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CA
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604
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<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-18pt'><b>1. </b></kbd><b>Nature of Operations and Continuance of Business</b> </p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>Hoops Scouting USA (the “Company”) was incorporated in the State of Wyoming on October 31, 2016. The Company is in the business of scouting high school and college basketball players in Colorado. </p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:18pt'>These condensed financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. As at March 31, 2019, the Company has not generated any revenues, has a working capital deficit of $15,973, and has an accumulated deficit of $16,023. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p>
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<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-18pt'><b>2. </b></kbd><b>Significant Accounting Policies</b> </p><p align="justify" style='margin:0;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(a)</kbd><kbd style='margin-left:19pt'></kbd>Basis of Presentation </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The accompanying condensed financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2018. In the opinion of management, the accompanying condensed financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.</p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(b)</kbd><kbd style='margin-left:19pt'></kbd>Use of Estimates and Judgments </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p><p align="justify" style='margin:0'> </p><p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(c)</kbd><kbd style='margin-left:19pt'></kbd>Recent Accounting Pronouncements </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations</p>
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(a)</kbd><kbd style='margin-left:19pt'></kbd>Basis of Presentation </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The accompanying condensed financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission for the fiscal year ended June 30, 2018. In the opinion of management, the accompanying condensed financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.</p>
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(b)</kbd><kbd style='margin-left:19pt'></kbd>Use of Estimates and Judgments </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. It also requires management to exercise its judgment in the processing of applying the Company’s accounting policies. The Company regularly evaluates estimates and assumptions related to deferred income tax valuation allowances. The Company bases its estimates and assumptions on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The impacts of such estimates and judgments are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates and judgments are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p>
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:0pt'>(c)</kbd><kbd style='margin-left:19pt'></kbd>Recent Accounting Pronouncements </p><p align="justify" style='margin:0;margin-left:36pt'> </p><p align="justify" style='margin:0;margin-left:36pt'>The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations</p>
<p align="justify" style='margin:0;margin-left:18pt'><kbd style='position:absolute;font:8pt Arial;margin-left:-18pt'><b>3. </b></kbd><b>Related Party Transactions</b> </p><p align="justify" style='margin:0;text-indent:-18pt;margin-left:18pt'> </p><p align="justify" style='margin:0;margin-left:18pt'>As at March 31, 2019 the Company owed $11,898 (June 30, 2018 - $6,898) to the President and Director of the Company, which is unsecured, non-interest bearing, and due on demand.</p>
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