10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended April 30, 2021

OR

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

For the transition period from ________ to _________

Commission File Number: 333-213698

CLANCY CORP.
(Exact name of registrant as specified in its charter)

Nevada	30-0944559
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
2nd Floor, BYD, No. 56, Dongsihuan South Road, Chaoyang District, Beijing, China	100023
(Address of Principal Executive Offices)	(Zip Code)

189-1098-4577
(Registrant’s telephone number, including area code)

n/a n/a

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

Securities registered under Section 12(b) of the Exchange Act: None

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

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

Large accelerated filer o	Accelerated filer o
Non-accelerated filer x	Smaller reporting company x
Emerging growth company o

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. o

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

As of May 10, 2021, there were 153,105,464 shares of common stock, $0.001 par value per share, outstanding.

CLANCY CORP.

INDEX TO FINANCIAL STATEMENTS

	Page Number
CONSOLIDATED BALANCE SHEETS	1
CONSOLIDATED STATEMENTS OF OPERATIONS	2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ DEFICIT	3
CONSOLIDATED STATEMENT OF CASH FLOWS	4
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS	5

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

CLANCY CORP.

CONSOLIDATED BALANCE SHEETS

	As of April 30, 2021 (Unaudited)			As of July 31, 2020
ASSETS
CURRENT ASSETS
Cash and equivalents	$	204,517		$	21,821
Prepaid expenses		697			7,677
Business advances		—			81,324
Total current assets		205,214			110,822
NONCURRENT ASSETS
Prepaid expense		—			38,571
Deposit - rent		14,844			13,714
Right of use asset, net		122,093			155,602
Total noncurrent assets		136,937			207,887
TOTAL ASSETS	$	342,151		$	318,709
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Accounts payable		1,436			587
Advance from customers		—			7,714
Advance from customer - related party		—			6,429
Advance from related party		219,432			263,037
Operating lease liability		67,797			11,044
Total current liabilities		288,665			288,811
Operating lease liability, non-current		60,688			110,567
TOTAL LIABILITIES		349,353			399,378
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY (DEFICIT)
Common stock, $0.001 par value; 153,105,464 shares and 3,105,250 shares issued and outstanding at April 30, 2021 and July 31, 2020		153,105			3,105
Additional paid-in capital		213,251			63,251
Accumulated other comprehensive loss		(3,059	)		—
Accumulated deficit		(370,499	)		(147,025	)
TOTAL EQUITY (DEFICIT)		(7,202	)		(80,669	)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$	342,151		$	318,709

See accompanying notes to financial statements.

-1- 

CLANCY CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

	NINE MONTHS ENDED APRIL 30,						THREE MONTHS ENDED APRIL 30,
	2021			2020			2021			2020
Revenues	$	24,376		$	—		$	8,210		$	—
Revenues - related party		20,312			—			6,840			—
Total Revenues		44,688			—			15,050			—
Cost of revenues		142,548			—			67,687			—
Gross loss		(97,861	)		—			(52,638	)		—
Operating expenses
Research and development expense-software		40,624			—			1,093			—
General and administrative		85,220			56,819			21,525			26,977
Total operating expenses		125,844			56,819			22,618			26,977
Loss from operations		(223,706	)		(56,819	)		(75,257	)		(26,977	)
Non-operating income
Interest income		231			—			196			—
Total non-operating loss, net		231			—			196			—
Loss before income tax		(223,475	)		(56,819	)		(75,061	)		(26,977	)
Income tax expense		—			—			—			—
Net loss		(223,475	)		(56,819	)		(75,061	)		(26,977	)
Other comprehensive item
Foreign currency translation loss		(3,059	)		—			(1,144	)		—
Comprehensive loss	$	(226,534	)	$	(56,819	)	$	(76,205	)	$	(26,977	)
Basic weighted average shares outstanding		73,435,134			3,105,250			153,105,464			3,105,250
Basic net loss per share	$	(0.00	)	$	(0.02	)	$	(0.00	)	$	(0.01	)

See accompanying notes to financial statements.

-2- 

CLANCY CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	NINE MONTHS ENDED APRIL 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(223,475	)	$	(56,819	)
Lease expense		48,983			4,216
(Increase) decrease in assets and liabilities:
Accounts receivable		—			587
Business advances		10,422			—
Prepaid expense		41,581			—
Accounts payable		800			—
Advances from customers		(14,896	)		—
Net cash used in operating activities		(136,584	)		(52,016	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from shares issued for equity financing		300,000			—
Changes in due to related party		17,565			54,457
Net cash provided by financing activities		317,565			54,457
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND EQUIVALENTS		1,716			—
NET INCREASE IN CASH AND EQUIVALENTS		182,696			2,441
CASH AND EQUIVALENTS, BEGINNING OF PERIOD		21,821			—
CASH AND EQUIVALENTS, END OF PERIOD	$	204,517		$	2,441
Supplemental cash flow data:
Income tax paid	$	—		$	—
Interest paid	$	—		$	—
Supplemental Disclosure of Non-cash lease activities:
Recognition of right of use asset	$	—		$	17,951
Recognition of lease liability	$	—		$	(17,951	)

See accompanying notes to financial statements.

-3- 

CLANCY CORP.

STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

(UNAUDITED)

For the nine months ended April 30, 2021

							Accumulated
					Additional		Other
	Common Stock				Paid in		Comprehensive			Accumulated
	Shares		Amount		Capital		Loss			Deficit			Total
Balance July 31, 2020		3,105,250	$	3,105	$	63,251	$	—		$	(147,025	)	$	(80,669	)
Net Loss		—		—		—		—			(68,517	)		(68,517	)
Currency Translation Adjustment		—		—		—		(1,824	)		—			(1,824	)
Balance October 31, 2020		3,105,250		3,105		63,251		(1,824	)		(215,542	)		(151,010	)
Net Loss		—		—		—		—			(79,898	)		(79,898	)
Rounding of shares due to stock split		214		—		—		—			—			—
Shares Issued for Equity Financing		150,000,000		150,000		150,000		—			—			300,000
Currency Translation Adjustment		—		—		—		(91	)		—			(91	)
Balance January 31, 2021		153,105,464		153,105		213,251		(1,915	)		(295,439	)		69,002
Net loss		—		—		—		—			(75,061	)		(75,061	)
Currency translation		—		—		—		(1,144	)		—			(1,144	)
Balance, April 30, 2021		153,105,464	$	153,105	$	213,251	$	(3,059	)	$	(370,500	)	$	(7,202	)
For the nine months ended April 30, 2020
							Accumulated
					Additional		Other
	Common Stock				Paid in		Comprehensive			Accumulated
	Shares		Amount		Capital		loss			Deficit			Total
Balance July 31, 2019		3,105,250	$	3,105	$	63,251	$	—		$	(67,508	)	$	(1,152	)
Net Loss		—		—		—		—			(14,118	)		(14,118	)
Balance October 31, 2019		3,105,250		3,105		63,251		—			(81,626	)		(15,270	)
Net Loss		—		—		—		—			(15,723	)		(15,723	)
Balance January 31, 2020		3,105,250		3,105		63,251		—			(97,349	)		(30,993	)
Net loss		—		—		—		—			(26,977	)		(26,977	)
Balance, April 30, 2020		3,105,250	$	3,105	$	63,251	$	—		$	(124,326	)	$	(57,970	)

See accompanying notes to financial statements.

-4- 

CLANCY CORP.

NOTES TO THE FINANCIAL STATEMENTS

April 30, 2021 (Unaudited) and July 31, 2020

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

Clancy Corp. (“Company”) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA.

On April 13, 2020, the Company registered Shanghai Clancy Enterprise Management Co., Ltd. (Shanghai Clancy) as a wholly foreign-owned entity and as a wholly owned subsidiary in Shanghai, China. Shanghai Clancy had no business activity from inception through April 30, 2021.

On April 24, 2020, Shanghai Clancy registered Beijing Clancy Information Technology Co., Ltd. (Beijing Clancy) in Beijing as its wholly-owned subsidiary and a second tier subsidiary of the Company.

From August 1, 2020 to April 30, 2021, the Company business centered on providing IT services to a small number of clients. Beginning in May 2021, the Company terminated its IT services and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

NOTE 2 – GOING CONVERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Although Beijing Clancy started business operation and had generated revenue for the nine and three months ended April 30, 2021, the Company incurred loss, an accumulated deficit and experienced negative cash flow from operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Mr. Meng, the major stockholder, Chief Executive Officer and sole director of Company, verbally has agreed to provide continued financial support to the Company.

The Company’s business objective for the next twelve month and beyond such time will be to expand business operations and increase revenue. The Company will focus on product management, digital marketing, refined user operations, performance optimization, after-sales service, etc. to provide customers with more convenient and high- quality service experience.

The Covid-19 pandemic presents novel challenges and a chaotic business environment globally. The duration and intensity of the impact of the Covid-19 to business entities differ geographically. Covid-19 has a limited impact on the Company’s activities since Shanghai Clancy has no activities and Beijing Clancy operations are limited to Beijing, PRC. The impact on the Company’s result of operation and the financial statements was immaterial as of April 30, 2021.

-5- 

NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Fiscal year end

The Company’s year-end is July 31.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Income Taxes

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Cash and Cash Equivalents

Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values.

Concentration of Credit Risk

The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $250,000 per depositor per insured-bank. As of April 30, 2021, cash held in the PRC bank of approximately $122,213 was not covered by the insurance. The Company has not experienced any losses in such accounts in the PRC.

-6- 

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at April 30, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases.

Advance from Customers - Contract Liability

On July 29, 2020, the Company entered into three-year service maintenance agreements with three customers. The three service maintenance agreements total 1,188,000 RMB to be received over the three-year period. The contracts require three months of upfront payments each quarter, totaling 99,000 RMB per quarter. The Company’s performance obligation will be satisfied on a monthly basis and the upfront payments will be recognized as revenue, pro rata on a monthly basis, over each fiscal quarter. For the nine and three months period ended April 30, 2021, the company recognized revenue of $44,687 and $15,050, respectively.

One of the service maintenance agreements is with a company that is controlled by a supervising officer of Beijing Clancy and thus is deemed to be a related party. The total value of this particular service maintenance agreement is 540,000 RMB, payable quarterly with upfront quarterly payments of 45,000 RMB.

The Company recently determined to re-focus is business strategy and direction. As a result, the Company has ceased its IT service maintenance agreements with its customers effective April 30, 2021 and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. In the nine and three months ended April 30, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding.

Foreign Currency Translation and Comprehensive Income (Loss)

The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.

-7- 

The Company follows FASB ASC Topic 220, “Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. 

The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows:

	April 30, 2021		April 30, 2020
Period end USD: RMB exchange rate		6.6462		7,0571
Average USD: RMB exchange rate		6.4672		7.0141

Financial Instrument

The carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, accounts payable and advances, approximates their fair values because of their short maturities.

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Recently Adopted Accounting Pronouncements

As of April 30, 2021 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As of April 30, 2021, there was no recently issued accounting standards adopted which would have a material effect on the Company’s consolidated financial statements.

NOTE 4 - OPERATING LEASE RIGHT-OF-USE ASSETS

As of April 30, 2021, the total operating lease Right of Use assets were $122,093. The total operating lease cost was $49,392 and $4,860, respectively, for the nine-month period ended April 30, 2021 and 2020. The total operating lease cost was $16,481 and $1,620, respectively, for the three-month period ended April 30, 2021 and 2020.

NOTE 5 - LEASE LIABILITIES- OPERATING LEASE

Future minimum lease payments under the operating lease as of April 30, 2021 are:

12 months ended April 30, 2022	$	75,577
12 months ended April 30, 2023		64,237
Total Lease payments		139,814
Less Imputed Interest		(11,329	)
Net Lease liability	$	128,485

-8- 

NOTE 6 - RELATED PARTY TRANSACTIONS

The Company’s major shareholder has orally agreed to loan funds to the Company for its operations on an as needed basis. For the nine months ended April 30, 2021 and 2020, the major shareholder loaned the Company $17,565 and 54,457, respectively.

As of April 30, 2021 and July 31, 2020, the balance owing the major shareholder was $219,432 and $263,037, respectively. The loan is interest free and unsecured and had no stated terms of repayment.

NOTE 7 - RESEARCH AND DEVELOPMENT EXPENSE

As of April 30, 2021, the Company fully expensed the cost of development of software prepaid to a third party in the amount of $40,624 due to termination of the service. The research and development expense – software development was $40,624 and 0 for the nine months ended April 30, 2021 and 2020, respectively. The research and development expense – software development was $1,093 and $0 for the three months ended April 30, 2021 and 2020, reprehensively.

NOTE 8 - ADVANCE FROM CUSTOMERS - CONTRACT LIABILITY

At the beginning of the quarter ended April 30, 2021, the Company had $15,299 advance from customers for service to be performed, of which, $6,954 was from a related party. At the ended of the quarter, we applied the advances to the revenue for this quarter, so as of April 30, 2021, the balance was zero. As of July 31, 2020, the Company had $14,143 advance from customers for service to be performed, of which, $6,429 was from a related party.

NOTE 9 - SHARES ISSUED FOR EQUITY FINANCING

In December 2020, the Company issued 150,000,000 shares of common stock of the Company to five individuals including the Company’s CEO, at $0.002 per share. The Company received proceeds of $300,000 from this private placement. As of April 30, 2021 and July 31, 2020, the shares out issued and standing were 153,105,464 and 3,105,250, respectively.

NOTE 10 - INCOME TAXES

Income tax expense was $0 for the nine and there months ended April 30, 2021 and 2020.

As of April 30, 2021, the Company had no unrecognized tax benefits and, accordingly, the Company did not recognize interest or penalties during the nine and three months ended April 30, 2021 related to unrecognized tax benefits. There was no accrual for uncertain tax positions as of April 30, 2021.

There is no income tax benefit for the losses for the nine and three months ended April 30, 2021 and 2020, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

NOTE 11 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of filing the financial statements with the Securities and Exchange Commission, the date the financial statements were available to be issued. Management is not aware of any reportable events that occurred subsequent to the balance sheet date up to the date of filing this report.

-9- 

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

Forward-Looking Statements

Certain statements made in this quarterly report on Form 10-Q are “forward-looking statements” in regard to the plans and objectives of management for future operations. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the registrant to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. The Company’s plans and objectives are based, in part, on assumptions involving the continued expansion of business. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this quarterly report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the registrant or any other person that the objectives and plans of the registrant will be achieved. 

Substantial risks exist with respect to an investment in the Company. These risks include but are not limited to, those factors discussed in our Annual Report on Form 10-K for the fiscal year ended July 31, 2020, filed with the Securities and Exchange Commission (“Commission”) on November 12, 2020. More broadly, these factors include, but are not limited to: 

● We have incurred significant losses and expect to incur future losses;

● Our current financial condition and immediate need for capital;

● Potential significant dilution resulting from the issuance of new securities for any funding, debt conversion or any business combination; and

● We are a “penny stock” company.

Description of Business

Clancy Corp. (the “Company”) was incorporated under the laws of the State of Nevada on March 22, 2016.

Effective June 28, 2019 (“Effective Date”), a change of control occurred with respect to the Company. Pursuant to the terms of Stock Purchase Agreement, Gaoyang Liu purchased 2,000,000 shares of Company issued and outstanding common stock from Iryna Kologrim, the then sole officer, director, and majority shareholder of the Company. The 2,000,000 shares represented 64.4% of the shares of outstanding common stock of the Company. In connection with the transaction, Mr. Liu became the sole officer and director of the Company and Ms. Kologrim resigned in all capacities with respect to the Company. In addition, as of the Effective Date, the Company assigned all of the assets to Ms. Kologrim and she waived all liabilities, including any outstanding loans, and claims against the Company. In connection with the change of control, the Company ceased its business operation and is now a “shell company” as defined under Rule 405 promulgated under the Securities Act of 1933, as amended (the “Act”). Prior to such time, the Company produced and sold organic soaps.

On January 15, 2020, the Company filed a Certificate of Amendment to Articles of Incorporation with the Nevada Secretary of State (the “Amendment”) which effectuated the following corporate actions (“Corporate Actions”):

● The forward split of the Company’s issued and outstanding common stock, $0.001 par value, on thirty (30) post-split shares for a one (1) pre-split share basis applicable to stockholders of record as of January 2, 2020, and

● The increase of the Company’s authorized shares of common stock, $0.001 par value, from 75,000,000 to 345,000,000.

The Corporate Actions were adopted by written consent of our sole Director, Mr. Gaoyang Liu, on January 2, 2020, and the sole Director recommended the Corporate Actions be presented to our shareholders for approval. On January 3, 2020, Mr. Liu, the Company’s majority stockholder, holding 64.4% of the company’s outstanding voting securities executed written consent approving the Corporate Actions. For purposes of the forward stock split described above, the sole Director also set January 2, 2020 as the record date of such action. 

-10- 

On March 31, 2020, a change of control occurred with respect to the Company. Pursuant to a Stock Purchase Agreement entered into by and among the Clancy Corp. (“Company”), Gaoyang Liu (“Seller”), and Xiangying Meng (“Buyer”) (the “Purchase Agreement”), Seller assigned, transferred and conveyed to Buyer 60,000,000 shares of common stock of Company (“Common Stock”), which represents 64.4% of the total issued and outstanding shares of the Company, for the sum of $285,000. In addition, Seller assigned his rights and interest to outstanding loans made by Seller to the Company in the amount of $55,609 for the face value of such loans. As a result of the transaction, Mr. Meng owned 67,500,000 shares of common stock of the Company or 72.5% of the issued and outstanding shares of common stock of the Company.

In connection with the transaction, Mr. Liu, the then sole officer and director of the Company resigned in all officer and director capacities from the Company and Mr. Meng was appointed Chief Executive Officer and Chief Financial Officer of the Company. In addition, Mr. Meng was appointed the sole director of the Company.

On July 6, 2020, the Nevada Secretary of State approved the Company’s Certificate of Amendment to Articles of Incorporation which effectuated the following corporate action (“Corporate Action”):

● The reverse split of our issued and outstanding common stock, $0.001 par value, on thirty (30) pre-split shares to one (1) post-split share basis. Fractional shares resulting from the action will be rounded up to the nearest whole share.

The above corporate action was adopted by written consent of our sole Director on June 11, 2020, and the sole Director recommended the corporate action be presented to our shareholders for approval. For purposes of the reverse stock split described above, the sole Director also set June 12, 2020 as the record date of such action. On June 12, 2020, our majority stockholder, holding 91.885% of our outstanding voting securities, executed written consent in lieu of a shareholder meeting approving the corporate action.

On April 13, 2020, the Company registered Shanghai Clancy Enterprise Management Co., Ltd. (Shanghai Clancy) as a wholly foreign-owned entity and as a wholly owned subsidiary in Shanghai, China. Shanghai Clancy had no business activity from inception through October 31, 2020.

On April 24, 2020, Shanghai Clancy registered Beijing Clancy Information Technology Co., Ltd. (Beijing Clancy) in Beijing as a wholly-owned subsidiary. Beijing Clancy had no business activity from inception through April 30, 2020.

Results of Operations

While we commenced limited operations during the first fiscal quarter of this year, at the present time, the Company still is considered a shell company as defined in Rule 504 of the Act. One of our principal business objective for the next 12 months and beyond such time will be to achieve meaningful business operations. Alternatively, if we are unable to successfully develop our business, we may seek a combination with a business rather than immediate, short-term earnings. The Company will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.

Comparison of three months ended April 30, 2021 and 2020

Revenues

For the three months ended April 30, 2021 and 2020, the company had revenues of $15,050 and 0, respectively. The revenues are from our IT related business conducted through Beijing Clancy. We ceased that business as of April 30, 202. Beginning in May 2021, the Company re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

-11- 

Cost of Revenues

For the three months ended April 30, 2021 and 2020, the Company had cost of revenues $67,687 and 0, respectively. Cost of revenues includes salaries and benefits of IT technicians. The increase in cost of revenues is due to the commencement of our technology driven business in the report period of this current fiscal year. We did not have any business operations during the same period of the last fiscal year.

Operating Expenses

For the three months ended April 30, 2021, the Company had total operating expenses of $22,618, consisting of $16,481 in lease expense, $6,137 in general and administrative expenses. These amounts compare with total operating expenses of $26,977 consisting of lease expense of $1,454 and general and administrative expense of $25,523 recorded in the three months ended April 30, 2020. The decrease of $4,359 was due to the decrease in general and administrative expense.

Net Loss

For the three months ended April 30, 2021 and 2020, the Company had a net loss of $75,257 and $26,977, respectively, for the reasons discussed above, mainly the increase of the cost of revenues.

Comparison of nine months ended April 30, 2021 and 2020

Revenues

For the nine months ended April 30, 2021 and 2020, the company had revenues of $44,688 and 0, respectively. The revenues are from our technology related business conducted through Beijing Clancy. As mentioned above, we ceased that business as of April 30, 2021. Beginning in May 2021, the Company re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

Cost of Revenues

For the nine months ended April 30, 2021 and 2020, the Company had cost of revenues $142,548 and $0, respectively. Cost of revenues includes salaries and benefits of IT technicians. The increase in cost of revenues is due to the commencement of our technology driven business in the report period of this current fiscal year. We did not have any business operations during the same period of the last fiscal year.

Operating Expenses

For the nine months ended April 30, 2021, the Company had total operating expenses of $125,844, consisting of $49,392 in lease expense, $35,828 in general and administrative expenses and $40,624 in research and development expense. These amounts compare with total operating expenses of $56,819 consisting of lease expense of $4,216, and general and administrative expense of $52,603 recorded in the nine months ended April 30, 2020. The increase of $69,025 was due to increased research and develop costs associated with our recent business developments, along with increased lease expense from the three-year lease which we entered into in May 2020.

Net Loss   

For the nine months ended April 30, 2021 and 2020, the Company had a net loss of $223,475 and $56,819, respectively, for the reasons discussed above.

Liquidity and Capital Resource

The Company had $204,517 and $21,821, respectively, in cash and cash equivalents as of April 30, 2021 and July 31, 2020.

-12- 

As of April 30, 2021 and July 31, 2020, the Company had working capital deficit of $83,451 and $177,989, respectively. The decrease in working capital deficit was due to increased revenues and an equity financing of $300,000 was completed for the current period.

The Company can provide no assurances that it can continue to satisfy its cash requirements for at least the next twelve months.

The following is a summary of the Company’s cash flows from operating and financing activities for the nine months ended April 30, 2021 and 2020:

	Nine Month Ended			Nine Month Ended
	April 30, 2021			April 30, 2020
Net Cash Used in Operating Activities	$	(147,007	)	$	(52,016	)
Net Cash Provided by Financing Activities		327,987			54,457
Effects of Exchange rate Changes on Cash		1,716			2,441
Net Change in Cash	$	182,696		$	2,441

Operating Activities

During the nine months ended April 30, 2021, the Company had a net loss of $223,475 and after adjusting for lease expense, decreased cash payment on prepaid expenses and decreased payment on accounts payable, a net cash used in operating activities of $147,007 was recorded. By comparison, during the nine months period ended April 30, 2020, the Company incurred net cash used in operating activities of $52,016, which was mainly from net loss of $56,819.

Financing Activities

During the nine months ended April 30, 2021, the Company had cash provided by financing activities of $327,987, which was mainly consisted of shares issued from an equity financing for $300,000, and increased due to a related party (also the Company’s major shareholder) of $27,987. By comparison, during the nine months ended April 30, 2020, the Company had $54,457 increase from due to a related party, which is also the Company’s major shareholder.

Our financial statements reflect the fact that we do not have enough revenue to cover expenses. We are at present under-capitalized. The Company is dependent upon the receipt of capital investment or other financing to fund its ongoing operations and to execute its business plan of seeking a combination with a private operating company. In addition, the Company is dependent upon certain related parties to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, the Company may not be able to implement its plan of operations.

Off-Balance Sheet Arrangements

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

Contractual Obligations

None.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

-13- 

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

In connection with the preparation of this quarterly report, an evaluation was carried out by the Company’s management, with the participation of the principal executive officer and the principal financial officer, of the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act (“Exchange Act”) as of January 31, 2021. Disclosure controls and procedures are designed to ensure that information required to be disclosed in reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Commission’s rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and the principal financial officer, to allow timely decisions regarding required disclosures.

Based on that evaluation, the Company’s management concluded, as of the end of the period covered by this report, that the Company’s disclosure controls and procedures were not effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Commission’s rules and forms, and that such information was not accumulated and communicated to management, including the principal executive officer and the principal financial officer, to allow timely decisions regarding required disclosures.

Management’s Report on Internal Control over Financial Reporting

Change in Internal Control over Financial Reporting

During the quarter ended January 31, 2021, there has been no changes in internal control over financial reporting that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

PART II OTHER INFORMATION

Item 1. Legal Proceedings.

There are presently no material pending legal proceedings to which the Company, any executive officer, any owner of record or beneficially of more than five percent of any class of voting securities is a party or as to which any of its property is subject, and no such proceedings are known to the Company to be threatened or contemplated against it.

Item 1A. Risk Factors.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

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

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable to our Company.

Item 5. Other Information.

None

-14- 

Item 6. Exhibits.

Exhibit	Description
31.1	Certification of the Company’s Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Certification of the Company’s Principal Executive Officer and Principal Financial pursuant to 18 U.S.C. Section 1350, as adopted 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 CALCULATION LINKBASE DOCUMENT*
101.DEF	XBRL TAXONOMY DEFINITION LINKBASE DOCUMENT*
101.LAB	XBRL TAXONOMY LABEL LINKBASE DOCUMENT*
101.PRE	XBRL TAXONOMY PRESENTATION LINKBASE DOCUMENT*

+ In accordance with SEC Release 33-8238, Exhibit 32.1 is being furnished and not filed.

* Filed herewith.

-15- 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: June 14, 2021	CLANCY CORP.
	/s/ Xiangying Meng
	Xiangying Meng

-16- 

EX-31.1

Exhibit 31.1

Certification of the Company’s Principal Executive Officer and Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

and Securities and Exchange Commission Release 34-46427

I, Xiangying Meng, certify that:

1.	I have reviewed this report on Form 10-Q of Clancy Corp.;
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 quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods present in this quarterly report;
4.	As the registrant’s sole certifying officer, 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 (the registrant’s fourth fiscal quarter in the case of an quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. As the registrant’s sole certifying officer, 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 functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the 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.

Date: June 14, 2021
	/s/ Xiangying Meng
	Xiangying Meng Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

EX-32.1

Exhibit 32.1

Certification of Principal Executive Officer and Principal Financial Officer

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report of Clancy Corp. (the “Company”) on Form 10-Q for the period ended April 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Xiangying Meng, certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge and belief:

1. The Report 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 the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: June 14, 2021 

/s/ Xiangying Meng

Xiangying Meng

Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer, and Principal Accounting Officer)

XML

Cover - shares	9 Months Ended
	Apr. 30, 2021	May 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--07-31
Entity File Number	333-213698
Entity Registrant Name	Clancy Corp
Entity Central Index Key	0001681769
Entity Incorporation, State or Country Code	NV
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		153,105,464
Entity Shell Company	true

XML

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Apr. 30, 2021	Jul. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 204,517	$ 21,821
Prepaid expenses	697	7,677
Business advances		81,324
TOTAL CURRENT ASSETS	205,214	110,822
OTHER ASSETS
Prepaid expenses		38,571
Deposit - Rent	14,844	13,714
Right of use asset, net	122,093	155,602
TOTAL NONCURRENT ASSETS	136,937	207,887
TOTAL ASSETS	342,151	318,709
CURRENT LIABILITIES:
Accounts payable	1,436	587
Advance from customers		7,714
Advance from customer - related party		6,429
Advances - Related Party	219,432	263,037
Operating lease liability - current	67,797	11,044
TOTAL CURRENT LIABILITIES	288,665	288,811
Operating lease liability - non-current	60,688	110,567
TOTAL LIABILITIES	349,353	399,378
STOCKHOLDERS' EQUITY (DEFICIT)
Common stock, $0.001 par value; 153,105,464 shares and 3,105,250 shares issued and outstanding at April 30, 2021 and July 31, 2020	153,105	3,105
Additional Paid In Capital	213,251	63,251
Accumulated other comprehensive income (Loss)	(3,059)
Accumulated deficit	(370,499)	(147,025)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)	(7,202)	(80,669)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 342,151	$ 318,709

XML

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2021	Jul. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ 0.001	$ 0.001
Common Stock, shares authorized	345,000,000	345,000,000
Common Stock, Shares issued	153,105,464	3,105,250
Common Stock, Shares outstanding	153,105,464	3,105,250

XML

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Income Statement [Abstract]
REVENUE	$ 8,210		$ 24,376
REVENUE - related party	6,840		20,312
Total Revenues	15,050		44,688
Cost of goods sold	67,687		142,548
Gross profit	(52,638)		(97,861)
EXPENSES
Research & development expense - software	1,093		40,624
General and Administrative Expenses	21,525	26,977	85,220	56,819
TOTAL OPERATING EXPENSES	22,618	26,977	125,844	56,819
NET LOSS FROM CONTINUING OPERATIONS	(75,257)	(26,977)	(223,706)	(56,819)
Non-operating income
Interest income	196		231
Total non-operating income (loss), net	196		231
Loss before income tax	(75,061)	(26,977)	(223,475)	(56,819)
Provision for Income Taxes
NET INCOME (LOSS)	(75,061)	(26,977)	(223,475)	(56,819)
Foreign currency translation loss	(1,144)		(3,059)
COMPREHENSIVE LOSS	$ (76,205)	$ (26,977)	$ (226,534)	$ (56,819)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC & DILUTED	153,105,464	3,105,250	73,435,134	3,105,250
NET LOSS PER COMMON SHARE - BASIC & DILUTED	$ (0.00)	$ (0.01)	$ (0.00)	$ (0.02)

XML

STATEMENT OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Apr. 30, 2021	Apr. 30, 2020
OPERATING ACTIVITIES
Net Loss	$ (223,706)	$ (56,819)
Adjustments to reconcile net cash used in operating activities:
Lease expense	49,392	4,860
Changes in Assets and Liabilities:
Accounts receivable		587
Business advances	10,422
Prepaid expenses	41,581
Accounts payable	800
Advances from customers	(14,896)
Total Net Cash Used by Operating Activities operations	(136,584)	(52,016)
FINANCING ACTIVITIES:
Proceeds from shares issued for equity financing	300,000
Changes in due to related party	17,565	54,457
Total Net cash used by financing activities	317,565	54,457
Effects Of Exchange Rate Changes On Cash	1,716
NET INCREASE (DECREASE) IN CASH	182,696	2,441
CASH AT BEGINNING OF PERIOD	21,821
CASH AT END OF PERIOD	204,517	2,441
Supplemental Cashflow Information
Interest Paid
Taxes Paid
Supplemental Disclosure of Non Cash Lease Activity
Recognition of Right of use asset		17,951
Recognition of Lease liability		$ (17,951)

XML

STATEMENT OF CHANGES IN SHAREHOLDERS' DEFICIT (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Beginning Balance at Jul. 31, 2019	$ 3,105	$ 63,251		$ (67,508)	$ (1,152)
Beginning Balance (in shares) at Jul. 31, 2019	3,105,250
Net Loss				(14,118)	(14,118)
Ending Balance at Oct. 31, 2019	$ 3,105	63,251		(81,626)	(15,270)
Ending Balance (in shares) at Oct. 31, 2019	3,105,250
Beginning Balance at Jul. 31, 2019	$ 3,105	63,251		(67,508)	(1,152)
Beginning Balance (in shares) at Jul. 31, 2019	3,105,250
Net Loss					(56,819)
Shares Issued for Equity Financing
Currency translation adjustment
Ending Balance at Apr. 30, 2020	$ 3,105	63,251		(124,326)	(57,970)
Ending Balance (in shares) at Apr. 30, 2020	3,105,250
Beginning Balance at Oct. 31, 2019	$ 3,105	63,251		(81,626)	(15,270)
Beginning Balance (in shares) at Oct. 31, 2019	3,105,250
Net Loss				(15,723)	(15,723)
Ending Balance at Jan. 31, 2020	$ 3,105	63,251		(97,349)	(30,993)
Ending Balance (in shares) at Jan. 31, 2020	3,105,250
Net Loss				(26,977)	(26,977)
Currency translation adjustment
Ending Balance at Apr. 30, 2020	$ 3,105	63,251		(124,326)	(57,970)
Ending Balance (in shares) at Apr. 30, 2020	3,105,250
Beginning Balance at Jul. 31, 2020	$ 3,105	63,251		(147,025)	(80,669)
Beginning Balance (in shares) at Jul. 31, 2020	3,105,250
Net Loss				(68,517)	(68,517)
Currency translation adjustment			(1,824)		(1,824)
Ending Balance at Oct. 31, 2020	$ 3,105	63,251	(1,824)	(215,542)	(151,010)
Ending Balance (in shares) at Oct. 31, 2020	3,105,250
Beginning Balance at Jul. 31, 2020	$ 3,105	63,251		(147,025)	(80,669)
Beginning Balance (in shares) at Jul. 31, 2020	3,105,250
Net Loss					(223,475)
Shares Issued for Equity Financing					300,000
Currency translation adjustment					(3,059)
Ending Balance at Apr. 30, 2021	$ 153,105	213,251	(3,059)	(370,500)	(7,202)
Ending Balance (in shares) at Apr. 30, 2021	153,105,464
Beginning Balance at Oct. 31, 2020	$ 3,105	63,251	(1,824)	(215,542)	(151,010)
Beginning Balance (in shares) at Oct. 31, 2020	3,105,250
Net Loss				(79,898)	(79,898)
Rounding of shares due to stock split (in shares)	214
Shares Issued for Equity Financing	$ 150,000	150,000			300,000
Shares Issued for Equity Financing (in shares)	150,000,000
Currency translation adjustment			(91)		(91)
Ending Balance at Jan. 31, 2021	$ 153,105	213,251	(1,915)	(295,439)	69,002
Ending Balance (in shares) at Jan. 31, 2021	153,105,464
Net Loss				(75,061)	(75,061)
Currency translation adjustment			(1,144)		(1,144)
Ending Balance at Apr. 30, 2021	$ 153,105	$ 213,251	$ (3,059)	$ (370,500)	$ (7,202)
Ending Balance (in shares) at Apr. 30, 2021	153,105,464

XML

ORGANIZATION AND NATURE OF BUSINESS

9 Months Ended

Apr. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

Clancy Corp. (“Company”) was incorporated on March 22, 2016 under the laws of the State of Nevada, USA.

On April 13, 2020, the Company registered Shanghai Clancy Enterprise Management Co., Ltd. (Shanghai Clancy) as a wholly foreign-owned entity and as a wholly owned subsidiary in Shanghai, China. Shanghai Clancy had no business activity from inception through April 30, 2021.

On April 24, 2020, Shanghai Clancy registered Beijing Clancy Information Technology Co., Ltd. (Beijing Clancy) in Beijing as its wholly-owned subsidiary and a second tier subsidiary of the Company.

From August 1, 2020 to April 30, 2021, the Company business centered on providing IT services to a small number of clients. Beginning in May 2021, the Company terminated its IT services and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

XML

GOING CONCERN

9 Months Ended

Apr. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GOING CONCERN

NOTE 2 – GOING CONVERN

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Although Beijing Clancy started business operation and had generated revenue for the nine and three months ended April 30, 2021, the Company incurred loss, an accumulated deficit and experienced negative cash flow from operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Mr. Meng, the major stockholder, Chief Executive Officer and sole director of Company, verbally has agreed to provide continued financial support to the Company.

The Company’s business objective for the next twelve month and beyond such time will be to expand business operations and increase revenue. The Company will focus on product management, digital marketing, refined user operations, performance optimization, after-sales service, etc. to provide customers with more convenient and high- quality service experience.

The Covid-19 pandemic presents novel challenges and a chaotic business environment globally. The duration and intensity of the impact of the Covid-19 to business entities differ geographically. Covid-19 has a limited impact on the Company’s activities since Shanghai Clancy has no activities and Beijing Clancy operations are limited to Beijing, PRC. The impact on the Company’s result of operation and the financial statements was immaterial as of April 30, 2021.

XML

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Apr. 30, 2021

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 3 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Fiscal year end

The Company’s year-end is July 31.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Income Taxes

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Cash and Cash Equivalents

Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values.

Concentration of Credit Risk

The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $250,000 per depositor per insured-bank. As of April 30, 2021, cash held in the PRC bank of approximately $122,213 was not covered by the insurance. The Company has not experienced any losses in such accounts in the PRC.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at April 30, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases.

Advance from Customers - Contract Liability

On July 29, 2020, the Company entered into three-year service maintenance agreements with three customers. The three service maintenance agreements total 1,188,000 RMB to be received over the three-year period. The contracts require three months of upfront payments each quarter, totaling 99,000 RMB per quarter. The Company’s performance obligation will be satisfied on a monthly basis and the upfront payments will be recognized as revenue, pro rata on a monthly basis, over each fiscal quarter. For the nine and three months period ended April 30, 2021, the company recognized revenue of $44,687 and $15,050, respectively.

One of the service maintenance agreements is with a company that is controlled by a supervising officer of Beijing Clancy and thus is deemed to be a related party. The total value of this particular service maintenance agreement is 540,000 RMB, payable quarterly with upfront quarterly payments of 45,000 RMB.

The Company recently determined to re-focus is business strategy and direction. As a result, the Company has ceased its IT service maintenance agreements with its customers effective April 30, 2021 and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. In the nine and three months ended April 30, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding.

Foreign Currency Translation and Comprehensive Income (Loss)

The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.

The Company follows FASB ASC Topic 220, “Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. 

The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows:

	April 30, 2021		April 30, 2020
Period end USD: RMB exchange rate		6.6462		7,0571
Average USD: RMB exchange rate		6.4672		7.0141

Financial Instrument

The carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, accounts payable and advances, approximates their fair values because of their short maturities.

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Recently Adopted Accounting Pronouncements

As of April 30, 2021 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As of April 30, 2021, there was no recently issued accounting standards adopted which would have a material effect on the Company’s consolidated financial statements.

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OPERATING LEASE RIGHT-OF- USE ASSETS

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

OPERATING LEASE RIGHT-OF- USE ASSETS

NOTE 4 - OPERATING LEASE RIGHT-OF-USE ASSETS

As of April 30, 2021, the total operating lease Right of Use assets were $122,093. The total operating lease cost was $49,392 and $4,860, respectively, for the nine-month period ended April 30, 2021 and 2020. The total operating lease cost was $16,481 and $1,620, respectively, for the three-month period ended April 30, 2021 and 2020.

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LEASE LIABILITIES- OPERATING LEASE

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

LEASE LIABILITIES- OPERATING LEASE

NOTE 5 - LEASE LIABILITIES- OPERATING LEASE

Future minimum lease payments under the operating lease as of April 30, 2021 are:

12 months ended April 30, 2022	$	75,577
12 months ended April 30, 2023		64,237
Total Lease payments		139,814
Less Imputed Interest		(11,329	)
Net Lease liability	$	128,485

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RELATED PARTY TRANSACTIONS

9 Months Ended

Apr. 30, 2021

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 6 - RELATED PARTY TRANSACTIONS

The Company’s major shareholder has orally agreed to loan funds to the Company for its operations on an as needed basis. For the nine months ended April 30, 2021 and 2020, the major shareholder loaned the Company $17,565 and 54,457, respectively.

As of April 30, 2021 and July 31, 2020, the balance owing the major shareholder was $219,432 and $263,037, respectively. The loan is interest free and unsecured and had no stated terms of repayment.

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RESEARCH AND DEVELOPMENT EXPENSE

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

RESEARCH AND DEVELOPMENT EXPENSE

NOTE 7 - RESEARCH AND DEVELOPMENT EXPENSE

As of April 30, 2021, the Company fully expensed the cost of development of software prepaid to a third party in the amount of $40,624 due to termination of the service. The research and development expense – software development was $40,624 and 0 for the nine months ended April 30, 2021 and 2020, respectively. The research and development expense – software development was $1,093 and $0 for the three months ended April 30, 2021 and 2020, reprehensively.

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CONTRACT LIABILITY

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

CONTRACT LIABILITY

NOTE 8 - ADVANCE FROM CUSTOMERS - CONTRACT LIABILITY

At the beginning of the quarter ended April 30, 2021, the Company had $15,299 advance from customers for service to be performed, of which, $6,954 was from a related party. At the ended of the quarter, we applied the advances to the revenue for this quarter, so as of April 30, 2021, the balance was zero. As of July 31, 2020, the Company had $14,143 advance from customers for service to be performed, of which, $6,429 was from a related party.

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SHARES ISSUED FOR EQUITY FINANCING

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

SHARES ISSUED FOR EQUITY FINANCING

NOTE 9 - SHARES ISSUED FOR EQUITY FINANCING

In December 2020, the Company issued 150,000,000 shares of common stock of the Company to five individuals including the Company’s CEO, at $0.002 per share. The Company received proceeds of $300,000 from this private placement. As of April 30, 2021 and July 31, 2020, the shares out issued and standing were 153,105,464 and 3,105,250, respectively.

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INCOME TAXES

9 Months Ended

Apr. 30, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

NOTE 10 - INCOME TAXES

Income tax expense was $0 for the nine and there months ended April 30, 2021 and 2020.

As of April 30, 2021, the Company had no unrecognized tax benefits and, accordingly, the Company did not recognize interest or penalties during the nine and three months ended April 30, 2021 related to unrecognized tax benefits. There was no accrual for uncertain tax positions as of April 30, 2021.

There is no income tax benefit for the losses for the nine and three months ended April 30, 2021 and 2020, since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

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SUBSEQUENT EVENTS

9 Months Ended

Apr. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 11 - SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date of filing the financial statements with the Securities and Exchange Commission, the date the financial statements were available to be issued. Management is not aware of any reportable events that occurred subsequent to the balance sheet date up to the date of filing this report.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Apr. 30, 2021

Basis Of Presentation And Summary Of Significant Accounting Policies

Basis of presentation

Basis of Presentation

The consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and include the accounts of Clancy Corp. and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation.

Fiscal year end

Fiscal year end

The Company’s year-end is July 31.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires 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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Income Taxes

Income Taxes

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Revenue Recognition

Revenue Recognition

The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

Cash and Cash Equivalents

Cash and Cash Equivalents

Cash and cash equivalents consist of all cash balances and highly liquid investments with original maturities of three months or less. Because of short maturity of these investments, the carrying amounts approximate their fair values.

Concentration of Credit Risk

Concentration of Credit Risk

The Company is exposed to credit risk in the normal course of business, primarily related to cash and cash equivalents. Balances at financial institutions and state-owned banks within the PRC are covered by insurance up to RMB 500,000 (US$77,000) per bank. Balances at Federal Deposit Insurance Corporation (“FDIC”) insured bank in US are covered by insurance up to $250,000 per depositor per insured-bank. As of April 30, 2021, cash held in the PRC bank of approximately $122,213 was not covered by the insurance. The Company has not experienced any losses in such accounts in the PRC.

Leases

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. Finance leases are included in finance lease ROU assets and finance lease liabilities in the consolidated balance sheets.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease and finance lease ROU assets and liabilities recognized at April 30, 2021 based on the present value of lease payments over the lease term discounted using the rate implicit in the lease. In cases where the implicit rate is not readily determinable, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company has elected not to recognize operating lease ROU assets and liabilities arising from short-term leases.

Contract Liabilities

Advance from Customers - Contract Liability

On July 29, 2020, the Company entered into three-year service maintenance agreements with three customers. The three service maintenance agreements total 1,188,000 RMB to be received over the three-year period. The contracts require three months of upfront payments each quarter, totaling 99,000 RMB per quarter. The Company’s performance obligation will be satisfied on a monthly basis and the upfront payments will be recognized as revenue, pro rata on a monthly basis, over each fiscal quarter. For the nine and three months period ended April 30, 2021, the company recognized revenue of $44,687 and $15,050, respectively.

One of the service maintenance agreements is with a company that is controlled by a supervising officer of Beijing Clancy and thus is deemed to be a related party. The total value of this particular service maintenance agreement is 540,000 RMB, payable quarterly with upfront quarterly payments of 45,000 RMB.

The Company recently determined to re-focus is business strategy and direction. As a result, the Company has ceased its IT service maintenance agreements with its customers effective April 30, 2021 and re-focused its business operations to business consulting services to small and median sized businesses. Management believes their prior business experience will enable them to assist small and medium sized companies improve their operating efficiencies. The Company will charge its clients based on their performance. Management believes the new business model will reduce internal overhead costs and potentially provide a larger market for its services.

Basic Income (Loss) Per Share

Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic income (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. In the nine and three months ended April 30, 2021 and 2020, there were no potentially dilutive equity instruments issued or outstanding.

Comprehensive Income

Foreign Currency Translation and Comprehensive Income (Loss)

The Company’s functional currency is the Renminbi (“RMB”). For financial reporting purposes, RMB were translated into United States Dollars (“USD” or “$”) as the reporting currency. Assets and liabilities are translated at the exchange rate in effect at the balance sheet date. Revenues and expenses are translated at the average rate of exchange prevailing during the reporting period. Translation adjustments arising from the use of different exchange rates from period to period are included as a component of stockholders’ equity as “Accumulated other comprehensive income.” Gains and losses resulting from foreign currency transactions are included in income. There was no significant fluctuation in the exchange rate for the conversion of RMB to USD after the balance sheet date.

The Company follows FASB ASC Topic 220, “Comprehensive Income.” Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except those due to investments by stockholders, changes in paid-in capital and distributions to stockholders. 

The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows:

	April 30, 2021		April 30, 2020
Period end USD: RMB exchange rate		6.6462		7,0571
Average USD: RMB exchange rate		6.4672		7.0141

Financial Instruments

Financial Instrument

The carrying value of the Company’s short-term financial instruments, such as prepaid expenses, security deposit, accounts payable and advances, approximates their fair values because of their short maturities.

Stock-Based Compensation

Stock-Based Compensation

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718, “Compensation – Stock Compensation”, which requires that share-based payment transactions with employees be measured based on the grant-date fair value of the equity instrument issued and recognized as compensation expense over the requisite service period. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

As of April 30, 2021 and for the period then ended, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

As of April 30, 2021, there was no recently issued accounting standards adopted which would have a material effect on the Company’s consolidated financial statements.

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BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Apr. 30, 2021

Disclosure Summary Of Significant Accounting Policies Tables Abstract

Schedule of exchange rates

The exchange rates used to translate amounts in RMB to USD for the purposes of preparing the consolidated financial statements were as follows:

	April 30, 2021		April 30, 2020
Period end USD: RMB exchange rate		6.6462		7,0571
Average USD: RMB exchange rate		6.4672		7.0141

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LEASE LIABILITIES- OPERATING LEASE (Tables)

9 Months Ended

Apr. 30, 2021

Notes to Financial Statements

Schedule of Future minimum lease payments

Future minimum lease payments under the operating lease as of April 30, 2021 are:

12 months ended April 30, 2022	$	75,577
12 months ended April 30, 2023		64,237
Total Lease payments		139,814
Less Imputed Interest		(11,329	)
Net Lease liability	$	128,485

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Apr. 30, 2021	Apr. 30, 2020
Period end USD: RMB exchange rate
Exchange Rate	6.6462	7.0571
Average USD: RMB exchange rate
Exchange Rate	6.4672	7.0141

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	Apr. 30, 2021 USD ($)
Industrial and Commercial Bank of China Limited
Bank Deposits	$ 122,213

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OPERATING LEASE RIGHT-OF- USE ASSETS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020	Jul. 31, 2020
Notes to Financial Statements
Operating lease right of use Assets	$ 122,093		$ 122,093		$ 155,602
Operating Lease Cost	$ 16,481	$ 1,620	$ 49,392	$ 4,860

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LEASE LIABILITIES- OPERATING LEASE (Details)	Apr. 30, 2021 USD ($)
Notes to Financial Statements
2022	$ 75,577
2023	64,237
Total Lease payments	139,814
Less: Imputed interest	(11,329)
Net Lease Payment	$ 128,485

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RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Apr. 30, 2021	Jul. 31, 2020
Related Party Transactions [Abstract]
Due to Related Party	$ 219,432	$ 263,037

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RESEARCH AND DEVELOPMENT EXPENSE (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Notes to Financial Statements
Research & development expense - software	$ 1,093		$ 40,624

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INCOME TAXES (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Apr. 30, 2021	Apr. 30, 2020	Apr. 30, 2021	Apr. 30, 2020
Disclosure Income Taxes Details Abstract
Total income tax expense