UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(Mark One)
For
the quarterly period ended
For the transition period from _______ to ______
Commission
File Number
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
(Address of principal executive offices) (Zip Code)
(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.
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).
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 ☐ |
| Smaller
reporting company | |
| (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 ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name on each exchange on which registered | ||
| N/A | N/A | N/A |
As of May 12, 2023, there were outstanding shares of the registrant’s common stock, $0.0001 par value per share
TABLE OF CONTENTS
| 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 March 31, 2023
| 3 |
LEGACY VENTURES INTERNATIONAL, INC.
INTERIM CONDENSED BALANCE SHEETS
(unaudited)
(Express in United States Dollars (“US dollars”), except for number of shares)
| Note | March 31, 2023 | June 30, 2022 | ||||||||
| ASSETS | ||||||||||
| Current assets | ||||||||||
| Cash | $ | $ | ||||||||
| Prepayment | ||||||||||
| Total assets | $ | $ | ||||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||||||||||
| Current liabilities | ||||||||||
| Accounts payable and accrued liabilities | $ | $ | ||||||||
| 4 | ||||||||||
| Total liabilities | $ | $ | ||||||||
| Stockholders’ deficiency | ||||||||||
| Preferred Stock, $0.0001 par value; 10,000,000 shares authorized: Preferred Stock – no shares issued and outstanding March 31, 2023, and June 30, 2022 | 6 | $ | $ | |||||||
| Common Stock, $0.0001 par value; 100,000,000 shares authorized: Common Stock – 50,315,064 shares issued and outstanding March 31, 2023 and June 30, 2022 | 6 | |||||||||
| Additional paid in capital | ||||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||||
| Total stockholders’ deficiency | ( | ) | ( | ) | ||||||
| Total liabilities and stockholders’ deficiency | $ | $ | ||||||||
| 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 INCOME (LOSS)
(unaudited)
(Express in United States Dollars (“US dollars”), except for number of shares)
| For the three months ended March 31, | For the nine months ended March 31, | |||||||||||||||||
| Note | 2023 | 2022 | 2023 | 2022 | ||||||||||||||
| Operating expenses | ||||||||||||||||||
| Professional fees | $ | $ | $ | $ | ||||||||||||||
| Other general and administration expenses | ||||||||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||||
| Other (expenses) income | ||||||||||||||||||
| Interest expense – Convertible and Secured notes | ( | ) | ||||||||||||||||
| Gain on cancellation of secured promissory notes and convertible notes | ||||||||||||||||||
| Gain on cancellation of interest payable | ||||||||||||||||||
| Gain on cancellation of third party advances and accrued liabilities | ||||||||||||||||||
| Bank charges and other | ( | ) | ||||||||||||||||
| Total other (expenses) income | ( | ) | ||||||||||||||||
| (Loss) Income before taxes | ( | ) | ( | ) | ( | ) | ||||||||||||
| Net (loss) income and comprehensive (loss) income | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ||||||||
| Net (loss) income per share - basic and diluted | 5 | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | |||||||
| Weighted average number of common shares outstanding – basic and diluted | ||||||||||||||||||
See accompanying notes to the unaudited interim condensed financial statements
| 5 |
LEGACY VENTURES INTERNATIONAL, INC.
INTERIM CONDENSED STATEMENTS OF STOCKHOLDERS’ DEFICIENCY
(unaudited)
(Express in United States Dollars (“US dollars”), except for number of shares)
For the nine months ended March 31, 2022
| Common Stock | ||||||||||||||||||||||
| Note | Number of Shares | Amount | Additional paid in capital | Deficit | Total | |||||||||||||||||
| June 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net income | - | |||||||||||||||||||||
| September 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||
| December 31, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||
| March 31, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
For the nine months ended March 31, 2023
| Common Stock | ||||||||||||||||||||||
| Note | Number of Shares | Amount | Additional paid in capital | Deficit | Total | |||||||||||||||||
| June 30, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||
| September 30, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||
| December 31, 2022 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||
| March 31, 2023 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||||
See accompanying notes to the unaudited interim condensed financial statements
| 6 |
LEGACY VENTURES INTERNATIONAL, INC.
INTERIM CONDENSED STATEMENTS OF CASH FLOWS
(unaudited)
(Express in United States Dollars (“US dollars”), except for number of shares)
For the nine months ended March 31, | ||||||||
| 2023 | 2022 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net (loss) income | $ | ( | ) | $ | ||||
| Gain on cancellation of secured promissory notes and convertible notes | ( | ) | ||||||
| Gain on cancellation of interest payable | ( | ) | ||||||
| Gain on cancellation of third party advances and accrued liabilities | ( | ) | ||||||
| Changes in non-cash operating assets and liabilities | ||||||||
| Prepayment | ( | ) | ||||||
| Interest payable - Convertible notes | ||||||||
| Advances from third parties | ( | ) | ||||||
| Advances from a shareholder | ||||||||
| Accounts payable and accrued liabilities | ( | ) | ( | ) | ||||
| Net cash flows used in operating activities | ( | ) | ( | ) | ||||
| CASH FLOWS FROM FINANCING ACTIVITY: | ||||||||
| Proceeds from secured convertible note | ||||||||
| Net cash flows provided by financing activity | ||||||||
| Decrease in cash | ( | ) | ( | ) | ||||
| Cash, beginning of period | ||||||||
| Cash, end of period | $ | $ | ||||||
| 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
(unaudited)
(Express in United States Dollars (“US dollars”), except for number of shares)
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.
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. To date the Company has not experienced any impacts as a result of COVID-19.
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. As of March 31, 2023, the Company has a working
capital deficiency of $
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, 2022.
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, 2022, as filed with the SEC on September 30, 2022. Operating results for the nine months ended March 31, 2023, are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending June 30, 2023.
| 8 |
LEGACY VENTURES INTERNATIONAL, INC.
NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
(Expressed in US dollars)
(Unaudited)
NOTE 4 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES
For
the nine months ended March 31, 2023, there were no related party transactions. The Company was advanced funds by a shareholder. The
funds were used to pay certain professional fees including auditors and accountants. The balance is non-interest bearing and due on demand.
As at March 31, 2023, there was a balance of $
For the nine months ended March 31, 2022, there were no related party transactions.
The Company follows ASC Topic 260 to account for the income (loss) per share. Basic income (loss) per common share (“EPS”) calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents (if dilutive) outstanding. All dilutive common share equivalents were anti-dilutive for the nine months ended March 31, 2023 and 2022.
NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS
As of March 31, 2023, the Company was authorized to issue of preferred stock, with a par value of $ and of common stock, with a par value of $.
There were no common stock transactions for the nine months ended March 31, 2023 and 2022.
As of March 31, 2023, and June 30, 2022, the Company had common stock issued and outstanding.
NOTE 7 - SUBSEQUENT EVENTS
In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2023 up through the date the Company issued the financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”
| 9 |
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. The Company currently has no ongoing operations except for the incurring of general and administrative expenditures.
On October 14, 2021, as a result of a private transactions, 286,720 shares of common stock, $0.0001 par value per share (the “Shares”) of the Company, were transferred from Peter Sohn to Ying Feng LAI, Wei TJONG, Pak Hong WAN, Johnathan Chung Hon CHOI, Chi Hung YEUNG, and Hau Ming CHOW (together, the “Purchasers”). As a result, the Purchasers became holders of approximately 91% of the voting rights of the issued and outstanding share capital of the Company on a fully-diluted basis of the Company, and became the controlling shareholders.
Liquidity and Capital Resources
As of March 31, 2023, the Company’s primary source of liquidity consisted of $2,040 (June 30, 2022 - $21,017) 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 August 13, 2021, the Company issued a Secured Promissory Note (“Secured Note”) to an accredited investor. The Secured Note has an aggregate principal amount of $40,000, and is payable on August 13, 2022, (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, 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 March 31, 2023, 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, 2023 and with the expected cash requirements for the coming months, without additional cash inflows from a 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 nine months ended March 31, 2023, cash used in operations was $18,977 and $62,780 for the nine months ended March 31, 2022, respectively. Cash used in operating activities was primarily the result of settlement of accrual liabilities.
Net Cash Used in Investing Activities
There was no cash used in or provided from investing activities for the nine months ended March 31, 2023 and 2022.
Net Cash Provided by Financing Activity
There was no cash used in or provided from financing activities for the nine months ended March 31, 2023.
There was cash provided from financing activity of $40,000 for the nine months ended March 31, 2022, as a result of the proceeds received from the issuance of a secured promissory note.
| 10 |
Results of Operations
For the three months ended March 31, 2023
Operating expenses. Operating expenses for the three months ended March 31, 2023, was $10,985 compared with $8,397 for the three months ended March 31, 2022. Operating expenses were similar in both period which arised from auditor, transfer agent and consultant.
Other (expenses) income. There were no other expenses the three months ended March 31, 2023 and 2022.
Net (loss) income. Net loss for the three months ended March 31, 2023, was $10,985, compared with net loss of $8,397 for the three months ended March 31, 2022.
For the nine months ended March 31, 2023
Operating expenses. Operating expenses for the nine months ended March 31, 2023, was $37,443 compared with $25,901 for the nine months ended March 31, 2022. Operating expenses were similar in both period which arised from auditor, transfer agent and consultant.
Other (expenses) income. There were other expenses of $150 for the nine months ended March 31, 2023, compared with the other income of $272,178 for the nine months ended March 31, 2022. The decrease were mainly due to absent of gain on cancellation of secured promissory notes and convertible notes, gain on cancellation of interest payable and gain on cancellation of third party advances and accrued liabilities in the same period in 2023.
Net (loss) income. Net loss for the nine months ended March 31, 2023, was $37,593, compared with net income of $246,277 for the nine months ended March 31, 2022.
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 March 31, 2023, that have materially or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.
| 11 |
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
None.
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 Pak Hong WAN. | |
| 32.1* | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Pak Hong WAN. | |
| 101* | Inline XBRL Report | |
| 101.INS* | Inline XBRL Instance 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 Label Linkbase Document | |
| 101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
| 104* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
* filed herewith
| 12 |
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.
| LEGACY VENTURES INTERNATIONAL, INC. | ||
| Date: May 12, 2023 | By: | /s/ Pak Hong WAN |
| Name: | Pak Hong WAN | |
| Title: | Chief Executive Officer, Chief Financial Officer | |
| 13 |
Exhibit 31.1
CERTIFICATION
PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Pak Hong WAN 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: May 12, 2023
| /s/ Pak Hong WAN | |
| Pak Hong WAN | |
| Principal Executive Officer | |
| and Principal Financial and Accounting Officer |
Exhibit 32.1
CERTIFICATION
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
I, Pak Hong WAN, 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: May 12, 2023
| /s/ Pak Hong WAN | |
| Pak Hong WAN | |
| Principal Executive Officer | |
| and Principal Financial and Accounting Officer |
Interim Condensed Balance Sheets (Unaudited) - USD ($) |
Mar. 31, 2023 |
Jun. 30, 2022 |
|---|---|---|
| Current assets | ||
| Cash | $ 2,040 | $ 21,017 |
| Prepayment | 509 | |
| Total assets | 2,549 | 21,017 |
| Current liabilities | ||
| Accounts payable and accrued liabilities | 17,878 | 20,248 |
| Advances from a shareholder | 32,968 | 11,473 |
| Total liabilities | 50,846 | 31,721 |
| Stockholders’ deficiency | ||
| Preferred Stock, $0.0001 par value; 10,000,000 shares authorized: Preferred Stock – no shares issued and outstanding March 31, 2023, and June 30, 2022 | ||
| Common Stock, $0.0001 par value; 100,000,000 shares authorized: Common Stock – 50,315,064 shares issued and outstanding March 31, 2023 and June 30, 2022 | 5,032 | 5,032 |
| Additional paid in capital | 6,429,771 | 6,429,771 |
| Accumulated deficit | (6,483,100) | (6,445,507) |
| Total stockholders’ deficiency | (48,297) | (10,704) |
| Total liabilities and stockholders’ deficiency | $ 2,549 | $ 21,017 |
| Other Liability, Current, Related Party, Type [Extensible Enumeration] | us-gaap:RelatedPartyMember | us-gaap:RelatedPartyMember |
Interim Condensed Statements of Stockholders' Deficiency (Unaudited) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Beginning balance,value | $ (37,312) | $ (20,517) | $ (10,704) | $ (103,498) | $ (95,154) | $ (358,172) | $ (10,704) | $ (358,172) |
| Net income (loss) | (10,985) | (16,795) | (9,813) | (8,397) | (8,344) | 263,018 | (37,593) | 246,277 |
| Ending balance,value | (48,297) | (37,312) | (20,517) | (111,895) | (103,498) | (95,154) | (48,297) | (111,895) |
| Common Stock [Member] | ||||||||
| Beginning balance,value | $ 5,032 | $ 5,032 | $ 5,032 | $ 32 | 32 | $ 32 | $ 5,032 | $ 32 |
| Beginning Balance, shares | 50,315,064 | 50,315,064 | 50,315,064 | 315,064 | 315,064 | 50,315,064 | 315,064 | |
| Net income (loss) | ||||||||
| Ending balance,value | $ 5,032 | $ 5,032 | $ 5,032 | $ 32 | $ 32 | 32 | $ 5,032 | $ 32 |
| Ending Balance, shares | 50,315,064 | 50,315,064 | 50,315,064 | 315,064 | 315,064 | 50,315,064 | 315,064 | |
| Additional Paid-in Capital [Member] | ||||||||
| Beginning balance,value | $ 6,429,771 | $ 6,429,771 | $ 6,429,771 | $ 6,394,771 | $ 6,394,771 | 6,394,771 | $ 6,429,771 | $ 6,394,771 |
| Net income (loss) | ||||||||
| Ending balance,value | 6,429,771 | 6,429,771 | 6,429,771 | 6,394,771 | 6,394,771 | 6,394,771 | 6,429,771 | 6,394,771 |
| Retained Earnings [Member] | ||||||||
| Beginning balance,value | (6,472,115) | (6,455,320) | (6,445,507) | (6,498,301) | (6,489,957) | (6,752,975) | (6,445,507) | (6,752,975) |
| Net income (loss) | (10,985) | (16,795) | (9,813) | (8,397) | (8,344) | 263,018 | ||
| Ending balance,value | $ (6,483,100) | $ (6,472,115) | $ (6,455,320) | $ (6,506,698) | $ (6,498,301) | $ (6,489,957) | $ (6,483,100) | $ (6,506,698) |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Accounting Policies [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.
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. To date the Company has not experienced any impacts as a result of COVID-19.
|
GOING CONCERN AND BASIS OF PRESENTATION |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Organization, Consolidation and Presentation of Financial Statements [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. As of March 31, 2023, the Company has a working capital deficiency of $48,297 (June 30, 2022 - $10,704), and an accumulated deficit of $6,483,100 (June 30, 2022 - $6,445,507). 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’s 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.
|
SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Accounting Policies [Abstract] | |
| SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS | 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, 2022.
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, 2022, as filed with the SEC on September 30, 2022. Operating results for the nine months ended March 31, 2023, are not necessarily indicative of the results that may be expected for any subsequent quarter or for the year ending June 30, 2023.
LEGACY VENTURES INTERNATIONAL, INC. NOTES TO THE UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (Expressed in US dollars) (Unaudited)
|
RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES | NOTE 4 – RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES
For the nine months ended March 31, 2023, there were no related party transactions. The Company was advanced funds by a shareholder. The funds were used to pay certain professional fees including auditors and accountants. The balance is non-interest bearing and due on demand. As at March 31, 2023, there was a balance of $32,968 .
For the nine months ended March 31, 2022, there were no related party transactions.
|
BASIC AND DILUTED NET INCOME (LOSS) PER SHARE |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Earnings Per Share [Abstract] | |
| BASIC AND DILUTED NET INCOME (LOSS) PER SHARE |
The Company follows ASC Topic 260 to account for the income (loss) per share. Basic income (loss) per common share (“EPS”) calculations are determined by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income (loss) per common share calculations are determined by dividing net loss by the weighted average number of common shares and dilutive common share equivalents (if dilutive) outstanding. All dilutive common share equivalents were anti-dilutive for the nine months ended March 31, 2023 and 2022.
|
COMMON AND PREFERRED STOCK TRANSACTIONS |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Equity [Abstract] | |
| COMMON AND PREFERRED STOCK TRANSACTIONS | NOTE 6 - COMMON AND PREFERRED STOCK TRANSACTIONS
As of March 31, 2023, the Company was authorized to issue of preferred stock, with a par value of $ and of common stock, with a par value of $.
There were no common stock transactions for the nine months ended March 31, 2023 and 2022.
As of March 31, 2023, and June 30, 2022, the Company had common stock issued and outstanding.
|
SUBSEQUENT EVENTS |
9 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 7 - SUBSEQUENT EVENTS
In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before the financial statements are issued, the Company has evaluated all events or transactions that occurred after March 31, 2023 up through the date the Company issued the financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.” |
GOING CONCERN AND BASIS OF PRESENTATION (Details Narrative) - USD ($) |
Mar. 31, 2023 |
Jun. 30, 2022 |
|---|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
| Working capital deficit | $ 48,297 | $ 10,704 |
| Accumulated deficit | $ 6,483,100 | $ 6,445,507 |
RELATED PARTY ADVANCES AND BALANCES, AND ADVANCES FROM THIRD PARTIES (Details Narrative) - USD ($) |
Mar. 31, 2023 |
Jun. 30, 2022 |
|---|---|---|
| Related Party Transactions [Abstract] | ||
| Advances from a shareholder | $ 32,968 | $ 11,473 |
| Other Liability, Current, Related and Nonrelated Party Status [Extensible Enumeration] | us-gaap:RelatedPartyMember |
COMMON AND PREFERRED STOCK TRANSACTIONS (Details Narrative) - $ / shares |
Mar. 31, 2023 |
Jun. 30, 2022 |
|---|---|---|
| Equity [Abstract] | ||
| Preferred stock, shares authorized | 10,000,000 | |
| Preferred stock, par value | $ 0.0001 | |
| Common stock, shares authorized | 100,000,000 | |
| Common stock, par value | $ 0.0001 | |
| Common stock, shares issued | 50,315,064 | 50,315,064 |
| Common stock, shares outstanding | 50,315,064 | 50,315,064 |
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