Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2019 | Jul. 15, 2019 | |
Document And Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 000-53230 | |
Entity Registrant Name | PEPTIDE TECHNOLOGIES, INC. | |
Entity Central Index Key | 0001357878 | |
Entity Tax Identification Number | 98-0479983 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 5348 Vegas Drive #177 | |
Entity Address, City or Town | Las Vegas | |
Entity Address, State or Province | NV | |
Entity Address, Postal Zip Code | 89108 | |
City Area Code | 702 | |
Local Phone Number | 948-8893 | |
Title of 12(g) Security | Common Stock, $0.001 par value per share | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 127,112,660 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Current Assets | ||
Cash and equivalents | $ 138,098 | $ 88,546 |
Prepaid expenses | 9,070 | |
Total Current Assets | 138,098 | 97,616 |
Website, net of accumulated amortization of $7,993 and $9,422 as at March 31, 2019 and June 30, 2019, respectively | 6,578 | 8,007 |
Total Assets | 144,676 | 105,623 |
Current Liabilities | ||
Accounts payable | 49,785 | 38,348 |
Related-party advances | 130,992 | 130,990 |
Accrued compensation | 221,192 | 221,192 |
Other accrued liabilities | 7,405 | 14,778 |
Total Current Liabilities | 409,374 | 405,308 |
Note Payable | 137,256 | 70,000 |
Total Liabilities | 546,630 | 475,308 |
Stockholders' Deficit | ||
Common stock: $0.001 par value: 675,000,000 shares authorized: 127,112,660 issued and outstanding as at March 31, 2019 and June 30, 2019 | 127,113 | 127,113 |
Additional paid-in capital | 776,963 | 776,963 |
Accumulated deficit | (1,306,030) | (1,273,761) |
Total Stockholders' Deficit | (401,954) | (369,685) |
Total Liabilities and Stockholders' Deficit | $ 144,676 | $ 105,623 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accumulated Amortization, Website | $ 7,993 | $ 9,422 |
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 | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Expenses | ||
General and administrative | $ 16,826 | $ 18,569 |
Sales and marketing | 14,296 | |
Interest expense | 3,127 | |
Total Operating Expenses | 34,249 | 18,569 |
Operating Loss | (34,249) | (18,569) |
Other Expense | ||
Foreign Currency gain (loss) | 1,980 | (4) |
Net Loss | $ (32,269) | $ (18,573) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 |
Weighted Average Number of Common Shares Outstanding | 127,112,660 | 127,112,660 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (32,269) | $ (18,573) |
Adjustments to reconcile net loss to cash flows used in operating activities | ||
Depreciation | 1,429 | 1,330 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued liabilities | 4,064 | 16,333 |
Prepaid expenses | 9,070 | |
Net cash flows used for operating activities | (17,706) | (910) |
Cash Flows From Investing Activities: | ||
Website development | ||
Net cash used for investing activities | ||
Cash Flows From Financing Activities: | ||
Related-party advances | 2 | 312 |
Note payable | 67,256 | |
Net cash provided by financing activities | 67,258 | 312 |
Change in cash and equivalents | 49,552 | (598) |
Cash and cash equivalents, beginning of period | 88,546 | 1,728 |
Cash and cash equivalents, end of period | $ 138,098 | $ 1,130 |
Statements of Stockholders' Def
Statements of Stockholders' Deficit - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Balance at Mar. 31, 2018 | $ 127,113 | $ 713,963 | $ (1,180,182) | $ (321,106) |
Balance (in Shares) at Mar. 31, 2018 | 127,112,660 | |||
Net Loss | (18,573) | (18,573) | ||
Balance at Jun. 30, 2018 | $ 127,113 | 731,963 | (1,198,775) | (339,679) |
Balance (in Shares) at Jun. 30, 2018 | 127,112,660 | |||
Balance at Mar. 31, 2019 | $ 127,113 | 731,963 | (1,273,761) | $ (369,685) |
Balance (in Shares) at Mar. 31, 2019 | 127,112,660 | 127,112,660 | ||
Net Loss | (32,269) | $ (32,269) | ||
Balance at Jun. 30, 2019 | $ 127,113 | $ 776,963 | $ (1,306,030) | $ (401,954) |
Balance (in Shares) at Jun. 30, 2019 | 127,112,660 | 127,112,660 |
Nature Of Operations
Nature Of Operations | 3 Months Ended |
Jun. 30, 2019 | |
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. |
Basis Of Presentation Of Interi
Basis Of Presentation Of Interim Financial Statements | 3 Months Ended |
Jun. 30, 2019 | |
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 months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. 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, 2019 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, 2019 included within the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission. |
Going Concern
Going Concern | 3 Months Ended |
Jun. 30, 2019 | |
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 $1,306,030 as of June 30, 2019. The Company also has excess liabilities over assets of $401,954. 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 | 3 Months Ended |
Jun. 30, 2019 | |
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 by the second 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 depreciated over the website’s estimated useful life of three (3) years. Amortization for the three months ended June 30, 2019 and 2018 was $1,429 and $1,330, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s former Chief Financial Officer (“CFO”) advanced $2 and $312 to the Company during the three months ended June 30, 2019 and 2018, respectively, to pay for operating expenses. The advances are due on demand and carry no interest. The related party advances totaled $130,992 and $130,990 as of June 30, 2019 and March 31, 2019, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Jun. 30, 2019 | |
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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2019 | |
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 by the second 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 depreciated over the website’s estimated useful life of three (3) years. Amortization for the three months ended June 30, 2019 and 2018 was $538 and $1,330, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) | 3 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Nov. 18, 2005 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 1,306,030 | $ 1,273,761 | ||
Total Stockholders' Deficit | $ 401,954 | $ 369,685 | $ 339,679 | $ 321,106 |
Significant Accounting Polici_3
Significant Accounting Policies (Details Narrative) - USD ($) | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||
Website Estimated Useful Life | 3 years | |
Website Expenses Amortization | $ 1,429 | $ 1,330 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 |
Related party advances | $ 130,992 | $ 130,990 | |
Chief Executive Officer [Member] | |||
Related party advances | $ 2 | $ 312 |