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1. Organization, Description of Business and Principles of Consolidation
9 Months Ended
Feb. 28, 2019
Accounting Policies [Abstract]  
Organization, Description of Business and Principles of Consolidation

NOTE 1 – ORGANIZATION, DESCRIPTION OF BUSINESS AND PRINCIPLES OF CONSOLIDATION

 

Momentous Holdings Corp. (the “Company”) is engaged in the business of designing, producing, marketing and selling low carbon, eco-friendly alcoholic beverages.

 

We were incorporated as Momentous Holdings Corp. on May 29, 2015 in the State of Nevada for the purpose of designing, acquiring and developing mobile apps and mobile software for download by end consumers.

  

On December 31, 2018, the Company entered into a Share Exchange Agreement with Andrew Eddy (“Owner”), an individual residing in Great Britain and owner of 100% of the issued and outstanding capital shares of V Beverages Limited (“V Beverages”), a company organized under the laws of the United Kingdom (the “Share Exchange Agreement”). Pursuant to the Share Exchange Agreement, the Company acquired 100% of the issued and outstanding capital shares of V Beverages (the “Target Shares”). Upon the closing of the transactions under the Share Exchange Agreement, the Owner transferred the Target Shares to the Company in exchange for 15,750,000 shares of the Company’s common stock, par value $0.001.

 

Following the acquisition of V Beverages, we ceased operations of our app, the original business of the Company.

 

The transaction has been accounted for as a reverse merger, whereby V Beverages  is considered to be the accounting acquirer and became a wholly-owned subsidiary of the Company. In accordance with the accounting treatment for a “reverse merger” or a “reverse acquisition,” the Company’s historical financial statements prior to the reverse merger were and will be replaced with the historical financial statements of V Beverages prior to the reverse merger and in all future filings with the U.S. Securities and Exchange Commission (the “SEC”).

 

Principles of Consolidation

 

The accompanying consolidated financial statements include the accounts of the Company and our wholly-owned subsidiaries. All intercompany transactions have been eliminated in full.