☒
☐
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Annual Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
Transition Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934
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Nevada
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35-2606208 | |
(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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30 Fritz-Kirsch-Zeile,
Berlin, Germany
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12459 | |
(Address of principal executive offices)
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(Zip Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Large accelerated filer ☐
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Accelerated filer ☐
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Non-accelerated filer ☒
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Smaller reporting company ☒
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Emerging growth company ☒
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Report of Independent Registered Public Accounting Firm
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4 |
Balance Sheets as of June 30, 2019 and 2018
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5 |
Statements of Operations for The Year Ended June 30, 2019 and 2018
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6
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Statements of Cash Flows for The Year Ended June 30, 2019 and 2018
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7
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Statement of Shareholder's Equity for The Year Ended June 30, 2019
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8
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Notes to The Financial Statements
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9
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/s/ PLS CPA
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PLS CPA, A Professional Corp
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June 30, 2019
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June 30, 2018
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|||||||
ASSETS
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||||||||
Current Assets
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||||||||
Cash & Cash Equivalents
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$
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15,106
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$
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7,598
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||||
Accounts Receivable
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-
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541
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||||||
Prepaid Expenses
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56
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|||||||
Total Current Assets
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15,162
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8,139
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||||||
Total Assets
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$
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15,162
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$
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8,139
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||||
Liabilities
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||||||||
Accounts Payable
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$
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99
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$
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200
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||||
Due to Related Party
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13,264
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11,096
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Total Liabilities
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13,363
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11,296
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Stockholders’ Equity
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||||||||
Common Stock, $0.001 par value, 75,000,000 shares authorized,
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||||||||
7,120,000 shares and 5,000,000 shares issued and outstanding, respectively
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7,120
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5,000
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||||||
Additional Paid-In Capital
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19,080
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-
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||||||
Retained Earnings (Deficit)
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(24,401
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)
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(8,157
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)
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Total Stockholders’ Equity
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1,799
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(3,157
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)
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Total Liabilities and Shareholders’ Equity
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$
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15,162
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$
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8,139
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June 30, 2019
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June 30, 2018
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|||||||
REVENUE
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$
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100
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$
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1,606
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||||
EXPENSES
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||||||||
General and Administrative
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2,189
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2,226
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||||||
Professional
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14,155
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7,537
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||||||
Total Expenses
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16,344
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9,763
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Loss from Operations
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(16,244
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)
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(8,157
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)
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Income Tax Expense (Recovery)
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-
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-
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NET INCOME AFTER TAX
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$
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(16,244
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)
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$
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(8,157
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)
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Basic and Diluted Net Loss per Common Share
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$ |
0.00 |
$
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0.00
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Weighted-Average Number of Common Shares Outstanding
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6,091,699
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3,639,344
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June 30, 2019
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June 30, 2018
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CASH FLOWS FROM OPERATING ACTIVITES:
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Net Loss After Tax
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$
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(16,244
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)
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$
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(8,157
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)
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Adjustment to Reconcile Net Loss to Net Cash Used in Operating Activities:
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Bad debt Expense
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211
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- |
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Changes in Operating Assets and Liabilities:
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Accounts Receivable
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330
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(541
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)
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Accounts Payable
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(101
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)
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200
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|||||
Prepaid expenses
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(56
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)
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-
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Net Cash from Operating Activities
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(15,860
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)
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(8,498
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)
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Related Party Loan
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2,168
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11,096
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Proceeds from Sale of Common Shares
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21,200
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5,000
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||||||
Net Cash Provided by Financing Activities
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23,368
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16,096
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||||||
Net Increase (Decrease) in Cash
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7,508
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7,598
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Cash, Beginning of Period
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7,598
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-
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Cash, End of Period
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$
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15,106
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$
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7,598
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Supplemental Disclosure of Cash Flow Information
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Cash Paid for:
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Interest
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$ |
- |
$ |
-
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Income Taxes
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$ |
- |
$ |
-
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Retained
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||||||||||||||||||||
Common Stock
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Additional
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Earnings
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||||||||||||||||||
Number of
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Paid-in
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(Accumulated
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||||||||||||||||||
Shares
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Amount
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Capital
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Deficit)
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Total
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Balance, August 30, 2017 |
- |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
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Issuance of Common shares for Cash
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5,000,000
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5,000
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5,000
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Net Loss
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-
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-
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-
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(8,157
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)
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(8,157
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)
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Balance, June 30, 2018
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5,000,000
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5,000
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-
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(8,157
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)
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(3,157
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)
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Issuance of Common Shares for Cash
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2,120,000
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2,120
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19,080
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-
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21,200
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Net Income (Loss) After Tax
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-
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-
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-
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(16,244
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)
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(16,244
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)
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Balance, June 30, 2019
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7,120,000
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$
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7,120
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$
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19,080
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$
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(24,401
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)
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$
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1,799
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(i)
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Assumption
as a going concern: Management assumes that the Company will continue as a going concern, which contemplates continuity of operations,
realization of assets, and liquidation of liabilities in the normal course of business.
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(ii)
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Valuation
allowance for deferred tax assets: Management assumes that the realization of the Company’s net deferred tax assets resulting from its
net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b)
general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors.
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June 30, 2019
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Net deferred tax assets – Non-current:
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Net operating income (loss) carry forward
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$
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(24,401
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)
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Expected income tax benefit from NOL carry-forwards
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5,124
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Less valuation allowance
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(5,124
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)
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Deferred tax assets, net of valuation allowance
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$
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-
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For the year
ended
June 30, 2019
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Federal statutory income tax rate
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21
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%
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Increase (reduction) in income tax provision resulting from:
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Net operating loss (“NOL”) carry-forwards
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(21
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)%
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Effective income tax rate
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0
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%
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(Registrant)
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AXELEREX CORP.
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By :
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/s/ SERGEY PEREDKOV
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Sergey Peredkov
President and Chief Executive Officer and Chief Financial Officer
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Date
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September 13, 2019
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