Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-K

 

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended June 30, 2023

 

[ ] TRANSITION REPORT PURSUANT TO Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________ to __________

 

Commission File Number: 333-249576

 

STREETEX CORP.  

(Exact name of registrant as specified in its charter)

 

Nevada	7819
State or Other Jurisdiction of	Primary Standard Industrial
Incorporation or Organization	Classification Code Number
98-1446177
IRS Employer
Identification Number

 

  

Handelstr. 1,

Linkenheim-Hochstetten, DE 76351

Tel. [phone]

Email: [e-mail]

(Address and telephone number of principal executive offices)

  

 

Securities registered pursuant to Section 12(g) of the Act: None

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ( )     No (X)

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes ( )     No (X)

 

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 (X)       No ( )

 

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes (X)      No ( ) 

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”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ( )

Accelerated filer ( )

Non-accelerated Filer (X)

Emerging growth company (X)

Smaller reporting company (X)

 

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 7(a)(2)(B) of the Securities Act. ( )

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes ( ) No (X)

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ( )       No (X)

As of June 30, 2023, the last business day of the registrant’s most recently completed fiscal year, the aggregate market value of the voting common stock held by non-affiliates of the registrant was approximately $0 based on par value per share ($0.001), of the registrant’s common stock.

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:  2,516,814 common shares issued and outstanding as of October 16, 2023.

 

 

 

TABLE OF CONTENTS

 

		Page
PART I
Item 1.	Description of Business.	4
Item 1A.	Risk Factors.	6
Item 1B.	Unresolved Staff Comments.	6
Item 2	Description of Property.	6
Item 3.	Legal Proceedings.	6
Item 4.	Mine Safety Disclosures.	6
PART II
Item 5.	Market for Common Equity and Related Stockholder Matters.	7
Item 6.	Selected Financial Data.	7
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	8
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk.	9
Item 8.	Financial Statements and Supplementary Data.	9
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.	20
Item 9A (T).	Controls and Procedures.	20
Item 9B.	Other Information.	20
PART III
Item 10	Directors, Executive Officers, Promoters and Control Persons of the Company.	21
Item 11.	Executive Compensation.	22
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.	23
Item 13.	Certain Relationships and Related Transactions.	23
Item 14.	Principal Accounting Fees and Services.	23
PART IV
Item 15.	Exhibits	24
Signatures

 

 

 

3

 

PART I

Item 1. Description of Business

 

Forward-looking statements

 

Statements made in this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

 

DESCRIPTION OF BUSINESS

 

Our principal office address is located at Handel str. 1, Linkenheim-Hochstetten, Germany, 76351. Our telephone number is [phone]. Our plan of operation is forward-looking and there is no assurance that we will ever reach profitable operations. We are a development stage company and received $30,982 in revenue for the year ended June 30, 2023. It is likely that we will not be able to achieve profitability and would be forced to cease operations due to the lack of funding.

 

Main Idea

 

Our company intends to operate in the business of video advertisement for business entities or private individuals. We plan to produce advertising video content for social networks such as YouTube, Instagram, Facebook, Twitter and many others. Our principal services are aimed at bloggers, SMM managers and/or companies to promote their services on social web platforms. As our business grows, we may expand to related markets such as, advertising on online streaming platforms or, online cinema platforms.

 

Our preliminary list of services is, as follows:

 

1. Shoot video sequences depending on the request;

2. Edit video sequences shot by our company, depending on the request, videos may be shot by third companies, but footage is owned by the customer;

3. Add subtitles, transitions and/ or other video effects to the video sequences;

4. Add soundtracks or voice-overs to the video sequences;

5. Re-edit the video sequence and/ or re-edit the voice tracks or the soundtracks in the footage owned by the customer or bought by the customer from the third parties. 

6. Provide a video sequence from our bank of premade video footages. Necessary text is added to the footage, depending on the request;

Depending on the demand and profitability, we expect that the list of services may be expanded or cut. 

 

Communication with Customers

 

We are planning to deliver our services business entities or private individuals mostly.

 

We plan to organize our business to function, as follows:

 

1. We receive a request with the description of desired video sequence or, the request with a prepared shooting script. 

2. If our customer wishes so, for the additional fee they can choose sex, body type, and face type of the actor to star in the video;

3. We shoot the video as requested or, search for the premade video sequences in our video bank if it meets the request and/ or lacks the original idea, for instance, a video of a landscape view. 

4. If the request states so, we provide editing, special video and/ or sound effects added to the sequence, subtitles, or captions added to the video. 

5. If the request states so, record sound effects or voice over for the video;

6. Deliver the finished video to the customer. We provide the video to download at the customer’s personal account. 

 

 

4

 

Marketing Campaign

 

Our business is aimed at the online market thus we expect to promote our services with the help of online marketing tools. We expect to present our services via banners or flags, or video advertisements on Facebook, Twitter, Instagram, YouTube and similar services. We plan to organize our portfolio in a web catalogue to present our services to our potential clients. We plan to make our catalogue accessible on our website and on our mobile application. We plan to organize the catalogue by categories and add tags. Thus, we expect that browsing by categories such as, sport industry or beauty industry or, simply, by tags such as “sport”, “lifestyle” or “active” can help to attract customers from various types of businesses.

 

We plan to attract the focus of our customers by means of a context advertising tools such as Google AdWords, Yahoo! Gemini and similar tools by AOL and Facebook. We plan to use SEO (Search Engine Optimization) provided by the services listed above in order to have our application and web platform on the top of the search queries list. We expect that the services listed above can help to attract customers who search for “ad production for social web” or “video ad production” or, simply “video ad”.

 

We plan to take parts in advertising conventions, workshops and/ or presentations and similar events to promote our application and our services. We also plan to advertise our application and our services in printed issues of magazines, in electronic issues of press, commercial web communities, and communities of advertising professionals. As our business grows, we may expand our advertising campaign to bigger platforms such as online streaming services, for instance, Netflix, or web trading platforms, for instance, Amazon.

 

We also plan to have social web pages of our own on the websites such as Facebook, Twitter, and Instagram. We assume that we can demonstrate how our product looks and performs on the platforms it is intended. Thus, we can also expect an increase in customers. We plan to reinforce our promotion by means of WhatsApp accounts where we can post up-to-date information, create discussion channels with our customers or individuals interested in video advertising production. We expect that WhatsApp may aid us to react and interact instantly with the community of our customers.

 

Competition

 

We have many competitors in the business of video production and video editing services. Our competition strategy based on the following aspects:

- Our sole officer and director have professional 15 years’ experience and network.

- Our customization approach based on the values, mission and market needs of our clients.

- Uninterrupted contemporary social media trends analysis.

 

Revenue

 

We are charging our customers on the hourly rate basis from $300 to $3,000 per hour, depending on the project complexity. Our main expenses in video production services are video production team’s fees. Our hourly rate may include the fees of producers, directors, videographers, editors, screenwriters, art directors, and actors. We expect that our revenue will be 30% from the hourly rate. Our customers will cover all additional costs connected with the video production services such as specific decorations, equipment, transfer etc.

 

Insurance

 

We do not maintain any insurance and do not intend to maintain insurance in the future. Because we do not have any insurance, if we are had a party of a legal action, we may not have sufficient funds to defend the litigation. If that occurs a judgment could be rendered against us that could cause us to cease operations.

 

Employees; Identification of Certain Significant Employees

 

We are a development stage company and currently have no employees other than our sole officer and director, Mr. Dubs. He handles the Company’s day-to-day operations. We intend to hire employees on the outsource basis.

 

Offices

 

Our business office is located at Handel str. 1, Linkenheim-Hochstetten, Germany, 76351. This is the office provided by our President and Director, Stefan Dubs. Our phone number is [phone].  We do not pay any rent to Mr. Dubs and there is no agreement to pay any rent in the future.

 

 

5

 

Government Regulation

 

We will be required to comply with all regulations, rules, and directives of governmental authorities and agencies applicable to our business in any jurisdiction which we would conduct activities. As a U.S. Company doing business in Germany, we should comply with the laws and regulations of European Union and follow to the Directive 2006/123/EC of the European Parliament and of the Council of 12 December 2006 on services in the internal market. We also should follow to the EU General Data Protection Regulation (GDPR). According to the regulations, our type of services does not require any additional license or registration on the territory of Germany or European Union. We don’t need to register local entity or branch to deliver our services.

 

Item 1A.  Risk Factors

 

Not applicable to smaller reporting companies.

 

Item 1B. Unresolved Staff Comments

 

Not applicable to smaller reporting companies.

 

Item 2.  Description of Property

 

We do not own any real estate or other properties.  

Item 3.  Legal Proceedings

 

During the past ten years, none of the following occurred with respect to the President of the Company: (1) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (2) any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); (3) being subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any court of any competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; and (4) being found by a court of competent jurisdiction (in a civil action), the SEC or the commodities futures trading commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

 

We are not currently a party to any legal proceedings, and we are not aware of any pending or potential legal actions.

Item 4.  Mine Safety Disclosures

 

Not applicable.

 

 

 

 

 

 

 

 

 

6

 

 

 

 

PART II

 

Item 5. Market for Common Equity and Related Stockholder Matters      

Market Information

 

There is a limited public market for our common shares.  Our common shares are not quoted on the OTC Bulletin Board at this time.  Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.

 

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.

 

As of June 30, 2023, no shares of our common stock have traded.

 

Number of Holders

 

As of June 30, 2023, the 2,516,814 issued and outstanding shares of common stock were held by a total of 29 shareholder of record.

 

Dividends

No cash dividends were paid on our shares of common stock during the fiscal years ended June 30, 2023 and 2022. 

 

Recent Sales of Unregistered Securities

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

In July 2021 the Company issued 19,000 shares of common stock for cash proceeds of $950 at $0.05 per share.

 

In September 2021 the Company issued 116,000 shares of common stock for cash proceeds of $5,800 at $0.05 per share.

 

In October 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share.

 

In November 2021 the Company issued 38,000 shares of common stock for cash proceeds of $1,900 at $0.05 per share.

 

There were 2,516,814 shares of common stock issued and outstanding as of June 30, 2023 and 2,516,814 shares of common stock issued and outstanding as of June 30, 2022.

 

Purchase of our Equity Securities by Officers and Directors

 

On October 11, 2019, the Company offered and sold 2,000,000 restricted shares of common stock to our president and director, Stefan Dubs, for a purchase price of $0.001 per share, for aggregate offering proceeds of $2,000, pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.

 

Other Stockholder Matters

 

None.

 

Item 6. Selected Financial Data

 

Not applicable to smaller reporting companies.

 

 

 

 

 

 

7

 

 

 

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and the related notes and other financial information included elsewhere in this prospectus. Some of the information contained in this discussion and analysis or set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. You should review the “Risk Factors” section of this prospectus for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

 

We qualify as an “emerging growth company” under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

 

•	have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;
•	provide an auditor attestation with respect to management’s report on the effectiveness of our internal controls over financial reporting;
•	comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);
•	submit certain executive compensation matters to shareholder advisory votes, such as “say-on-pay” and “say-on-frequency;” and
•	disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the CEO’s compensation to median employee compensation.

 

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

We will remain an “emerging growth company” for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues is $1 billion, (ii) the date that we become a “large accelerated filer” as defined in Rule 12b-2 under the Securities Exchange Act of 1934, which would occur if the market value of our ordinary shares that is held by non-affiliates is $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1 billion in non-convertible debt during the preceding three year period.

 

Results of Operations for the years ended June 30, 2023 and 2022:

 

Revenue and cost of goods sold

 

For the years ended June 30, 2023 and June 30, 2022 the Company generated total revenue of $30,982 and $0 from providing services to its customers. The costs of goods for the years ended June 30, 2023 and 2022 were $22,000 and $0, respectively.

 

Operating expenses

 

Total operating expenses for the year ended June 30, 2023 and June 30, 2022 were $18,044 and $39,189. The operating expenses for the year ended June 30, 2023 included bank charges of $227; audit fees of $13,964 and professional fees of $3,854. The operating expenses for the year ended June 30, 2022 included bank charges of $277; depreciation expense of $113; legal fees of $1,200; audit fees of $11,750 and professional fees of $25,849. Decrease in expenses is mainly due to decrease in professional fees. For the year ended June 30, 2022, the Company paid for DTC eligibility services, but there were no expenses for DTC eligibility services for the year ended June 30, 2023.

 

 

8

 

 

Net Loss

 

The net loss for the years ended June 30, 2023 and 2022 was $9,062 and $39,189 accordingly.

 

Liquidity and Capital Resources and Cash Requirements

 

At year ended June 30, 2023, the Company had cash of $20,072 ($1,452 as of June 30, 2022). Furthermore, the Company had a negative working capital of $35,519 ($26,457 as of June 30, 2022). The increase in negative working capital is due to increase in loan from related party as of June 30, 2023.

 

During the year ended June 30, 2023 the Company used $20,943 of cash in operating activities due to its net loss and changes in accounts payable of $5,899 and deferred revenue of $5,982.

 

During the year ended June 30, 2023 the Company generated $39,563 of cash in financing activities.

 

During the year ended June 30, 2022 the Company used $25,094 of cash in operating activities due to its net loss and in accounts payable of $8,000, depreciation of $113 and deferred revenue of $5,982.

 

During the year ended June 30, 2022 the Company generated $11,500 of cash in financing activities.

 

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement its business plan and impede the speed of its operations.

 

Limited operating history; need for additional capital

 

There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and have generated limited revenues since inception. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.

 

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.

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk   

 

Not applicable to smaller reporting companies.

 

Item 8. Financial Statements and Supplementary Data   

 

 

 

 

 

 

 

9

 

 

 

 

STREETEX CORP.

 

FINANCIAL STATEMENTS

 

YEARS ENDED JUNE 30, 2023 AND JUNE 30, 2022

 

Table of Contents

 

		Page
Report of Independent Registered Public Accounting Firm		11
Balance Sheets as of June 30, 2023 and June 30, 2022		12
Statements of Operations for the years ended June 30, 2023 and June 30, 2022		13
Statement of Changes in Stockholders’ Equity for the years ended June 30, 2023 and June 30, 2022		14
Statements of Cash Flows for the years ended June 30, 2023 and June 30, 2022		15
Notes to the Financial Statements		16

 

 

 

 

 

 

 

  

 

 

 

 

10

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Streetex Corp.

 

Opinion on the Financial Statements

We have audited the accompanying balance sheets of Streetex Corp. (“the Company”) as of June 30, 2023 and 2022, and the related statements of operations, changes in stockholders’ equity, and cash flows for each of the years in the two-year period ended June 30, 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2023 and 2022 and the results of its operations and its cash flows for each of the years in the two-year period ended June 30, 2023, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has an accumulated deficit and negative working capital. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.

 

Fruci & Associates II, PLLC – PCAOB ID #05525

We have served as the Company’s auditor since 2020.

Spokane, Washington

October 16, 2023

 

 

F-1

11

 

STREETEX CORP.

BALANCE SHEETS

June 30, 2023 and 2022 (Audited)

 

ASSETS		June 30, 2023		June 30, 2022
Current Assets
Cash and cash equivalents	$	20,072	$	1,452
Total Current Assets		20,072		1,452
Total Assets	$	20,072	$	1,452
LIABILITIES AND STOCKHOLDERS’ EQUITY(DEFICIT)
Liabilities
Current Liabilities
Accounts payable	$	4,101	$	10,000
Related party loan		51,490		11,927
Deferred revenue		-		5,982
Total Current Liabilities		55,591		27,909
Total Liabilities		55,591		27,909
Commitments and Contingencies		-		-
Stockholders’ Equity (Deficit)
Common stock, par value $0.001; 75,000,000 shares authorized 2,516,814 and 2,516,814 shares issued and outstanding as of June 30, 2023 and June 30, 2022		2,517		2,517
Additional paid in capital		25,324		25,324
Accumulated deficit		(63,360)		(54,298)
Total Stockholders’ Equity (Deficit)		(35,519)		(26,457)
Total Liabilities and Stockholders’ Equity (Deficit)	$	20,072	$	1,452

 

 

 

 

See accompanying notes, which are an integral part of these financial statements

 

 

F-2

 

12

 

 

 

STREETEX CORP.

STATEMENTS OF OPERATIONS

Year ended June 30, 2023 and 2022 (Audited)

 

 

		Year ended June 30, 2023		Year ended June 30, 2022
Revenue	$	30,982	$	-
Cost of goods sold		22,000		-
GROSS PROFIT		8,982		-
OPERATING EXPENSES
General and Administrative Expenses	$	(18,044)	$	(39,189)
TOTAL OPERATING EXPENSES		(18,044)		(39,189)
NET LOSS FROM OPERATIONS		(9,062)		(39,189)
PROVISION FOR INCOME TAXES		-		-
NET LOSS	$	(9,062)	$	(39,189)
NET LOSS PER SHARE: BASIC AND DILUTED	$	(0.00)	$	(0.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED		2,516,814		2,454,275

 

 

 

 

See accompanying notes, which are an integral part of these financial statements

 

 

F-3

 

13

 

 

 

 

STREETEX CORP.

STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

Year ended June 30, 2023 and 2022 (Audited)

 

	Common Stock				Additional Paid-in Capital		Accumulated Deficit		Total Stockholders’ Equity (Deficit)
	Shares		Amount
June 30, 2021	2,286,814	$	2,287	$	14,054	$	(15,109)	$	1,232
Issuance of common stock	230,000		230		11,270		-		11,500
Net loss	-		-		-		(39,189)		(39,189)
June 30, 2022	2,516,814	$	2,517	$	25,324	$	(54,298)	$	(26,457)
Net loss	-		-		-		(9,062)		(9,062)
June 30, 2023	2,516,814	$	2,517	$	25,324	$	(63,360)	$	(35,519)

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements

 

 

 

F-4

 

14

 

 

 

STREETEX CORP.

STATEMENTS OF CASH FLOWS

Year ended June 30, 2023 and 2022 (Audited)

 

 

		Year ended June 30, 2023		Year ended June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(9,062)	$	(39,189)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation expense		-		113
Accounts payable		(5,899)		8,000
Deferred revenue		(5,982)		5,982
CASH FLOWS USED BY OPERATING ACTIVITIES		(20,943)		(25,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of stock		-		11,500
Proceeds from related party loan		39,563		-
CASH FLOWS FROM FINANCING ACTIVITIES		39,563		11,500
NET CHANGE IN CASH		18,620		(13,594)
Cash, beginning of period		1,452		15,046
Cash, end of period	$	20,072	$	1,452
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	$	-	$	-
Income taxes paid	$	-	$	-

 

 

 

 

 

See accompanying notes, which are an integral part of these financial statements

 

 

F-5

 

15

 

 

STREETEX CORP.

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2023 (Audited)

 

Note 1 – ORGANIZATION AND NATURE OF BUSINESS

 

STREETEX CORP.  (“the Company”) was incorporated in the State of Nevada on September 4, 2018. Our company intends to operate in the business of video advertisement for business entities or private individuals. We plan to produce advertising video content for social networks such as Instagram, Facebook, Twitter and many others. Our principal services are aimed at bloggers, SMM managers and/or companies to promote their services on social web platforms.

 

Note 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At June 30, 2023, the Company had cash of $20,072 and negative working capital of $35,519 For the year ended June 30, 2023 the Company had $30,982 in revenues and an accumulated deficit of $63,360 These factors raise substantial doubt regarding the Company`s ability to continue as a going concern.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There is no assurance that the Company will be successful in its endeavors or become financially viable and continue as a going concern.

 

The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is June 30.

 

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.

 

Equipment

Equipment is stated at cost, net of accumulated depreciation. Purchased equipment is multifunction printer. The cost of equipment is depreciated using the straight-line method over one year. We capitalize assets with a useful life of one year and greater, or over $1,000. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.

Purchased equipment was fully depreciated as of June 30, 2023.

 

Basic Income (Loss) Per Share

Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings per Share”.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented.

  

 

F-6

 

 

16

 

 

STREETEX CORP.

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2023 (Audited)

 

Fair Value of Financial Instruments

The Company’s financial instruments consist of cash, accounts payable, and advances payable to the sole officer and director. The carrying amount of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization.

 

Income Taxes

The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. 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. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.

 

To achieve the core principle of ASC 606, the Company performs the following steps: 

 

1. The Company negotiate the contract terms and price.

2. The Company issue a full price invoice for the services after the contract is signed.

3. The Company complete the services and issue a Certificate of Acceptance.

4. The Client should pay full price of the contract, as of the date of service delivery.

5. The company recognize the revenue when the Certificate of Acceptance was signed by the Client and the Company, and when the services were fully delivered to the Client.

 

As a video production company, we are focusing on video content creation. Our cost of goods sold includes the following:

- Pre-production planning, including script development and storyboarding.

- Editing and post-production services, including video and audio editing.

- Color correction and grading

- Delivery of the final files in the agreed-upon format.

 

The company has one performance obligation is to deliver the final video file to the client. This performance obligation consist of the provision of video production services, which includes pre-production, production, and post-production activities. This encompasses tasks like planning, scriptwriting, editing, and the other activities related to creating the video content. The delivery of the final video file to the customer represents meaningful performance obligation. The transaction price is recorded once the final product is delivered.

 

If the client accepts the video file by signed Certificate of Acceptance, the Company consider the service fully delivered and recognize the amount received from the client as revenue. The requirement for the client to sign a Certificate of Acceptance represents a criterion that signals the completion of the services.

 

 

The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred income until the customer signs the Certificate of Acceptance. The performance obligation involves the editing of a single video file from multiple video sequences provided by the client. Our performance obligation to deliver final edited video to the client and sign the certificate of acceptance of our services. The company determines that the obligation for video production services is satisfied when the customer signs the certificate of acceptance. We consider the signing of the certificate of acceptance as the point in time when promised services (video) is transferred to the customer.

 

The expenses associated with the production of goods are contingent on the intricacy of the video project, particularly in terms of the time dedicated to crafting the final video. The standard hourly rate starts from $100 per hour.

 

For the year ended June 30, 2023, the Company has generated $30,982 in revenue and incurred $22,000 in cost of goods sold.

 

As of June 30, 2023, the Company received 100% revenue from 4 customers. It is not anticipated that these customers will engage in recurring business with the company.

 

The revenue has only one performance obligation

 

Recent Accounting Pronouncements

Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.

 

 

F-7

 

 

17

 

 

STREETEX CORP.

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2023 (Audited)

 

Note 4 – RELATED PARTY TRANSACTIONS

 

The Director of the Company, Stefan Dubs, is the only related party with whom the Company had transactions with during the year ended June 30, 2023. During the year ended June 30, 2023, Mr. Dubs contributed $23,563 in cash to assist in paying for operating expenses on behalf of the Company and $16,000 for services the Director provided to the Company invoiced to the Company in the form of related party loans. This loan is unsecured, non-interest bearing and due on demand. The hourly rate of Mr. Dubs for the services provided was $100 per hour. This hourly rate is appropriate for the video production services according to the market rates for senior level video producers and editors. Mr. Dubs is professional video editor and delivered full scope of services connected with the revenue. He personally edited, created, and delivered the final video to the Company.

 

Mr. Dubs provided to the Company his home-based office for day-to-day operation. Mr. Dubs, as the sole officer and director is using his personal office equipment for service delivery.

 

The balance due to the Director was $51,490 as of June 30, 2023 and $11,927 as of the year end June 30, 2022.

 

Note 5 – COMMITMENTS AND CONTINGENCIES

 

From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

 

Note 6 – COMMON STOCK

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

In July 2021 the Company issued 19,000 shares of common stock for cash proceeds of $950 at $0.05 per share.

 

In September 2021 the Company issued 116,000 shares of common stock for cash proceeds of $5,800 at $0.05 per share.

 

In October 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share.

 

In November 2021 the Company issued 38,000 shares of common stock for cash proceeds of $1,900 at $0.05 per share.

 

There were 2,516,814 shares of common stock issued and outstanding as of June 30, 2023 and 2022.

 

Note 7 – INCOME TAXES

 

The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of June 30, 2023 the Company had net operating loss carry forwards of approximately $63,360. At the federal level, the Company can carry forward their net operating losses indefinitely, but the deductions are limited to 80 percent of taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

The valuation allowance at June 30, 2023 was approximately $13,306 The valuation allowance at June 30, 2022 was approximately $11,403. The net change in valuation allowance for the year ended June 30, 2023 was $1,903. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. 

 

The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of June 30, 2023.  All tax years since inception remain open for examination by taxing authorities.

 

 

F-8

 

 

18

 

 

 

STREETEX CORP.

NOTES TO THE FINANCIAL STATEMENTS

June 30, 2023 (Audited)

 

The provision for Federal income tax consists of the following: 

 

		Year ended June 30, 2023	Year ended June 30, 2022
Non-current deferred tax assets:
Net operating loss carry forward	$	(13,306)	(11,403)
Valuation allowance	$	13,306	11,403
Net deferred tax assets	$	-	-

 

 

 

The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the years ended June 30, 2023 and 2022 as follows:

		Year ended June 30, 2023	Year ended June 30, 2022
Computed “expected” tax expense (benefit)	$	(1,903)	(8,230)
Change in valuation allowance	$	1,903	8,230
Actual tax expense (benefit)	$	-	-

 

The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

 

Note 8 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent through October 16, 2023, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

Director and management stay informed about COVID-19 developments generally and ensure it has access to information related to a company’s response to the crisis and how the specific impact on the company is developing as the crisis extends.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-9

 

 

19

 

 

 

 

Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

 

None

 

Item 9A(T) Controls and Procedures

 

Management’s Report on Internal Controls over Financial Disclosure Controls and Procedures

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2023 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Tread way Commission ("COSO").

 

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of June 30, 2023, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.

We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.

 

2.

We did not maintain appropriate cash controls – As of June 30, 2023, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.

 

3.

We did not implement appropriate information technology controls – As at June 30, 2023, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of June 30, 2023 based on criteria established in Internal Control- Integrated Framework issued by COSO.

 

System of Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2023. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.

 

Changes in Internal Control over Financial Reporting

 

There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

Item 9B. Other Information.

 

None.

 

 

20

 

 

PART III

 

Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company

 

The name, age and titles of our executive officer and director are as follows:

 

Name and Address of Executive Officer and/or Director	Age	Position
Stefan Dubs Handelstr. 1, Linkenheim-Hochstetten, Germany 76351	40	President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer)

 

Stefan Dubs has acted as our President, Treasurer, Secretary and sole Director since we incorporated on September 4, 2018. Mr. Dubs graduated from Berlin University of the Arts in 2008. Since 2008 till 2015 he worked as a videographer at SSaw GmbH. Since 2015, Mr. Dubs has been working as the Sole proprietor (Freiberufler) videographer and videoeditor around the Germany. He has been specializing mostly on the social media video content for bloggers on YouTube and Instagram. We believe that Mr. Dubs’s specific experience, qualifications and skills will enable to develop our business.

 

During the past ten years, Mr. Dubs has not been the subject to any of the following events:

1. Any bankruptcy petition filed by or against any business of which Mr. Dubs was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.

3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Mr. Dubs’s involvement in any type of business, securities or banking activities.

4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

5. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

6. Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

7. Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

i.

Any Federal or State securities or commodities law or regulation; or

ii.

Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or

iii.

Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

8. Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

 

TERM OF OFFICE

Our Director is appointed to hold office until the next annual meeting of our stockholders or until his respective successor is elected and qualified, or until he resigns or is removed in accordance with the provisions of the Nevada Revised Statues. Our officers are appointed by our Board of Directors and hold office until removed by the Board or until their resignation.

 

DIRECTOR INDEPENDENCE

Our Board of Directors is currently composed of one member, Stefan Dubs, who does not qualify as an independent director. In addition, our board of directors has not made a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Had our Board of Directors made these determinations, our board of directors would have reviewed and discussed information provided by the directors and us with regard to each director’s business and personal activities and relationships as they may relate to us and our management.

 

COMMITTEES OF THE BOARD OF DIRECTORS

Our Board of Directors has no committees. We do not have a standing nominating, compensation or audit committee.

 

 

 

 

 

 

21

 

 

Item 11. Executive Compensation

 

MANAGEMENT COMPENSATION

 

The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer for the year ended June 30, 2023 and for the year ended June 30, 2022:

 

Summary Compensation Table

 

Name and Principal Position	Period / Year	Salary ($)	Bonus ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	All Other Compensation ($)	All Other Compensation ($)	Total ($)
Stefan Dubs, President, Secretary and Treasurer	Year ended June 30, 2023	-0-	-0-	-0-	-0-	-0-	-0-	-0-	-0-
Stefan Dubs, President, Secretary and Treasurer	Year ended June 30, 2022	-0-	-0-	-0-	-0-	-0-	-0-	-0-	-0-

 

There are no current employment agreements between the Company and its Officer.

 

Mr. Dubs currently devotes approximately twenty hours per week to manage the affairs of the Company. He has agreed to work with no remuneration until such time as the company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be.

 

There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.

 

Director Compensation

 

The following table sets forth director compensation for the year ended June 30, 2023 and for the year ended June 30, 2022:

 

Name	Period / Year	Fees Earned or Paid in Cash ($)	Stock Awards ($)	Option Awards ($)	Non-Equity Incentive Plan Compensation ($)	Nonqualified Deferred Compensation Earnings	All Other Compensation ($)	Total ($)
Stefan Dubs	Year ended June 30, 2023	-0-	-0-	-0-	-0-	-0-	-0-	-0-
Stefan Dubs	Year ended June 30, 2022	-0-	-0-	-0-	-0-	-0-	-0-	-0-

 

 

 

 

22

 

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

The following table sets forth certain information concerning the number of shares of our common stock, owned beneficially as of June 30, 2023 by: (i) each person (including any group), known to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.

 

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent of class
Common Stock	Stefan Dubs Handelstr. 1, Linkenheim-Hochstetten, Germany 76351	2,000,000 shares of common stock (direct)	79.5

 

(1) A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights. As of June 30, 2023, there were 2,516,814 shares of our common stock issued and outstanding.

 

Future sales by existing stockholders

A total of 2,000,000 shares of common stock were issued to sole officer and director, all of which are restricted securities, as defined in Rule 144 of the Rules and Regulations of the SEC promulgated under the Securities Act. As we are a “shell company”, Rule 144 would not be available for the resale of restricted securities by our stockholders until we have complied with the requirements of Rule 144(i). Under Rule 144, the shares can be publicly sold, subject to volume restrictions and restrictions on the manner of sale. Such shares can only be sold after six months provided that the issuer of the securities is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Exchange Act.  Shares purchased in the offering, which will be immediately resalable, and sales of all of our other shares after applicable restrictions expire, could have a depressive effect on the market price, if any, of our common stock and the shares we are offering.

 

There is no public trading market for our common stock. To be quoted on the OTC Bulletin Board and/or OTC Link. a market maker must file an application on our behalf to make a market for our common stock. As of the date of this Registration Statement, we have not engaged a market maker to file such an application, that there is no guarantee that a market maker will file an application on our behalf, and that even if an application is filed; there is no guarantee that we will be accepted for quotation.

 

Item 13. Certain Relationships and Related Transactions

 

Stefan Dubs will not be paid for any underwriting services that he performs on our behalf with respect to this report.

 

Other than Mr. Dubs’ purchase of founders shares from the Company as stated below, there is nothing of value (including money, property, contracts, options or rights of any kind), received or to be received, by Mr. Dubs, directly or indirectly, from the Company.

 

On October 12, 2019, we issued a total of 2,000,000 shares of restricted common stock to Stefan Dubs, our sole officer and director in consideration of $2,000. Further, Mr. Dubs has advanced funds to us. As of June 30, 2023, Mr. Dubs has advanced to us $51,490. Mr. Dubs will not be repaid from the proceeds of the offering. There is no due date for the repayment of the funds advanced by Mr. Dubs. Mr. Dubs will be repaid from revenues of operations if and when we generate revenues to pay the obligation. The obligation to Mr. Dubs does not bear interest. There is no written agreement evidencing the advancement of funds by Mr. Dubs or the repayment of the funds to Mr. Dubs. The entire transaction was oral. We have a verbal agreement with Mr. Dubs that, if necessary, he will loan the company funds to complete the registration process.

 

 

Item 14. Principal Accountant Fees and Services 

 

During fiscal year ended June 30, 2023, we incurred approximately $13,964 in fees to our principal independent accountants for professional services rendered in connection with the audit of our June 30, 2022 financial statements and for the reviews of our financial statements for the quarters ended September 30, 2022, December 31, 2022, and March 31, 2023; $0 in fees for tax and $0 for other expenses.

 

During fiscal year ended June 30, 2022, we incurred approximately $11,750 in fees to our principal independent accountants for professional services rendered in connection with the audit of our June 30, 2021 financial statements and for the reviews of our financial statements for the quarters ended September 30, 2021, December 31, 2021, and March 31, 2022; $0 in fees for tax and $0 for other expenses.

 

 

23

 

 

PART IV

 

Item 15. Exhibits

 

The following exhibits are included as part of this report by reference:

 

31.1		Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1		Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in the City of Linkenheim-Hochstetten, Germany, on October 16, 2023.

 

STREETEX CORP.

By:

/s/

Stefan Dubs

Name:

Stefan Dubs

Title:

President, Treasurer and Secretary

(Principal Executive, Financial and Accounting Officer)

 

 

 

 

24

Ex.31.1

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

I, Stefan Dubs, certify that:

1.	I have reviewed this Annual Report Form 10-K of STREETEX CORP.;
2.	Based on my knowledge, this 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 report;
3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13-a-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 annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.	The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent 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: October 16, 2023			By:	/s/  Stefan Dubs
				Stefan Dubs
				President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer)

 

Ex.32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with this Annual Report of STREETEX CORP., on Form 10-K for the fiscal year ended June 30, 2023, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Stefan Dubs, Principal Executive, Financial and Accounting Officer of the Company, certify to the best of  my knowledge, pursuant to 18 U.S.C. Sec. 1350, as adopted pursuant to Sec. 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

 the Report, as filed with the Securities and Exchange Commission, 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 Registrant.

 

  

Date: October 16, 2023	By:	/s/ Stefan Dubs
		Stefan Dubs
		President, Treasurer and Secretary (Principal Executive, Financial and Accounting Officer)

 

Cover - USD ($)	12 Months Ended
	Jun. 30, 2023	Oct. 16, 2023
Cover [Abstract]
DocumentType	10-K
Amendment Flag	false
DocumentAnnualReport	true
DocumentTransitionReport	false
DocumentPeriodEndDate	Jun. 30, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
FileNumber	333-249576
RegistrantName	STREETEX CORP.
Entity Central Index Key	0001822372
TaxIdentificationNumber	98-1446177
IncorporationStateCountryCode	NV
AddressLine1	Handelstr. 1
AddressCityOrTown	Linkenheim-Hochstetten
AddressCountry	DE
AddressPostalZipCode	76351
CityAreaCode	725
Local Phone Number	2105515
WellKnown Seasoned Issuer	No
Voluntary Filers	No
Current Reporting Status	Yes
InteractiveDataCurrent	Yes
FilerCategory	Non-accelerated Filer
SmallBusiness	true
Emerging growth company	true
extended transition period	false
shell company	false
Public Float	$ 0
CommonStockSharesOutstanding		2,516,814
ContactPersonnelEmailAddress	[e-mail]
AuditorName	Fruci & Associates II, PLLC
AuditorFirmId	5525
AuditorLocation	Spokane, Washington

BALANCE SHEETS - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Current Assets
Cash and cash equivalents	$ 20,072	$ 1,452
Total Current Assets	20,072	1,452
Current Liabilities
Accounts payable	4,101	10,000
Related party loan	51,490	11,927
Deferred revenue		5,982
Total Current Liabilities	55,591	27,909
Total Liabilities	55,591	27,909
Commitments and Contingencies
Stockholders’ Equity (Deficit)
Common stock, par value $0.001; 75,000,000 shares authorized 2,516,814 and 2,516,814 shares issued and outstanding as of June 30, 2023 and June 30, 2022	$ 2,517	$ 2,517
Additional paid in capital	$ 25,324	$ 25,324
Accumulated deficit	(63,360)	(54,298)
Total Stockholders’ Equity (Deficit)	(35,519)	(26,457)
Total Liabilities and Stockholders’ Equity (Deficit)	$ 20,072	$ 1,452

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
CommonStockParOrStatedValuePerShare	$ 0.001	$ 0.001
CommonStockSharesAuthorized	75,000,000	75,000,000
CommonStockSharesIssued	2,516,814	2,516,814
CommonStockSharesOutstanding	2,516,814	2,516,814

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 30,982
Cost of goods sold	22,000
GROSS PROFIT	8,982
OPERATING EXPENSES
General and Administrative Expenses	(18,044)	(39,189)
TOTAL OPERATING EXPENSES	(18,044)	(39,189)
NET LOSS FROM OPERATIONS	(9,062)	(39,189)
PROVISION FOR INCOME TAXES
NET LOSS	$ (9,062)	$ (39,189)
NET LOSS PER SHARE: BASIC AND DILUTED	$ (0.00)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED	2,516,814	2,454,275

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance, shares				2,286,814
Beginning balance, value at Jun. 30, 2021	$ 2,287	$ 14,054	$ (15,109)	$ 1,232
Issuance of common stock	230	11,270		11,500
Issuance of common stock				$ 230,000
Net loss			$ (39,189)	(39,189)
Ending balance, value at Jun. 30, 2022	2,517	25,324	(54,298)	$ (26,457)
Balance, shares				2,516,814
Beginning balance, value at Jun. 30, 2022				$ 26,457
Net loss			(9,062)	(9,062)
Ending balance, value at Jun. 30, 2023	$ 2,517	$ 25,324	$ (63,360)	$ (35,519)
Balance, shares				2,516,814

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (9,062)	$ (39,189)
Depreciation expense		113
Accounts payable	(5,899)	8,000
Deferred revenue	(5,982)	5,982
CASH FLOWS USED BY OPERATING ACTIVITIES	(20,943)	(25,094)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of stock		11,500
Proceeds from related party loan	39,563
CASH FLOWS FROM FINANCING ACTIVITIES	39,563	11,500
NET CHANGE IN CASH	18,620	(13,594)
Cash, beginning of period	1,452	15,046
Cash, end of period	20,072	1,452
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid
Income taxes paid

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
ORGANIZATION AND NATURE OF BUSINESS	Note 1 – ORGANIZATION AND NATURE OF BUSINESS   STREETEX CORP.  (“the Company”) was incorporated in the State of Nevada on September 4, 2018. Our company intends to operate in the business of video advertisement for business entities or private individuals. We plan to produce advertising video content for social networks such as Instagram, Facebook, Twitter and many others. Our principal services are aimed at bloggers, SMM managers and/or companies to promote their services on social web platforms.

GOING CONCERN	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	Note 2 – GOING CONCERN   The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. At June 30, 2023, the Company had cash of $20,072 and negative working capital of $35,519 For the year ended June 30, 2023 the Company had $30,982 in revenues and an accumulated deficit of $63,360 These factors raise substantial doubt regarding the Company`s ability to continue as a going concern.   Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There is no assurance that the Company will be successful in its endeavors or become financially viable and continue as a going concern.   The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Note 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is June 30.   Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.   Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.   Equipment Equipment is stated at cost, net of accumulated depreciation. Purchased equipment is multifunction printer. The cost of equipment is depreciated using the straight-line method over one year. We capitalize assets with a useful life of one year and greater, or over $1,000. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Purchased equipment was fully depreciated as of June 30, 2023.   Basic Income (Loss) Per Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings per Share”.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented.      F-6     16     STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS June 30, 2023 (Audited)   Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable, and advances payable to the sole officer and director. The carrying amount of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization.   Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.   Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. 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. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.   To achieve the core principle of ASC 606, the Company performs the following steps:    1. The Company negotiate the contract terms and price. 2. The Company issue a full price invoice for the services after the contract is signed. 3. The Company complete the services and issue a Certificate of Acceptance. 4. The Client should pay full price of the contract, as of the date of service delivery. 5. The company recognize the revenue when the Certificate of Acceptance was signed by the Client and the Company, and when the services were fully delivered to the Client.   As a video production company, we are focusing on video content creation. Our cost of goods sold includes the following: - Pre-production planning, including script development and storyboarding. - Editing and post-production services, including video and audio editing. - Color correction and grading - Delivery of the final files in the agreed-upon format.   The company has one performance obligation is to deliver the final video file to the client. This performance obligation consist of the provision of video production services, which includes pre-production, production, and post-production activities. This encompasses tasks like planning, scriptwriting, editing, and the other activities related to creating the video content. The delivery of the final video file to the customer represents meaningful performance obligation. The transaction price is recorded once the final product is delivered.   If the client accepts the video file by signed Certificate of Acceptance, the Company consider the service fully delivered and recognize the amount received from the client as revenue. The requirement for the client to sign a Certificate of Acceptance represents a criterion that signals the completion of the services.     The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred income until the customer signs the Certificate of Acceptance. The performance obligation involves the editing of a single video file from multiple video sequences provided by the client. Our performance obligation to deliver final edited video to the client and sign the certificate of acceptance of our services. The company determines that the obligation for video production services is satisfied when the customer signs the certificate of acceptance. We consider the signing of the certificate of acceptance as the point in time when promised services (video) is transferred to the customer.   The expenses associated with the production of goods are contingent on the intricacy of the video project, particularly in terms of the time dedicated to crafting the final video. The standard hourly rate starts from $100 per hour.   For the year ended June 30, 2023, the Company has generated $30,982 in revenue and incurred $22,000 in cost of goods sold.   As of June 30, 2023, the Company received 100% revenue from 4 customers. It is not anticipated that these customers will engage in recurring business with the company.   The revenue has only one performance obligation   Recent Accounting Pronouncements Certain accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these standards is not expected to be material.     F-7     17     STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS June 30, 2023 (Audited)

RELATED PARTY TRANSACTIONS	12 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	Note 4 – RELATED PARTY TRANSACTIONS   The Director of the Company, Stefan Dubs, is the only related party with whom the Company had transactions with during the year ended June 30, 2023. During the year ended June 30, 2023, Mr. Dubs contributed $23,563 in cash to assist in paying for operating expenses on behalf of the Company and $16,000 for services the Director provided to the Company invoiced to the Company in the form of related party loans. This loan is unsecured, non-interest bearing and due on demand. The hourly rate of Mr. Dubs for the services provided was $100 per hour. This hourly rate is appropriate for the video production services according to the market rates for senior level video producers and editors. Mr. Dubs is professional video editor and delivered full scope of services connected with the revenue. He personally edited, created, and delivered the final video to the Company.   Mr. Dubs provided to the Company his home-based office for day-to-day operation. Mr. Dubs, as the sole officer and director is using his personal office equipment for service delivery.   The balance due to the Director was $51,490 as of June 30, 2023 and $11,927 as of the year end June 30, 2022.

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Note 5 – COMMITMENTS AND CONTINGENCIES   From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.

COMMON STOCK	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
COMMON STOCK	Note 6 – COMMON STOCK   The Company has 75,000,000, $0.001 par value shares of common stock authorized.   In July 2021 the Company issued 19,000 shares of common stock for cash proceeds of $950 at $0.05 per share.   In September 2021 the Company issued 116,000 shares of common stock for cash proceeds of $5,800 at $0.05 per share.   In October 2021 the Company issued 57,000 shares of common stock for cash proceeds of $2,850 at $0.05 per share.   In November 2021 the Company issued 38,000 shares of common stock for cash proceeds of $1,900 at $0.05 per share.   There were 2,516,814 shares of common stock issued and outstanding as of June 30, 2023 and 2022.

INCOME TAXES	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	Note 7 – INCOME TAXES   The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of June 30, 2023 the Company had net operating loss carry forwards of approximately $63,360. At the federal level, the Company can carry forward their net operating losses indefinitely, but the deductions are limited to 80 percent of taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.   The valuation allowance at June 30, 2023 was approximately $13,306 The valuation allowance at June 30, 2022 was approximately $11,403. The net change in valuation allowance for the year ended June 30, 2023 was $1,903. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized.    The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of June 30, 2023.  All tax years since inception remain open for examination by taxing authorities.     F-8     18       STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS June 30, 2023 (Audited)   The provision for Federal income tax consists of the following:        Year ended June 30, 2023 Year ended June 30, 2022   Non-current deferred tax assets:         Net operating loss carry forward $ (13,306) (11,403)   Valuation allowance $ 13,306 11,403   Net deferred tax assets $ - -         The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the years ended June 30, 2023 and 2022 as follows:     Year ended June 30, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit)   $ (1,903) (8,230) Change in valuation allowance $ 1,903 8,230 Actual tax expense (benefit) $ - -   The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	Note 8 – SUBSEQUENT EVENTS   In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent through October 16, 2023, and has determined that it does not have any material subsequent events to disclose in these financial statements.   Director and management stay informed about COVID-19 developments generally and ensure it has access to information related to a company’s response to the crisis and how the specific impact on the company is developing as the crisis extends.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is June 30.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.
Equipment	Equipment Equipment is stated at cost, net of accumulated depreciation. Purchased equipment is multifunction printer. The cost of equipment is depreciated using the straight-line method over one year. We capitalize assets with a useful life of one year and greater, or over $1,000. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income. Purchased equipment was fully depreciated as of June 30, 2023.
Basic Income (Loss) Per Share	Basic Income (Loss) Per Share Net income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings per Share”.  Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period.  Diluted net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants. There were no potentially dilutive common shares outstanding for the periods presented.      F-6     16     STREETEX CORP. NOTES TO THE FINANCIAL STATEMENTS June 30, 2023 (Audited)
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments consist of cash, accounts payable, and advances payable to the sole officer and director. The carrying amount of these financial instruments approximates fair value because of the short period of time between the origination of such instruments and their expected realization.
Income Taxes	Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. 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. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts.   To achieve the core principle of ASC 606, the Company performs the following steps:    1. The Company negotiate the contract terms and price. 2. The Company issue a full price invoice for the services after the contract is signed. 3. The Company complete the services and issue a Certificate of Acceptance. 4. The Client should pay full price of the contract, as of the date of service delivery. 5. The company recognize the revenue when the Certificate of Acceptance was signed by the Client and the Company, and when the services were fully delivered to the Client.   As a video production company, we are focusing on video content creation. Our cost of goods sold includes the following: - Pre-production planning, including script development and storyboarding. - Editing and post-production services, including video and audio editing. - Color correction and grading - Delivery of the final files in the agreed-upon format.   The company has one performance obligation is to deliver the final video file to the client. This performance obligation consist of the provision of video production services, which includes pre-production, production, and post-production activities. This encompasses tasks like planning, scriptwriting, editing, and the other activities related to creating the video content. The delivery of the final video file to the customer represents meaningful performance obligation. The transaction price is recorded once the final product is delivered.   If the client accepts the video file by signed Certificate of Acceptance, the Company consider the service fully delivered and recognize the amount received from the client as revenue. The requirement for the client to sign a Certificate of Acceptance represents a criterion that signals the completion of the services.     The Company collects payment from customers before the service is provided. When deposits are collected before the service is provided, the Company recognizes deferred income until the customer signs the Certificate of Acceptance. The performance obligation involves the editing of a single video file from multiple video sequences provided by the client. Our performance obligation to deliver final edited video to the client and sign the certificate of acceptance of our services. The company determines that the obligation for video production services is satisfied when the customer signs the certificate of acceptance. We consider the signing of the certificate of acceptance as the point in time when promised services (video) is transferred to the customer.   The expenses associated with the production of goods are contingent on the intricacy of the video project, particularly in terms of the time dedicated to crafting the final video. The standard hourly rate starts from $100 per hour.   For the year ended June 30, 2023, the Company has generated $30,982 in revenue and incurred $22,000 in cost of goods sold.   As of June 30, 2023, the Company received 100% revenue from 4 customers. It is not anticipated that these customers will engage in recurring business with the company.   The revenue has only one performance obligation
Recent Accounting Pronouncements	Recent Accounting Pronouncements

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
actual tax benefit at the expected rate of 21%	The provision for Federal income tax consists of the following:        Year ended June 30, 2023 Year ended June 30, 2022   Non-current deferred tax assets:         Net operating loss carry forward $ (13,306) (11,403)   Valuation allowance $ 13,306 11,403   Net deferred tax assets $ - -         The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the years ended June 30, 2023 and 2022 as follows:     Year ended June 30, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit)   $ (1,903) (8,230) Change in valuation allowance $ 1,903 8,230 Actual tax expense (benefit) $ - -   The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.
actual tax benefit at the expected rate of 21%	The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the years ended June 30, 2023 and 2022 as follows:     Year ended June 30, 2023 Year ended June 30, 2022 Computed “expected” tax expense (benefit)   $ (1,903) (8,230) Change in valuation allowance $ 1,903 8,230 Actual tax expense (benefit) $ - -   The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.

GOING CONCERN (Details Narrative) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
cash	$ 20,072	$ 1,452

COMMON STOCK (Details Narrative)	Jun. 30, 2023 shares
Equity [Abstract]
shares of common stock issued and outstanding	2,516,814

actual tax benefit at the expected rate of 21% (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carry forward	$ (13,306)	$ (11,403)
Valuation allowance	13,306	11,403
Net deferred tax assets
Computed “expected” tax expense (benefit)	(1,903)	(8,230)
Change in valuation allowance	1,903	8,230
Actual tax expense (benefit)

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