Cover
Cover - shares | 3 Months Ended | |
Dec. 31, 2020 | Mar. 17, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2020 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --09-30 | |
Entity File Number | 333-156091 | |
Entity Registrant Name | Alterola Biotech Inc. | |
Entity Central Index Key | 0001442999 | |
Entity Incorporation, State or Country Code | NV | |
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 | 754,280,000 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 |
Current Assets | ||
Funds in attorney trust account | $ 15,273 | $ 15,273 |
Total Current Assets | 15,273 | 15,273 |
TOTAL ASSETS | 15,273 | 15,273 |
Current Liabilities | ||
Accrued expenses | 36,244 | 36,244 |
Accrued directors fees | 330,000 | 300,000 |
Advances from related party | 2,250 | 2,250 |
Total Current Liabilities | 368,494 | 338,494 |
Total Liabilities | 368,494 | 338,494 |
Stockholders’ 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, 133,180,000 shares issued and outstanding – September 30, 2020- 129,980,000) | 133,180 | 129,980 |
Additional paid-in capital | 797,387 | 768,587 |
Accumulated deficit | (1,283,788) | (1,221,788) |
Total Stockholders’ Deficit | (353,221) | (323,221) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ 15,273 | $ 15,273 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 |
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 and outstanding | 133,180,000 | 129,980,000 |
Preferred Stock, par value | $ 0.001 | $ 0.001 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, issued and outstanding | 0 | 0 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
REVENUES | ||
OPERATING EXPENSES | ||
Accounting and audit fees | 10,250 | |
Stock based compensation | 32,000 | |
Consulting fees | 60,000 | |
Directors fees | 30,000 | 30,000 |
General and administrative expenses | 4,443 | |
TOTAL OPERATING EXPENSES | 62,000 | 104,693 |
LOSS FROM OPERATIONS | (62,000) | (104,693) |
OTHER INCOME (EXPENSE) | ||
Miscellaneous sale | 79,000 | |
TOTAL OTHER INCOME (EXPENSE) | 79,000 | |
PROVISION FOR INCOME TAXES | ||
NET LOSS | $ (62,000) | $ (25,693) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 131,380,000 | 116,980,000 |
Statement of Stockholders' Defi
Statement of Stockholders' Deficit (unaudited) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning balance, shares at Sep. 30, 2018 | 115,980,000 | |||
Beginning balance, amount at Sep. 30, 2018 | $ 115,980 | $ 541,028 | $ (712,575) | |
Common Stock issued for services, shares | 1,000,000 | |||
Common Stock issued for services, amount | $ 1,000 | 89,000 | $ 90,000 | |
Capital contributions from forgiveness of debt | 21,559 | 21,559 | ||
Net Income (Loss) | (258,702) | (258,702) | ||
Ending balance, shares at Sep. 30, 2019 | 116,980,000 | |||
Ending balance, amount at Sep. 30, 2019 | $ 116,980 | 651,587 | (971,277) | (202,710) |
Common Stock issued for services, shares | 13,000,000 | |||
Common Stock issued for services, amount | $ 13,000 | 117,000 | 130,000 | |
Capital contributions from forgiveness of debt | ||||
Net Income (Loss) | (250,511) | (250,511) | ||
Ending balance, shares at Sep. 30, 2020 | 129,980,000 | |||
Ending balance, amount at Sep. 30, 2020 | $ 129,980 | 768,587 | (1,221,788) | $ (323,221) |
Common Stock issued for services, shares | 3,200,000 | 3,200,000 | ||
Common Stock issued for services, amount | $ 3,200 | 28,800 | $ 32,000 | |
Capital contributions from forgiveness of debt | ||||
Net Income (Loss) | (62,000) | (62,000) | ||
Ending balance, shares at Dec. 31, 2020 | 133,180,000 | |||
Ending balance, amount at Dec. 31, 2020 | $ 133,180 | $ 797,387 | $ (1,251,788) | $ (353,221) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net loss for the period | $ (62,000) | $ (25,693) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock based compensation | 32,000 | |||
Changes in assets and liabilities: | ||||
Increase (decrease) in accrued expenses | 30,000 | 30,258 | ||
Increase (decrease) in due from attorney | 0 | (4,565) | ||
Net Cash Used by Operating Activities | 0 | 0 | ||
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 | 0 | 0 | ||
Net Cash Provided by Financing Activities | 0 | 0 | ||
Net Increase (Decrease) in Cash and Cash Equivalents | 0 | 0 | ||
Cash and cash equivalents, beginning of period | 0 | 0 | $ 0 | |
Cash and cash 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 | ||||
Common stock issued for services | $ 32,000 | $ 0 | $ 130,000 | $ 90,000 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NOTE 1 – NATURE OF BUSINESS After formation, the Company was in the business of mineral exploration. On May 3, 2010, the Company sold its mineral exploration business and entered into an Intellectual Property Assignment Agreement (“IP Agreement”) with Soren Nielsen pursuant to which Mr. Nielsen transferred his right, title and interest in all intellectual property relating to certain chewing gum compositions having appetite suppressant activity (the “IP”) to the Company for the issuance of 55,000,000 shares of the Company’s common stock. Following the acquisition of the IP the Company changed its business direction to pursue the development of chewing gums for the delivery of Nutraceutical/functional ingredients for applications such as appetite suppressant, cholesterol suppressant, vitamin delivery, antioxidant delivery and motion sickness suppressant. On June 21, 2018, the Company signed an escrow agreement with Mr. Lauritsen to serve as its Chief Operating Officer and to contribute the IP for the company’s chewing gum business. In that agreement, the Company compensated Mr. Lauritsen with 1,000,000 shares of its common stock and cash in the amount of $90,000 USD. In March 2019, the Company issued 1,000,000 shares of common stock to Mr. Lauritsen rendered with a deemed value of services provided of $ 90,000. The business plan of the company will no longer be focused on a chewing gum delivery system but it will re-focus its activities to the development of cannabinoid, cannabinoid-like, and non-cannabinoid pharmaceutical active pharmaceutical ingredients (APIs), pharmaceutical medicines made from cannabinoid, cannabinoid-like, and non-cannabinoid APIs and European novel food approval of cannabinoid-based, cannabinoid-like and non-cannabinoid ingredients and products .In addition, the company plans to develop such bulk ingredients for supply into the cosmetic sector. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Dec. 31, 2020 | |
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. 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. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. 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 (“FV”) due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. FV 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 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 FV 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 FV 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. 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 FV 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. Foreign Currency Translation The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income 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 year ended December 31, 2020, 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 FV in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options Risks and Uncertainties On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” 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 | 3 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE | NOTE 3 – ACCRUED EXPENSES Accrued expenses consisted of the following at December 31, 2020 and September 30, 2020: December 31,2020 September 30,2020 Audit fees $ 10,000 $ 10,000 Accounting 6,600 6,600 Legal fees and transfer agent 19,644 19,644 Total Accrued Expenses $ 36,244 $ 36,244 |
CAPITAL STOCK
CAPITAL STOCK | 3 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
CAPITAL STOCK | NOTE 4 – 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, the Company issued 37,000,000 shares of common stock to its director for services with a deemed value of $ 37,000. 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. During the year ended September 30, 2019, 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. During the year ended September 30, 2020, the Company issued 13,000,000 shares of common stock to an officer for services rendered with a deemed value of services provided of $130,000. During the period ended December 31, 2020 the Company issued 3,200,000 shares of common stock for services rendered with a deemed value of $ 32,000. The Company has 133,180,000 and 129,980,000 shares of common stock issued and outstanding as of December 31, 2020 and September 30, 2020 respectively. There are no shares of preferred stock issued and outstanding as of December 31, 2020 and September 30, 2020. |
INCOME TAX
INCOME TAX | 3 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 5- INCOME TAX Due to uncertainties surrounding the Company’s ability to generate future taxable income to realize these assets, a full valuation allowance has been established to offset the net deferred tax asset. The income tax effects of the Tax Cuts and Jobs Act have been completed in accordance with FASB ASC 740. The provision for income tax consists of the following components at December 31, 2020 and 2019: 2020 2019 Current: Federal income taxes (benefit) (21,080 ) $ (5,396) State income taxes — — Deferred Benefit from net operating loss 21,080 5,396 $ (0 ) $ (0 The following reconciles income taxes reported in the financial statements to taxes that would be obtained by applying regular tax rates to income before taxes: 2020 2019 Expected tax expense (benefit) using regular rates $ 21,080 $ 5,396 State minimum tax Valuation allowance (21,080 ) (5,396) Tax Provision $ — $ — The Company has loss carry forwards totaling $1,336,034 that may be offset against future federal income taxes. If not used, the carry forwards will expire between 2028 and 2040. The change in control may limit the amount of loss carryforward that may be utilized. At December 31, 2020 and 2019, the significant components of the deferred tax assets are summarized below: December 31, 2020 December 31, 2019 Deferred income tax asset Net operation loss carryforwards 454,252 351,247 Total deferred income tax asset 454,252 351,247 Less: valuation allowance (454,252 ) (351,247) Total deferred income tax asset $ — $ — The federal income tax returns of the Company for 2021 and 2020 are subject to examination by the IRS, generally for three years after they were filed. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Dec. 31, 2020 | |
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 period ended December 31, 2020, the Company accrued director’s fees payable of $330,000. |
LIQUIDITY & GOING CONCERN
LIQUIDITY & GOING CONCERN | 3 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
LIQUIDITY & GOING CONCERN | NOTE 7 – LIQUIDITY & GOING CONCERN Alterola has negative working capital of $353,221, has incurred losses since inception of $1,283,788, 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. |
OTHER INCOME
OTHER INCOME | 3 Months Ended |
Dec. 31, 2020 | |
OTHER INCOME (EXPENSE) | |
OTHER INCOME | NOTE 8 – OTHER INCOME Other income of $79,000 consists of payments received from third parties for effecting a change in stock symbol. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS In accordance with ASC Topic 855-10, the Company analyzed its operations subsequent to December 31, 2020 to the date these financial statements were issued, and determined it does not have any material subsequent events to disclose in these financial statements. On January 19, 2021, the Company entered into an Stock Transfer Agreement (the “Agreement”) with ABTI Pharma Limited, a company registered in England and Wales (“ABTI Pharma”), pursuant to which the Company will acquire all of the outstanding shares of capital stock of ABTI Pharma from its shareholders in exchange for 600,000,000 shares of the Company pro rata to the ABTI Pharma shareholders. The shares have been issued in anticipation of the closing and the transaction will close upon the ABTI Pharma Limited Shares being transferred to the Company which will occur upon the filing by the Company of its outstanding annual report and form 10-K for 2019, and its quarterly reports for 2020, that are anticipated to be filed by March 30 th Pursuant to the Agreement, the Company will provide funding to ABTI Pharma to pay for operating expenses including salaries, office expenses and additional expenses or projects in the amount of US$500,000 within fifteen (15) days from closing the Agreement and shall fund an additional US $200,000 every 30 days thereafter until a total funding of US $1,100,000 has been delivered. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
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. |
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 | 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. Amounts due from attorney represents fund held on behalf of the Company in trust by its legal counsel. |
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 (“FV”) due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. FV 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 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 FV 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 FV 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. 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 FV 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. |
Foreign currency translation | The financial statements are presented in US Dollars. Transactions with foreign subsidiaries where US dollars are not the functional currency will be recorded in accordance with Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 830 Foreign Currency Transaction Comprehensive Income |
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 year ended December 31, 2020, 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 FV in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options. |
Risks and uncertainties | On January 30, 2020, the World Health Organization declared the coronavirus outbreak a “Public Health Emergency of International Concern” and on March 10, 2020, declared it to be a pandemic. Actions taken around the world to help mitigate the spread of the coronavirus include restrictions on travel, and quarantines in certain areas, and forced closures for certain types of public places and business. The Coronavirus and actions taken to mitigate it have had and are expected to have an adverse impact on the economies and financial markets of many countries, including the geographical area in which the Company plans to operate.” |
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) | 3 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | December 31,2020 September 30,2020 Audit fees $ 10,000 $ 10,000 Accounting 6,600 6,600 Legal fees and transfer agent 19,644 19,644 Total Accrued Expenses $ 36,244 $ 36,244 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provisions for income tax | 2020 2019 Current: Federal income taxes (benefit) (21,080 ) $ (5,396) State income taxes — — Deferred Benefit from net operating loss 21,080 5,396 $ (0 ) $ (0 |
Reconciliation of income taxes | 2020 2019 Expected tax expense (benefit) using regular rates $ 21,080 $ 5,396 State minimum tax Valuation allowance (21,080 ) (5,396) Tax Provision $ — $ — |
Deferred tax assets | December 31, 2020 December 31, 2019 Deferred income tax asset Net operation loss carryforwards 454,252 351,247 Total deferred income tax asset 454,252 351,247 Less: valuation allowance (454,252 ) (351,247) Total deferred income tax asset $ — $ — |
NATURE OF BUSINESS (Details Nar
NATURE OF BUSINESS (Details Narrative) - USD ($) | Apr. 10, 2018 | Mar. 30, 2019 | Jun. 28, 2018 | May 03, 2010 | Jun. 21, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
Date of Incorporation | Jul. 21, 2008 | ||||||||
Common stock issued for services | 3,200,000 | ||||||||
Common stock issued for services, value | $ 32,000 | $ 0 | $ 130,000 | $ 90,000 | |||||
Soren Nielson | |||||||||
Common stock cancelled | 37,000,000 | ||||||||
Common stock, shares issued for acquisition | 55,000,000 | ||||||||
Consulting Services | |||||||||
Common stock issued for services | 1,000,000 | 1,000,000 | |||||||
Common stock issued for services, value | $ 90,000 | ||||||||
Cash paid for compensation | $ 90,000 | ||||||||
Directors | |||||||||
Common stock issued for services | 1,000,000 | ||||||||
Common stock issued for services, value | $ 90,000 |
ACCOUNTS PAYABLE - Schedule of
ACCOUNTS PAYABLE - Schedule of Accounts Payable (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 |
Payables and Accruals [Abstract] | ||
Audit fees | $ 10,000 | $ 10,000 |
Accounting | 6,600 | 6,600 |
Legal fees and transfer agent | 19,644 | 19,644 |
Total Accrued expenses | $ 36,244 | $ 36,244 |
CAPITAL STOCK (Details Narrativ
CAPITAL STOCK (Details Narrative) - USD ($) | Sep. 04, 2021 | Apr. 10, 2018 | Jun. 28, 2018 | Jun. 21, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 |
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 | 133,180,000 | 129,980,000 | ||||||
Common stock issued for services | 3,200,000 | |||||||
Common stock issued for services, value | $ 32,000 | $ 0 | $ 130,000 | $ 90,000 | ||||
Prepaid stock based compensation | $ 63,000 | |||||||
Director | ||||||||
Common stock cancelled | 37,000,000 | |||||||
Common stock cancelled, value | $ 37,000 | |||||||
Consulting Services | ||||||||
Common stock issued for services | 1,000,000 | 1,000,000 | ||||||
Common stock issued for services, value | $ 90,000 | |||||||
Officer Issuance | ||||||||
Common stock issued for services | 1,000,000 | |||||||
Common stock issued for services, value | $ 90,000 | |||||||
Officer Issuance Two | ||||||||
Common stock issued for services | 13,000,000 | |||||||
Common stock issued for services, value | $ 130,000 | |||||||
CEO and Director | ||||||||
Common stock issued for services | 6,000,000 | |||||||
Common stock issued for services, value | $ 60,000 |
INCOME TAXES - Provisions for I
INCOME TAXES - Provisions for Income Tax (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal income taxes (benefit) | $ (21,080) | $ (5,396) | |
State income taxes | |||
Deferred Benefit from net operating loss | 21,080 | $ 5,396 | |
Total current income tax benefit | $ 0 | $ 0 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Income Taxes (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |||
Expected tax expense (benefit) using regular rates | $ 21,080 | $ 5,396 | |
State minimum tax valuation allowance | 21,080 | $ 5,396 | |
Tax Provision |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operation loss carryforwards | $ 454,252 | $ 351,247 |
Total deferred income tax asset | 454,252 | 351,247 |
Less: valuation allowance | (454,252) | (351,247) |
Total deferred income tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) | Dec. 31, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Operating loss carryforwards | $ 1,336,034 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Dec. 31, 2020USD ($) |
Related Party Transactions [Abstract] | |
Directors fees | $ 330,000 |
LIQUIDITY AND GOING CONCERN (De
LIQUIDITY AND GOING CONCERN (Details Narrative) | 144 Months Ended |
Dec. 31, 2020USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Negative working capital | $ 353,221 |
Loss since inception | $ 1,283,788 |
OTHER INCOME (Details Narrative
OTHER INCOME (Details Narrative) | 3 Months Ended |
Dec. 31, 2020USD ($) | |
OTHER INCOME (EXPENSE) | |
Other income | $ 79,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - ABTI Pharma | 1 Months Ended |
Jan. 19, 2021shares | |
Common stock issued for aquisition, shares | 600,000,000 |
Stock transfer agreement terms | Pursuant to the Agreement, the Company will provide funding to ABTI Pharma to pay for operating expenses including salaries, office expenses and additional expenses or projects in the amount of US$500,000 within fifteen (15) days from closing the Agreement and shall fund an additional US $200,000 every 30 days thereafter until a total funding of US $1,100,000 has been delivered |