Cover
Cover - shares | 9 Months Ended | |
Jun. 30, 2018 | Sep. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2018 | |
Current Fiscal Year End Date | --09-30 | |
Entity Registrant Name | Alterola Biotech Inc. | |
Entity Central Index Key | 0001442999 | |
Entity Current Reporting Status | No | |
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 | 329,980,000 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Current Assets | ||
Funds in attorney trust account | $ 14,742 | |
Prepaid stock based compensation, net of $27,000 amortization | 63,000 | |
Total current assets | 77,742 | |
TOTAL ASSETS | 77,742 | |
Current Liabilities | ||
Accrued expenses | 23,655 | 20,900 |
Accrued interest | 698 | 98,028 |
Accrued directors fees | 30,000 | 0 |
Advances from director | 750 | 750 |
Notes payable-current | 0 | 175,000 |
Total Current Liabilities | 55,103 | 294,678 |
Notes payable | 19,950 | 0 |
Total Liabilities | 75,053 | 294,678 |
Stockholders’ Equity (Deficit) | ||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, -0- shares issued and outstanding | ||
Common Stock, $.001 par value, 140,000,000 shares authorized, 115,980,000 shares issued and outstanding | 115,980 | |
Additional paid-in capital | 258,850 | 169,850 |
Accumulated deficit | (372,141) | (579,508) |
Total Stockholders’ Equity (Deficit) | 2,689 | (294,678) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 77,742 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, Par Value | $ 0.001 | $ 0.001 |
Common stock, Shares Authorized | 140,000,000 | 140,000,000 |
Common stock, Issued | 115,980,000 | 114,980,000 |
Preferred Stock, Par Value | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Issued | 0 | 0 |
Amortization | $ 27,000 | $ 27,000 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
REVENUES | $ 0 | $ 0 | $ 0 | $ 0 |
OPERATING EXPENSES | ||||
Amortization | 0 | 775 | 0 | 2,325 |
Accounting and audit fees | 250 | 250 | 750 | 750 |
Legal fees | 5,208 | 0 | 7,208 | 0 |
Directors fees | 30,000 | 0 | 30,000 | 0 |
Stock based compensation | 27,000 | 0 | 27,000 | 0 |
General and administrative expenses | 0 | 115 | 5 | 341 |
TOTAL OPERATING EXPENSES | 62,458 | 1,140 | 64,963 | 3,416 |
LOSS FROM OPERATIONS | (62,458) | (1,140) | (64,963) | (3,416) |
OTHER INCOME (EXPENSE) | ||||
Interest expense | (598) | (4,625) | ||
Forgiveness of debt | 0 | 0 | 0 | |
TOTAL OTHER INCOME (EXPENSE) | (598) | (4,625) | 272,330 | (13,875) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | $ (63,056) | $ (5,765) | $ 207,367 | $ (17,291) |
NET INCOME (LOSS) PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 115,980,000 | 114,980,000 | 115,313,300 | 114,980,000 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Deficit | Total |
Beginning balance, shares at Sep. 30, 2016 | 114,980,000 | |||
Beginning balance, amount at Sep. 30, 2016 | $ 114,980 | $ 132,850 | $ (511,876) | $ (264,046) |
Common Stock surrendered for voluntary cancellation | (37,000,000) | |||
Common Stock surrendered for voluntary cancellation, value | $ (37,000) | 37,000 | 0 | 0 |
Common Stock issued for services | 37,000,000 | |||
Common Stock issued for services, value | $ 37,000 | 37,000 | ||
Net Income (Loss) | (67,632) | (67,632) | ||
Ending balance, shares at Sep. 30, 2017 | 114,980,000 | |||
Ending balance, amount at Sep. 30, 2017 | $ 114,980 | $ 169,850 | (579,508) | (294,678) |
Common Stock surrendered for voluntary cancellation | ||||
Common Stock surrendered for voluntary cancellation, value | ||||
Common Stock issued for services | 1,000,000 | 1,000,000 | ||
Common Stock issued for services, value | $ 1,000 | 89,000 | $ 90,000 | |
Net Income (Loss) | 207,367 | 207,367 | ||
Ending balance, shares at Jun. 30, 2018 | 115,980,000 | |||
Ending balance, amount at Jun. 30, 2018 | $ 115,980 | $ 258,850 | $ (372,141) | $ 2,689 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income (loss) for the period | $ (63,056) | $ (5,765) | $ 207,367 | $ (17,291) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Amortization | 0 | 2,325 | ||
Stock based compensation | 27,000 | 0 | 27,000 | 0 |
Gain on forgiveness of debt | 0 | 0 | 0 | |
Changes in assets and liabilities: | ||||
Increase (decrease) in accrued expenses | 2,755 | 1,091 | ||
Increase (decrease) in accrued interest | 9,848 | 13,875 | ||
Increase ( decrease) in accrued directors fees | 30,000 | 0 | ||
Increase (decrease) in funds held with attorney | (14,742) | 0 | ||
Net Cash Used by Operating Activities | (19,950) | 0 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceeds from notes payable | 19,950 | 0 | ||
Net Cash Provided by Financing Activities | 19,950 | 0 | ||
Net Increase in Cash and Equivalents | 0 | 0 | ||
Cash and equivalents beginning of period | 0 | 0 | ||
Cash and equivalents, end of period | $ 0 | $ 0 | 0 | 0 |
SUPPLEMENTAL CASH FLOW INFORMATION | ||||
Interest paid | 0 | 0 | ||
Income taxes paid | 0 | 0 | ||
NON-CASH INVESTING AND FINANCING INFORMATION | ||||
Prepaid stock compensation | $ 63,000 | $ 0 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Jun. 30, 2018 | |
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 to acquire exploration and development stage mineral properties. On October 1, 2008, the Company incorporated JRE Exploration Ltd, (“JRE”) a wholly owned subsidiary in Canada to hold 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. In keeping with the change of business focus, on July 9, 2010, the Company changed its name to Alterola Biotech Inc. In April 2017, the company entered into an assignment agreement with its director to convey all assets and intellectual property to its former director for the cancellation of 37,000,000 shares of the Company. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Jun. 30, 2018 | |
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 GAAP 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 annual report 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 2017 as reported in Form 10-K, have been omitted. Use of Estimates The preparation of financial statements in conformity with GAAP 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 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. Funds in attorney trust account The company does not have its own bank account. Funds in attorney trust account represents fund held on behalf of the Company in trust by its legal counsel. Payments of expenses for the company come from this account. 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. Amortization expense for the Company’s website was $0 and $2,325 for the periods ended June 30, 2018 and 2017 respectively. Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and 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 (“FV”)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 FV of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining FV, the disclosure requirements around FV establish a FV 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 FV 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. 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 FV 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 On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the nine months ended June 30, 2018, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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 nine months ended June 30, 2018, the Company issued 1,000,000 shares of common stock to an officer for services rendered with a deemed value of services provided of $ 90,000 for services rendered from April 1, 2018 to January 31, 2019.The prepaid stock expense is being amortized over 10 months Recent Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 9 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at June 30, 2018 ( unaudited) and September 30, 2017: 2018 2017 Audit fees $ 1,000 $ 1,000 Accounting 4,350 3,600 Legal fees 18,305 13,423 Other 2,877 Total Accrued Expenses $ 23,655 $ 20,900 |
NOTES PAYABLE
NOTES PAYABLE | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
NOTES PAYABLE | NOTE 4 – NOTES PAYABLE Notes payable consisted of the following at June 30, 2018 and September 30, 2017: June 30, 2018 (unaudited) September 30, 2017 Note payable, unsecured, bearing interest at 12%, due on June 26, 2011 $ 0 $ 30,000 Convertible note payable, unsecured, bearing interest at 12%, due on July 24, 2011 0 50,000 Note payable, unsecured, bearing interest at 10% plus financing charge of $2,500, due on October 10, 2013 0 27,500 Note payable, unsecured, bearing interest at 10% plus financing charge of $1,500, due on February 13, 2014 0 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 0 6,000 Note payable, unsecured, bearing interest at 10% , due on demand 0 20,000 Note payable, unsecured, bearing interest at 10% , due on demand 0 25,000 Note payable, secured by assets of the company, bearing interest at 5% due on April 25, 2023 19,950 0 19,950 175,000 Less: current portion 0 (175,000) Total Notes payable $ 19,950 $ 0 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. Interest expense was $9,848 and $13,875 for the nine months ended June 30, 2018 and 2017, respectively. On March 28, 2018 the Company entered into agreements with its debt holders to forgive promissory notes and accrued interest of $ 282,178. As a result, the company has recognized a gain on forgiveness of debt of $ 282,178 in the financial statements for the nine months ended June 30, 2018 |
CAPITAL STOCK
CAPITAL STOCK | 9 Months Ended |
Jun. 30, 2018 | |
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 April 10, 2017, a former director of the Company surrendered for voluntary cancellation, 37,000,000 shares of common stock with a deemed value of $ 37,000. On April 10, 2017, a former director of the Company surrendered for voluntary cancellation, 37,000,000 shares of common stock with a deemed value of $ 37,000 in exchange for nutraceutical chewing gum business assets. On June 28, 2018 the company issued one million common shares for consulting services with a deemed value of $90,000. As the services are to be provided over a period from April 1, 2018 to January 31, 2019, the company has recorded $63,000 as prepaid stock based compensation. The Company has 115,980,000 and 114,980,000 shares of common stock issued and outstanding as of June 30, 2018 and September 30, 2017 respectively. There are no shares of preferred stock issued and outstanding as of June 30, 2018 and September 30, 2017. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Jun. 30, 2018 | |
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. During the nine months ended June 30, 2018, the Company accrued director’s fees payable of $ 30,000. |
LIQUIDITY & GOING CONCERN
LIQUIDITY & GOING CONCERN | 9 Months Ended |
Jun. 30, 2018 | |
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 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, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to June 30, 2018 to the date these financial statements were issued. On July 20, 2020, the company appointed certain directors and officers of the Company. As part of the appointment, each individual received issuance of 1,000,000 shares of common stock, respectfully. On September 4, 2020, the Company issued 6,000,000 shares of common stock to the newly appointed Chief Executive Officer and Director, as compensation for services to the Company. On September 18, 2020, the Company issued 200,000,000 shares of common stock to Amsterdam Café Holdings Ltd, at a price of $0.001 per share, for total proceeds of $200,000. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Jun. 30, 2018 | |
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 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 GAAP 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 annual report 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 2017 as reported in Form 10-K, have been omitted. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP 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 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. |
Funds in attorney trust account | Funds in attorney trust account The company does not have its own bank account. Funds in attorney trust account represents fund held on behalf of the Company in trust by its legal counsel. Payments of expenses for the company come from this account. |
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. Amortization expense for the Company’s website was $0 and $2,325 for the periods ended June 30, 2018 and 2017 respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Alterola’s financial instruments consist of cash and 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 (“FV”)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 FV of liabilities should include consideration of non-performance risk including our own credit risk. In addition to defining FV, the disclosure requirements around FV establish a FV 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 FV 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. ALTEROLA BIOTECH, INC. NOTES TO THE FINANCIAL STATEMENTS JUNE 30, 2018 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 FV 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 On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers ("ASC 606"), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 605. As of and for the nine months ended June 30, 2018, the financial statements were not materially impacted as a result of the application of Topic 606 compared to Topic 605. 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 nine months ended June 30, 2018, the Company issued 1,000,000 shares of common stock to an officer for services rendered with a deemed value of services provided of $ 90,000 for services rendered from April 1, 2018 to January 31, 2019.The prepaid stock expense is being amortized over 10 months |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed the FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effectiveness dates during the periods reported and in future periods. The Company has carefully considered the new pronouncements that alter previous generally accepted accounting principles and does not believe that any new or modified principles will have a material impact on the corporation’s reported financial position or operations in the near term. The applicability of any standard is subject to the formal review of our financial management and certain standards are under consideration. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | 2018 2017 Audit fees $ 1,000 $ 1,000 Accounting 4,350 3,600 Legal fees 18,305 13,423 Other 2,877 Total Accrued Expenses $ 23,655 $ 20,900 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 9 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Schedule of Notes Payable Table | June 30, 2018 (unaudited) September 30, 2017 Note payable, unsecured, bearing interest at 12%, due on June 26, 2011 $ 0 $ 30,000 Convertible note payable, unsecured, bearing interest at 12%, due on July 24, 2011 0 50,000 Note payable, unsecured, bearing interest at 10% plus financing charge of $2,500, due on October 10, 2013 0 27,500 Note payable, unsecured, bearing interest at 10% plus financing charge of $1,500, due on February 13, 2014 0 16,500 Note payable, unsecured, non interest bearing with finance charge of $1,500 due on March 31, 2014 0 6,000 Note payable, unsecured, bearing interest at 10% , due on demand 0 20,000 Note payable, unsecured, bearing interest at 10% , due on demand 0 25,000 Note payable, secured by assets of the company, bearing interest at 5% due on April 25, 2023 19,950 0 19,950 175,000 Less: current portion 0 (175,000) Total Notes payable $ 19,950 $ 0 |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - shares | Apr. 10, 2017 | Jun. 30, 2018 |
Date of Incorporation | Jul. 21, 2008 | |
Director | ||
Common Stock surrendered for voluntary cancellation | 37,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | 10 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Jan. 31, 2019 | Sep. 30, 2017 | |
Fiscal year end | --09-30 | |||
Amortization expense | $ 0 | $ 2,325 | ||
Common Stock issued for services | 1,000,000 | |||
Common Stock issued for services, value | $ 90,000 | $ 90,000 | $ 37,000 |
ACCRUED EXPENSES - Schedule of
ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Payables and Accruals [Abstract] | ||
Audit fees | $ 1,000 | $ 1,000 |
Accounting | 4,350 | 3,600 |
Legal fees | 18,305 | 13,423 |
Other fees | 2,877 | |
Total Accrued expenses | $ 23,655 | $ 20,900 |
NOTES PAYABLE - Schedule of Not
NOTES PAYABLE - Schedule of Notes Payable Table (Details) - USD ($) | Jun. 30, 2018 | Sep. 30, 2017 |
Less: current portion | $ 0 | $ 175,000 |
Total Notes Payable | 19,950 | 0 |
Note Payable 1 | ||
Convertible note payable | 0 | 30,000 |
Note Payable 2 | ||
Convertible note payable | 0 | 50,000 |
Note Payable 3 Member | ||
Convertible note payable | 0 | 27,500 |
Note Payable 4 | ||
Convertible note payable | 0 | 16,500 |
Note Payable 5 | ||
Convertible note payable | 0 | 6,000 |
Note Payable 6 | ||
Convertible note payable | 0 | 20,000 |
Note Payable 7 | ||
Convertible note payable | 0 | 25,000 |
Note Payable 8 | ||
Convertible note payable | $ 19,950 | $ 0 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest expense | $ 598 | $ 4,625 | ||
Gain on forgiveness of debt | $ 0 | $ 0 | $ 0 | |
Note Payable 1 | ||||
Convertible notes payable, maturity date | Jun. 26, 2011 | |||
Convertible notes payable, interest rate | 12.00% | 12.00% | ||
Note Payable 2 | ||||
Convertible notes payable, maturity date | Jul. 24, 2011 | |||
Convertible notes payable, interest rate | 12.00% | 12.00% | ||
Note Payable 3 Member | ||||
Convertible notes payable, maturity date | Oct. 10, 2013 | |||
Convertible notes payable, interest rate | 10.00% | 10.00% | ||
Finance charge | $ 2,500 | $ 2,500 | ||
Note Payable 4 | ||||
Convertible notes payable, maturity date | Feb. 13, 2014 | |||
Convertible notes payable, interest rate | 10.00% | 10.00% | ||
Finance charge | $ 1,500 | $ 1,500 | ||
Note Payable 5 | ||||
Convertible notes payable, maturity date | Mar. 31, 2014 | |||
Convertible notes payable, interest rate | 0.00% | 0.00% | ||
Finance charge | $ 1,500 | $ 1,500 | ||
Note Payable 6 | ||||
Convertible notes payable, interest rate | 10.00% | 10.00% | ||
Note Payable 7 | ||||
Convertible notes payable, interest rate | 10.00% | 10.00% | ||
Note Payable 8 | ||||
Convertible notes payable, maturity date | Apr. 25, 2023 | |||
Convertible notes payable, interest rate | 5.00% | 5.00% |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Apr. 10, 2017 | Jun. 28, 2018 | Jun. 30, 2018 | Jan. 31, 2019 | Sep. 30, 2017 |
Common stock, shares authorized | 140,000,000 | 140,000,000 | |||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||
Preferred stock, issued and outstanding | 0 | 0 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Common stock, issued and outstanding | 115,980,000 | 114,980,000 | |||
Common Stock surrendered for voluntary cancellation, value | $ 0 | ||||
Common Stock issued for services | 1,000,000 | ||||
Common Stock issued for services, value | $ 90,000 | $ 90,000 | $ 37,000 | ||
Prepaid stock based compensation | $ 63,000 | ||||
Director | |||||
Common Stock surrendered for voluntary cancellation | 37,000,000 | ||||
Common Stock surrendered for voluntary cancellation, value | $ 37,000 | ||||
Common Stock issued for services | 37,000,000 | ||||
Common Stock issued for services, value | $ 37,000 | ||||
Consulting Services | |||||
Common Stock issued for services | 1,000,000 | ||||
Common Stock issued for services, value | $ 90,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Related Party Transactions [Abstract] | ||||
Directors fees | $ 30,000 | $ 0 | $ 30,000 | $ 0 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Sep. 04, 2020 | Sep. 18, 2020 | Jul. 20, 2020 | Jun. 30, 2018 | Jan. 31, 2019 | Sep. 30, 2017 |
Common stock issued for services | 1,000,000 | |||||
Common stock issued for services, value | $ 90,000 | $ 90,000 | $ 37,000 | |||
Common stock issued, price per share | $ .001 | |||||
Directors | ||||||
Common stock issued for services | 1,000,000 | |||||
CEO and Director | ||||||
Common stock issued for services | 6,000,000 | |||||
Amsterdam Cafe Holdings Ltd | ||||||
Common stock issued for cash | 200,000,000 | |||||
Proceeds from stock issuance | $ 200,000 |