Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Jun. 30, 2016 | Jul. 17, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Alterola Biotech Inc. | |
Entity Central Index Key | 1,442,999 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 114,980,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Current Assets | ||
Cash and equivalents | $ 2,631 | |
Website, net | 3,358 | 5,683 |
TOTAL ASSETS | 3,358 | 8,314 |
Current Liabilities | ||
Accrued expenses | 11,101 | 37,524 |
Accrued interest | 74,903 | 61,509 |
Advances from director | 750 | 750 |
Notes payable | 175,000 | 150,000 |
Total Liabilities | 261,754 | 249,783 |
Stockholders’ Deficit | ||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | 0 | 0 |
Common Stock, $.001 par value, 140,000,000 shares authorized, 114,980,000 shares issued and outstanding | 114,980 | 114,980 |
Additional paid-in capital | 132,850 | 132,850 |
Deficit accumulated | (506,226) | (489,299) |
Total Stockholders’ Deficit | (258,396) | (241,469) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 3,358 | $ 8,314 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Sep. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, Shares Authorized | 140,000,000 | 140,000,000 |
Common stock, Issued | 114,980,000 | 114,980,000 |
Preferred Stock, Par Value | $ .001 | |
Preferred Stock, Shares Authorized | 10,000,000 | |
Preferred Stock, Issued | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Depreciation | 2,325 | 0 | ||
Accounting and audit fees | 250 | 500 | 1,250 | 2,750 |
Legal fees | 1,818 | 4,308 | 7,813 | 9,497 |
General and administrative expenses | 0 | 0 | 2,318 | 30 |
TOTAL OPERATING EXPENSES | 2,843 | 4,808 | 13,706 | 12,277 |
LOSS FROM OPERATIONS | (2,843) | (4,808) | (13,706) | (12,277) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (13,394) | (11,725) | ||
Forgiveness of debt | 0 | 0 | 10,173 | 0 |
TOTAL OTHER INCOME (EXPENSE) | (4,625) | (4,000) | (3,221) | (11,725) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (7,468) | $ (8,808) | $ (16,927) | $ (24,002) |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 114,980,000 | 114,980,000 | 114,980,000 | 114,980,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) for the period | $ (16,927) | $ (24,002) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2,325 | 0 |
Changes in assets and liabilities: | ||
Increase (decrease) in accrued expenses | (26,423) | (2,874) |
Increase in accrued interest | 13,394 | 11,725 |
Net Cash Used by Operating Activities | (27,631) | (15,151) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of intellectual property | 0 | 0 |
Website Development | 0 | 0 |
Net Cash Used by Investing Activities | 0 | 0 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from notes payable | 25,000 | 20,000 |
Net Cash Provided by Financing Activities | 25,000 | 20,000 |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,631) | 4,849 |
Cash and cash equivalents, beginning of period | 2,631 | 0 |
Cash and cash equivalents, end of period | 0 | 4,849 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Interest paid | 0 | 0 |
Income taxes paid | 0 | 0 |
NON-CASH INVESTING AND FINANCING INFORMATION | ||
Deferred financing costs related to notes payable | $ 0 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS Alterola Biotech, Inc. (“Alterola” and the “Company”) is a development stage company and was incorporated in Nevada on July 21, 2008. The Company was formed for the purpose of acquiring exploration and development stage mineral properties. On October 1, 2008, the Company incorporated JRE Exploration Ltd, (“JRE”) a wholly owned subsidiary in Canada for the purpose of holding its Canadian mineral claims. On May 3, 2010, the Company changed its focus to the development of intellectual property and accordingly sold JRE to the former president. (See Note 3). In keeping with the change of business focus, on July 9, 2010, the Company changed its name to Alterola Biotech Inc. Effective July 9, 2010, the Board of Directors authorized a 10 for 1 forward stock split on the issued common shares. The authorized number of common shares was increased from 90,000,000 to 140,000,000 common shares with a par value of $0.001. The number of authorized Preferred shares remained unchanged at 10,000,000 with a par value of $0.001. All references in the accompanying financial statements to the number of common shares have been restated to reflect the forward stock split. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has a September 30 fiscal year end. Basis of Presentation The accompanying unaudited interim financial statements of Alterola Biotech Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2015 as reported in Form 10-K, have been omitted. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Intellectual Property The Company does not amortize intangible assets with indefinite useful lives, rather such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. The Company will amortize its acquired intangible assets with definite lives over the estimated economic life of the completed product. During the year ending September 30, 2011, the value of the intellectual property was determined to be $0 and impairment expense of $21,500 was recorded. Website Development Costs Costs incurred in developing and maintaining a website are charged to expense when incurred for the planning, content population, and administration or maintenance of the website. All development costs for the application, infrastructure, and graphics development are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. Capitalized costs will be amortized using straight-line basis over two years, the estimated economic life of the completed website. For the nine months ended June 30, 2016, the depreciation expense for the company’s website was $2,325, as compared to $0 for the same period ended 2015. Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and cash equivalents, accrued expenses, accrued interest and notes payable. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the disclosure requirements around fair value establish a fair value hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value of Financial Instruments (continued) Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities, and notes payable are valued using level 1 inputs. The Company believes that the recorded values approximate their fair value due to the short maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. During the year ended September 30, 2013, the Company issued 37,000,000 shares of common stock to its director. Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at June 30, 2016 and September 30, 2015: June 30, 2016 September 30, 2015 Audit fees $ 1,000 $ 6,250 Accounting 2,350 1,100 Legal fees 7,751 30,174 Total Accrued Expenses $ 11,101 $ 37,524 During the period ended December 31, 2015, the Company negotiated a settlement of certain legal expenses, in which $10,173 of accrued invoices was forgiven. |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE Notes payable consisted of the following at June 30, 2016 and September 30, 2015: June 30, 2016 September 30, 2015 Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 $ 30,000 $ 30,000 Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 50,000 50,000 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $2,500, due on October 10, 2013 27,500 27,500 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $1,500, due on February 13, 2014 16,500 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 6,000 6,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 20,000 20,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 25,000 0 Total Notes payable $ 175,000 $ 150,000 NOTE 4 – NOTES PAYABLE (CONTINUED) The Convertible note is convertible at the option of the holder. The number of shares of common stock into which the convertible note will be converted is determined by the Fair Market Price (“FMV”) of the common stock at the date of conversion. In the event there is no determinable market price the FMV shall be: a) The share price at the last private offering of the common stock, or, b) the 30 day moving average of the Common Stock in the event a public listing of the common stock has taken place. Notes payable in the amount of $130,000 are currently in default as of the date of issuance of these financial statements. Interest expense related to these notes was $13,394 and $11,725 for the periods ended June 30, 2016 and 2015, respectively. Financing costs are amortized over the term of the loan. As of June 30, 2016 financing costs of $nil has been expensed in the statement of operations and unamortized financing costs of $nil are deferred on the balance sheet. |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 5 – CAPITAL STOCK The Company has 140,000,000 shares of $0.001 par value common stock authorized and 10,000,000 shares of $0.001 par value preferred stock authorized. On August 6, 2008, the Company issued 55,000,000 common shares to the Company’s president at $0.001 per share for total proceeds of $55,000. On September 22, 2008, the incumbent president resigned as both an officer and director and a new president and director was appointed. At the request of the departing president, the Company’s board of directors rescinded his share subscription for 55,000,000 common shares and repaid the subscription proceeds of $55,000. On September 22, 2008, the Company issued 55,000,000 common shares to the Company’s new president at $0.00095 per share for total proceeds of $52,246. On September 22, 2008, the Company issued 39,600,000 common shares at approximately $0.00149 per share for total proceeds of $55,740 pursuant to a private placement. On September 30, 2008, the Company issued 2,400,000 common shares at approximately $0.00149 per share for total proceeds of $3,467 pursuant to a private placement. The Company paid a commission of $5,700 for net proceeds of $53,507 for these private placements. On October 29, 2008, the Company issued 2,400,000 common shares at approximately $0.00119 per share for total proceeds of $2,865 pursuant to a private placement. On January 5, 2010, pursuant to a share subscription agreement, the Company issued 33,330,000 Common Shares at $0.0015 for aggregate proceeds of $50,000. On May 3, 2010, pursuant to the sale of JRE Exploration Ltd. (Note 3) the Company received 55,000,000 of its Common stock from the former Company president with a fair value of $52,246 for cancellation, as consideration for the sale of JRE, our wholly owned subsidiary. On November 17, 2010, the President entered into a stock cancellation agreement the Company whereby 40,000,000 common shares were returned to treasury and cancelled. In consideration the Company will issue to the President options to acquire common stock pursuant to the stock option plan which will be adopted by the Company at some time in the future. On December 21, 2010, the Company issued 250,000 shares at $0.20 for aggregate proceeds of $50,000. In February 2011, the former President returned 15,000,000 shares of common stock for voluntary cancellation. On July 16, 2013, the Company issued 37,000,000 shares of common stock to its director for services with a deemed value of $37,000. The Company has 114,980,000 and 114,980,000 shares of common stock issued and outstanding as of June 30, 2016 and September 30, 2015 respectively. There are no shares of preferred stock issued and outstanding as of June 30, 2016 and September 30, 2015. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 6 – RELATED PARTY TRANSACTIONS Alterola neither owns nor leases any real or personal property. An officer has provided office space without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. |
LIQUIDITY & GOING CONCERN
LIQUIDITY & GOING CONCERN | 9 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital, has incurred losses since inception, and has not yet received revenues from sales of products or services. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The ability of Alterola to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company has analyzed its operations subsequent to June 30, 2016 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Accounting Basis | Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a September 30 fiscal year end. |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim financial statements of Alterola Biotech Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s registration statement filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for the financial statements to be not misleading have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year 2015 as reported in Form 10-K, have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. |
Intellectual Property | Intellectual Property The Company does not amortize intangible assets with indefinite useful lives, rather such assets are required to be tested for impairment at least annually or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company amortizes its intangible assets with definite lives over their estimated useful lives and reviews these assets for impairment. The Company will amortize its acquired intangible assets with definite lives over the estimated economic life of the completed product. During the year ending September 30, 2011, the value of the intellectual property was determined to be $0 and impairment expense of $21,500 was recorded. |
Website Development Costs | Website Development Costs Costs incurred in developing and maintaining a website are charged to expense when incurred for the planning, content population, and administration or maintenance of the website. All development costs for the application, infrastructure, and graphics development are capitalized and subsequently reported at the lower of unamortized cost or net realizable value. Capitalized costs will be amortized using straight-line basis over two years, the estimated economic life of the completed website. For the nine months ended June 30, 2016, the depreciation expense for the company’s website was $2,325, as compared to $0 for the same period ended 2015. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and cash equivalents, accrued expenses, accrued interest and notes payable. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining fair value, the disclosure requirements around fair value establish a fair value hierarchy for valuation inputs which is expanded. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which is determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: Level 1 – inputs are based upon unadjusted quoted prices for identical instruments traded in active markets. Level 2 – inputs are based upon significant observable inputs other than quoted prices included in Level 1, such as quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Fair Value of Financial Instruments (continued) Level 3 – inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques that include option pricing models, discounted cash flow models, and similar techniques. The carrying value of the Company’s financial assets and liabilities which consist of cash, accounts payable and accrued liabilities, and notes payable are valued using level 1 inputs. The Company believes that the recorded values approximate their fair value due to the short maturity of such instruments. Unless otherwise noted, it is management’s opinion that the Company is not exposed to significant interest, exchange or credit risks arising from these financial instruments. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Loss Per Common Share | Loss Per Common Share Basic loss per share is calculated using the weighted-average number of common shares outstanding during each reporting period. Diluted loss per share includes potentially dilutive securities such as outstanding options and warrants, using various methods such as the treasury stock or modified treasury stock method in the determination of dilutive shares outstanding during each reporting period. The Company does not have any potentially dilutive instruments. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. During the year ended September 30, 2013, the Company issued 37,000,000 shares of common stock to its director. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Alterola does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | June 30, 2016 September 30, 2015 Audit fees $ 1,000 $ 6,250 Accounting 2,350 1,100 Legal fees 7,751 30,174 Total Accrued Expenses $ 11,101 $ 37,524 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Notes Payable Table | June 30, 2016 September 30, 2015 Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 $ 30,000 $ 30,000 Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 50,000 50,000 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $2,500, due on October 10, 2013 27,500 27,500 Note payable, unsecured, bearing interest at 10% per annum plus financing charge of $1,500, due on February 13, 2014 16,500 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 6,000 6,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 20,000 20,000 Note payable, unsecured, bearing interest at 10% per annum, due on demand 25,000 0 Total Notes payable $ 175,000 $ 150,000 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - shares | 9 Months Ended | |
Jun. 30, 2016 | Jul. 09, 2010 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Date of Incorporation | Jul. 21, 2008 | |
Changed Business Focus | May 3, 2010 | |
Name Change | Jul. 10, 2010 | |
Forward Stock Split Ratio | 10:1 | |
Previous authorized common shares | 90,000,000 | |
Authorized common shares after split | 140,000,000 | |
Authorized Preferred Shares | 10,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN18
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2013 | Sep. 30, 2011 | |
Fiscal year end | --09-30 | |||
Common Stock Issued | 37,000,000 | |||
Estimated Useful Lives | 2 years | |||
Depreciation | $ 2,325 | $ 0 | ||
JRE Exploration | ||||
Intellectual Property, Value | $ 0 | |||
Impairment | $ 21,500 |
ACCRUED EXPENSES - Schedule of
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2016 | Sep. 30, 2015 | |
Payables and Accruals [Abstract] | ||
Audit fees | $ 1,000 | $ 6,250 |
Accounting | 2,350 | 1,100 |
Legal fees | 7,751 | 30,174 |
Total Accrued expenses | 11,101 | $ 37,524 |
Settlement of legal expenses | $ 10,173 |
NOTES PAYABLE - Schedule of Not
NOTES PAYABLE - Schedule of Notes Payable Table (Details) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Notes to Financial Statements | ||
Note payable, unsecured, bearing interest at 12% per annum, due on June 26, 2011 | $ 30,000 | $ 30,000 |
Convertible note payable, unsecured, bearing interest at 12% per annum, due on July 24, 2011 | 50,000 | 50,000 |
Note payable, unsecured, bearing interest at 10%, per annum plus financing charge of $2,500, due on October 10, 2013 | 27,500 | 27,500 |
Note payable, unsecured, bearing interest at 10%, per annum plus financing charges of $1,500, due on February 13, 2014 | 16,500 | 16,500 |
Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 | 6,000 | 6,000 |
Note payable, unsecured, bearing interest at 10% per annum, due on demand | 20,000 | 20,000 |
Note payable, unsecured, bearing interest at 10% per annum, due on demand | 25,000 | 0 |
Total Notes Payable | $ 175,000 | $ 150,000 |
NOTES PAYABLE - Schedule of N21
NOTES PAYABLE - Schedule of Notes Payable Table (Details) (Parenthetical) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 |
Note Payable 1 | ||
Note payable, Interest Rate | 12.00% | 12.00% |
Note Payable 2 | ||
Convertible Note Payable, Interest Rate | 12.00% | 12.00% |
Note Payable 3 | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Finance charge | $ 2,500 | $ 2,500 |
Note Payable 4 Member | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Finance charge | $ 1,500 | $ 1,500 |
Note Payable 5 | ||
Finance charge | $ 1,500 | $ 1,500 |
Note Payable 6 | ||
Note payable, Interest Rate | 10.00% | 10.00% |
Note Payable 7 | ||
Note payable, Interest Rate | 10.00% |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Notes to Financial Statements | ||
Notes payable | $ 130,000 | |
Interest Expense | $ 13,394 | $ 11,725 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Sep. 30, 2013 | Sep. 30, 2015 | Feb. 01, 2011 | Nov. 17, 2010 | |
Common stock, Shares Authorized | 140,000,000 | 140,000,000 | |||
Common stock, Issued | 114,980,000 | 114,980,000 | |||
Preferred Stock, Par Value | $ .001 | ||||
Preferred Stock, Shares Authorized | 10,000,000 | ||||
Preferred Stock, Issued | 0 | 0 | |||
Common Stock Returned to Treasury | 15,000,000 | 40,000,000 | |||
Common Stock Issued for Services, Shares | 37,000,000 | ||||
JRE Exploration | |||||
Date of Issuance | May 3, 2010 | ||||
Common Stock Issued for Cash, Shares | 55,000,000 | ||||
Common Stock Issued for Cash, Fair Value Cancellation | $ 52,246 | ||||
Stock Issued to Old President | |||||
Date of Issuance | Aug. 6, 2008 | ||||
Common Stock Issued for Cash, Shares | 55,000,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.001 | ||||
Common Stock Issued for Cash, Value | $ 55,000 | ||||
Stock Issued to New President | |||||
Date of Issuance | Sep. 22, 2008 | ||||
Common Stock Issued for Cash, Shares | 55,000,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.00095 | ||||
Common Stock Issued for Cash, Value | $ 52,246 | ||||
Private Placement 1 | |||||
Date of Issuance | Sep. 22, 2008 | ||||
Common Stock Issued for Cash, Shares | 39,600,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.00149 | ||||
Common Stock Issued for Cash, Value | $ 55,740 | ||||
Private Placement 2 | |||||
Date of Issuance | Sep. 30, 2008 | ||||
Common Stock Issued for Cash, Shares | 2,400,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.00149 | ||||
Common Stock Issued for Cash, Value | $ 3,467 | ||||
Private Placement 3 | |||||
Date of Issuance | Oct. 29, 2008 | ||||
Common Stock Issued for Cash, Shares | 2,400,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.00119 | ||||
Common Stock Issued for Cash, Value | $ 2,865 | ||||
Subscription Arrangement | |||||
Date of Issuance | Jan. 5, 2010 | ||||
Common Stock Issued for Cash, Shares | 33,330,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.0015 | ||||
Common Stock Issued for Cash, Value | $ 50,000 | ||||
Issuance #1 | |||||
Date of Issuance | Dec. 21, 2010 | ||||
Common Stock Issued for Cash, Shares | 250,000 | ||||
Common Stock Issued for Cash, Par Value | $ 0.20 | ||||
Common Stock Issued for Cash, Value | $ 50,000 | ||||
Director Services | |||||
Date of Issuance | Jul. 16, 2013 | ||||
Common Stock Issued for Services, Shares | 37,000,000 | ||||
Common Stock Issued for Services, Value | $ 37,000 |