed WHM’s designees as new management, (c) took over the inactive bedding business from us, and (d) cancelled all previous debt which we owed to them.

 

Since the change of control, although engaging in ongoing discussions, WHM and its designees have not entered into any agreements or understandings by which we would acquire any assets or a business.

 

On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

 

On April 6, 2021, Custodian Ventures LLC (the “Seller”), entered into a Common Stock Purchase Agreement (the “SPA”) pursuant to which the Seller agreed to sell to Calgary Thunder Bay Limited (the “Purchaser”), the 71,260,000 shares of common stock of the Registrant (the “Shares”) owned by the Seller, constituting approximately 95.0% of the Registrant’s 75,000,000 issued and outstanding common shares, for $250,000. The sale was consummated on April 13, 2021. As a result of the sale, there was a change of control of the Registrant. There is no family relationship or other relationship between the Seller and the Purchaser, or any of the Purchaser’s affiliates.

 

On that same date, Mr. David Lazar, who was the Registrant’s sole officer and director, submitted his resignation from all management positions and appointed Brett Lovegrove (the “Designee”) as the sole director and officer of the Registrant. As a result thereof, the Designee is now the sole director and officer of the Registrant.

 

The accompanying condensed financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

Note 2- Going Concern

 

The accompanying condensed financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

6

 

 

Note 3 – Summary of significant accounting policies

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

 

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

 

Fair Value Measurement

 

The Company values its amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy are as follows:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.

 

7

 

 

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

 

Recent Accounting Pronouncements

 

In August 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. ASU No. 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock will be reported as a single equity instrument, with no separate accounting for embedded conversion features. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. In addition, ASU No. 2020-06 simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU No. 2020-06 is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, ASU No. 2020-06 will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020. An entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact of this accounting pronouncement on its financial statements.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements.

 

Note 4 – Related Party Transactions

 

On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

 

During the fiscal year July 01, 2020 thru April 06, 2021, David Lazar, paid $26,195 of expenses related transfer agent, state registration fees and legal fees on behalf of the company. On March 09, 2021, the Company issued 71,260,000 shares of common stock issued at par value of $0.001, as repayment of debt owed to Custodian Ventures, LLC in the amount of $18,355. On April 12, 2021, Custodian Ventures forgave all amounts owing to them by the Company in the amount of $5,801. As of December 31, 2022 and June 30, 2022, a total of $0 and $0, remains outstanding to Custodian Ventures, LLC, respectively.

 

During the six months ended December 31, 2022, Calgary Thunder Bay paid $6,191 of expenses related to accounting, audit, legal and consulting fees. As December 31, 2022 and June 30, 2022, a total of $234,573 and $228,382 remains outstanding to Calgary Thunder Bay Limited, respectively.

 

8

 

 

Note 5 – Convertible notes

 

On January 24, 2022, the Company received $200,000 in exchange for a January 24, 2021 promissory convertible note in the amount of $200,000 from an unrelated third party. The note matures on December 31, 2022 after the issuance date and bears a 10% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging. In addition, this convertible note was issued pursuant to a share purchase agreement between the Company and the note holder. The Company shall issue and sell to Buyer a number of shares of Common Stock equal to (i) $200,000 (the “Shares Purchase Price”) divided by (ii) the value per share of Common Stock as determined based on a valuation of the Company of $30,000,000 and the number of issued and outstanding shares of Common Stock as of the Shares Closing (the “Shares”). By way of example and not limitation, in the event that as of the Shares Closing, there are 75,000,000 shares of Common Stock issued and outstanding, Buyer will acquire 500,000 shares of Common Stock ($200,000 divided by $0.40), at a purchase price of $0.40 per share of Common Stock.

 

On March 07, 2022, the Company received $30,000 in exchange for a promissory convertible note in the amount of $30,000 from an unrelated third party. The note matures on December 31, 2022 after the issuance date and bears a 10% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging.

 

A summary of value changes to the notes for the six months ended December 31, 2022 is as follows:

 

     
Carrying value of Convertible Notes at July 01, 2022  $430,000 
New principal   - 
Total principal   430,000 
Less: conversion of principal   - 
Add: amortization of discount and deferred financing fees   - 
Carrying value of Convertible Notes at December 31, 2022  $430,000 

 

Note 6 – Common stock

 

On March 09, 2021, the Company issued 71,260,000 shares of common stock issued at par value of $0.001, as repayment of debt owed to Custodian Ventures, LLC in the amount of $18,355.

 

As of December 31, 2022 and June 30, 2022, 75,000,000 shares of common stock with a par value of $0.001 remain outstanding.

 

Note 7 - Commitments and Contingencies

 

Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P. Bond, Jean-Michel Doublet and Lionel Therond

 

On March 9, 2022, the Company entered into a Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P Bond, Jean-Michel Doublet and Lionel Therond. Pursuant to each Director Agreement, each director agreed to perform the duties of a director in accordance with the terms of the Director Agreement with a time commitment of 8-10 days per month, with 4 Board meetings per year. The Director Agreement’s term starts on March 9, 2022 and terminates upon the earlier of the following to occur: (i) removal of the individual as a director of the Company upon proper shareholder action in accordance with the Company’s articles, bylaws and applicable law (ii)Individuals resignation as a director of the Company (iii) individuals death or (iv) failure of the shareholders of the Company to re-elect the individual at the Company’s annual shareholder meeting or any special meeting of the shareholders called for the purpose of electing directors.

 

Pursuant to the Director Agreement, the Company agreed to indemnify each director, if he becomes a party, or is threatened to become a party, to a proceeding (other than an action by or in the right of the Company) by reason of Each individuals status as a director in accordance with the terms and conditions set forth in the Director Agreement. Pursuant to the Director Agreement, the Company agreed to obtain and maintain director and officer insurance for the Company following the completion of the ZHRH Transaction and each director will be named as an insured party under such insurance. There can be no assurance that the Company will enter into any letters of intent or any other oral or written agreements in connection with the ZHRH Transaction, or that the ZHRH Transaction can occur at all.

 

9

 

 

Pursuant to the Director Agreement, the Company agreed to compensate each director for such services by issuing each of them shares of the Company’s common stock as follows:

 

 

The intent is that for each full year that he serves as a director of the Company, they’ll receive a number of shares of the Company’s common stock having a total value of $80,000.

 

 

The first grant of shares of common stock will be made on the closing of the ZHRH Transaction and will be based on the length of each individuals service as a director of the Company as of that date at the time of closing (the “First Grant”). The number of shares of common stock to be issued in the First Grant shall be based on a value of each share of common stock as determined based on the number of shares of common stock issued to the shareholders of ZHRH China in the ZHRH Transaction assuming a pre-money valuation of ZHRH China of USD$30 million. In the event that each individual Ceases to serve as a director of the Company for any reason prior to the vesting of the First Grant shares, such First Grant shares will be automatically forfeited.

 

 

Following the closing of the ZHRH Transaction, for each calendar quarter thereafter during which each individual continues to serve as a director of the Company, the Company will grant each director a restricted stock award of shares of the Company’s common stock having a fair market value (as determined by the Board or a committee thereof, but in any case without the involvement of Mr. Lovegrove) as of the last day of each such calendar quarter of $20,000 (each, a “Quarterly Grant”). Each Quarterly Grant shall vest, if at all, on the one-year anniversary of the applicable grant date, and, once vested, shall be subject to no additional contractual lock-in period. In the event that a director ceases to serve as a director of the Company for any reason, any Quarterly Grant which has not vested at such time will be automatically forfeited.

 

On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond, served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022. On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company.

 

During the six months ended December 31, 2020, the Company accrued a total of $195,379 in directors stock compensation and $65,005 in directors cash compensation. As of December 31, 2022, a total $195,379 in common stock payable and $65,005 in directors fees remains unpaid and outstanding.

 

Note 8 – Subsequent Events

 

In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event.

 

10

 

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

 

Operating results for the three and six months ended December 31, 2022, are not necessarily indicative of results that may occur in future interim periods or for the full fiscal year.

 

As used in this Form 10-Q, references to the Company,” “we,” “our” or “us” refer to ZHRH Corporation. a Nevada Corporation unless the context otherwise indicates.

 

Business Overview

 

ZHRH Corporation (“we,” “our,” “us” or the “Company”) was originally incorporated in the State of Nevada on July 13, 2011, as Ketdarina Corp. On May 7, 2021, the Company amended its Articles of Incorporation in Nevada to change its corporate name to ZHRH Corporation, our current name, which became effective on July 16, 2021.

 

Until November 19, 2014, the Company was in the business of wholesale of bedding products to industrial, commercial and institutional retailers, and other professional business users, or to other wholesalers and related subordinated services. On November 19, 2014, the Company’s then principal shareholders sold their shares of the Company to Western Highlands Minerals, Ltd., a Vietnamese corporation (“WHM”), resigned from all positions with the Company and appointed WHM’s designees as new management; WHM then took over the inactive bedding business from the Company, and cancelled all previous debt which was owed to them at that time.

 

In or about 2015, the Company phased out of its prior business and became a “shell company,” as such term is defined in Rule 12b-2 under the Exchange Act of 1934, as amended (the “Exchange Act”).

 

On December 11, 2020, as a result of a receivership in the Eighth Judicial District Court in Clark County, Nevada, Case Number: A-20-816621-B, the plaintiff creditor in the case, Custodian Ventures LLC (the “Custodian”) received an order from the Clark County Court appointing David Lazar as the receiver of the Company. On the same date, David Lazar was appointed as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. On December 29, 2020, the Company’s Charter was reinstated in the State of Nevada. The receivership was terminated by the Eighth Judicial District Court in Clark County, Nevada, under Case Number: A-20-816621-B on May 10, 2021 and on the same date, the court also discharged Mr. Lazar as the receiver.

 

On March 9, 2021, pursuant to the approval of the board of directors of the Company dated March 9, 2021, the Company issued 71,260,000 shares of common stock, as repayment of debt owed to the Custodian, in the amount of $18,355.

 

On April 6, 2021, the Custodian entered into a Common Stock Purchase Agreement (the “SPA”) with Calgary Thunder Bay Limited (“Calgary”), pursuant to which Calgary purchased 71,260,000 shares of common stock of the Company from the Custodian, representing 95.01% of the total issued and outstanding shares of the Company’s common stock. The sale was consummated on April 13, 2021. As a result of the sale, there was a change of control of the Company.

 

On that same date, Mr. David Lazar, who was the Company’s then sole officer and director, submitted his resignation from all positions with the Company and appointed Brett Lovegrove as the sole director and officer of the Company.

 

On May 7, 2021, by consent of the Company’s sole director and Calgary, as majority shareholder, the Company amended its corporate name to ZHRH Corporation and the name change became effective on July 16, 2021.

 

On July 16, 2021, the Company changed its trading symbol from KTDR to ZHEC.

 

The Company has no operations at this time, and currently does not have any principal products or services, customers or intellectual property. As the Company has no current operations, it also currently is not subject to any competitive business conditions. Further, the Company is not subject to any government approvals at this time, other than those applicable to it as a “shell company,” as such term is defined in Rule 12b-2 under the Exchange Act.

 

11

 

 

On October 4, 2021, the Board of Directors of the Company increased the size of the Board by two persons and appointed each James Purnell Bond and Aymar de Lencquesaing as directors of the Company effective as of October 4, 2021. On October 4, 2021, the Board of the Company adopted Amended and Restated Bylaws.

 

On October 25, 2021, we entered into an amendment with Blue Oak Advisory Limited (“Blue Oak”) and Zhonguan Ruiheng Environmental Technology Company Limited (“ZHRH China”) (the “Amendment”), which was an amendment to an original agreement between ZHRH China and Blue Oak dated January 6, 2021, (the “Original Agreement”). The Company was not a party to the Original Agreement between ZHRH China and Blue Oak. The Amendment is effective as of October 25, 2021, and sets forth that Mr. Jean-Michel Doublet is to be appointed as the Company’s Chief Executive Officer and Mr. Lionel Therond is to be appointed as the Company’s Chief Financial Officer. The Amendment was entered into with the intent to set forth renumeration to be received by Mr. Jean-Michel Doublet and Mr. Lionel Therond in connection with any proposed business combination in which the Company acquires ZHRH China. The Company has not entered into any agreements, letters of intent or any other oral or written agreements in connection with any proposed business combination in which the Company acquires ZHRH China, other than the Amendment. There can be no assurance that the Company will enter into any letters of intent or any other oral or written agreements in connection with any proposed business combination in which the Company acquires ZHRH China, or that any such business combination can occur at all (the “Proposed Business Combination”).

 

Pursuant to the Amendment, each Mr. Jean-Michel Doublet and Mr. Lionel Therond are to provide 25% of their working hours each week to their duties to the Company in exchange for the following: (i) Blue Oak is to receive an increased success fee under the Original Agreement upon consummation of the Proposed Business Combination, (ii) Mr. Jean-Michel Doublet and Mr. Lionel Therond are each to receive 0.5% of the Company’s common stock on a fully diluted basis upon the occurrence of the Proposed Business Combination to vest 50% upon completion of the Proposed Business Combination and 50% 6 months thereafter and (iii) Mr. Jean-Michel Doublet and Mr. Lionel Therond are each to receive additional shares constituting 1.5% of the Company’s then fully diluted common stock to vest upon the Company’s uplisting to the OTCQB or Nasdaq.

 

On October 25, 2021, Mr. Brett Lovegrove, who has served as the sole director and officer of the Company since April 13, 2021, resigned from all officer positions with the Company effective on the same date.

 

On October 25, 2021, the Board of Directors of the Company took the following actions: (i) appointed Mr. Jean-Michel Doublet as the Company’s Chief Executive Officer, (ii) appointed Mr. Lionel Therond as the Company’s Chief Financial Officer and (iii) appointed Mr. Brett Lovegrove as the Chairman of the Board, all effective on the same date.

 

Mr. Doublet is a beneficial owner of 60% of Blue Oak and is the Chief Executive Officer of Blue Oak. Mr. Lionel Therond is a beneficial owner of 40% of Blue Oak and is a director at Blue Oak.

 

Blue Oak is set to receive remuneration from the Company in connection with the Proposed Business Combination pursuant to the Original Agreement.

 

On March 9, 2022, the Board of Directors increased the size of the Board by three (3) persons and appointed each Jean-Michel Doublet, Lionel Therond, and Cindy Zhongye Li, as directors of the Company effective as of March 9, 2022.

 

No Current Operations and Shell Status

 

In or about 2015, the Company phased out of its prior business and became a is a “shell company,” as such term is defined in Rule 12b-2 under the Exchange Act of 1934, as amended (the “Exchange Act”). The Company is currently a shell company.

 

12

 

 

The Company has no operations at this time, and currently does not have any principal products or services, customers or intellectual property. As the Company has no current operations, it also currently is not subject to any competitive business conditions. Further, the Company is not subject to any government approvals at this time, other than those applicable to it as a “shell company,” as such term is defined in Rule 12b-2 under the Exchange Act.

 

Prior Receivership

 

On December 11, 2020, as a result of a receivership in the Eighth Judicial District Court in Clark County, Nevada, Case Number: A-20-816621-B, the plaintiff creditor in the case, Custodian Ventures LLC (the “Custodian”) received an order from the Clark County Court appointing David Lazar as the receiver of the Company. On the same date, David Lazar was appointed as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors. On December 29, 2020, the Company’s Charter was reinstated in the State of Nevada. The receivership was terminated by the Eighth Judicial District Court in Clark County, Nevada, under Case Number: A-20-816621-B on May 10, 2021 and on the same date, the court also discharged Mr. Lazar as the receiver.

 

Recent Developments

 

On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.

 

On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022.

 

On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company.

 

Results of Operations

 

Results of Operations for the three months ended December 31, 2022 and for the three months ended December 31, 2021.

 

For the three months period ended December 31, 2022, we generated $0 in revenues and for the period ended December 31, 2021 we generated $0 in revenues.

 

For the three months period ended December 31, 2022 we had $98,586 of operating expenses consisting of $68,161 of legal fees, $8,600 of accounting and audit fees, $19,015 of consulting fees and $2,810 of general and administrative expense compared to $50,834 of operating expenses consisting of $30,235 of legal fees and $10,400 of accounting and audit fees, and $10,199 of general and administrative expense during the period the three months ended December 31, 2021. The increase is attributable to legal and accounting fees incurred for the preparation of financials and SEC reports.

 

Results of Operations for the six months ended December 31, 2022 and for the six months ended December 31, 2021.

 

For the sixth months period ended December 31, 2022, we generated $0 in revenues and for the six months period ended December 31, 2021 we generated $0 in revenues.

 

For the six months period ended December 31, 2022, we had $277,450 of operating expenses consisting of $74,451 of legal fees, $49,200 of accounting and audit fees and $150,001 of consulting fees, and $3,283 of general administrative expense compared to $233,053 of operating expenses consisting of $127,412 of legal fees, $61,500 of accounting and audit fees and $44,141 of consulting fees, and $10,199 of general administrative expense during the period the six months ended December 31, 2021. The increase is attributable to legal and accounting fees incurred for the preparation of financials and SEC reports.

 

13

 

 

At the present time, we have not made any arrangements to raise additional cash. If we are unable to raise additional cash, we will either have to suspend operations until we do raise the cash or cease operations entirely.

 

Going Concern

 

The Company was only recently released from receivership in Nevada. The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. At December 31, 2022, the Company had a accumulated deficit of $1,009,649 and no working capital. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

Liquidity and Capital Resources

 

As of December 31, 2022, and June 30, 2022 we had $20,223 and $180,079 cash on hand, respectively.

 

Critical Accounting Policies and Estimates

 

Our management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or “GAAP.” The preparation of these financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reported period. In accordance with GAAP, we base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or Our significant accounting policies are fully described in Note 3 to our consolidated financial statements appearing elsewhere in this Annual Report, and we believe those accounting policies are critical to the process of making significant judgments and estimates in the preparation of our consolidated financial statements.

 

Income Taxes

 

Due to the historical operating losses, the inability to recognize an income tax benefit, and the failure to file tax returns for numerous years, there is no provision for current or deferred federal or state income taxes for the period from inception through the period ended December 31, 2022. As of December 31, 2022, the Company had a accumulated deficit of $1,009,649, however, the amount of that loss that could be carried forward to offset future taxes is indeterminable. 

 

Off Balance Sheet Arrangements

 

None

 

14

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

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

 

ITEM 4. CONTROLS AND PROCEDURES

 

Laws and regulations use controls, disclosure obligations and other restrictions that affect the property management development in the Ukraine. Such laws and regulations tend to discourage rent and leasing activities. Transactions in which we were involved may be delayed or abandoned as a result of these restrictions.

 

We are implementing procedures to control advertising and promotions. These procedures are necessary to assure our proper representation and include review of all advertising material and restrictions on how our clients and others can advertise using our brand.

 

Changes in Internal Control Over Financial Reporting

 

On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.

 

On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022.

 

On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company. Other than the foregoing, there have been no changes in the Company’s internal control over financial reporting identified in connection with the evaluation that occurred during the Company’s last fiscal quarter that has materially affected, or is reasonable likely to materially affect, the Company internal control over financial reporting.

 

15

 

 

PART II

 

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

The Company is not currently a party to any material legal proceedings, nor is we aware of any other pending or threatened litigation that would have a material adverse effect on our business, operating results, cash flows or financial condition should such litigation be resolved unfavorable.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company, the Company is not required to provide information under this Item.

 

ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

We have no senior securities outstanding.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not Applicable.

 

ITEM 5. OTHER INFORMATION

 

On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.

 

On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022.

 

On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company.

 

Brett Lovegrove, age 62, has served as the Chairman of the Company’s Board of Directors since October 25, 2021. Mr. Brett Lovegrove previously served as the sole director and officer of the Company since April 13, 2021 until October 25, 2021. Mr. Lovegrove served in the Metropolitan Police and the City of London Police for 30 years, until he retired in 2008, as the Head of Counter Terrorism for the City of London with national counter terrorist responsibilities across the UK. Mr. Lovegrove also commanded the British Police Firearms Unit on a nationwide basis for many years. Mr. Lovegrove served as the CEO of City Security and Resilience Networks (CSARN - UK and Australia) from January 2009 until January 2021. From October 2017 to the present, Mr. Lovegrove serves as the Managing Director of Valentis Bridge Ltd., which focuses on defense and resilience consultancy. Mr. Lovegrove has served since August 2018, and to the present as the Chairman of TalonBridge which is a focused on technology development. He is also a Member of the All Party Parliamentary Group on Artificial Intelligence, Chairman of Paratum (Counter Terrorism Infrastructure Engineering), Chairman of the Defense and Security Committee of the London Chamber of Commerce, Senior Lecturer on Resilience to the US military (Germany and the United States), Lecturer at the Geneva Centre for Security Policy and an Ambassador and Member of the London Board of Crimestoppers. Mr. Lovegrove received his Master’s Degree in Criminal Justice and Terrorism studies at Reading University in the U.K. in 1992.

 

16

 

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
3.1   Articles of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 of the Company’s Form 10-K filed with the Securities and Exchange Commission on September 21, 2021).
     
3.2   Certificate of Amendment to Articles of Incorporation of the Company. (Incorporated by reference to Exhibit 3.1 of the Company’s Form 10-K filed with the Securities and Exchange Commission on September 21, 2021).
     
3.3   Amended and Restated Bylaws of the Company. (Incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed with the Securities and Exchange Commission on October 8, 2021).
     
31.1   Certification of principal executive and financial officer pursuant to Exchange Act Rule 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
     
32.1   Certification of principal executive and financial officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
     

______

 

101.INS   Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).*
     
101.SCH   Inline XBRL Taxonomy Extension Schema Document.*
     
101.CAL   Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
     
101.DEF   Inline XBRL Taxonomy Extension Definition Linkbase Document.*
     
101.LAB   Inline XBRL Taxonomy Extension Labels Linkbase Document.*
     
101.PRE   Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
     
104   Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101).*

 

* Filed herewith.

 

17

 

 

SIGNATURES

 

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

 


ZHRH CORPORATION

 

     
Dated: February 14, 2023 By: /s/ Brett Lovegrove
    Brett Lovegrove
   

Interim Chief Executive Officer and Interim Chief Financial Officer

(principal executive, accounting, and financial officer)

 

18

EX-31.1 2 zhrh_ex31-1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATIONS

 

I, Brett Lovegrove, certify that:

 

1. I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2022 of ZHRH CORPORATION;
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(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 controls.

 

Dated: February 14, 2023 /s/ Brett Lovegrove
  Brett Lovegrove
  Interim Chief Executive Officer and Interim Chief Financial Officer
  (principal executive, accounting, and financial officer)

 

 

EX-32.1 3 zhrh_ex32-1.htm EXHIBIT 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

 

In connection with the Quarterly Report on Form 10-Q of ZHRH CORPORATION (the “Company”) for the fiscal quarter ended December 31, 2022 as filed with the Securities and Exchange Commission (the “Report”), I, Brett Lovegrove, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

 

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

 

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

 

Dated: February 14, 2023 /s/ Brett Lovegrove
  Brett Lovegrove
  Interim Chief Executive Officer and Interim Chief Financial Officer
  (principal executive, accounting, and financial officer)

 

This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.

 

 

 

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September 30, 2021 Beginning balance, shares Forgiveness of related party debt Net loss Balance - December 31, 2021 Ending balance, shares Accounting Policies [Abstract] Organization and basis of accounting Organization, Consolidation and Presentation of Financial Statements [Abstract] Going Concern Summary of significant accounting policies Related Party Transactions [Abstract] Related Party Transactions Debt Disclosure [Abstract] Convertible notes Equity [Abstract] Common stock Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Subsequent Events [Abstract] Subsequent Events Cash and Cash Equivalents Employee Stock-Based Compensation Fair Value Measurement Subsequent Event Recent Accounting Pronouncements Schedule of Convertible notes Stock issued to related party Schedule of Related Party Transactions, by Related Party [Table] Related Party Transaction [Line Items] Legal Fees Debt conversion shares issued Share price Debt conversion amount Due to related parties Operating Expenses Carrying value of Convertible Notes at July 01, 2022 New principal Total principal Less: conversion of principal Add: amortization of discount and deferred financing fees Carrying value of Convertible Notes at December 31, 2022 Schedule of Long-Term Debt Instruments [Table] Debt Instrument [Line Items] Proceeds from convertible debt Principal amount Maturity Date Interest rate Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Line Items] Stock Issued to relatd party, shares Share Price Stock Issued to relatd party, Value Common Stock, par value Sale of transaction Accrued directors stock compensation Accrued directors cash compensation Unpaid directors fees Custodian Ventures LLC [Member] Assets, Current Assets Liabilities, Current Liabilities Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Income (Loss) Interest Expense Nonoperating Income (Expense) Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Financing Activities Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents Stock Issued Shares, Outstanding ForgivenessOfRelatedPartyDebt Net Income (Loss) Attributable to Parent Convertible Notes Payable EX-101.PRE 8 zhec-20221231_pre.xml XBRL PRESENTATION FILE XML 9 R1.htm IDEA: XBRL DOCUMENT v3.22.4
Cover - shares
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Dec. 31, 2022
Feb. 14, 2023
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Entity Registrant Name ZHRH CORPORATION  
Entity Central Index Key 0001594114  
Entity Tax Identification Number 99-0369270  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 50 West Liberty Str.  
Entity Address, Address Line Two Suite 880  
Entity Address, City or Town Reno  
Entity Address, State or Province NV  
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Dec. 31, 2022
Jun. 30, 2022
Current assets    
Cash and cash equivalents $ 20,223 $ 180,079
Total current assets 20,223 180,079
TOTAL ASSETS 20,223 180,079
Current liabilities    
Accrued liabilities and other current liabilities 110,036 150,811
Related parties loan payable 234,573 228,382
Convertible note, net of discount 430,000 430,000
Common stock payable 195,379 123,926
Total current liabilities 969,987 933,119
TOTAL LIABILITIES 969,987 933,119
COMMITMENTS & CONTINGENCIES
STOCKHOLDERS’ DEFICIT    
Common stock, no par value; 75,000,000 shares authorized, 75,000,000 shares issued and outstanding at December 31, 2022 and June 30, 2022 75,000 75,000
Additional paid-in capital (15,115) (15,115)
Accumulated deficit (1,009,649) (812,925)
TOTAL STOCKHOLDERS’ DEFICIT (949,765) (753,041)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT $ 20,223 $ 180,079
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Dec. 31, 2022
Jun. 30, 2022
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Common Stock, no par value $ 0 $ 0
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Common stock, shares issued 75,000,000 75,000,000
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Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2022
Dec. 31, 2021
Operating expenses        
Legal fees $ 68,161 $ 40,635 $ 74,451 $ 127,412
Audit and accounting fees 8,600 10,400 49,200 61,500
Consulting fees 19,015 150,001 44,141
General and administrative expense 2,810 3,798 10,199
Total operating expense 98,856 50,834 277,450 243,252
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Other income (expenses)        
Other Income 104,168 104,168
Interest expense (11,721) (23,442)
Total other income(expenses) 92,447 80,726
Net loss $ (6,139) $ (50,834) $ (196,724) $ (243,252)
Net loss per common share – basic and diluted
Weighted average common shares outstanding – basic and diluted 75,000,000 75,000,000 75,000,000 75,000,000
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Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (196,724) $ (243,252)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Stock based compensation 71,452
Changes in assets and liabilities    
Increase in accruals and other payables (40,775) 114,617
Increase in related party payables 6,191 128,635
Net cash used in operating activities (159,856)
Proceeds from Convertible note
Payments on related party debt
Net cash used in financing activities
Net increase in cash and cash equivalents (159,856)
Effect of foreign currency translation on cash and cash equivalents
Cash and cash equivalents–beginning of period 180,079
Cash and cash equivalents–end of period 20,223
Supplementary cash flow information:    
Interest paid
Income taxes paid
Non-Cash Financing and Investing Activities:    
Forgiveness of related party debt
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Common stock issuable in conjunction with Convertible Note
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Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance - September 30, 2021 at Jun. 30, 2021 $ 75,000 $ (20,916) $ (222,768) $ (168,684)
Beginning balance, shares at Jun. 30, 2021 75,000,000      
Forgiveness of related party debt   5,801   5,801
Net loss   (192,418) (192,418)
Balance - December 31, 2021 at Sep. 30, 2021 $ 75,000 (15,115) (415,186) (355,301)
Ending balance, shares at Sep. 30, 2021 75,000,000      
Net loss (50,834) (50,834)
Balance - December 31, 2021 at Dec. 31, 2021 $ 75,000 (15,115) (466,021) (406,136)
Ending balance, shares at Dec. 31, 2021 75,000,000      
Balance - September 30, 2021 at Jun. 30, 2022 $ 75,000 (15,115) (812,925) (753,041)
Beginning balance, shares at Jun. 30, 2022 75,000,000      
Net loss (190,585) (190,585)
Balance - December 31, 2021 at Sep. 30, 2022 $ 75,000 (15,115) (1,003,511) (943,626)
Ending balance, shares at Sep. 30, 2022 75,000,000      
Net loss (6,139) (6,139)
Balance - December 31, 2021 at Dec. 31, 2022 $ 75,000 $ (15,115) $ (1,009,649) $ (949,765)
Ending balance, shares at Dec. 31, 2022 75,000,000      
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Organization and basis of accounting
6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Organization and basis of accounting

Note 1 – Organization and basis of accounting

 

Basis of Presentation and Organization

 

Ketdarina Corp. was incorporated under the laws of the State of Nevada on July 13, 2011. Until November 19, 2014, we were in the business of wholesale of bedding products to industrial, commercial and institutional retailers, and other professional business users, or to other wholesalers and related subordinated services.

 

On November 19, 2014, as reported in our Form 8-K which was filed with the Securities and Exchange Commission on November 28, 2014, the previous principal shareholders: (a) sold their shares to Western Highlands Minerals, Ltd., a Vietnamese corporation “WHM”); (b) resigned as our management and appointed WHM’s designees as new management, (c) took over the inactive bedding business from us, and (d) cancelled all previous debt which we owed to them.

 

Since the change of control, although engaging in ongoing discussions, WHM and its designees have not entered into any agreements or understandings by which we would acquire any assets or a business.

 

On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

 

On April 6, 2021, Custodian Ventures LLC (the “Seller”), entered into a Common Stock Purchase Agreement (the “SPA”) pursuant to which the Seller agreed to sell to Calgary Thunder Bay Limited (the “Purchaser”), the 71,260,000 shares of common stock of the Registrant (the “Shares”) owned by the Seller, constituting approximately 95.0% of the Registrant’s 75,000,000 issued and outstanding common shares, for $250,000. The sale was consummated on April 13, 2021. As a result of the sale, there was a change of control of the Registrant. There is no family relationship or other relationship between the Seller and the Purchaser, or any of the Purchaser’s affiliates.

 

On that same date, Mr. David Lazar, who was the Registrant’s sole officer and director, submitted his resignation from all management positions and appointed Brett Lovegrove (the “Designee”) as the sole director and officer of the Registrant. As a result thereof, the Designee is now the sole director and officer of the Registrant.

 

The accompanying condensed financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

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Going Concern
6 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

Note 2- Going Concern

 

The accompanying condensed financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

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Summary of significant accounting policies
6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Summary of significant accounting policies

Note 3 – Summary of significant accounting policies

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

 

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

 

Fair Value Measurement

 

The Company values its amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy are as follows:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.

 

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

 

Recent Accounting Pronouncements

 

In August 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. ASU No. 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock will be reported as a single equity instrument, with no separate accounting for embedded conversion features. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. In addition, ASU No. 2020-06 simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU No. 2020-06 is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, ASU No. 2020-06 will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020. An entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact of this accounting pronouncement on its financial statements.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements.

 

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Related Party Transactions
6 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
Related Party Transactions

Note 4 – Related Party Transactions

 

On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

 

During the fiscal year July 01, 2020 thru April 06, 2021, David Lazar, paid $26,195 of expenses related transfer agent, state registration fees and legal fees on behalf of the company. On March 09, 2021, the Company issued 71,260,000 shares of common stock issued at par value of $0.001, as repayment of debt owed to Custodian Ventures, LLC in the amount of $18,355. On April 12, 2021, Custodian Ventures forgave all amounts owing to them by the Company in the amount of $5,801. As of December 31, 2022 and June 30, 2022, a total of $0 and $0, remains outstanding to Custodian Ventures, LLC, respectively.

 

During the six months ended December 31, 2022, Calgary Thunder Bay paid $6,191 of expenses related to accounting, audit, legal and consulting fees. As December 31, 2022 and June 30, 2022, a total of $234,573 and $228,382 remains outstanding to Calgary Thunder Bay Limited, respectively.

 

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Convertible notes
6 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Convertible notes

Note 5 – Convertible notes

 

On January 24, 2022, the Company received $200,000 in exchange for a January 24, 2021 promissory convertible note in the amount of $200,000 from an unrelated third party. The note matures on December 31, 2022 after the issuance date and bears a 10% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging. In addition, this convertible note was issued pursuant to a share purchase agreement between the Company and the note holder. The Company shall issue and sell to Buyer a number of shares of Common Stock equal to (i) $200,000 (the “Shares Purchase Price”) divided by (ii) the value per share of Common Stock as determined based on a valuation of the Company of $30,000,000 and the number of issued and outstanding shares of Common Stock as of the Shares Closing (the “Shares”). By way of example and not limitation, in the event that as of the Shares Closing, there are 75,000,000 shares of Common Stock issued and outstanding, Buyer will acquire 500,000 shares of Common Stock ($200,000 divided by $0.40), at a purchase price of $0.40 per share of Common Stock.

 

On March 07, 2022, the Company received $30,000 in exchange for a promissory convertible note in the amount of $30,000 from an unrelated third party. The note matures on December 31, 2022 after the issuance date and bears a 10% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging.

 

A summary of value changes to the notes for the six months ended December 31, 2022 is as follows:

 

     
Carrying value of Convertible Notes at July 01, 2022  $430,000 
New principal   - 
Total principal   430,000 
Less: conversion of principal   - 
Add: amortization of discount and deferred financing fees   - 
Carrying value of Convertible Notes at December 31, 2022  $430,000 

 

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Common stock
6 Months Ended
Dec. 31, 2022
Equity [Abstract]  
Common stock

Note 6 – Common stock

 

On March 09, 2021, the Company issued 71,260,000 shares of common stock issued at par value of $0.001, as repayment of debt owed to Custodian Ventures, LLC in the amount of $18,355.

 

As of December 31, 2022 and June 30, 2022, 75,000,000 shares of common stock with a par value of $0.001 remain outstanding.

 

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Commitments and Contingencies
6 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 7 - Commitments and Contingencies

 

Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P. Bond, Jean-Michel Doublet and Lionel Therond

 

On March 9, 2022, the Company entered into a Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P Bond, Jean-Michel Doublet and Lionel Therond. Pursuant to each Director Agreement, each director agreed to perform the duties of a director in accordance with the terms of the Director Agreement with a time commitment of 8-10 days per month, with 4 Board meetings per year. The Director Agreement’s term starts on March 9, 2022 and terminates upon the earlier of the following to occur: (i) removal of the individual as a director of the Company upon proper shareholder action in accordance with the Company’s articles, bylaws and applicable law (ii)Individuals resignation as a director of the Company (iii) individuals death or (iv) failure of the shareholders of the Company to re-elect the individual at the Company’s annual shareholder meeting or any special meeting of the shareholders called for the purpose of electing directors.

 

Pursuant to the Director Agreement, the Company agreed to indemnify each director, if he becomes a party, or is threatened to become a party, to a proceeding (other than an action by or in the right of the Company) by reason of Each individuals status as a director in accordance with the terms and conditions set forth in the Director Agreement. Pursuant to the Director Agreement, the Company agreed to obtain and maintain director and officer insurance for the Company following the completion of the ZHRH Transaction and each director will be named as an insured party under such insurance. There can be no assurance that the Company will enter into any letters of intent or any other oral or written agreements in connection with the ZHRH Transaction, or that the ZHRH Transaction can occur at all.

 

Pursuant to the Director Agreement, the Company agreed to compensate each director for such services by issuing each of them shares of the Company’s common stock as follows:

 

 

The intent is that for each full year that he serves as a director of the Company, they’ll receive a number of shares of the Company’s common stock having a total value of $80,000.

 

 

The first grant of shares of common stock will be made on the closing of the ZHRH Transaction and will be based on the length of each individuals service as a director of the Company as of that date at the time of closing (the “First Grant”). The number of shares of common stock to be issued in the First Grant shall be based on a value of each share of common stock as determined based on the number of shares of common stock issued to the shareholders of ZHRH China in the ZHRH Transaction assuming a pre-money valuation of ZHRH China of USD$30 million. In the event that each individual Ceases to serve as a director of the Company for any reason prior to the vesting of the First Grant shares, such First Grant shares will be automatically forfeited.

 

 

Following the closing of the ZHRH Transaction, for each calendar quarter thereafter during which each individual continues to serve as a director of the Company, the Company will grant each director a restricted stock award of shares of the Company’s common stock having a fair market value (as determined by the Board or a committee thereof, but in any case without the involvement of Mr. Lovegrove) as of the last day of each such calendar quarter of $20,000 (each, a “Quarterly Grant”). Each Quarterly Grant shall vest, if at all, on the one-year anniversary of the applicable grant date, and, once vested, shall be subject to no additional contractual lock-in period. In the event that a director ceases to serve as a director of the Company for any reason, any Quarterly Grant which has not vested at such time will be automatically forfeited.

 

On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond, served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022. On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company.

 

During the six months ended December 31, 2020, the Company accrued a total of $195,379 in directors stock compensation and $65,005 in directors cash compensation. As of December 31, 2022, a total $195,379 in common stock payable and $65,005 in directors fees remains unpaid and outstanding.

 

XML 22 R14.htm IDEA: XBRL DOCUMENT v3.22.4
Subsequent Events
6 Months Ended
Dec. 31, 2022
Subsequent Events [Abstract]  
Subsequent Events

Note 8 – Subsequent Events

 

In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event.

XML 23 R15.htm IDEA: XBRL DOCUMENT v3.22.4
Summary of significant accounting policies (Policies)
6 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Cash and Cash Equivalents

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

 

Employee Stock-Based Compensation

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

 

Fair Value Measurement

Fair Value Measurement

 

The Company values its amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

 

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).

 

The three levels of the fair value hierarchy are as follows:

 

Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.

 

Level 2 – Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets.

 

Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.

 

Subsequent Event

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

 

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

In August 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. ASU No. 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock will be reported as a single equity instrument, with no separate accounting for embedded conversion features. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. In addition, ASU No. 2020-06 simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU No. 2020-06 is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, ASU No. 2020-06 will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020. An entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact of this accounting pronouncement on its financial statements.

 

Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements.

 

XML 24 R16.htm IDEA: XBRL DOCUMENT v3.22.4
Convertible notes (Tables)
6 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Convertible notes
     
Carrying value of Convertible Notes at July 01, 2022  $430,000 
New principal   - 
Total principal   430,000 
Less: conversion of principal   - 
Add: amortization of discount and deferred financing fees   - 
Carrying value of Convertible Notes at December 31, 2022  $430,000 
XML 25 R17.htm IDEA: XBRL DOCUMENT v3.22.4
Organization and basis of accounting (Details Narrative) - shares
Mar. 09, 2022
Apr. 06, 2021
Common Stock [Member] | Calgary Thunder Bay Limited [Member]    
Stock issued to related party 71,260,000 71,260,000
XML 26 R18.htm IDEA: XBRL DOCUMENT v3.22.4
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 6 Months Ended 9 Months Ended
Apr. 12, 2021
Mar. 09, 2021
Dec. 31, 2022
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2022
Dec. 31, 2021
Apr. 06, 2021
Jun. 30, 2022
Related Party Transaction [Line Items]                  
Legal Fees     $ 68,161 $ 40,635   $ 74,451 $ 127,412    
Forgiveness of related party debt         $ 5,801        
Due to related parties     234,573     234,573     $ 228,382
Operating Expenses     98,856 $ 50,834   277,450 $ 243,252    
Custodian Ventures LLC [Member]                  
Related Party Transaction [Line Items]                  
Share price   $ 0.001              
Debt conversion amount   $ 18,355              
Due to related parties     0     0     0
Calgary Thunder Bay Limited [Member]                  
Related Party Transaction [Line Items]                  
Due to related parties     $ 234,573     234,573     $ 228,382
Operating Expenses           $ 6,191      
Common Stock [Member] | Custodian Ventures LLC [Member]                  
Related Party Transaction [Line Items]                  
Debt conversion shares issued   71,260,000              
Additional Paid-in Capital [Member]                  
Related Party Transaction [Line Items]                  
Forgiveness of related party debt         $ 5,801        
Additional Paid-in Capital [Member] | Custodian Ventures LLC [Member]                  
Related Party Transaction [Line Items]                  
Forgiveness of related party debt $ 5,801                
Management [Member]                  
Related Party Transaction [Line Items]                  
Legal Fees               $ 26,195  
XML 27 R19.htm IDEA: XBRL DOCUMENT v3.22.4
Convertible notes (Details)
6 Months Ended
Dec. 31, 2022
USD ($)
Debt Disclosure [Abstract]  
Carrying value of Convertible Notes at July 01, 2022 $ 430,000
New principal
Total principal 430,000
Less: conversion of principal
Add: amortization of discount and deferred financing fees
Carrying value of Convertible Notes at December 31, 2022 $ 430,000
XML 28 R20.htm IDEA: XBRL DOCUMENT v3.22.4
Convertible notes (Details Narrative) - USD ($)
1 Months Ended 6 Months Ended
Mar. 07, 2022
Jan. 24, 2022
Dec. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]        
Proceeds from convertible debt    
Promissory Convertible Note [Member]        
Debt Instrument [Line Items]        
Proceeds from convertible debt $ 30,000 $ 200,000    
Principal amount $ 30,000 $ 200,000    
Maturity Date Dec. 31, 2022 Dec. 31, 2022    
Interest rate 10.00% 10.00%    
XML 29 R21.htm IDEA: XBRL DOCUMENT v3.22.4
Common stock (Details Narrative) - USD ($)
Mar. 09, 2022
Apr. 06, 2021
Dec. 31, 2022
Jun. 30, 2022
Mar. 09, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Common stock, shares issued     75,000,000 75,000,000  
Common stock, shares outstanding     75,000,000 75,000,000  
Common Stock, par value     $ 0.001 $ 0.001  
Calgary Thunder Bay Limited [Member]          
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Stock Issued to relatd party, Value $ 18,355        
Custodian Ventures LLC [Member]          
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Share Price         $ 0.001
Common Stock [Member] | Calgary Thunder Bay Limited [Member]          
Accumulated Other Comprehensive Income (Loss) [Line Items]          
Stock Issued to relatd party, shares 71,260,000 71,260,000      
XML 30 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Commitments and Contingencies (Details Narrative) - USD ($)
6 Months Ended
Dec. 31, 2022
Dec. 31, 2020
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]      
Sale of transaction $ 80,000    
Accrued directors stock compensation   $ 195,379  
Accrued directors cash compensation   $ 65,005  
Common stock payable 195,379   $ 123,926
Unpaid directors fees $ 65,005    
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Suite 880 Reno NV 89501 775 322-06261 Yes Yes Non-accelerated Filer true false true 75000000 20223 180079 20223 180079 20223 180079 110036 150811 234573 228382 430000 430000 195379 123926 969987 933119 969987 933119 0 0 75000000 75000000 75000000 75000000 75000000 75000000 75000 75000 -15115 -15115 -1009649 -812925 -949765 -753041 20223 180079 68161 40635 74451 127412 8600 10400 49200 61500 19015 150001 44141 2810 3798 10199 98856 50834 277450 243252 -98856 -50834 -277450 -243252 104168 104168 11721 23442 92447 80726 -6139 -50834 -196724 -243252 75000000 75000000 75000000 75000000 -196724 -243252 71452 -40775 114617 6191 128635 -159856 -159856 180079 20223 75000000 75000 -15115 -812925 -753041 -190585 -190585 75000000 75000 -15115 -1003511 -943626 -6139 -6139 75000000 75000 -15115 -1009649 -949765 75000000 75000 -20916 -222768 -168684 5801 5801 -192418 -192418 75000000 75000 -15115 -415186 -355301 -50834 -50834 75000000 75000 -15115 -466021 -406136 <p id="xdx_803_eus-gaap--OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_z9T2cTxPxmqg" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 – <span id="xdx_82B_zcFTe8C3KE89">Organization and basis of accounting</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation and Organization</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ketdarina Corp. was incorporated under the laws of the State of Nevada on July 13, 2011. Until November 19, 2014, we were in the business of wholesale of bedding products to industrial, commercial and institutional retailers, and other professional business users, or to other wholesalers and related subordinated services.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 19, 2014, as reported in our Form 8-K which was filed with the Securities and Exchange Commission on November 28, 2014, the previous principal shareholders: (a) sold their shares to Western Highlands Minerals, Ltd., a Vietnamese corporation “WHM”); (b) resigned as our management and appointed WHM’s designees as new management, (c) took over the inactive bedding business from us, and (d) cancelled all previous debt which we owed to them.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since the change of control, although engaging in ongoing discussions, WHM and its designees have not entered into any agreements or understandings by which we would acquire any assets or a business.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On April 6, 2021, Custodian Ventures LLC (the “Seller”), entered into a Common Stock Purchase Agreement (the “SPA”) pursuant to which the Seller agreed to sell to Calgary Thunder Bay Limited (the “Purchaser”), the <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesOther_c20210405__20210406__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_pdd" title="Stock issued to related party">71,260,000</span> shares of common stock of the Registrant (the “Shares”) owned by the Seller, constituting approximately 95.0% of the Registrant’s 75,000,000 issued and outstanding common shares, for $250,000. The sale was consummated on April 13, 2021. As a result of the sale, there was a change of control of the Registrant. There is no family relationship or other relationship between the Seller and the Purchaser, or any of the Purchaser’s affiliates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On that same date, Mr. David Lazar, who was the Registrant’s sole officer and director, submitted his resignation from all management positions and appointed Brett Lovegrove (the “Designee”) as the sole director and officer of the Registrant. As a result thereof, the Designee is now the sole director and officer of the Registrant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 71260000 <p id="xdx_80A_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zkrSlnlxbO46" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 2- <span id="xdx_829_zwK8wEZRKLn3">Going Concern</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying condensed financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80A_eus-gaap--SignificantAccountingPoliciesTextBlock_zxyXwtx1RqE3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 3 – <span id="xdx_820_zw9BVNezRHKf">Summary of significant accounting policies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zyy1K1rqK056" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zZgcISPqfYhh">Cash and Cash Equivalents</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zuAkG3dQ875i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_z1JzbgpzPX06">Employee Stock-Based Compensation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zmCus63uqAp7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zqllJLyBnl81">Fair Value Measurement</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company values its amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The three levels of the fair value hierarchy are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqLDYY2LF088" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zZMsuMwcFka7">Subsequent Event</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zSN1TE6KfRde" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zd3R3Mh7Iawj">Recent Accounting Pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-06, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity</i>. ASU No. 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock will be reported as a single equity instrument, with no separate accounting for embedded conversion features. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. In addition, ASU No. 2020-06 simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU No. 2020-06 is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, ASU No. 2020-06 will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020. An entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact of this accounting pronouncement on its financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zyy1K1rqK056" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zZgcISPqfYhh">Cash and Cash Equivalents</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--CompensationRelatedCostsPolicyTextBlock_zuAkG3dQ875i" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_z1JzbgpzPX06">Employee Stock-Based Compensation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zmCus63uqAp7" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zqllJLyBnl81">Fair Value Measurement</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company values its amounts due to related partings and short term loans payable under FASB ASC 820 which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The Company classifies fair value balances based on the observability of those inputs. ASC 820 establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to unobservable inputs (level 3 measurement).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The three levels of the fair value hierarchy are as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 1 primarily consists of financial instruments such as exchange-traded derivatives, marketable securities and listed equities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 2 – Valuations for assets and liabilities that can be obtained from readily available pricing sources via independent providers for market transactions involving similar assets or liabilities. The Company’s principal markets for these securities are the secondary institutional markets, and valuations are based on observable market data in those markets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. The Company uses Level 3 to value its derivative instruments.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_843_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zqLDYY2LF088" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_867_zZMsuMwcFka7">Subsequent Event</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zSN1TE6KfRde" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zd3R3Mh7Iawj">Recent Accounting Pronouncements</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the FASB issued Accounting Standards Update (ASU) No. 2020-06, <i>Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity</i>. ASU No. 2020-06 simplifies the accounting for convertible instruments by removing major separation models required under current U.S. GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument and more convertible preferred stock will be reported as a single equity instrument, with no separate accounting for embedded conversion features. The ASU also removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. In addition, ASU No. 2020-06 simplifies the diluted earnings per share (EPS) calculation in certain areas. ASU No. 2020-06 is effective for public business entities that meet the definition of an SEC filer, excluding entities eligible to be smaller reporting companies as defined by the SEC, for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, ASU No. 2020-06 will be effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted in fiscal years beginning after December 15, 2020. An entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently evaluating the impact of this accounting pronouncement on its financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the SEC did not or in management’s opinion will not have a material impact on the Company’s present or future consolidated financial statements.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_80D_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zgK8IUU2ZZHb" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 4 – <span id="xdx_827_zXhvjI3UAtB">Related Party Transactions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 16, 2020, as a result of a receivership in Clark County, Nevada, Case Number: A-20-816621-B, Custodian Ventures LLC (“Custodian”) was appointed receiver of Ketdarina Corp. (the “Company”). On that same date, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the fiscal year July 01, 2020 thru April 06, 2021, David Lazar, paid $<span id="xdx_902_eus-gaap--LegalFees_c20200701__20210406__srt--TitleOfIndividualAxis__srt--ManagementMember_pp0p0" title="Legal Fees">26,195</span> of expenses related transfer agent, state registration fees and legal fees on behalf of the company. On March 09, 2021, the Company issued <span id="xdx_900_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_c20210308__20210309__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_pdd" title="Debt conversion shares issued">71,260,000</span> shares of common stock issued at par value of $<span id="xdx_90D_eus-gaap--SharePrice_c20210309__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_pdd" title="Share price">0.001</span>, as repayment of debt owed to Custodian Ventures, LLC in the amount of $<span id="xdx_902_eus-gaap--DebtConversionConvertedInstrumentAmount1_c20210308__20210309__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_pp0p0" title="Debt conversion amount">18,355</span>. On April 12, 2021, Custodian Ventures forgave all amounts owing to them by the Company in the amount of $<span id="xdx_905_ecustom--ForgivenessOfRelatedPartyDebt_c20210411__20210412__us-gaap--StatementEquityComponentsAxis__us-gaap--AdditionalPaidInCapitalMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_pp0p0" title="Forgiveness of related party debt">5,801</span>. As of December 31, 2022 and June 30, 2022, a total of $<span id="xdx_901_eus-gaap--DueToRelatedPartiesCurrent_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_pp0p0" title="Due to related parties">0</span> and $<span id="xdx_907_eus-gaap--DueToRelatedPartiesCurrent_iI_pp0p0_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_zSpixTjKYNJ6" title="Due to related parties">0</span>, remains outstanding to Custodian Ventures, LLC, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended December 31, 2022, Calgary Thunder Bay paid $<span id="xdx_90E_eus-gaap--OperatingExpenses_c20220701__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_pp0p0" title="Operating Expenses">6,191</span> of expenses related to accounting, audit, legal and consulting fees. As December 31, 2022 and June 30, 2022, a total of $<span id="xdx_901_eus-gaap--DueToRelatedPartiesCurrent_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_pp0p0" title="Due to related parties">234,573</span> and $<span id="xdx_90C_eus-gaap--DueToRelatedPartiesCurrent_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_pp0p0" title="Due to related parties">228,382</span> remains outstanding to Calgary Thunder Bay Limited, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 26195 71260000 0.001 18355 5801 0 0 6191 234573 228382 <p id="xdx_80A_eus-gaap--DebtDisclosureTextBlock_zntJfKEytVWa" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 5 – <span id="xdx_822_zXotgjbcKrN">Convertible notes</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On January 24, 2022, the Company received $<span id="xdx_907_eus-gaap--ProceedsFromConvertibleDebt_c20220101__20220124__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_pp0p0" title="Proceeds from convertible debt">200,000</span> in exchange for a January 24, 2021 promissory convertible note in the amount of $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_c20220124__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_pp0p0" title="Principal amount">200,000</span> from an unrelated third party. The note matures on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_c20220101__20220124__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember" title="Maturity Date">December 31, 2022</span> after the issuance date and bears a <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20220101__20220124__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_zBGhTPb72Cq1" title="Interest rate">10</span>% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging. In addition, this convertible note was issued pursuant to a share purchase agreement between the Company and the note holder. The Company shall issue and sell to Buyer a number of shares of Common Stock equal to (i) $200,000 (the “Shares Purchase Price”) divided by (ii) the value per share of Common Stock as determined based on a valuation of the Company of $30,000,000 and the number of issued and outstanding shares of Common Stock as of the Shares Closing (the “Shares”). By way of example and not limitation, in the event that as of the Shares Closing, there are 75,000,000 shares of Common Stock issued and outstanding, Buyer will acquire 500,000 shares of Common Stock ($200,000 divided by $0.40), at a purchase price of $0.40 per share of Common Stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 07, 2022, the Company received $<span id="xdx_902_eus-gaap--ProceedsFromConvertibleDebt_c20220301__20220307__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_pp0p0" title="Proceeds from convertible debt">30,000</span> in exchange for a promissory convertible note in the amount of $<span id="xdx_900_eus-gaap--DebtInstrumentFaceAmount_c20220307__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_pp0p0" title="Principal amount">30,000</span> from an unrelated third party. The note matures on <span id="xdx_907_eus-gaap--DebtInstrumentMaturityDate_c20220301__20220307__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember" title="Maturity Date">December 31, 2022</span> after the issuance date and bears a <span id="xdx_906_eus-gaap--DebtInstrumentInterestRateDuringPeriod_dp_c20220301__20220307__us-gaap--LongtermDebtTypeAxis__custom--PromissoryConvertibleNoteMember_zf8hpZTbRkM9" title="Interest rate">10</span>% interest rate. The note is convertible at any time based on the indebtedness of such conversion divided by the value per share of common stock as determined based on a company valuation of $30,000,000. The will be at a current fixed price of $0.40 Due to these provisions, this convertible notes not qualify for derivative accounting under ASC 815-15, Derivatives and Hedging.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A summary of value changes to the notes for the six months ended December 31, 2022 is as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" id="xdx_887_ecustom--ScheduleOfConvertibleNotesTableTextBlock_zSfioWg7ckG4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible notes (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span id="xdx_8B2_zxqTapyK68td" style="display: none">Schedule of Convertible notes</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_496_20220701__20221231_ztKhQXcNzVA9" style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayable_iS_pp0p0_zSbH1A6FpF7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Carrying value of Convertible Notes at July 01, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">430,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--NewPrincipal_zOwB85fV8Cf1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">New principal</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--TotalPrincipal_zZvWrBmJZYJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total principal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">430,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ConversionOfPrincipal_zgG9IvDnb7aj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: conversion of principal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0386">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AmortizationOfDebtDiscountPremium_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Add: amortization of discount and deferred financing fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0388">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayable_iE_pp0p0_z1jI5JRe3sH3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Carrying value of Convertible Notes at December 31, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">430,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> 200000 200000 2022-12-31 0.10 30000 30000 2022-12-31 0.10 <table cellpadding="0" cellspacing="0" id="xdx_887_ecustom--ScheduleOfConvertibleNotesTableTextBlock_zSfioWg7ckG4" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Convertible notes (Details)"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt"><span id="xdx_8B2_zxqTapyK68td" style="display: none">Schedule of Convertible notes</span></td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: left"> </td><td id="xdx_496_20220701__20221231_ztKhQXcNzVA9" style="text-align: right"> </td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--ConvertibleNotesPayable_iS_pp0p0_zSbH1A6FpF7k" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: justify">Carrying value of Convertible Notes at July 01, 2022</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">430,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_ecustom--NewPrincipal_zOwB85fV8Cf1" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1.5pt">New principal</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0382">-</span></td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_ecustom--TotalPrincipal_zZvWrBmJZYJ7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Total principal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">430,000</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_ecustom--ConversionOfPrincipal_zgG9IvDnb7aj" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Less: conversion of principal</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0386">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AmortizationOfDebtDiscountPremium_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Add: amortization of discount and deferred financing fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0388">-</span></td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ConvertibleNotesPayable_iE_pp0p0_z1jI5JRe3sH3" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 4pt">Carrying value of Convertible Notes at December 31, 2022</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">430,000</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 430000 430000 430000 <p id="xdx_808_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zWam6iVoyTn1" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 6 – <span id="xdx_82D_zmUP0bT2o8yj">Common stock</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 09, 2021, the Company issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesOther_c20220308__20220309__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_pdd" title="Stock Issued to relatd party, shares">71,260,000</span> shares of common stock issued at par value of $<span id="xdx_902_eus-gaap--SharePrice_iI_c20210309__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CustodianVenturesLLCMember_z6qnUA5biJz4" title="Share Price">0.001</span>, as repayment of debt owed to Custodian Ventures, LLC in the amount of $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueOther_pp0p0_c20220308__20220309__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CalgaryThunderBayLimitedMember_zg0gWlXtJOAl" title="Stock Issued to relatd party, Value">18,355</span>.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2022 and June 30, 2022, <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_c20221231_zGVJA41lz9r5" title="Common stock, shares issued"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20221231_zs6xQMJpgm8j" title="Common stock, shares outstanding"><span id="xdx_90B_eus-gaap--CommonStockSharesIssued_iI_c20220630_zjaCfQAfpCSc" title="Common stock, shares issued"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_c20220630_znDmsXp1zoN1" title="Common stock, shares outstanding">75,000,000</span></span></span></span> shares of common stock with a par value of $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20221231_zS3gHyOBx4Gk" title="Common Stock, par value"><span id="xdx_90B_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20220630_z6aelQ4EPt5e">0.001</span></span> remain outstanding.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 71260000 0.001 18355 75000000 75000000 75000000 75000000 0.001 0.001 <p id="xdx_808_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zrfdb9dqt1B3" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 7 - <span id="xdx_822_zjPKuZhHbsZ">Commitments and Contingencies</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P. Bond, Jean-Michel Doublet and Lionel Therond</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 9, 2022, the Company entered into a Director Agreement with Aymar de Lencqusaing, Brett Lovegrove, Cindy Li, James P Bond, Jean-Michel Doublet and Lionel Therond. Pursuant to each Director Agreement, each director agreed to perform the duties of a director in accordance with the terms of the Director Agreement with a time commitment of 8-10 days per month, with 4 Board meetings per year. The Director Agreement’s term starts on March 9, 2022 and terminates upon the earlier of the following to occur: (i) removal of the individual as a director of the Company upon proper shareholder action in accordance with the Company’s articles, bylaws and applicable law (ii)Individuals resignation as a director of the Company (iii) individuals death or (iv) failure of the shareholders of the Company to re-elect the individual at the Company’s annual shareholder meeting or any special meeting of the shareholders called for the purpose of electing directors.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Director Agreement, the Company agreed to indemnify each director, if he becomes a party, or is threatened to become a party, to a proceeding (other than an action by or in the right of the Company) by reason of Each individuals status as a director in accordance with the terms and conditions set forth in the Director Agreement. Pursuant to the Director Agreement, the Company agreed to obtain and maintain director and officer insurance for the Company following the completion of the ZHRH Transaction and each director will be named as an insured party under such insurance. There can be no assurance that the Company will enter into any letters of intent or any other oral or written agreements in connection with the ZHRH Transaction, or that the ZHRH Transaction can occur at all.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Director Agreement, the Company agreed to compensate each director for such services by issuing each of them shares of the Company’s common stock as follows:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The intent is that for each full year that he serves as a director of the Company, they’ll receive a number of shares of the Company’s common stock having a total value of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_c20220701__20221231_pp0p0" title="Sale of transaction">80,000</span>.</span></p></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The first grant of shares of common stock will be made on the closing of the ZHRH Transaction and will be based on the length of each individuals service as a director of the Company as of that date at the time of closing (the “First Grant”). The number of shares of common stock to be issued in the First Grant shall be based on a value of each share of common stock as determined based on the number of shares of common stock issued to the shareholders of ZHRH China in the ZHRH Transaction assuming a pre-money valuation of ZHRH China of USD$30 million. In the event that each individual Ceases to serve as a director of the Company for any reason prior to the vesting of the First Grant shares, such First Grant shares will be automatically forfeited.</span></p></td></tr> </table> <p style="margin-top: 0; margin-bottom: 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following the closing of the ZHRH Transaction, for each calendar quarter thereafter during which each individual continues to serve as a director of the Company, the Company will grant each director a restricted stock award of shares of the Company’s common stock having a fair market value (as determined by the Board or a committee thereof, but in any case without the involvement of Mr. Lovegrove) as of the last day of each such calendar quarter of $20,000 (each, a “Quarterly Grant”). Each Quarterly Grant shall vest, if at all, on the one-year anniversary of the applicable grant date, and, once vested, shall be subject to no additional contractual lock-in period. In the event that a director ceases to serve as a director of the Company for any reason, any Quarterly Grant which has not vested at such time will be automatically forfeited.</span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2022, Lionel Therond resigned from all positions with the Company. Mr. Therond, served as the Company’s Chief Financial Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 30, 2022.On December 12, 2022, Jean-Michel Doublet resigned from all positions with the Company. Mr. Jean-Michel Doublet served as the Company’s Chief Executive Officer from October 25, 2021 and as a member of the Company’s Board of Directors from March 9, 2022 until December 12, 2022. On December 12, 2022, Brett Lovegrove, the Company’s Chairman of the Board of Directors, agreed to be the Interim Chief Executive Officer and on December 30, 2022, Mr. Lovegrove agreed to be the Interim Chief Financial Officer of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the six months ended December 31, 2020, the Company accrued a total of $<span id="xdx_908_ecustom--AccruedDirectorsStockCompensation_pp0p0_c20200701__20201231_znqpofrll9Za" title="Accrued directors stock compensation">195,379</span> in directors stock compensation and $<span id="xdx_90A_ecustom--AccruedDirectorsCashCompensation_c20200701__20201231_pp0p0" title="Accrued directors cash compensation">65,005</span> in directors cash compensation. As of December 31, 2022, a total $<span id="xdx_901_ecustom--CommonStockPayable_c20221231_pp0p0" title="Common stock payable">195,379</span> in common stock payable and $<span id="xdx_903_ecustom--UnpaidDirectorsFees_c20221231_pp0p0" title="Unpaid directors fees">65,005</span> in directors fees remains unpaid and outstanding<b>.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 80000 195379 65005 195379 65005 <p id="xdx_80B_eus-gaap--SubsequentEventsTextBlock_ziaH9rwwHUN4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 8 – <span id="xdx_825_zm3IRlG5S1U9">Subsequent Events</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there was only one material subsequent event.</span></p> EXCEL 32 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx M4$L#!!0 ( /J)3E8'04UB@0 +$ 0 9&]C4')O<',O87!P+GAM M;$V./0L",1!$_\IQO;=!P4)B0-!2L+(/>QLOD&1#LD)^OCG!CVX>;QA&WPIG M*N*I#BV&5(_C(I(/ !47BK9.7:=N')=HI6-Y #OGDK7A.YNJQ<&4GPZ4A!0W_J=0U[R;UEA_6\#MI7E!+ P04 M " #ZB4Y6L+/&!^X K @ $0 &1O8U!R;W!S+V-O&ULS9+! 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