Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2018 | Jan. 30, 2019 | |
Document And Entity Information | ||
Entity Registrant Name | PEPTIDE TECHNOLOGIES, INC. | |
Entity Central Index Key | 1,357,878 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity's Reporting Status Current? | Yes | |
Is Entity Emerging Growth Company? | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 127,112,660 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 32,079 | $ 1,728 |
Total Current Assets | 32,079 | 1,728 |
Website | 9,322 | 13,341 |
Total Assets | 41,401 | 15,069 |
Current Liabilities | ||
Accounts payable | 42,455 | 37,870 |
Related-party advances | 120,987 | 67,113 |
Accrued compensation | 221,192 | 221,192 |
Other accrued liabilities | 10,000 | 10,000 |
Total Current Liabilities | 394,634 | 336,175 |
Stockholders' Deficit | ||
Common stock: $0.001 par value; 675,000,000 shares authorized; 127,112,660 shares issued and outstanding as of December 31, 2018 and March 31, 2018 | 127,113 | 127,113 |
Additional paid-in capital | 776,963 | 731,963 |
Accumulated deficit | (1,257,309) | (1,180,182) |
Total Stockholders' Deficit | (353,233) | (321,106) |
Total Liabilities and Stockholders' Deficit | $ 41,401 | $ 15,069 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 675,000,000 | 675,000,000 |
Common stock, shares issued | 127,112,660 | 127,112,660 |
Common stock, shares outstanding | 127,112,660 | 127,112,660 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Expenses | ||||
General and administrative | $ 51,990 | $ 10,254 | $ 75,379 | $ 35,501 |
Research and development | 300 | 300 | ||
Total Operating Expenses | 52,290 | 10,254 | 75,679 | 35,501 |
Operating Loss | (52,290) | (10,254) | (75,679) | (35,501) |
Other Expense | ||||
Foreign currency loss | (1,455) | (187) | (1,448) | (170) |
Net Loss | $ (53,745) | $ (10,441) | $ (77,127) | $ (35,671) |
Basic and Diluted Loss per Common Share | ||||
Weighted Average Number of Common Shares Outstanding - Basic and Diluted | 127,112,660 | 120,739,583 | 127,112,660 | 144,331,273 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (77,127) | $ (35,671) |
Adjustments to reconcile net loss to cash flows used in operating activities | ||
Stock-based compensation | 45,000 | |
Depreciation and amortization | 4,019 | 1,344 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 4,585 | 6,496 |
Net cash used for operating activities | (23,523) | (27,831) |
Cash Flows From Investing Activities: | ||
Website development | (16,000) | |
Net cash used for investing activities | (16,000) | |
Cash Flows From Financing Activities: | ||
Related-party advances | 53,874 | 47,598 |
Net cash provided by financing activities | 53,874 | 47,598 |
(Decrease) increase in cash and equivalents | 30,351 | 3,767 |
Cash and cash equivalents, beginning of period | 1,728 | |
Cash and cash equivalents, end of period | $ 32,079 | $ 3,767 |
Nature Of Operations
Nature Of Operations | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 1 – NATURE OF OPERATIONS Peptide Technologies, Inc. (the “Company” or “Peptide”), was incorporated in the State of Nevada, United States of America, on November 18, 2005. The Company’s business is to develop and market skincare products. Its plan is to build a state-of-the-art online store with a direct marketing and sales funnel aimed at targeted channels, using internet, social media, and content marketing. The Company’s marketing approach uses vetted channels that encompass several steps to gauge performance data from marketing tests against other campaigns in real-time with the ability to modify content delivery to targeted consumers immediately. The Company will engage a team with proprietary algorithmic software to assist in making these marketing decisions. Management believes this will provide the Company a distinct advantage over other companies that outsource marketing and advertising efforts to third parties. The skincare space is well-suited for direct-to-consumer sales, and there are several channels that the Company will leverage to introduce its unique branding and creative advertising assets. Creating brand visibility, along with the back-end support to process orders, is one of the Company’s key strengths over smaller competitors in the space. In addition, the Company will create a brand that allows visibility and awareness to be molded organically, thereby increasing the brand’s value quickly. The Company has identified a cosmetic and skincare manufacturer and has agreed upon product formulations, the design and sourcing of packaging, and product costs. The Company does not intend to enter into a long-term master supply agreement with the manufacturer. Rather, orders will be placed through individual purchase orders as needed. The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital to carry out its plan of operation and competition from existing consumer product companies. The majority of manufacturing, distribution, marketing, and sales operations will be outsourced. However, strategic planning and development will be performed internally by the Company. This includes, but is not limited to, developing our catalog of products, developing proprietary skincare formulations, pricing our products, deciding which markets to target, deciding which influencers to engage in marketing campaigns, developing sales channels such as our e-commerce sites, determining which marketing initiatives to pursue, and selecting strategic partners and suppliers to advance our business plan. Changes in Corporate Governance In December 2018, Baxter Koehn resigned from his positions as Chief Financial Officer, Chairman of the Board of Directors, and Director of the Company. Irene Getty, who currently serves on the Company’s Board of Directors, has been appointed the Company’s Chief Financial Officer. Upon his resignation from the aforementioned positions, Baxter Koehn transferred 45,000,000 shares of common stock to Irene Getty. Baxter Koehn will continue to serve the Company as an office manager. See Note 7 for additional discussion. |
Basis Of Presentation Of Interi
Basis Of Presentation Of Interim Financial Statements | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis Of Presentation Of Interim Financial Statements | NOTE 2 – BASIS OF PRESENTATION OF INTERIM FINANCIAL STATEMENTS The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2018 are not necessarily indicative of the results that may be expected for the year ending March 31, 2019. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended March 31, 2018 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2018 included within the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. |
Going Concern
Going Concern | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate the continuation of the Company as a going concern. The Company has incurred losses from operations and had an accumulated deficit of $1,257,309 as of December 31, 2018. The Company also had excess liabilities over assets of $353,233. These factors raise doubt about the Company’s ability to continue as a going concern. Management’s plans are to actively seek capital to enable the Company to add new products and/or services to ultimately achieve profitability. However, management cannot provide assurance that they can raise sufficient capital and whether the Company will ultimately achieve profitability, become cash flow positive, or raise additional debt and/or equity capital. If the Company is unable to raise additional capital in the near future or meet financing requirements, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms, and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company become unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 4 –SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition Revenue will be recognized on a gross basis upon shipment or upon receipt of products by the customer, depending on the agreed-upon terms, provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an agreement exists documenting the specific terms of the transaction; the sales price is fixed or determinable; and collectability is reasonably assured. Management will assess the business environment, the customer’s financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. If collectability is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. The Company plans to begin recognizing revenue in the fourth quarter of this fiscal year. Website Expenditures related to the planning and operation of the Company’s website are expensed as incurred. Expenditures related to the website application and infrastructure development are capitalized and amortized over the website’s estimated useful life of three (3) years. Amortization for the three and nine months ended December 31, 2018 was $1,344 and $4,019, respectively. Amortization was $1,344 for both the three and nine months ended December 31, 2017. Foreign Currency The Company maintains a bank account denominated in Canadian dollars, and currency exchange rate fluctuations related to this account may impact the Company’s results of operations. Gains and losses on currency exchange rate fluctuations are recorded in other income/expense on the statements of operations. Recent Accounting Pronouncements The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 – RELATED-PARTY TRANSACTIONS The Company’s former Chief Financial Officer advanced $53,874 and $47,598 to the Company during the nine months ended December 31, 2018 and 2017, respectively, to pay for website development costs and operating expenses, as well as provide a limited amount of working capital. The advances are due on demand and carry no interest. The related-party advances totaled $120,987 and $67,113 as of December 31, 2018 and March 31, 2018, respectively. See Note 7 for additional related party transactions. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company is not currently involved with and does not have knowledge of any pending or threatened litigation against the Company or any of its officers. |
Stockholders Deficit
Stockholders Deficit | 9 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders Deficit | NOTE 7 – STOCKHOLDERS’ DEFICIT During the three months ended December 31, 2018, Baxter Koehn, who was the Chairman of the Board of Directors and Chief Financial Officer, transferred 45,000,000 shares of common stock with an estimated fair value of $45,000 to Irene Getty upon her appointment as the new Chief Financial Officer and his resignation from the Board of Directors. As Mr. Koehn was a significant shareholder owning more than 10% of the shares outstanding at the time, the Company recognized stock-based compensation expense of $45,000 related to this transfer of shares based on management’s estimate of fair value of the entity, net of liabilities. The stock-based compensation was recorded within general and administrative expense on the accompanying statement of operations. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition Revenue will be recognized on a gross basis upon shipment or upon receipt of products by the customer, depending on the agreed-upon terms, provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an agreement exists documenting the specific terms of the transaction; the sales price is fixed or determinable; and collectability is reasonably assured. Management will assess the business environment, the customer’s financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. If collectability is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. The Company plans to begin recognizing revenue in the fourth quarter of this fiscal year. |
Website | Website Expenditures related to the planning and operation of the Company’s website are expensed as incurred. Expenditures related to the website application and infrastructure development are capitalized and amortized over the website’s estimated useful life of three (3) years. Amortization for the three and nine months ended December 31, 2018 was $1,344 and $4,019, respectively. Amortization was $1,344 for both the three and nine months ended December 31, 2017. |
Foreign Currency | Foreign Currency The Company maintains a bank account denominated in Canadian dollars, and currency exchange rate fluctuations related to this account may impact the Company’s results of operations. Gains and losses on currency exchange rate fluctuations are recorded in other income/expense on the statements of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) | 9 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Nov. 18, 2005 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 1,257,309 | $ 1,180,182 |
Total Stockholders' Deficit | $ 353,233 | $ 321,106 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||||
Website Estimated Useful Life | 3 years | |||
Amortization Expense, Website | $ 1,344 | $ 1,344 | $ 4,019 | $ 1,344 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Related party advances | $ 120,987 | $ 67,113 | |
Chief Financial Officer [Member] | |||
Related party advances | $ 53,874 | $ 47,598 |
Stockholders Deficit (Details N
Stockholders Deficit (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-based compensation | $ 45,000 | |||
General and administrative expense | $ 51,990 | $ 10,254 | $ 75,379 | $ 35,501 |
Stock Compensation [Member] | ||||
Shares Transferred | 45,000,000 | |||
Stock-based compensation | $ 45,000 | |||
General and administrative expense | $ 45,000 |