10-Q/A

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q/A

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

For the quarterly period ended: July 31, 2020

OR

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

For the transition period from _______to _______

Commission File Number 033-20966

Finotec Group, Inc.

(Exact name of registrant as specified in its charter)

Nevada	76-0251547
(State or other jurisdiction of Incorporation or organization)	(IRS Employer Identification No.)

3445 Lawrence Ave
Oceanside, New York, 11572

(646) 768-8417

(Issuer’s telephone number including area code)

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

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

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

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

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

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

State the number of shares outstanding of each of the issuer’s classes of common equity as of the latest practicable date. As of November 10, 2020, there were 300,000,000 common shares were outstanding.

Finotec Group, Inc.

CONTENTS

PART 1 – FINANCIAL INFORMATION
Item 1. – Financial Statements
Consolidated Balance Sheets	1
Consolidated Statements of Operations (unaudited)	2
Consolidated Statements of Cash Flows (unaudited)	3
Consolidated Statements of Stockholders’ Deficit (unaudited)	4
Notes to Consolidated Financial Statements (unaudited)	5
Item 2. – Management’s Discussion and Analysis of Financial Condition And Results of Operations	11
Item 3. – Quantitative and Qualitative Disclosures about Market Risk	11
Item 4. – Controls and Procedures	11
PART II - OTHER INFORMATION	13
Item 1A. – Risk Factors	13
Item 3. – Defaults Upon Senior Securities	13
Item 6. – Exhibits	13
SIGNATURES	14

i

EXPLANATORY NOTE

On April 28, 2020 the Company’s Board of Director’s awarded 10,000,000 shares of the Company’s Series A Preferred Stock to Custodian Ventures LLC, managed by David Lazar. Based upon the original Certificate of Designation these shares were convertible to common stock at a ratio of 20 to 1. The Company’s Form 10-Q’s for the periods ended April 30, 2020, July 31, 2020 and October 31, 2020 each contained financial statements that included stock-based compensation based upon a 20 to 1 conversion rate. Each of these 10-Q’s was filed on November 18, 2020. On November 19, 2020 it was discovered that due to a scrivener’s error, the conversion rate was intended to be 200 to 1 instead of 20 to 1. The impact of the increase in the conversion rate from 20 to 1 to 200 to 1, was an additional $5,400,000 in stock-based compensation expense included in “general and administrative expense -related party”, on the Company’s Restated Statement of Operations. This Amendment No. 1 on Form 10-Q/A (this Amendment) amends the financial statements and the related footnotes on the Company’s Report on Form 10-Q for the quarter ended July 31, 2020, as amended. Also see Note 6. “Restatement”. Except for the foregoing, no other information in the Original Filing is revised by this Amendment.

ii

FINOTEC GROUP, INC.

BALANCE SHEETS

(Unaudited)

	July 31,			January 31,
	2020			2020
	(restated)
ASSETS
Total Assets	$	-		$	-
LIABILITIES & STOCKHOLDERS’ DEFICIT
Accounts payable	$	620		$	-
Note payable related parties		16,570			2,675
Total liabilities		17,190			2,675
Commitments and Contingencies		-			-
Stockholders’ Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020		10,000			-
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020		300,000			300,000
Additional paid in capital		19,251,548			13,261,548
Retained earnings (deficit)		(19,578,738	)		(13,564,223	)
Total Stockholders’ (Deficit)		(17,190	)		(2,675	)
Total Liabilities and Stockholders’ (Equity)	$	-		$	-

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

1

FINOTEC GROUP, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

	Three months			Three months		Six months			Six months
	ended			ended		ended			ended
	July 31,			July 31,		July 31,			July 31,
	2020			2019		2020			2019
						(restated)
Revenue	$	-		$	-	$	-		$	-
Operating Expenses:
Administrative expenses -related party		6,725			-		6,014,515			-
Total operating expenses		6,725			-		6,014,515			-
(Loss) from operations		(6,725	)		-		(6,014,515	)		-
Other expense
Other (expense) net		-			-		-			-
Income (loss) before provision for income taxes		(6,725	)		-		(6,014,515	)		-
Provision for income taxes		-			-		-			-
Net (Loss)	$	(6,725	)	$	-	$	(6,014,515	)	$	-
Basic and diluted earnings(loss) per common share	$	(0.00	)	$	-	$	(0.02	)	$	-
Weighted average number of shares outstanding		300,000,000			300,000,000		300,000,000			300,000,000

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

2

FINOTEC GROUP, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

	Six months			Six months
	ended			ended
	July 31,			July 31,
	2020			2019
	(restated)
Cash Flows From Operating Activities:
Net loss	$	(6,014,515	)	$	-
Adjustments to reconcile net income to net cash provided by (used for) operating activities Stock- based compensation		6,000,000
Changes in operating assets and liabilities:
Accounts payable		620
Net cash provided by (used for) operating activities		(13,895	)		-
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities		-			-
Cash Flows From Financing Activities:
Proceeds from related party loans		13,895
Net cash provided by (used for) financing activities		13,895			-
Net Increase (Decrease) In Cash		-			-
Cash At The Beginning Of The Period		-			-
Cash At The End Of The Period	$	-		$	-
Supplemental disclosure of cash flow information:
Cash paid for interest	$	-		$	-

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

3

FINOTEC GROUP, INC

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(Unaudited)

									Additional					Total
	Preferred Stock				Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Value		Shares		Value		Capital		Deficit			Equity
Balance, January 31, 2019		-	$	-		300,000,000	$	300,000	$	13,261,548	$	(13,561,548	)	$	-
Net loss												-			-
Balance, April 30, 2019		-	$	-		300,000,000	$	300,000	$	13,261,548	$	(13,561,548	)	$	-
Net loss												-			-
Balance, July 31,2019		-	$	-		300,000,000	$	300,000	$	13,261,548	$	(13,561,548	)	$	-

									Additional					Total
	Preferred Stock				Common Stock				Paid-in		Accumulated			Stockholders’
	Shares		Value		Shares		Value		Capital		Deficit			Equity
Balance, January 31, 2020		-	$	-		300,000,000	$	300,000	$	13,261,548	$	(13,564,223	)	$	(2,675	)
Net loss												(6,007,790	)		(6,007,790	)
Issuance of preferred stock		10,000,000		10,000						5,990,000					6,000,000
Balance , April 30, 2020 (restated)		10,000,000	$	10,000		300,000,000	$	300,000	$	19,251,548	$	(19,572,013	)	$	(10,465	)
Net loss												(6,725	)		(6,725	)
Balance July 31, 2020 (restated)		10,000,000	$	10,000		300,000,000	$	300,000	$	19,251,548	$	(19,578,738	)	$	17,190

The accompanying notes are an integral part of the financial statements.

4

FINOTEC GROUP, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE-MONTH PERIODS ENDED JULY 31, 2020 AND 2019

(Unaudited)

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

The Finotec Group Inc. (“Finotec”, “the Company”, “we”, “us”) has been dormant since November 2011. On March 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-809716-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company.

On March 17, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

David Lazar, 30, has been CEO and Chairman of the Company since May 16, 2018. David Lazar is a private investor. Mr. Lazar has been a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing. From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing in distressed public companies. David has a diverse knowledge of financial, legal and operations management; public company management, accounting, audit preparation, due diligence reviews and SEC regulations.

COVID-19

On March 11, 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most US states and many countries have issued policies intended to stop or slow the further spread of the disease.

Covid-19 and the U.S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the Covid-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. We do not yet know the full extent of the effects on the economy, the markets we serve, our business, or our operations.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. 

Management’s Representation of Interim Financial Statements

The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year.

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of July 31, 2020 the Company had a working capital deficit of $17,190 and negative retained earnings of $19,578,738.

Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.

5

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Revenue Recognition

On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after April 1, 2018, are presented under ASC 606. As of and for the year ended July 31, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues.

Cash and cash equivalents

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On July 31, 2020, and January 31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively.

Income taxes

The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Stock-based Compensation

The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.

Net Loss per Share

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

6

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard.

We intend to adopt ASC 842 on July 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements.

Stockholders’ Equity and Accrued Liability Excess stock Issuance

The Company has authorized 300,000,000 shares of Common Stock with a par value of $0.001. As of July 31, 2020, and January 31, 2020, respectively, there were 300,000,000 shares of Common Stock issued and outstanding, respectively. On April 27, 2020 the Company filed a Certificate of Designation with the State of Nevada to authorize 10,000,000 shares of Series A Preferred Stock (“Series A”). Each share of Series A is convertible into 200 shares of Common Stock. April 28, 2020 the Company awarded 10,000,000 shares of Series A to Custodian Ventures, LLC. managed by David Lazar in return for services provided. As a result, the Company recorded a stock based compensation expense of $6,000,000.

NOTE 4 – COMMITMENTS AND CONTINGENCIES

The Company did not have any contractual commitments as of July 31, 2020, and January 30, 2020.

NOTE 5 – NOTES PAYABLE-RELATED PARY

Mr. Lazar, the principal member of the Company’s Court-appointed custodian is considered a related party. During the year ended July 31, 2020, has extended $ $13,895 in interest free demand loans to the Company. These management services provided by Mr. Lazar, the Company’s only employee, are to manage the day to day operations of the Company; and take the necessary actions to enable the Company to become a viable operating entity. As of July 31, 2020 and January 31, 2020, the amounts due to notes payable, related parties amounted to $16,750 and $2,675, respectively.

7

NOTE 6 – RESTATEMENT

Our interim financial statements for the three and six months ended July 3, 2020, as previously filed with the SEC on November 18, 2020, have been restated. The previously filed financial statements did not reflect the proper conversion rate from Series A Preferred Stock to common stock during the appropriate quarterly interim period. The impact of this restatement on the Company’s Balance Sheet, Income Statement, and Cash Flow are reflected in the tables below:

BALANCE SHEETS

(Unaudited)

	Previously filed						Restated
	July 31,						July 31,
	2020			Adjustment			2020
ASSETS
Total Assets	$	-					$	-
LIABILITIES & STOCKHOLDERS' DEFICIT
Accounts payable	$	620					$	620
Note payable related parties		16,570						16,570
Total liabilities		17,190						17,190
Commitments and Contingencies		-						-
Stockholders' Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020		10,000						10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020		300,000						300,000
Additional paid in capital		13,851,548			5,400,000			19,251,548
Retained earnings (deficit)		(14,178,738	)		(5,400,000	)		(19,578,738	)
Total Stockholders' (Deficit)		(17,190	)		-			(17,190	)
Total Liabilities and Stockholders' (Equity)	$	-		$	-		$	-

8

STATEMENTS OF OPERATIONS

(Unaudited)

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Revenue	$	-					$	-
Operating Expenses:
Administrative expenses -related party		614,515			5,400,000			6,014,515
Total operating expenses		614,515			5,400,000			6,014,515
(Loss) from operations		(614,515	)		(5,400,000	)		(6,014,515	)
Other expense					-
Other (expense) net		-			-			-
Income (loss) before provision for income taxes		(614,515	)		(5,400,000	)		(6,014,515	)
Provision for income taxes		-			-
Net (Loss)	$	(614,515	)		(5,400,000	)	$	(6,014,515	)
Basic and diluted earnings(loss) per common share	$	(0.00	)	$	(0.02	)	$	(0.02	)
Weighted average number of shares outstanding		300,000,000			-			300,000,000

9

STATEMENTS OF CASH FLOWS

(Unaudited)

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Cash Flows From Operating Activities:
Net loss	$	(614,515	)	$	(5,400,000	)	$	(6,014,515	)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Stock- based compensation		600,000			5,400,000			6,000,000
Changes in operating assets and liabilities:
Accounts payable		620						620
Net cash provided by (used for) operating activities		(13,895	)		-			(13,895	)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities		-						-
Cash Flows From Financing Activities:
Proceeds from related party loans		13,895						13,895
Net cash provided by (used for) financing activities		13,895						13,895
Net Increase (Decrease) In Cash		-						-
Cash At The Beginning Of The Period		-						-
Cash At The End Of The Period	$	-					$	-
Supplemental disclosure of cash flow information:
Cash paid for interest	$	-					$	-

NOTE 7 – SUBSEQUENT EVENTS

In accordance with FASB ASC 855-10, Subsequent Events, the Company has analyzed its operations subsequent to July 31, 2020 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

10

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

Overview

Our financial statements accompanying this Report have been prepared assuming that we will continue as a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. We have a minimal operating history and minimal revenues or earnings from operations. We have no significant assets or financial resources. We will, in all likelihood, sustain operating expenses without corresponding revenues for the immediate future.

Plan of Operation

We have been dormant since May 2005. As of the date of this Report, we intend to engage in what we believe to be synergistic acquisitions or joint ventures with a company or companies that we believe will enhance our business plan. There are no assurances we will be able to consummate any acquisitions using our securities as consideration, or at all. Numerous things will need to occur to allow us to implement this aspect of our business plan and there are no assurances that any of these developments will occur, or if they do occur, that we will be successful in fully implementing our plan.

Limited Operating History; Need for Additional Capital

We cannot guarantee we will be successful in our business operations. We have not generated any revenue since inception. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to the price and cost increases in supplies and services.

If we are unable to meet our needs for cash from either our operations, or possible alternative sources, then we may be unable to continue, develop, or expand our operations.

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 our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources that is material to investors.

Critical Accounting Principles

The preparation of consolidated financial statements in accordance with US GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results can, and in many cases will, differ from those estimates. We have not identified any critical accounting policies.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk is the sensitivity of income or loss to changes in interest rates, foreign exchanges, commodity prices, equity prices, and other market-driven rates or prices. We are not presently engaged in any substantive commercial business. Accordingly, the risks associated with foreign exchange rates, commodity prices, and equity prices are not significant. Our debt obligations contain interest rates that are fixed and we do not enter into derivatives or other financial instruments for trading or speculative purposes.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our senior management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded as of the Evaluation Date that our disclosure controls and procedures were not effective such that the information relating to us required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our Chief Executive Officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. The Company’s former management abandoned all operations for many years, and only recently did the Company appoint new management to make filings with the SEC on behalf of the Company.

11

Management’s Annual Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Our Company has been dormant since. As a result, our management did not evaluate the effectiveness of our internal control over financial reporting as of July 31, 2020, and July 31, 2020, based on the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control-Integrated Framework (2013). without such an evaluation, our management concluded that we did not maintain effective internal control over financial reporting as of July 31, 2020, based on the COSO framework criteria, as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the PCAOB were: (1) lack of a functioning audit committee, (2) lack of a majority of outside directors on our Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (3) inadequate segregation of duties consistent with control objectives; (4) complete lack of management of the company from May 2005 until July 31, 2020; and (5) lack of disclosure controls. The aforementioned material weaknesses were identified by our Chief Executive and Financial Officer in connection with the review of our financial statements as of July 31, 2020.

Management believes that the material weaknesses set forth above did not have an effect on our financial results because the activity during this period was nominal. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside Directors on our Board of Directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the periods ended July 3, 2020, and July 31, 2020, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

12

PART II- OTHER INFORMATION

Item 1. Legal Proceedings

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

Item 1a. Risk Factors

We are a smaller reporting company and are not required to provide the information under this item pursuant to Regulation S-K.

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

During the three months ended July 31, 2020, we did not issue any of our equity securities.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

13

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Finotec Group, Inc.
	(Registrant)
Date: March 3, 2021	By:	/s/ David Lazar
		David Lazar, CEO and CFO

14

EX-31.1

EXHIBIT 31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)
(as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, David Lazar, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Finotec Group, Inc.;

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;

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

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: March 3, 2021	By:	/s/ David Lazar
		David Lazar, CEO

EX-31.2

EXHIBIT 31.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULE 13a-14(a)
(as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002)

I, David Lazar, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Finotec Group, Inc.;

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;

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

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

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

a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: March 3, 2021	By:	/s/ David Lazar
		David Lazar, CFO

EX-32.1

EXHIBIT 32.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

In connection with the accompanying Quarterly report on Form 10-Q of Finotec Group, Inc. for the quarter ended July 31, 2020, the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

(1) such Quarterly report on Form 10-Q for the quarter ended July 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in such Quarterly report on Form 10-Q for the quarter ended July 31, 2020 fairly presents, in all material respects, the financial condition and results of operations of Finotec Group, Inc.

March 3, 2021	/s/ David Lazar
	Name: David Lazar
	Title: CEO

EX-32.2

EXHIBIT 32.2

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. 1350,
as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

In connection with the accompanying Quarterly report on Form 10-Q of Finotec Group, Inc. for the quarter ended July 31, 2020, the undersigned hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge and belief, that:

(1) such Quarterly report on Form 10-Q for the quarter ended July 31, 2020 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in such Quarterly report on Form 10-Q for the quarter ended July 31, 2020 fairly presents, in all material respects, the financial condition and results of operations of Finotec Group, Inc.

March 3, 2021	/s/ David Lazar
	Name: David Lazar, CFO

XML

Document And Entity Information - shares	6 Months Ended
	Jul. 31, 2020	Nov. 10, 2020
Document Information Line Items
Entity Registrant Name	FINOTEC GROUP INC
Document Type	10-Q/A
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		300,000,000
Amendment Flag	true
Amendment Description	On April 28, 2020 the Company’s Board of Director’s awarded 10,000,000 shares of the Company’s Series A Preferred Stock to Custodian Ventures LLC, managed by David Lazar. Based upon the original Certificate of Designation these shares were convertible to common stock at a ratio of 20 to 1. The Company’s Form 10-Q’s for the periods ended April 30, 2020, July 31, 2020 and October 31, 2020 each contained financial statements that included stock-based compensation based upon a 20 to 1 conversion rate. Each of these 10-Q’s was filed on November 18, 2020. On November 19, 2020 it was discovered that due to a scrivener’s error, the conversion rate was intended to be 200 to 1 instead of 20 to 1. The impact of the increase in the conversion rate from 20 to 1 to 200 to 1, was an additional $5,400,000 in stock-based compensation expense included in “general and administrative expense -related party”, on the Company’s Restated Statement of Operations. This Amendment No. 1 on Form 10-Q/A (this Amendment) amends the financial statements and the related footnotes on the Company’s Report on Form 10-Q for the quarter ended July 31, 2020, as amended. Also see Note 6. “Restatement”. Except for the foregoing, no other information in the Original Filing is revised by this Amendment.
Entity Central Index Key	0000831378
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jul. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	true
Entity File Number	033-20966
Entity Incorporation, State or Country Code	NV
Entity Interactive Data Current	Yes

XML

Balance Sheets (Unaudited) - USD ($)	Jul. 31, 2020	Jan. 31, 2020
ASSETS
Total Assets
LIABILITIES & STOCKHOLDERS’ DEFICIT
Accounts payable	620
Note payable related parties	16,570	2,675
Total liabilities	17,190	2,675
Commitments and Contingencies
Stockholders’ Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020	10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020	300,000	300,000
Additional paid in capital	19,251,548	13,261,548
Retained earnings (deficit)	(19,578,738)	(13,564,223)
Total Stockholders’ (Deficit)	(17,190)	(2,675)
Total Liabilities and Stockholders’ (Equity)

XML

Balance Sheets (Unaudited) (Parentheticals) - $ / shares	Jul. 31, 2020	Jan. 31, 2020
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	300,000,000	300,000,000
Common stock, shares outstanding	300,000,000	300,000,000
Preferred Series A stock
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred shares authorized	10,000,000	10,000,000
Preferred shares issued	10,000,000	10,000,000
Preferred shares outstanding	10,000,000	10,000,000

XML

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Income Statement [Abstract]
Revenue
Operating Expenses:
Administrative expenses -related party	6,725		6,014,515
Total operating expenses	6,725		6,014,515
(Loss) from operations	(6,725)		(6,014,515)
Other expense
Other (expense) net
Income (loss) before provision for income taxes	(6,725)		(6,014,515)
Provision for income taxes
Net (Loss)	$ (6,725)		$ (6,014,515)
Basic and diluted earnings(loss) per common share (in Dollars per share)	$ (0.00)		$ (0.02)
Weighted average number of shares outstanding (in Shares)	300,000,000	300,000,000	300,000,000	300,000,000

XML

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019
Cash Flows From Operating Activities:
Net loss	$ (6,014,515)
Adjustments to reconcile net income to net cash provided by (used for) operating activities Stock- based compensation	6,000,000
Changes in operating assets and liabilities:
Accounts payable	620
Net cash provided by (used for) operating activities	(13,895)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities
Cash Flows From Financing Activities:
Proceeds from related party loans	13,895
Net cash provided by (used for) financing activities	13,895
Net Increase (Decrease) In Cash
Cash At The Beginning Of The Period
Cash At The End Of The Period
Supplemental disclosure of cash flow information:
Cash paid for interest

XML

Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Jan. 31, 2019		$ 300,000	$ 13,261,548	$ (13,561,548)
Balance (in Shares) at Jan. 31, 2019		300,000,000
Net loss
Balance at Apr. 30, 2019		$ 300,000	13,261,548	(13,561,548)
Balance (in Shares) at Apr. 30, 2019		300,000,000
Net loss
Balance at Jul. 31, 2019		$ 300,000	13,261,548	(13,561,548)
Balance (in Shares) at Jul. 31, 2019		300,000,000
Balance at Jan. 31, 2020		$ 300,000	13,261,548	(13,564,223)	(2,675)
Balance (in Shares) at Jan. 31, 2020		300,000,000
Net loss				(6,007,790)	(6,007,790)
Issuance of preferred stock	$ 10,000		5,990,000		6,000,000
Issuance of preferred stock (in Shares)	10,000,000
Balance at Apr. 30, 2020	$ 10,000	$ 300,000	19,251,548	(19,572,013)	(10,465)
Balance (in Shares) at Apr. 30, 2020	10,000,000	300,000,000
Net loss				(6,725)	(6,725)
Balance at Jul. 31, 2020	$ 10,000	$ 300,000	$ 19,251,548	$ (19,578,738)	$ 17,190
Balance (in Shares) at Jul. 31, 2020	10,000,000	300,000,000

XML

Organization and Description of Business

6 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

NOTE 1 – ORGANIZATION AND DESCRIPTION OF BUSINESS

The Finotec Group Inc. (“Finotec”, “the Company”, “we”, “us”) has been dormant since November 2011. On March 16, 2020, as a result of a custodianship in Clark County, Nevada, Case Number: A-20-809716-B, Custodian Ventures LLC (“Custodian”) was appointed custodian of the Company.

On March 17, 2020, Custodian appointed David Lazar as the Company’s Chief Executive Officer, President, Secretary, Chief Financial Officer, Chief Executive Officer and Chairman of the Board of Directors.

David Lazar, 30, has been CEO and Chairman of the Company since May 16, 2018. David Lazar is a private investor. Mr. Lazar has been a partner at Zenith Partners International since 2013, where he specializes in research and development, sales, and marketing. From 2014 through 2015, David was the Chief Executive Officer of Dico, Inc., which was then sold to Peekay Boutiques. Since February of 2018, Mr. Lazar has been the managing member of Custodian Ventures LLC, where he specializes in assisting distressed public companies. Since March 2018, David has acted as the managing member of Activist Investing LLC, which specializes in active investing in distressed public companies. David has a diverse knowledge of financial, legal and operations management; public company management, accounting, audit preparation, due diligence reviews and SEC regulations.

COVID-19

On March 11, 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most US states and many countries have issued policies intended to stop or slow the further spread of the disease.

Covid-19 and the U.S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the Covid-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. We do not yet know the full extent of the effects on the economy, the markets we serve, our business, or our operations.

XML

Summary of Significant Accounting Policies

6 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States. 

Management’s Representation of Interim Financial Statements

The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year.

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of July 31, 2020 the Company had a working capital deficit of $17,190 and negative retained earnings of $19,578,738.

Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Revenue Recognition

On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after April 1, 2018, are presented under ASC 606. As of and for the year ended July 31, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues.

Cash and cash equivalents

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On July 31, 2020, and January 31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively.

Income taxes

The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Stock-based Compensation

The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.

Net Loss per Share

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard.

We intend to adopt ASC 842 on July 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements.

Stockholders’ Equity and Accrued Liability Excess stock Issuance

The Company has authorized 300,000,000 shares of Common Stock with a par value of $0.001. As of July 31, 2020, and January 31, 2020, respectively, there were 300,000,000 shares of Common Stock issued and outstanding, respectively. On April 27, 2020 the Company filed a Certificate of Designation with the State of Nevada to authorize 10,000,000 shares of Series A Preferred Stock (“Series A”). Each share of Series A is convertible into 200 shares of Common Stock. April 28, 2020 the Company awarded 10,000,000 shares of Series A to Custodian Ventures, LLC. managed by David Lazar in return for services provided. As a result, the Company recorded a stock based compensation expense of $6,000,000.

XML

Commitments and Contingencies

6 Months Ended

Jul. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 4 – COMMITMENTS AND CONTINGENCIES

The Company did not have any contractual commitments as of July 31, 2020, and January 30, 2020.

XML

Notes Payable-Related Pary

6 Months Ended

Jul. 31, 2020

Debt Disclosure [Abstract]

NOTES PAYABLE-RELATED PARY

NOTE 5 – NOTES PAYABLE-RELATED PARY

Mr. Lazar, the principal member of the Company’s Court-appointed custodian is considered a related party. During the year ended July 31, 2020, has extended $ $13,895 in interest free demand loans to the Company. These management services provided by Mr. Lazar, the Company’s only employee, are to manage the day to day operations of the Company; and take the necessary actions to enable the Company to become a viable operating entity. As of July 31, 2020 and January 31, 2020, the amounts due to notes payable, related parties amounted to $16,750 and $2,675, respectively.

XML

Restatement

6 Months Ended

Jul. 31, 2020

Accounting Changes and Error Corrections [Abstract]

RESTATEMENT

NOTE 6 – RESTATEMENT

Our interim financial statements for the three and six months ended July 3, 2020, as previously filed with the SEC on November 18, 2020, have been restated. The previously filed financial statements did not reflect the proper conversion rate from Series A Preferred Stock to common stock during the appropriate quarterly interim period. The impact of this restatement on the Company’s Balance Sheet, Income Statement, and Cash Flow are reflected in the tables below:

BALANCE SHEETS

(Unaudited)

	Previously filed						Restated
	July 31,						July 31,
	2020			Adjustment			2020
ASSETS
Total Assets	$	-					$	-
LIABILITIES & STOCKHOLDERS' DEFICIT
Accounts payable	$	620					$	620
Note payable related parties		16,570						16,570
Total liabilities		17,190						17,190
Commitments and Contingencies		-						-
Stockholders' Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020		10,000						10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020		300,000						300,000
Additional paid in capital		13,851,548			5,400,000			19,251,548
Retained earnings (deficit)		(14,178,738	)		(5,400,000	)		(19,578,738	)
Total Stockholders' (Deficit)		(17,190	)		-			(17,190	)
Total Liabilities and Stockholders' (Equity)	$	-		$	-		$	-

STATEMENTS OF OPERATIONS

(Unaudited)

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Revenue	$	-					$	-
Operating Expenses:
Administrative expenses -related party		614,515			5,400,000			6,014,515
Total operating expenses		614,515			5,400,000			6,014,515
(Loss) from operations		(614,515	)		(5,400,000	)		(6,014,515	)
Other expense					-
Other (expense) net		-			-			-
Income (loss) before provision for income taxes		(614,515	)		(5,400,000	)		(6,014,515	)
Provision for income taxes		-			-
Net (Loss)	$	(614,515	)		(5,400,000	)	$	(6,014,515	)
Basic and diluted earnings(loss) per common share	$	(0.00	)	$	(0.02	)	$	(0.02	)
Weighted average number of shares outstanding		300,000,000			-			300,000,000

STATEMENTS OF CASH FLOWS

(Unaudited)

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Cash Flows From Operating Activities:
Net loss	$	(614,515	)	$	(5,400,000	)	$	(6,014,515	)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Stock- based compensation		600,000			5,400,000			6,000,000
Changes in operating assets and liabilities:
Accounts payable		620						620
Net cash provided by (used for) operating activities		(13,895	)		-			(13,895	)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities		-						-
Cash Flows From Financing Activities:
Proceeds from related party loans		13,895						13,895
Net cash provided by (used for) financing activities		13,895						13,895
Net Increase (Decrease) In Cash		-						-
Cash At The Beginning Of The Period		-						-
Cash At The End Of The Period	$	-					$	-
Supplemental disclosure of cash flow information:
Cash paid for interest	$	-					$	-

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Subsequent Events

6 Months Ended

Jul. 31, 2020

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 7 – SUBSEQUENT EVENTS

In accordance with FASB ASC 855-10, Subsequent Events, the Company has analyzed its operations subsequent to July 31, 2020 to the date these consolidated financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these consolidated financial statements.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jul. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying financial statements have been prepared in accordance with the Financial Accounting Standards Board (“FASB”) “FASB Accounting Standard Codification™” (the “Codification”) which is the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) in the United States.

Management’s Representation of Interim Financial Statements

Management’s Representation of Interim Financial Statements

The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year.

Going Concern

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of these financial statements. The Company has incurred operating losses since inception. As of July 31, 2020 the Company had a working capital deficit of $17,190 and negative retained earnings of $19,578,738.

Because the Company does not expect that existing operational cash flow will be sufficient to fund presently anticipated operations, this raises substantial doubt about the Company’s ability to continue as a going concern. Therefore, the Company will need to raise additional funds and is currently exploring alternative sources of financing. The Company is currently being funded by David Lazar who is extending interest free demand loans to the Company. Historically, the Company has raised capital through private placements, as an interim measure to finance working capital needs and may continue to raise additional capital through the sale of common stock or other securities and obtaining some short-term loans. The Company will be required to continue to so until its operations become profitable. Also, the Company has, in the past, paid for consulting services with its common stock to maximize working capital, and intends to continue this practice where feasible.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities, the liability for the excess share issuance, and disclosure of contingent assets and liabilities at the date of the financial statements. The most significant estimates relate to income taxes and contingencies. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Revenue Recognition

Revenue Recognition

On July 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). Results for reporting periods beginning after April 1, 2018, are presented under ASC 606. As of and for the year ended July 31, 2020 the financial statements were not impacted due to the application of Topic 606 because the Company had no revenues.

Cash and cash equivalents

Cash and cash equivalents

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. On July 31, 2020, and January 31, 2020, the Company’s cash equivalents totaled $-0- and $-0- respectively.

Income taxes

Income taxes

The Company accounts for income taxes under FASB ASC 740, “Accounting for Income Taxes”. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05, “Accounting for Uncertainty in Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.

The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. The Company assesses the validity of its conclusions regarding uncertain tax positions quarterly to determine if facts or circumstances have arisen that might cause it to change its judgment regarding the likelihood of a tax position’s sustainability under audit.

Stock-based Compensation

Stock-based Compensation

The Company accounts for stock-based compensation using the fair value method following the guidance outlined in Section 718-10 of the FASB Accounting Standards Codification for disclosure about Stock-Based Compensation. This section requires a public entity to measure the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award (with limited exceptions). That cost will be recognized over the period during which an employee is required to provide service in exchange for the award- the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.

Net Loss per Share

Net Loss per Share

Net loss per common share is computed by dividing net loss by the weighted average common shares outstanding during the period as defined by Financial Accounting Standards, ASC Topic 260, “Earnings per Share.” Basic earnings per common share (“EPS”) calculations are determined by dividing net income by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per common share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which establishes a new lease accounting model for lessees. The updated guidance requires an entity to recognize assets and liabilities arising from financing and operating leases, along with additional qualitative and quantitative disclosures. The amended guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, with early adoption permitted. In March 2019, the FASB issued ASU 2019-01, Codification Improvements, which clarifies certain aspects of the new lease standard. The FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases in July 2018. Also in 2018, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements, which provides an optional transition method whereby the new lease standard is applied at the adoption date and recognized as an adjustment to retained earnings. The amendments have the same effective date and transition requirements as the new lease standard.

We intend to adopt ASC 842 on July 1, 2020. The adoption of this guidance is not expected to have any impact on our financial statements.

Stockholders’ Equity and Accrued Liability Excess stock Issuance

Stockholders’ Equity and Accrued Liability Excess stock Issuance

The Company has authorized 300,000,000 shares of Common Stock with a par value of $0.001. As of July 31, 2020, and January 31, 2020, respectively, there were 300,000,000 shares of Common Stock issued and outstanding, respectively. On April 27, 2020 the Company filed a Certificate of Designation with the State of Nevada to authorize 10,000,000 shares of Series A Preferred Stock (“Series A”). Each share of Series A is convertible into 200 shares of Common Stock. April 28, 2020 the Company awarded 10,000,000 shares of Series A to Custodian Ventures, LLC. managed by David Lazar in return for services provided. As a result, the Company recorded a stock based compensation expense of $6,000,000.

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Restatement (Tables)

6 Months Ended

Jul. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Schedule of balance sheets

	Previously filed						Restated
	July 31,						July 31,
	2020			Adjustment			2020
ASSETS
Total Assets	$	-					$	-
LIABILITIES & STOCKHOLDERS' DEFICIT
Accounts payable	$	620					$	620
Note payable related parties		16,570						16,570
Total liabilities		17,190						17,190
Commitments and Contingencies		-						-
Stockholders' Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020		10,000						10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020		300,000						300,000
Additional paid in capital		13,851,548			5,400,000			19,251,548
Retained earnings (deficit)		(14,178,738	)		(5,400,000	)		(19,578,738	)
Total Stockholders' (Deficit)		(17,190	)		-			(17,190	)
Total Liabilities and Stockholders' (Equity)	$	-		$	-		$	-

Schedule of statements of operations

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Revenue	$	-					$	-
Operating Expenses:
Administrative expenses -related party		614,515			5,400,000			6,014,515
Total operating expenses		614,515			5,400,000			6,014,515
(Loss) from operations		(614,515	)		(5,400,000	)		(6,014,515	)
Other expense					-
Other (expense) net		-			-			-
Income (loss) before provision for income taxes		(614,515	)		(5,400,000	)		(6,014,515	)
Provision for income taxes		-			-
Net (Loss)	$	(614,515	)		(5,400,000	)	$	(6,014,515	)
Basic and diluted earnings(loss) per common share	$	(0.00	)	$	(0.02	)	$	(0.02	)
Weighted average number of shares outstanding		300,000,000			-			300,000,000

Schedule of statements of cash flows

	Previously filed						Restated
	Six months						Six months
	ended						ended
	July 31,						July 31,
	2020			Adjustment			2020
Cash Flows From Operating Activities:
Net loss	$	(614,515	)	$	(5,400,000	)	$	(6,014,515	)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Stock- based compensation		600,000			5,400,000			6,000,000
Changes in operating assets and liabilities:
Accounts payable		620						620
Net cash provided by (used for) operating activities		(13,895	)		-			(13,895	)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities		-						-
Cash Flows From Financing Activities:
Proceeds from related party loans		13,895						13,895
Net cash provided by (used for) financing activities		13,895						13,895
Net Increase (Decrease) In Cash		-						-
Cash At The Beginning Of The Period		-						-
Cash At The End Of The Period	$	-					$	-
Supplemental disclosure of cash flow information:
Cash paid for interest	$	-					$	-

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Summary of Significant Accounting Policies (Details) - USD ($)	1 Months Ended	6 Months Ended
	Apr. 28, 2020	Jul. 31, 2020	Apr. 27, 2020	Jan. 31, 2020
Summary of Significant Accounting Policies (Details) [Line Items]
Working capital deficit (in Dollars)		$ 17,190
Retained earnings (in Dollars)		$ (19,578,738)		$ (13,564,223)
Common stock shares authorized		300,000,000		300,000,000
Common stock, par value (in Dollars per share)		$ 0.001		$ 0.001
Common stock shares issued		300,000,000		300,000,000
Common stock outstanding		300,000,000		300,000,000
Description of shares		Each share of Series A is convertible into 200 shares of Common Stock.
Stock based compensation expense (in Dollars)		$ 6,000,000
Description of cash and cash equivalent		the Company’s cash equivalents totaled $-0- and $-0- respectively.
Series A Preferred Stock [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Preferred stock shares authorized			10,000,000
Series A Preferred Stock [Member]
Summary of Significant Accounting Policies (Details) [Line Items]
Preferred stock shares authorized		10,000,000		10,000,000
Awarded shares	10,000,000

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Notes Payable-Related Pary (Details) - USD ($)	Jul. 31, 2020	Jan. 31, 2020
Debt Disclosure [Abstract]
Interest free demand loans	$ 13,895
Due to notes payable related parties amount	$ 16,750	$ 2,675

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Restatement (Details) - Schedule of balance sheets - USD ($)	Jul. 31, 2020	Jan. 31, 2020
ASSETS
Total Assets
LIABILITIES & STOCKHOLDERS' DEFICIT
Accounts payable	620
Note payable related parties	16,570	2,675
Total liabilities	17,190	2,675
Commitments and Contingencies
Stockholders' Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020	10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020	300,000	300,000
Additional paid in capital	19,251,548	13,261,548
Retained earnings (deficit)	(19,578,738)	(13,564,223)
Total Stockholders' (Deficit)	(17,190)	(2,675)
Total Liabilities and Stockholders' (Equity)
Previously filed [Member]
ASSETS
Total Assets
LIABILITIES & STOCKHOLDERS' DEFICIT
Accounts payable	620
Note payable related parties	16,570
Total liabilities	17,190
Commitments and Contingencies
Stockholders' Equity
Preferred Series A stock, $0.001 par value, 10,000,000 shares authorized, 10,000,000 shares issued and outstanding, July 31, 2020 and January 31,2020	10,000
Common stock, $0.001 par value; 300,000,000 shares authorized, 300,000,000 shares issued and outstanding July 31, 2020 and January 31, 2020	300,000
Additional paid in capital	13,851,548
Retained earnings (deficit)	(14,178,738)
Total Stockholders' (Deficit)	(17,190)
Total Liabilities and Stockholders' (Equity)
Adjustment [Member]
Stockholders' Equity
Additional paid in capital	5,400,000
Retained earnings (deficit)	(5,400,000)
Total Stockholders' (Deficit)
Total Liabilities and Stockholders' (Equity)

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Restatement (Details) - Schedule of balance sheets (Parentheticals) - $ / shares	Jul. 31, 2020	Jan. 31, 2020
Restatement (Details) - Schedule of balance sheets (Parentheticals) [Line Items]
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	300,000,000	300,000,000
Common stock, shares outstanding	300,000,000	300,000,000
Preferred Series A stock
Restatement (Details) - Schedule of balance sheets (Parentheticals) [Line Items]
Preferred stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Preferred shares authorized	10,000,000	10,000,000
Preferred shares issued	10,000,000	10,000,000
Preferred shares outstanding	10,000,000	10,000,000
Previously filed [Member]
Restatement (Details) - Schedule of balance sheets (Parentheticals) [Line Items]
Common stock, par value (in Dollars per share)	$ 0.001
Common stock, shares authorized	300,000,000
Common stock, shares issued	300,000,000
Common stock, shares outstanding	300,000,000
Previously filed [Member] | Preferred Series A stock
Restatement (Details) - Schedule of balance sheets (Parentheticals) [Line Items]
Preferred stock, par value (in Dollars per share)	$ 0.001
Preferred shares authorized	10,000,000
Preferred shares issued	10,000,000
Preferred shares outstanding	10,000,000

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Restatement (Details) - Schedule of statements of operations - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Restatement (Details) - Schedule of statements of operations [Line Items]
Revenue
Operating Expenses:
Administrative expenses -related party	6,725		6,014,515
Total operating expenses	6,725		6,014,515
(Loss) from operations	(6,725)		(6,014,515)
Other expense
Other (expense) net
Income (loss) before provision for income taxes	(6,725)		(6,014,515)
Provision for income taxes
Net (Loss)	$ (6,725)		$ (6,014,515)
Basic and diluted earnings(loss) per common share (in Dollars per share)	$ (0.00)		$ (0.02)
Weighted average number of shares outstanding (in Shares)	300,000,000	300,000,000	300,000,000	300,000,000
Previously filed [Member]
Restatement (Details) - Schedule of statements of operations [Line Items]
Revenue
Operating Expenses:
Administrative expenses -related party			614,515
Total operating expenses			614,515
(Loss) from operations			(614,515)
Other expense
Other (expense) net
Income (loss) before provision for income taxes			(614,515)
Provision for income taxes
Net (Loss)			$ (614,515)
Basic and diluted earnings(loss) per common share (in Dollars per share)			$ (0.00)
Weighted average number of shares outstanding (in Shares)			300,000,000
Adjustment [Member]
Operating Expenses:
Administrative expenses -related party			$ 5,400,000
Total operating expenses			5,400,000
(Loss) from operations			(5,400,000)
Other expense
Other (expense) net
Income (loss) before provision for income taxes			(5,400,000)
Provision for income taxes
Net (Loss)			$ (5,400,000)
Basic and diluted earnings(loss) per common share (in Dollars per share)			$ (0.02)
Weighted average number of shares outstanding (in Shares)

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Restatement (Details) - Schedule of statements of cash flows - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2020	Jul. 31, 2019	Jul. 31, 2020	Jul. 31, 2019
Cash Flows From Operating Activities:
Net loss	$ (6,725)		$ (6,014,515)
Stock- based compensation			6,000,000
Accounts payable			620
Net cash provided by (used for) operating activities			(13,895)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities
Cash Flows From Financing Activities:
Proceeds from related party loans			13,895
Net cash provided by (used for) financing activities			13,895
Net Increase (Decrease) In Cash
Cash At The Beginning Of The Period
Cash At The End Of The Period
Supplemental disclosure of cash flow information:
Cash paid for interest
Previously filed
Cash Flows From Operating Activities:
Net loss			(614,515)
Stock- based compensation			600,000
Accounts payable			620
Net cash provided by (used for) operating activities			(13,895)
Cash Flows From Investing Activities:
Net cash provided by (used for) investing activities
Cash Flows From Financing Activities:
Proceeds from related party loans			13,895
Net cash provided by (used for) financing activities			13,895
Net Increase (Decrease) In Cash
Cash At The Beginning Of The Period
Cash At The End Of The Period
Supplemental disclosure of cash flow information:
Cash paid for interest
Adjustment
Cash Flows From Operating Activities:
Net loss			(5,400,000)
Stock- based compensation			5,400,000
Net cash provided by (used for) operating activities