10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

[_] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to ______

Commission File Number 333-107179 & 000-51210

LEGACY VENTURES INTERNATIONAL, INC

(Exact name of registrant as specified in its charter)

Nevada	30-0826318
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
27 Baycliffe Rd. Markham, ON, L3R 7T9 (Address of principal executive offices)  (Zip Code)
647-969-7383 (Registrant's telephone number, including area code)

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

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [X]    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 the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company", in Rule 12b-2 of the Exchange Act.

Large accelerated filer [_]	Accelerated filer [_]
Non-accelerated filer [_]	Smaller reporting company [X]
(Do not check if 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 [X]

 As of November 6, 2020, there were 315,064 outstanding shares of the registrant's common stock, $0.0001 par value per share

TABLE OF CONTENTS

	Page No.
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements	4
Item 2. Management's Discussion and Analysis	11
Item 3. Quantitative and Qualitative Disclosures About Market Risk	12
Item 4. Controls and Procedures	12
PART II – OTHER INFORMATION
Item 1. Legal Proceedings	13
Item 1A. Risk Factors	13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3. Defaults Upon Senior Securities	13
Item 4. Mine Safety Disclosures	13
Item 5. Other Information	13
Item 6. Exhibits	14

2 

PART I

FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q

The Interim Condensed Financial Statements of the Company are prepared as of September 30, 2020

CONTENTS
Interim Condensed Balance Sheets	4
Interim Condensed Statements of Operations and Comprehensive Loss	5
Interim Condensed Statements of Stockholders’ Deficiency	6
Interim Condensed Statements of Cash Flows	7
Notes to the Interim Condensed Financial Statements	8

3 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED BALANCE SHEETS (unaudited)

(Expressed in US dollars)

			September 30			June 30,
ASSETS	Note		2020			2020
Current assets
Cash			$	13,157		$	15,136
Total assets			$	13,157		$	15,136
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current liabilities
Accounts payable and accrued liabilities			$	128,663		$	116,097
Secured promissory notes		4		100,000			100,000
Convertible notes		4		20,000			20,000
Interest payable		4		15,562			11,894
Advances from third parties		5		22,925			22,925
Total liabilities				287,150			270,916
Stockholders' deficiency
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized:
Preferred Stock - no shares issued and outstanding September 30, 2020 and June 30, 2020		6	$	—		$	—
Common Stock, $0.0001 par value; 100,000,000 shares authorized:
Common Stock - 315,064 shares issued and outstanding September 30, 2020 and June 30, 2020		6		32			32
Additional paid in capital		4		6,394,771			6,394,771
Accumulated deficit				(6,668,796	)		(6,650,583	)
Total liabilities and stockholders' deficiency				(273,993	)		(255,780	)
			$	13,157		$	15,136
Going concern		2
Subsequent events		7

See accompanying notes to the unaudited interim condensed financial statements

4 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(Expressed in US dollars)

			For the three months ended September 30,
	Note		2020			2019
Operating expenses
Professional fees		5	$	13,250		$	11,250
Other general and administration				1,316			2,704
Loss from operations				(14,566	)		(13,954	)
Other (expenses) income
Interest expense - Convertible and Secured notes		4		(3,668	)		(733	)
Bank charges and other				21			—
Total other expenses				(3,647	)		(733	)
Loss before taxes				(18,213	)		(14,687	)
Net loss and comprehensive loss			$	(18,213	)	$	(14,687	)
Net loss per share - basic and diluted			$	(0.06	)	$	(0.05	)
Weighted average number of common shares outstanding - basic and diluted				315,064			315,064

See accompanying notes to the unaudited interim condensed financial statements

5 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY

(unaudited)

(Expressed in US dollars)

		Common Stock
	Note	Number of Shares		Amount		Additional paid in capital		Deficit			Total
June 30, 2019			315,064	$	32	$	6,394,771	$	(6,561,398	)	$	(166,595	)
Net loss			—		—		—		(14,687	)		(14,687	)
September 30, 2019			315,064		32		6,394,771		(6,576,085	)		(181,282	)
Net loss			—		—		—		(74,498	)		(74,498	)
June 30, 2020			315,064	$	32	$	6,394,771	$	(6,650,583	)	$	(255,780	)
Net loss			—		—		—		(18,213	)		(18,213	)
September 30, 2020			315,064	$	32	$	6,394,771	$	(6,668,796	)	$	(273,993	)

See accompanying notes to the unaudited interim condensed financial statements

6 

LEGACY VENTURES INTERNATIONAL, INC.

INTERIM CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

(Expressed in US dollars)

	For the three months ended September 30,
	2020			2019
Cash used in operating activities
Net loss	$	(18,213	)	$	(14,687	)
Adjustments to reconcile net loss to net cash used by operating activities:
Changes in non-cash operating assets and liabilities
Interest payable - Convertible notes		3,668			733
Accounts payable and accrued liabilities		12,566			(3,342	)
Net cash used in operating activities		(1,979	)		(17,296	)
Cash flow from financing activity
Proceeds from secured convertible note		—			27,576
Cash flow from financing activity		—			27,576
(Decrease) increase in cash		(1,979	)		10,280
Cash, beginning of period		15,136			12,745
Cash, end of period	$	13,157		$	23,025
Cash payments for:
Interest	$	—		$	—
Income taxes	$	—		$	—

See accompanying notes to the unaudited interim condensed financial statements 

7 

 LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada The Company currently has no ongoing operations except for the incurring of general and administrative expenditures.

On August 9, 2018, the former holder of 91% of the outstanding shares of common stock of the Company, approved the appointment of Peter Sohn as the Chief Executive Officer and Chief Financial Officer and Director of the Company. Effective December 17, 2018, and Mr. Sohn accepted the appointments as Chief Executive Officer and Chief Financial Officer and Director of the Company.

On December 17, 2018, the former of 91% of the outstanding shares of common stock of the Company delivered to Peter Sohn an agreement for the acquisition by Mr. Sohn of the Shares from Mr. Letcavage, which agreement is dated August 9, 2018, but was delivered and deemed effective on December 17, 2018 (the “Agreement”). As a result Mr. Sohn is now able to unilaterally control the election of our Board of Directors, all matters upon which shareholder approval is required and, ultimately, the direction of the Company.

Covid-19

The outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and conditions of the Company in future periods.

NOTE 2 – GOING CONCERN AND BASIS OF PRESENTATION

The Company’s unaudited interim condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the current period, the Company has incurred recurring losses from operations and as at September 30, 2020, has a working capital deficiency of $273,993 (June 30, 2020 - $255,780), and an accumulated deficit of $6,668,796 (June 30, 2020 - $6,650,583). The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. These conditions raise substantial doubt about the Company ability to continue as a going concern. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the unaudited interim condensed financial statements. The unaudited interim condensed financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence.

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS 

SIGNIFICANT ACCOUNTING POLICIES

The Company's significant accounting policies have not changed from the year ended June 30, 2020.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended June 30, 2020, as filed with the SEC on October 13, 2020. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending June 30, 2021. 

8 

 LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

NOTE 4 – SECURED PROMISSORY AND CONVERTIBLE NOTES

Secured Promissory Note

On December 2, 2018, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on December 2, 2019 (the "Maturity Date"), and bears an interest rate of 4% per  annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The Secured Note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2020 and 2019 was $2,391 and $504, respectively.

On September 6, 2019, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on September 6, 2020 (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2020 and 2019, was $1,039 and nil, respectively.

Unsecured Convertible Promissory Notes 

On June 28, 2017 the Company issued $20,000 of unsecured convertible promissory notes (“Convertible Notes”). The notes were assigned to 5 different arm’s length parties, each holding $4,000. The Convertible Notes matured on June 27, 2018, and bear interest at a rate of 8% per annum, and 12% for amounts owing past the default date. The Convertible Notes are convertible into the Common Stock of the Company at a fixed conversion rate of $0.75 per share at any time prior to the maturity date. The Company evaluated the terms and conditions of the Convertible Notes under the guidance of ASC 815, Derivatives and Hedging. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round protection features contained in the contracts. The Company was required to consider whether the hybrid contracts embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount resulted in a BCF because the fair value of the conversion was greater than the Company’s stock price on the date of issuance and a BCF was recorded in the amount of $20,000 and accordingly the amount of $20,000 was credited to Additional Paid in Capital. The BCF which represents debt discount is accreted over the life of the loan using the effective interest rate. Interest expense for the three months ended September 30, 2020 and 2019 was $238 and $229, respectively. As at September 30, 2020, the carrying value of the Convertible Note was $20,000.

No amounts have been paid to date for the above mentioned notes, nor have any of the notes been called or converted.

NOTE 5 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

The Company was previously advanced funds by a third party, the funds were used to pay certain professional fees including auditors, and accountants. The Company is currently in the process of negotiating with the third party with respect to settlement of the amount advanced. There are no prescribed terms of repayment or rate of interest on the advances.

For the three months ended September 30, 2020 and 2019, $3,000 was paid to the Company’s sole Director and Officer, the amount expensed is in Professional fees in the interim unaudited condensed statements of operations and compreshensive loss. There were no other related party transactions.

NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS

COMMON STOCK - AUTHORIZED

As at September 30, 2020, the Company was authorized to issue 10,000,000 of preferred stock, with a par value of $0.0001 and 100,000,000 of common stock, with a par value of $0.0001.

There were no common stock transactions in the three months ended September 30, 2020 and 2019.

9 

 LEGACY VENTURES INTERNATIONAL, INC.

NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

(Expressed in US dollars)

(Unaudited)

NOTE 7 - SUBSEQUENT EVENTS

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

10 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

This report contains forward-looking statements that involve risks and uncertainties.  We use words such as anticipate, believe, plan, expect, future, intend and similar expressions to identify such forward-looking statements. You should not place too much reliance on these forward-looking statements.  The Company’s actual results are likely to differ materially from those anticipated in these forward-looking statements for many reasons.

Plan of Operation

Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada.

Liquidity and Capital Resources

As of September 30, 2020, the Company's primary source of liquidity consisted of $13,157 (June 30, 2020 - $15,136) in cash.  The Company financed its operations through a combination of advances from third parties and the issuance of secured promissory notes and convertible promissory notes..

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

The Company has sustained net losses which have resulted in a total stockholders' deficiency at September 30, 2020, and is currently experiencing a shortfall in operating capital which raises substantial doubt about the Company's ability to continue as a going concern.  The Company anticipates a net loss for the year ending June 30, 2021 and with the expected cash requirements for the coming months, without additional cash inflows from an corporate transaction, there is substantial doubt as to the Company's ability to continue operations.

We may seek to secure additional debt or equity capital to finance substantial business development initiatives.  There is presently no agreement in place with any source of financing for the Company and there can be no assurance that the Company will be able to raise any additional funds, or that such funds will be available on acceptable terms.  Funds raised through future equity financing will likely be substantially dilutive to current shareholders.  Lack of additional funds will materially affect the Company and its business, and may cause the Company to cease operations.  Consequently, shareholders could incur a loss of their entire investment in the Company.

Net Cash Used in Operating Activities

During the three months ended September 30, 2020, cash used in operations was $1,979 and $17,296 for the three months ended September 30, 2019, respectively.  Cash used in operating activities was primarily the result of selling, general and administrative expenses offset to some extent by an increase in accounts payable and accrued liabilities. 

Net Cash Used in Investing Activities

There was no cash used in or provided from investing activities for the three months ended September 30, 2020, and 2019.

Net Cash Provided by Financing Activities

There was cash provided from financing activities of $27,576 for the three months ended September 30, 2019, as a result of the proceeds received from the issuance of a promissory note.

Results of Operations

Operating expenses.  Operating expenses for the three months ended September 30, 2020, was $14,566 compared with $13,954 for the three months ended September 30, 2019. Operating expenses were largely consistent with the three months ended September 30, 2020 compared with the same period in 2019.

Other (expenses) income. Other (expenses) income was higher for the three months ended September 30, 2020, compared with the three months ended September 30, 2019, primarily due to higher interest expense.

Net Loss. Net loss for the three months ended September 30, 2020 was $18,213, compared with $14,687 for the three months ended September 30, 2019.

11 

Off-Balance Sheet Arrangements

We do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

Personnel

The Company has no full-time employees, but utilizes other project-based contract personnel to carry out the Company’s business.  We utilize contract personnel on a continuous basis, primarily in connection with the filing of reports with the Securities and Exchange Commission which require a high level of specialization for one or more of the service components offered.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not Required.

Item 4. Controls and Procedures.

The Securities and Exchange Commission defines the term "disclosure controls and procedures" to mean a Company's controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.  The Company maintains such a system of controls and procedures in an effort to ensure that all information which it is required to disclose in the reports it files under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified under the SEC's rules and forms and that information required to be disclosed is accumulated and communicated to principal executive and principal financial officers to allow timely decisions regarding disclosure.

As of the end of the period covered by this Quarterly Report, the Company carried out an evaluation, under the supervision and with the participation of the Company’s chief executive officer and chief financial officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). Based upon this evaluation, the Company’s chief executive officer and chief financial officer concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report were ineffective due to a lack of segregation of duties,  due to limited administrative and financial personnel and related resources and as the Company only has one director.

Changes in Internal Control over Financial Reporting

There have been no significant changes in the Company’s internal controls over financial reporting that occurred during the period ended September 30, 2020, that have materially or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

12 

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently subject to any legal proceedings, and to the best of our knowledge, no such proceeding is threatened, the results of which would have a material impact on the Company’s properties, results of operations, or financial condition. Nor, to the best of our knowledge, are any of the Company’s officers or directors involved in any legal proceedings in which we are an adverse party.

Item 1A. Risk Factors

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

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

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures.

Not Applicable.

Item 5. Other Information.

None.

Item 6. Exhibits.

The following exhibits are filed with or incorporated by reference in this report:

Item No.	Description
31.1*	Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Peter Sohn.
32.1*	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Peter Sohn.
101*	XBRL Report

*  filed herewith

13 

	LEGACY VENTURES INTERNATIONAL, INC.
Date: November 6, 2020	By: /s/ Peter Sohn                               Name: Peter Sohn Title: Chief Financial Officer and Principal Executive Officer

14 

EX-31.1

Exhibit 31.1

CERTIFICATION

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter Sohn of Legacy Ventures International,Inc. (the "Company"), certify that:

1.I have reviewed this 10-Q of the Company;

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 Company as of, and for, the periods presented in this report;

4. As the Company's Principal Executive Officer and Principal Financial and Accounting Officer I am 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 Company 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 Company, 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 Company'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 Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and

5. As the Company's Principal Executive Officer and Principal Financial and Accounting Officer I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company'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 Company'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 Company's internal control over financial reporting.

Date:   November 6, 2020

/s/ Peter Sohn

Peter Sohn

Principal Executive Officer

and Principal Financial and Accounting Officer

EX-32.1

Exhibit 32.1

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Peter Sohn, Principal Executive Officer and Principal Financial and Accounting Officer of Legacy Ventures International, Inc. (the "Company") certify that:

1.  I have reviewed the quarterly report on Form 10-Q of the Company;

2.  Based on my knowledge, this quarterly 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 quarterly report; and

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

Date:  November 6, 2020

/s/ Peter Sohn

Peter Sohn

Principal Executive Officer

and Principal Financial and Accounting Officer

XML

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2020	Nov. 06, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	LEGACY VENTURES INTERNATIONAL INC.
Entity Central Index Key	0001616788
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity File Number	333-107179
Is Entity a Shell Company?	false
Entity Small Business	true
Is Entity an Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	NV
Entity Common Stock, Shares Outstanding		315,064

XML

INTERIM CONDENSED BALANCE SHEETS (unaudited) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Current assets
Cash	$ 13,157	$ 15,136
Total assets	13,157	15,136
Current liabilities
Accounts payable and accrued liabilities	128,663	116,097
Secured promissory note	100,000	100,000
Convertible note	20,000	20,000
Interest payable	15,562	11,894
Advances from third parties	22,925	22,925
Total liabilities	287,150	270,916
Stockholders' deficiency
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized: Preferred Stock - no shares issued and outstanding September 30, 2020 and June 30, 2020	0	0
Common Stock, $0.0001 par value; 100,000,000 shares authorized: Common Stock - 315,064 shares issued and outstanding September 30, 2020 and June 30, 2020	32	32
Additional paid in capital	6,394,771	6,394,771
Accumulated deficit	(6,668,796)	(6,650,583)
Total stockholders' deficiency	(273,993)	(255,780)
Total liabilities and stockholders' deficiency	$ 13,157	$ 15,136

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INTERIM CONDENSED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	315,064	315,064
Common stock, shares outstanding	315,064	315,064

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INTERIM CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating expenses
Professional fees	$ 13,250	$ 11,250
Other general and administration	1,316	2,704
Loss from operations	(14,566)	(13,954)
Other (expenses) income
Interest expense - Convertible and Secured notes	(3,668)	(733)
Bank charges and other	21	0
Total other expenses	(3,647)	(733)
Loss before taxes	(18,213)	(14,687)
Net loss and comprehensive loss	$ (18,213)	$ (14,687)
Net loss per share - basic and diluted	$ (0.06)	$ (0.05)
Weighted average number of common shares outstanding - basic and diluted	315,064	315,064

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INTERIM CONDENSED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (EQUITY) (unaudited) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Jun. 30, 2019	$ 32	$ 6,394,771	$ (6,561,398)	$ (166,595)
Beginning balance, shares at Jun. 30, 2019	315,064
Net Loss			(14,687)	(14,687)
Ending balance at Sep. 30, 2019	$ 32	6,394,771	(6,576,085)	(181,282)
Ending balance, shares at Sep. 30, 2019	315,064
Net Loss			(74,498)	(74,498)
Ending balance at Jun. 30, 2020	$ 32	6,394,771	(6,650,583)	(255,780)
Ending balance, shares at Jun. 30, 2020	315,064
Net Loss			(18,213)	(18,213)
Ending balance at Sep. 30, 2020	$ 32	$ 6,394,771	$ (6,668,796)	$ (273,993)
Ending balance, shares at Sep. 30, 2020	315,064

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INTERIM CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash used in operating activities
Net loss	$ (18,213)	$ (14,687)
Changes in non-cash operating assets and liabilities
Interest payable - Convertible notes	3,668	733
Accounts payable and accrued liabilities	12,566	(3,342)
Net cash used in operating activities	(1,979)	(17,296)
Cash flow from financing activity
Proceeds from secured convertible note	0	27,576
Cash flow from financing activity	0	27,576
(Decrease) increase in cash	(1,979)	10,280
Cash, beginning of period	15,136	12,745
Cash, end of period	13,157	23,025
Cash payments for Interest	0	0
Cash payments for Income taxes	$ 0	$ 0

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ORGANIZATION AND DESCRIPTION OF BUSINESS

3 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Legacy Ventures International, Inc. (“Legacy” or the “Company”), was incorporated on March 4, 2014 under the laws of the State of Nevada The Company currently has no ongoing operations except for the incurring of general and administrative expenditures.

On August 9, 2018, the former holder of 91% of the outstanding shares of common stock of the Company, approved the appointment of Peter Sohn as the Chief Executive Officer and Chief Financial Officer and Director of the Company. Effective December 17, 2018, and Mr. Sohn accepted the appointments as Chief Executive Officer and Chief Financial Officer and Director of the Company.

On December 17, 2018, the former of 91% of the outstanding shares of common stock of the Company delivered to Peter Sohn an agreement for the acquisition by Mr. Sohn of the Shares from Mr. Letcavage, which agreement is dated August 9, 2018, but was delivered and deemed effective on December 17, 2018 (the “Agreement”). As a result Mr. Sohn is now able to unilaterally control the election of our Board of Directors, all matters upon which shareholder approval is required and, ultimately, the direction of the Company.

Covid-19

The outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and conditions of the Company in future periods.

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GOING CONCERN AND BASIS OF PRESENTATION

3 Months Ended

Sep. 30, 2020

Going Concern [Abstract]

GOING CONCERN AND BASIS OF PRESENTATION

NOTE 2 – GOING CONCERN AND BASIS OF PRESENTATION

The Company’s unaudited interim condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. During the current period, the Company has incurred recurring losses from operations and as at September 30, 2020, has a working capital deficiency of $273,993 (June 30, 2020 - $255,780), and an accumulated deficit of $6,668,796 (June 30, 2020 - $6,650,583). The Company’s continued existence is dependent upon its ability to continue to execute its operating plan and to obtain additional debt or equity financing. These conditions raise substantial doubt about the Company ability to continue as a going concern. There can be no assurance that the necessary debt or equity financing will be available, or will be available on terms acceptable to the Company, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in the unaudited interim condensed financial statements. The unaudited interim condensed financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary should the Company be unable to continue in existence.

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SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS 

SIGNIFICANT ACCOUNTING POLICIES

The Company's significant accounting policies have not changed from the year ended June 30, 2020.

The accompanying unaudited condensed interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10–Q and Rule 10 of Regulation S–X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America. However, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial position and operating results have been included in these unaudited condensed interim financial statements. These unaudited condensed interim financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10–K for the fiscal year ended June 30, 2020, as filed with the SEC on October 13, 2020. Operating results for the three months ended September 30, 2020 are not necessarily indicative of the results that may be expected for any subsequent quarters or for the year ending June 30, 2021. 

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SECURED PROMISSORY AND CONVERTIBLE NOTES

3 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

SECURED PROMISSORY AND CONVERTIBLE PROMISSORY NOTES

NOTE 4 – SECURED PROMISSORY AND CONVERTIBLE NOTES

Secured Promissory Note

On December 2, 2018, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on December 2, 2019 (the "Maturity Date"), and bears an interest rate of 4% per  annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The Secured Note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2020 and 2019 was $2,391 and $504, respectively.

On September 6, 2019, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $50,000, and is payable on September 6, 2020 (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18% per annum.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder. Interest expense for the three months ended September 30, 2020 and 2019, was $1,039 and nil, respectively.

Unsecured Convertible Promissory Notes 

On June 28, 2017 the Company issued $20,000 of unsecured convertible promissory notes (“Convertible Notes”). The notes were assigned to 5 different arm’s length parties, each holding $4,000. The Convertible Notes matured on June 27, 2018, and bear interest at a rate of 8% per annum, and 12% for amounts owing past the default date. The Convertible Notes are convertible into the Common Stock of the Company at a fixed conversion rate of $0.75 per share at any time prior to the maturity date. The Company evaluated the terms and conditions of the Convertible Notes under the guidance of ASC 815, Derivatives and Hedging. The conversion feature met the definition of conventional convertible for purposes of applying the conventional convertible exemption. The definition of conventional contemplates a limitation on the number of shares issuable under the arrangement. The instrument was convertible into a fixed number of shares and there were no down round protection features contained in the contracts. The Company was required to consider whether the hybrid contracts embodied a beneficial conversion feature (“BCF”). The calculation of the effective conversion amount resulted in a BCF because the fair value of the conversion was greater than the Company’s stock price on the date of issuance and a BCF was recorded in the amount of $20,000 and accordingly the amount of $20,000 was credited to Additional Paid in Capital. The BCF which represents debt discount is accreted over the life of the loan using the effective interest rate. Interest expense for the three months ended September 30, 2020 and 2019 was $238 and $229, respectively. As at September 30, 2020, the carrying value of the Convertible Note was $20,000.

No amounts have been paid to date for the above mentioned notes, nor have any of the notes been called or converted.

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RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

3 Months Ended

Sep. 30, 2020

Related Party Transactions [Abstract]

RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

NOTE 5 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES

The Company was previously advanced funds by a third party, the funds were used to pay certain professional fees including auditors, and accountants. The Company is currently in the process of negotiating with the third party with respect to settlement of the amount advanced. There are no prescribed terms of repayment or rate of interest on the advances.

For the three months ended September 30, 2020 and 2019, $3,000 was paid to the Company’s sole Director and Officer, the amount expensed is in Professional fees in the interim unaudited condensed statements of operations and compreshensive loss. There were no other related party transactions.

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COMMON AND PREFERRED STOCK TRANSACTIONS

3 Months Ended

Sep. 30, 2020

Equity [Abstract]

COMMON AND PREFERRED STOCK TRANSACTIONS

NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS

COMMON STOCK - AUTHORIZED

As at September 30, 2020, the Company was authorized to issue 10,000,000 of preferred stock, with a par value of $0.0001 and 100,000,000 of common stock, with a par value of $0.0001.

There were no common stock transactions in the three months ended September 30, 2020 and 2019.

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SUBSEQUENT EVENTS

3 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 7 - SUBSEQUENT EVENTS

On October 1, 2020, the Company issued a Secured Promissory Note ("Secured Note") to an accredited investor.  The Secured Note has an aggregate principal amount of $65,000, and is payable on October 1, 2021, (the "Maturity Date"), and bears an interest rate of 4% per annum and a default interest rate of 18%.  The amount owing under the Secured Note is secured by the assets of the Company. The note may be converted into shares of common stock of the Company, the terms of which are to be negotiated between the Company and the note holder.

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ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - Peter Sohn [Member]	Aug. 09, 2018
Percentage of common stock approved	91.00%
Percentage of outstanding shares acquired	91.00%

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GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($)	Sep. 30, 2020	Jun. 30, 2020
Going Concern [Abstract]
Working capital	$ 273,993	$ 255,780
Accumulated deficit	$ (6,668,796)	$ (6,650,583)

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SECURED PROMISSORY AND CONVERTIBLE NOTES (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended
	Dec. 02, 2018	Sep. 06, 2019	Jun. 28, 2017	Sep. 30, 2020	Sep. 30, 2019
Additional Paid-in Capital
Beneficial Conversion Feature				$ 20,000
Secured Promissory Note [Member] | Accredited investor [Member]
Aggregate principal amount	$ 500,000	$ 50,000
Maturity date	Dec. 02, 2019	Sep. 06, 2020
Interest rate	4.00%	4.00%
Default interest rate	18.00%	18.00%
Interest expense				2,391	$ 504
Secured Promissory Note [Member] | Accredited investor [Member]
Interest expense				1,039	0
Unsecured Convertible Promissory Notes [Member]
Aggregate principal amount			$ 20,000
Maturity date			Jun. 27, 2018
Interest rate			8.00%
Interest expense				238	$ 229
Conversion Price			$ 0.75
Carrying value of convertible note				$ 20,000

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RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES (Details Narrative) - USD ($)	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Director And Officer [Member]
Related Parties fees	$ 3,000	$ 3,000

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COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
Equity [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000

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SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Secured Note [Member] - Accredited investor [Member]	Oct. 01, 2020 USD ($)
Aggregate principal amount	$ 65,000
Interest rate	4.00%
Default interest rate	18.00%
Maturity date	Oct. 01, 2021