Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Aug. 14, 2019 | |
Document and Entity Information | ||
Entity Registrant Name | NEWTOWN LANE MARKETING INC | |
Entity Central Index Key | 0001353538 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 13,757,550 | |
Entity File Number | 000-52776 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 9,105 | $ 10,778 |
TOTAL ASSETS | 9,105 | 10,778 |
CURRENT LIABILITIES | ||
Accounts payable and accrued expenses | 77,481 | 59,022 |
Convertible notes payable - Related Party | 307,000 | 307,000 |
TOTAL LIABILITIES | 384,481 | 366,022 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' DEFICIT | ||
Preferred stock, $0.001 par value, 1,000,000 shares authorized, none issued and outstanding | ||
Common stock, $0.001 par value; 100,000,000 shares authorized, 13,757,550 shares issued and outstanding, respectively | 13,758 | 13,758 |
Additional paid-in capital | 2,067,006 | 2,065,756 |
Accumulated deficit | (2,456,140) | (2,434,758) |
TOTAL STOCKHOLDERS' DEFICIT | (375,376) | (355,244) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 9,105 | $ 10,778 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | ||
Preferred stock, outstanding | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 13,757,550 | 13,757,550 |
Common stock, outstanding | 13,757,550 | 13,757,550 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Expenses | ||
Selling, general and administrative | $ 17,556 | $ 4,747 |
Interest expense, net | 3,826 | 3,326 |
Total expense | 21,382 | 8,073 |
Net loss before provision for income taxes | (21,382) | (8,073) |
Income taxes | ||
Net loss | $ (21,382) | $ (8,073) |
Net loss per share - basic and diluted | $ 0 | $ 0 |
Weighted average shares outstanding - basic and diluted | 13,757,550 | 13,757,550 |
Condensed Statement of Changes
Condensed Statement of Changes in Stockholders' Deficit - USD ($) | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2018 | $ 13,758 | $ 2,060,756 | $ (2,383,436) | $ (308,922) | |
Balance, shares at Mar. 31, 2018 | 13,757,550 | ||||
Contributed services | 1,250 | 1,250 | |||
Net loss | (8,073) | (8,073) | |||
Balance at Jun. 30, 2018 | $ 13,758 | 2,062,006 | (2,391,509) | (315,745) | |
Balance, shares at Jun. 30, 2018 | 13,757,550 | ||||
Balance at Mar. 31, 2019 | $ 13,758 | 2,065,756 | (2,434,758) | (355,244) | |
Balance, shares at Mar. 31, 2019 | 13,757,550 | ||||
Contributed services | 1,250 | 1,250 | |||
Net loss | (21,382) | (21,382) | |||
Balance at Jun. 30, 2019 | $ 13,758 | $ 2,067,006 | $ (2,456,140) | $ (375,376) | |
Balance, shares at Jun. 30, 2019 | 13,757,550 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (21,382) | $ (8,073) |
Adjustments to reconcile net loss to cash used in operating activities: | ||
Contributed services | 1,250 | 1,250 |
Changes in operating assets and liabilities: | ||
Increase (decrease) in accounts payable and accruals | 18,459 | 4,075 |
NET CASH USED IN OPERATING ACTIVITIES | (1,673) | (2,748) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of notes payable | ||
NET CASH PROVIDED BY FINANCING ACTIVITIES | ||
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,673) | (2,748) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 10,778 | 3,257 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ 9,105 | $ 509 |
Description of Company
Description of Company | 3 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF COMPANY | NOTE 1 – DESCRIPTION OF COMPANY Newtown Lane Marketing, Incorporated ("we", "our", "us" or "Newtown") was incorporated in Delaware on September 26, 2005. We previously held the exclusive license to exploit the Dreesen's Donut Brand in the United States with the exception of the states of Florida and Pennsylvania, and in Suffolk County, New York, which Dreesen retained for itself. In August 2007 there was a change in control, as detailed below, and we discontinued our efforts to promote the Dreesen's Donut Brand at that time. The license from Dreesen expired on December 31, 2007. The interim financial information as of June 30, 2019 and for the three month periods ended June 30, 2019 and 2018 have been prepared without audit, pursuant to the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although we believe that the disclosures made are adequate to provide for fair presentation. These financial statements should be read in conjunction with the financial statements and the notes thereto, included in our Annual Report on Form 10-K, for the fiscal year ended March 31, 2019, previously filed with the SEC. In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair statement of our financial position as of June 30, 2019 and results of operations and cash flows for the three months ended June 30, 2019 and 2018, as applicable, have been made. The results of operations for the three months ended June 30, 2019 are not necessarily indicative of the operating results that may be expected for the full fiscal year or any future periods. EQUITY TRANSACTIONS On August 8, 2007 (the "Effective Date"), we entered into a Stock Purchase Agreement (the "Purchase Agreement") with Moyo Partners, LLC, a New York limited liability company ("Moyo") and R&R Biotech Partners, LLC, a Delaware limited liability company ("R&R" collectively with Moyo, the "Purchasers"), pursuant to which we sold to them, in the aggregate, approximately, four million four hundred seventy nine thousand two hundred fifty (4,479,250) shares of our common stock, par value $.001 per share ("Common Stock") and ) On the Effective Date: (i) the Purchasers acquired control of Newtown, with (a) R&R acquiring nine million five hundred nine thousand four hundred forty (9,509,440) shares of Common Stock (assuming the conversion by R&R of the four hundred (400) shares of Series A Preferred Stock it acquired pursuant to the Purchase Agreement into five million nine hundred twenty eight thousand (5,928,000) shares of Common Stock) constituting 72% of the then issued and outstanding shares of Common Stock, and (b) Moyo acquiring two million three hundred seventy seven thousand three hundred sixty (2,377,360) shares of Common Stock (assuming the conversion by Moyo of its one hundred (100) shares of Series A Preferred Stock it acquired pursuant to the Purchase Agreement into one million four hundred eighty one thousand five hundred ten (1,481,510) shares of Common Stock) constituting 18% of the then issued and outstanding shares of Common Stock; and (ii) in full satisfaction of our obligations under outstanding convertible promissory notes in the principal amount of $960,000 (the "December Notes"), the Note holders of the December Notes converted an aggregate of $479,811 of principal and accrued interest into 274,200 shares of Common Stock and accepted a cash payment from us in the aggregate amount of $625,030 for the remaining principal balance. On the Effective Date: (i) Arnold P. Kling was appointed to our Board of Directors ("Board") and served together with Vincent J. McGill, a then current director who continued to serve until August 20, 2007, the effective date of his resignation from our Board; (ii) all of our then officers and directors, with the exception of Mr. McGill, resigned from their respective positions with us; (iii) our Board appointed Mr. Kling as president and Kirk M. Warshaw as chief financial officer and secretary; and (iv) we relocated our headquarters to Chatham, New Jersey. Following Mr. McGill's resignation from our Board on August 20, 2007, Mr. Kling became our sole director and president. On October 19, 2007, we effected an amendment to our Certificate of Incorporation to increase to 100,000,000 the number of authorized shares of Common Stock available for issuance (the "Charter Amendment"). As a result of the Charter Amendment, as of October 19, 2007, we had adequate shares of Common Stock available for issuance upon the conversion of all the issued and outstanding shares of Series A Preferred Stock. On December 19, 2007, the holders of all the issued and outstanding shares of Series A Preferred Stock elected to convert all of their shares into shares of Common Stock. As a result, the 500 shares of Series A Preferred Stock outstanding were exchanged for 7,407,540 shares of Common Stock, and all 500 shares of the Series A Preferred Stock were returned to the status of authorized and unissued shares of undesignated preferred stock, par value $.001 per shares. None of the Series A Preferred Stock were outstanding as of the Series A Preferred Elimination Date. In December 2008, we sold 550,000 shares of restricted Common Stock to our Chief Financial Officer, for $2,000. The issuance of these shares was exempt from registration pursuant to Sections 4(2) and 4(6) or the Securities Act of 1933, as amended (the "Act"). The stock certificate representing these shares was imprinted with a legend restricting transfer unless pursuant to an effective registration statement or an exemption from registration under the Act. On May 6, 2013, Ironbound Partners Fund, LLC ("Ironbound") acquired 9,509,440 shares of our outstanding Common Stock (the "Acquired Shares") for an aggregate purchase price of $15,000, or $0.00157737 per share, from the Chapter 7 Trustee of the Estates of Rodman & Renshaw, LLC ("Rodman"), Direct Markets, Inc., and Direct Markets Holdings, Corp. in Chapter 7 bankruptcy proceedings pending in the United States Bankruptcy Court for the Southern District of New York (Cases No. 13-10087, 13-10088 and 13-10089). The Acquired Shares constituted all the shares of Common Stock previously owned by R&R, an affiliate of Rodman, and represented 69.1% of our total issued and outstanding shares of Common Stock as of May 6, 2013. On May 14, 2013, Ironbound loaned $100,000 to us and we issued a convertible promissory note in the principal amount of $100,000 to Ironbound (the "May 2013 Note"). The May 2013 Note was initially issued with a two-year term and bore interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the May 2013 Note was convertible into shares of Common Stock upon the consummation of a "Fundamental Transaction" (as defined in the May 2013 Note) at the "Conversion Price" (as defined in the May 2013 Note). The May 2013 Note was amended in July 2014 in accordance with the Amended and Restated Note, as described below. On July 25, 2014, we raised gross proceeds of $72,000 in a debt financing transaction with Ironbound and, in connection therewith, issued to Ironbound a convertible promissory note (the "2014 Note") in the principal amount of $72,000. The 2014 Note has a maturity date of August 31, 2015 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the 2014 Note is convertible, at the election of Ironbound, into shares of our Common Stock following the consummation of a "Qualified Financing" (as defined in the 2014 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the 2014 Note) at the "Conversion Price" (as defined in the 2014 Note). Further, on July 25, 2014, we issued an amended and restated convertible promissory note (the "Amended and Restated Note" and together with the 2014 Note, the "Prior Notes") to Ironbound in the principal amount of $100,000, in substitution for the May 2013 Note. The Amended and Restated Note extended the maturity of the May 2013 Note to August 31, 2015 and provided for the principal and accrued interest on the May 2013 Note to be convertible, at the election of Ironbound, into shares of our Common Stock following the consummation of a "Qualified Financing" (as defined in the May 2013 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the May 2013 Note) at the "Conversion Price" (as defined in the May 2013 Note). The May 2013 Note otherwise remained unchanged. Effective September 1, 2015, the maturity dates of the Prior Notes was extended from August 31, 2015 to August 31, 2016. On October 30, 2015, Mr. Kling resigned from his position as our sole director and from his position as our President. Also on October 30, 2015, Mr. Warshaw resigned from his positions as our Chief Financial Officer and Secretary. Messrs. Kling's and Warshaw's resignation were not due to any disagreement with the Company or its management on any matter relating to the Company's operations, policies or practices. Prior to Mr. Kling's resignation, our Board of Directors appointed Jonathan J. Ledecky, the managing member of Ironbound, our largest stockholder, to fill the vacancy created by Mr. Kling's resignation and will assume the role of President of the Company. On December 31, 2015, Ironbound advanced to us an additional $10,000. This amount was subsequently evidenced by a promissory note (the "December 2015 Note") with the same terms as the Prior Notes. The proceeds of the December 2015 Note was utilized by the Company to fund working capital needs. On April 1, 2016, we issued a convertible promissory note (the "2016 Note" and together with the Prior Notes, the "Outstanding Notes") in the principal amount of $10,000 to Ironbound. The 2016 Note has the same terms as the Prior Notes. The proceeds of the 2016 Note was and will be utilized by the Company to fund working capital needs. On July 15, 2016, we issued a convertible promissory note (the "July 2016 Note") in the principal amount of $25,000 to Ironbound Partners Fund, LLC. The July 2016 Note has a maturity date of August 31, 2017 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the July 2016 Note is convertible, at the election of Ironbound, into shares of the Company's common stock following the consummation of a "Qualified Financing" (as defined in the July 2016 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the July 2016 Note) at the "Conversion Price" (as defined in the July 2016 Note). The proceeds of the July 2016 Note will be utilized by the Company to fund working capital needs. Effective September 1, 2016, the maturity dates of the Outstanding Notes was extended from August 31, 2016 to August 31, 2017. On February 14, 2017, we issued a convertible promissory note (the "February 2017 Note") in the principal amount of $50,000 to Ironbound. The February 2017 Note has a maturity date of August 31, 2017 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the February 2017 Note is convertible, at the election of Ironbound, into shares of our common stock following the consummation of a "Qualified Financing" (as defined in the February 2017 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the February 2017 Note) at the "Conversion Price" (as defined in the February 2017 Note). The proceeds of the February 2017 Note will be utilized by the Company to fund working capital needs. Effective September 1, 2017, the maturity dates of the Outstanding Notes was extended from August 1, 2017 to August 31, 2018. In August 2018, the maturity dates of the Outstanding Notes was extended from August 1, 2018 to August 31, 2019. On August 27, 2018, we issued a convertible promissory note (the "August 2018 Note") in the principal amount of $15,000 to Ironbound. The August 2018 Note has a maturity date of August 31, 2019 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the August 2018 Note is convertible, at the election of Ironbound, into shares of our common stock following the consummation of a "Qualified Financing" (as defined in the August 2018 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the August 2018 Note) at the "Conversion Price" (as defined in the August 2018 Note). The proceeds of the August 2018 Note has been and will be utilized by the Company to fund working capital needs. On December 4, 2018, we issued a convertible promissory note (the "December 2018 Note") in the principal amount of $25,000 to Ironbound. The December 2018 Note has a maturity date of August 31, 2019 and bears interest at the rate of 5.0% per annum, payable at maturity. The principal and accrued interest on the December 2018 Note is convertible, at the election of Ironbound, into shares of the Company's common stock following the consummation of a "Qualified Financing" (as defined in the December 2018 Note), or upon the consummation of a "Fundamental Transaction" (as defined in the December 2018 Note) at the "Conversion Price" (as defined in the December 2018 Note). The proceeds of the December 2018 Note has been and will be utilized by the Company to fund working capital needs. As of June 30, 2019, our authorized capital stock consisted of 100,000,000 shares of Common Stock and 1,000,000 shares of Preferred Stock of which 13,757,550 shares of Common Stock, and no shares of Preferred Stock, were issued and outstanding. All shares of Common Stock currently outstanding are validly issued, fully paid and non-assessable. During the three months ended June 30, 2019, we recorded a $1,250 contribution to capital for the fair value relating to the use, occupancy and administrative services rendered by the officers. THE COMPANY TODAY Since the Effective Date, our main purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a "shell" company in as much as we are not generating revenues, do not own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be identified operating company or business. Our principal business objective for the next 12 months and beyond such time will be to achieve long-term growth potential through a combination with an operating business rather than immediate, short-term earnings. We will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business. The analysis of new business opportunities will be undertaken by or under the supervision of our officers and directors. We have no employees and no material assets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern - The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates Newtown continuing as a going concern. Our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a "shell" company inasmuch as we are not generating revenues, we do own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be-identified operating company or business. We currently have no definitive agreements or understandings with any prospective business combination candidates and there are no assurances that we will find a suitable business with which to combine. The implementation of our business objectives is wholly contingent upon a business combination and/or the successful sale of our securities. We intend to utilize the proceeds of any offering, any sales of equity securities or debt securities, bank and other borrowings or a combination of those sources to effect a business combination with a target business which we believe may have significant growth potential. While we may, under certain circumstances, seek to effect business combinations with more than one target business, unless additional financing is obtained, we will not have sufficient proceeds remaining after an initial business combination to undertake additional business combinations. There is no assurance that these plans will be realized in whole or in part. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Since inception, Newtown has incurred an accumulated deficit of $2,456,140 through June 30, 2019. For the three months ended June 30, 2019 and 2018, Newtown had net losses of $21,382 and $8,073, respectively. Newtown has incurred negative cash flow from operating activities since its inception. Newtown has spent, and subject to obtaining additional financing, expects to continue to spend, substantial amounts in connection with executing its business strategy. These conditions raise substantial doubt about Newtown's ability to continue as a going concern. 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 disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Fair Value of Financial Instruments - Pursuant to the FASB guidance, "Disclosures About Fair Value of Financial Instruments," we are required to estimate the fair value of all financial instruments included on our balance sheet. We consider the carrying value of accrued expenses in the financial statements to approximate their face value. Statements of Cash Flows - For purposes of the statements of cash flows we consider all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Pronouncements | NOTE 3 – NEW ACCOUNTING PRONOUNCEMENTS Except as set forth below, management does not believe that any other new accounting pronouncements not yet effective will have a material impact on our financial statements once adopted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to increase transparency and comparability among organizations by recognizing a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either operating or financing, with such classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years and interim periods within those years beginning after December 15, 2018, and early adoption is permitted. The adoption of ASU 2016-02 did not have material impact on the Company's financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4 – SUBSEQUENT EVENTS The Company has evaluated all subsequent events and has determined that there were no subsequent events to recognize or disclose in these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Going Concern | Going Concern - The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplates Newtown continuing as a going concern. Our purpose has been to serve as a vehicle to acquire an operating business and we are currently considered a "shell" company inasmuch as we are not generating revenues, we do own an operating business, and have no specific plan other than to engage in a merger or acquisition transaction with a yet-to-be-identified operating company or business. We currently have no definitive agreements or understandings with any prospective business combination candidates and there are no assurances that we will find a suitable business with which to combine. The implementation of our business objectives is wholly contingent upon a business combination and/or the successful sale of our securities. We intend to utilize the proceeds of any offering, any sales of equity securities or debt securities, bank and other borrowings or a combination of those sources to effect a business combination with a target business which we believe may have significant growth potential. While we may, under certain circumstances, seek to effect business combinations with more than one target business, unless additional financing is obtained, we will not have sufficient proceeds remaining after an initial business combination to undertake additional business combinations. There is no assurance that these plans will be realized in whole or in part. The financial statements do not include any adjustments that might result from the outcome of these uncertainties. Since inception, Newtown has incurred an accumulated deficit of $2,456,140 through June 30, 2019. For the three months ended June 30, 2019 and 2018, Newtown had net losses of $21,382 and $8,073, respectively. Newtown has incurred negative cash flow from operating activities since its inception. Newtown has spent, and subject to obtaining additional financing, expects to continue to spend, substantial amounts in connection with executing its business strategy. These conditions raise substantial doubt about Newtown's ability to continue as a going concern. |
Use of Estimates | Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments - Pursuant to the FASB guidance, "Disclosures About Fair Value of Financial Instruments," we are required to estimate the fair value of all financial instruments included on our balance sheet. We consider the carrying value of accrued expenses in the financial statements to approximate their face value. |
Statement of Cash Flows | Statements of Cash Flows - For purposes of the statements of cash flows we consider all highly liquid investments purchased with a remaining maturity of three months or less to be cash equivalents. |
Description of Company (Details
Description of Company (Details Textual) - USD ($) | May 06, 2013 | Dec. 19, 2007 | Aug. 08, 2007 | Dec. 31, 2008 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 04, 2018 | Aug. 27, 2018 | Feb. 14, 2017 | Jul. 15, 2016 | Apr. 02, 2016 | Jul. 25, 2014 | May 14, 2013 | Oct. 19, 2007 |
Preferred stock, outstanding | ||||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||
Restricted Stock [Member] | ||||||||||||||
Stock issued during period restricted stock | 550,000 | |||||||||||||
Value of stock issued during period restricted stock | $ 2,000 | |||||||||||||
Stock Purchase Agreement [Member] | August 2018 Note Due on August 31, 2019 [Member] | ||||||||||||||
Number of shares converted | 274,200 | |||||||||||||
Principal and accrued interest | $ 479,811 | |||||||||||||
Principal payments made on notes payable | 625,030 | |||||||||||||
Stock Purchase Agreement [Member] | Moyo Partners, LLC [Member] | August 2018 Note Due on August 31, 2019 [Member] | ||||||||||||||
Principal amount | $ 960,000 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Preferred stock, outstanding | 500 | |||||||||||||
Preferred stock, shares subscribed but unissued | 500 | |||||||||||||
Preferred stock, par value (in dollars per share) | $ 0.001 | |||||||||||||
Stock conversion of convertible securities | 7,407,540 | |||||||||||||
Series A Preferred Stock [Member] | Stock Purchase Agreement [Member] | ||||||||||||||
Number of shares issued | 500 | |||||||||||||
Share price | $ 0.001 | |||||||||||||
Series A Preferred Stock [Member] | Stock Purchase Agreement [Member] | R and R Biotech Partners, LLC [Member] | ||||||||||||||
Number of shares issued | 400 | |||||||||||||
Series A Preferred Stock [Member] | Stock Purchase Agreement [Member] | Moyo Partners, LLC [Member] | ||||||||||||||
Number of shares issued | 100 | |||||||||||||
Common Stock [Member] | ||||||||||||||
Number of authorized shares increased | 100,000,000 | |||||||||||||
Common Stock [Member] | Stock Purchase Agreement [Member] | ||||||||||||||
Number of shares issued | 4,479,250 | |||||||||||||
Share price | $ 0.001 | |||||||||||||
Number of shares converted | 14,820 | |||||||||||||
Aggregate gross proceeds | $ 600,000 | |||||||||||||
Common Stock [Member] | Stock Purchase Agreement [Member] | R and R Biotech Partners, LLC [Member] | ||||||||||||||
Number of shares issued | 9,509,440 | |||||||||||||
Number of shares converted | 5,928,000 | |||||||||||||
Common stock issued and outstanding, percentage | 72.00% | |||||||||||||
Common Stock [Member] | Stock Purchase Agreement [Member] | Moyo Partners, LLC [Member] | ||||||||||||||
Number of shares issued | 2,377,360 | |||||||||||||
Number of shares converted | 1,481,510 | |||||||||||||
Common stock issued and outstanding, percentage | 18.00% | |||||||||||||
Ironbound Partners Fund LLC [Member] | August 2018 Note Due on August 31, 2019 [Member] | ||||||||||||||
Principal amount | $ 15,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | December 2018 Note Due on August 31, 2019 [Member] | ||||||||||||||
Principal amount | $ 25,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | February 2017 Note Due on August 31, 2017 [Member] | ||||||||||||||
Principal amount | $ 50,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | July 2016 Note Due on August 31, 2017 [Member] | ||||||||||||||
Principal amount | $ 25,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | Note 2016 Due on August 31, 2015 [Member] | ||||||||||||||
Principal amount | $ 10,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | Note 2014 Due on August 31, 2015 [Member] | ||||||||||||||
Principal amount | $ 72,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | May 2013 Note [Member] | ||||||||||||||
Principal amount | $ 100,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | Amended and Restated [Member] | May 2013 Note Due on August 31, 2016 [Member] | ||||||||||||||
Principal amount | $ 100,000 | |||||||||||||
Ironbound Partners Fund LLC [Member] | Common Stock [Member] | ||||||||||||||
Share price | $ 0.00157737 | |||||||||||||
Common stock issued and outstanding, percentage | 69.10% | |||||||||||||
Number of shares acquired, Value | $ 15,000 | |||||||||||||
Number of shares acquired | 9,509,440 |
Description of Company (Detai_2
Description of Company (Details Textual 1) - USD ($) | Jul. 25, 2014 | May 14, 2013 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Dec. 04, 2018 | Aug. 27, 2018 | Feb. 14, 2017 | Jul. 15, 2016 |
Common stock, authorized | 100,000,000 | 100,000,000 | |||||||
Common stock, issued | 13,757,550 | 13,757,550 | |||||||
Preferred stock, authorized | 1,000,000 | 1,000,000 | |||||||
Contributed services | $ 1,250 | $ 1,250 | |||||||
Note 2014 Due on August 31, 2015 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Aggregate gross proceeds | $ 72,000 | ||||||||
Interest rate | 5.00% | ||||||||
May 2013 Note Due on August 31, 2015 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Aggregate gross proceeds | $ 100,000 | ||||||||
Term of debt instrument | 2 years | ||||||||
Interest rate | 5.00% | ||||||||
December 2018 Note Due on August 31, 2019 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Interest rate | 5.00% | ||||||||
August 2018 Note Due on August 31, 2019 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Interest rate | 5.00% | ||||||||
February 2017 Note Due on August 31, 2017 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Interest rate | 5.00% | ||||||||
July 2016 Note Due on August 31, 2017 [Member] | Ironbound Partners Fund LLC [Member] | |||||||||
Interest rate | 5.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | |
Summary of Significant Accounting Policies (Textual) | |||
Accumulated deficit | $ (2,456,140) | $ (2,434,758) | |
Net loss | $ (21,382) | $ (8,073) |