Cover
Cover | 3 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | BLUEONE CARD, INC. |
Entity Central Index Key | 0001496690 |
Entity Tax Identification Number | 26-0478989 |
Entity Incorporation, State or Country Code | NV |
Entity Address, Address Line One | 4695 MacArthur Court |
Entity Address, Address Line Two | Suite 1100 |
Entity Address, City or Town | Newport Beach |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92660 |
City Area Code | 800 |
Local Phone Number | 210-9755 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Current Assets | |||
Cash | $ 264,769 | $ 340,502 | |
Prepaid deposits | 156,300 | 155,072 | 8,700 |
Total Current Assets | 421,069 | 495,574 | 8,700 |
Property and Equipment, net | 153,648 | 164,173 | 105,018 |
Total Assets | 574,717 | 659,747 | 113,718 |
Current Liabilities | |||
Accrued liabilities | 21,171 | 27,498 | 19,181 |
Related party payables | 133,293 | 100,211 | 56,277 |
Customer deposits | 20,000 | 20,000 | |
Loan payable, current portion | 12,335 | 12,212 | |
Total Current Liabilities | 186,799 | 159,921 | 75,458 |
Loan payable, non-current portion | 53,332 | 56,458 | |
Total Liabilities | 240,131 | 216,379 | 75,458 |
Commitments and Contingencies | |||
Stockholders’ Equity | |||
Preferred stock, $0.001 par value; 25,000,000 shares authorized, 292,000 shares issued and outstanding as of June 30, 2021 and March 31, 2021, respectively | 292 | 292 | 300 |
Common stock, $0.001 par value; 500,000,000 shares authorized, 9,890,075 shares issued and outstanding at June 30, 2021 and March 31, 2021, respectively | 9,890 | 9,890 | 19 |
Additional paid in capital | 1,042,172 | 1,042,172 | 371,035 |
Accumulated deficit | (717,768) | (608,986) | (333,094) |
Total Stockholders’ Equity | 334,586 | 443,368 | 38,260 |
Total Liabilities and Stockholders’ Equity | $ 574,717 | $ 659,747 | $ 113,718 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 |
Preferred stock, shares issued | 292,000 | 292,000 | 300,000 |
Preferred stock, shares outstanding | 292,000 | 292,000 | 300,000 |
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock, shares issued | 9,890,075 | 9,890,075 | 19,100 |
Common stock, shares outstanding | 9,890,075 | 9,890,075 | 19,100 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||||
Net Revenues | ||||
Operating Expenses | ||||
Legal and filing fees | 5,327 | 2,405 | 17,231 | 11,068 |
Rent | 17,337 | 8,700 | 38,591 | 43,500 |
General and administrative | 85,394 | 10,796 | 216,473 | 40,965 |
Total Operating Expenses | 108,058 | 21,901 | 272,295 | 95,533 |
Loss from Operations | (108,058) | (21,901) | (272,295) | (95,533) |
Other Income (Expense) | ||||
Interest expense | (724) | (594) | (3,597) | (241) |
Total Other Income (Expense) | (724) | (594) | (3,597) | (241) |
Loss before Income Taxes | (108,782) | (22,495) | (275,892) | (95,774) |
Provision for Income Tax | ||||
Net Loss | $ (108,782) | $ (22,495) | $ (275,892) | $ (95,774) |
Basic and Diluted Net Loss Per Share | $ (0.01) | $ (1.15) | $ (0.06) | $ (5.47) |
Weighted Average Number of Shares Outstanding - Basic and Diluted | 9,890,075 | 19,515 | 4,615,160 | 17,509 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Beginning balance at Mar. 31, 2019 | $ 17 | [1] | $ 237,033 | $ (237,320) | $ (270) | |
Beginning balance, shares at Mar. 31, 2019 | 16,600 | [1] | ||||
Sale of common stock | $ 2 | [1] | 124,998 | 125,000 | ||
Sale of common stock, shares | 2,500 | [1] | ||||
Series A Preferred Stock issued in settlement of debt | $ 300 | [1] | 7,267 | 7,567 | ||
Series A Preferred Stock issued in settlement of debt, shares | 300,000 | [1] | ||||
Debt forgiveness by related party | [1] | 1,737 | 1,737 | |||
Net loss | [1] | (95,774) | (95,774) | |||
Ending balance at Mar. 31, 2020 | $ 300 | $ 19 | [1],[2] | 371,035 | (333,094) | 38,260 |
Ending balance, shares at Mar. 31, 2020 | 300,000 | 19,100 | [1],[2] | |||
Sale of common stock | $ 1 | [2] | 29,999 | 30,000 | ||
Sale of common stock, shares | 600 | [2] | ||||
Net loss | [2] | (22,495) | (22,495) | |||
Ending balance at Jun. 30, 2020 | $ 300 | $ 20 | [2] | 401,034 | (355,589) | 45,765 |
Ending balance, shares at Jun. 30, 2020 | 300,000 | 19,700 | [2] | |||
Beginning balance at Mar. 31, 2020 | $ 300 | $ 19 | [1],[2] | 371,035 | (333,094) | 38,260 |
Beginning balance, shares at Mar. 31, 2020 | 300,000 | 19,100 | [1],[2] | |||
Sale of common stock | $ 871 | [1] | 679,129 | 680,000 | ||
Sale of common stock, shares | 870,600 | [1] | ||||
Conversion of preferred stock to common stock | $ (8) | $ 8,000 | [1] | (7,992) | ||
Conversion of preferred stock to common stock, shares | (8,000) | 8,000,000 | [1] | |||
Issuance of stock to officer as bonus | $ 1,000 | [1] | 1,000 | |||
Issuance of stock to officer as bonus, shares | 1,000,000 | [1] | ||||
Net loss | [1] | (275,892) | (275,892) | |||
Fraction shares issued due to reverse stock split | [1] | |||||
Fraction shares issued due to reverse stock split, shares | 375 | [1] | ||||
Ending balance at Mar. 31, 2021 | $ 292 | $ 9,890 | [1],[2] | 1,042,172 | (608,986) | 443,368 |
Ending balance, shares at Mar. 31, 2021 | 292,000 | 9,890,075 | [1],[2] | |||
Net loss | [2] | (108,782) | (108,782) | |||
Ending balance at Jun. 30, 2021 | $ 292 | $ 9,890 | [2] | $ 1,042,172 | $ (717,768) | $ 334,586 |
Ending balance, shares at Jun. 30, 2021 | 292,000 | 9,890,075 | [2] | |||
[1] | Common stock adjusted to reflect 1:100 reverse stock splits | |||||
[2] | Common stock adjusted to reflect 1:100 reverse stock splits effected on October 15, 2019 and June 30, 2020. |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Parenthetical) | Jun. 30, 2020 | Jun. 30, 2020 | Oct. 15, 2019 | Jun. 30, 2021 |
Statement of Stockholders' Equity [Abstract] | ||||
Reverse stock splits | 1:100 reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | On October 15, 2019 and on June 30, 2020, the Company effectuated a 1-for-100 reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows From Operating Activities: | ||||
Net Loss | $ (108,782) | $ (22,495) | $ (275,892) | $ (95,774) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 10,525 | 7,259 | 38,836 | 7,501 |
Stock compensation to officer | 1,000 | |||
Changes in operating assets and liabilities: | ||||
(Increase) Decrease in prepaid deposits | (1,228) | 8,700 | (146,372) | (8,700) |
Decrease in accrued liabilities | (6,327) | (1,181) | 8,317 | 19,181 |
Increase in customer deposits | 20,000 | |||
Increase (Decrease) in related party payables | 33,082 | (1,813) | 43,934 | 65,311 |
Net Cash Used in Operating Activities | (72,730) | (9,530) | (310,177) | (12,481) |
Cash Flows From Investing Activities: | ||||
Cash paid for purchase of property and equipment | (19,500) | (19,500) | (112,519) | |
Net Cash Used In Investing Activities | (19,500) | (19,500) | (112,519) | |
Cash Flows From Financing Activities: | ||||
Cash proceeds from sale of common stock | 30,000 | 680,000 | 125,000 | |
Cash paid for note payable | (3,003) | (970) | (9,821) | |
Net Cash (Used In) Provided By Financing Activities | (3,003) | 29,030 | 670,179 | 125,000 |
Net Decrease in Cash | (75,733) | 340,502 | ||
Cash - Beginning of the Period | 340,502 | |||
Cash - End of the Period | 264,769 | 340,502 | ||
Supplemental Disclosures of Cash Flows | ||||
Cash paid for interest | 724 | 257 | 3,597 | 241 |
Cash paid for income taxes | ||||
Supplemental Disclosures of Non-cash Investing and Financing Activities: | ||||
Purchase of vehicle by execution of a promissory note | $ 78,491 | 78,491 | ||
Conversion of preferred stock into common stock | 8,000 | |||
Issuance of Series A Preferred Stock in debt settlement | 7,567 | |||
Forgiveness of debt | $ 1,737 |
NATURE OF OPERATIONS, BASIS OF
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN General The unaudited condensed financial statements of BlueOne Card, Inc. (“BlueOne” or the “Company”) as of June 30, 2021 and for the three months ended June 30, 2021 and 2020 should be read in conjunction with the financial statements for the year ended March 31, 2021 and 2020, respectively. BlueOne (formerly known as Avenue South Ltd., TBSS International, Inc., or Manneking Inc.), was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company started its business as a retailer and importer of domestic home furnishings from Hong Kong. On September 30, 2011, the Company changed its name to TBSS International, Inc., which was engaged in gold mining and drilling and general construction. On April 26, 2019, Corporate Compliance, LLC filed a re-application for custodianship pursuant to Nevada Revised Statutes NRS 78.347. The Eighth Judicial District Court of Clark County, Nevada granted custodianship over TBSS International, Inc. to Corporate Compliance, LLC. On October 15, 2019, the Company changed its name to Manneking Inc., and then to BlueCard One, Inc. on June 30, 2020. On October 15, 2019 and on June 30, 2020, the Company effectuated a 1-for-100 reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. Risk and Uncertainty Concerning COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. We are currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behaviour intended to reduce its spread. If the coronavirus continues to progress, it could have a material negative impact on our results of operations and cash flow, in addition to the impact on its employees. We have concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of Presentation The interim unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of the Company. The preparation of interim condensed financial statements requires management to make assumptions and estimates that impact the amounts reported. The interim condensed financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. These interim condensed financial statements, reflect all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the interim periods ended June 30, 2021 and 2020; however, certain information and footnote disclosures normally included in our audited annual financial statements, as included in the Company’s interim condensed financial statements, have been condensed or omitted pursuant to such SEC rules and regulations and accounting principles applicable for interim periods. It is important to note that the Company’s results of operations and cash flows for interim periods are not necessarily indicative of the results of operations and cash flows to be expected for a full fiscal year or any other interim period. Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has not yet generated any revenue and has suffered operating losses since July 6, 2007 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company incurred a net loss of $ 108,782 72,730 717,768 | NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN BlueOne Card, Inc. (formerly known as Avenue South Ltd., TBSS International, Inc., Manneking Inc. or the “Company”), was incorporated on July 6, 2007 under the laws of the state of Nevada. The Company started its business as a retailer and importer of domestic home furnishings from Hong Kong. On September 30, 2011, the Company changed its name to TBSS International, Inc., which was engaged in gold mining and drilling and general construction. On April 26, 2019, Corporate Compliance, LLC filed a re-application for custodianship pursuant to NRS 78.347. The Eighth Judicial District Court of Clark County, Nevada granted custodianship over TBSS International, Inc. to Corporate Compliance, LLC. On October 15, 2019, the Company changed its name to Manneking Inc., and then on June 30, 2020 changed to BlueOne Card, Inc. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company. The financial statements and accompanying notes are the representations of the Company’s management, who is responsible for their integrity and objectivity. In the opinion of the Company’s management, the financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. Risk and Uncertainty Concerning COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) as a pandemic which continues to spread throughout the United States and the World. We are currently monitoring the outbreak of COVID-19 and the related business and travel restrictions and changes to behaviour intended to reduce its spread. If the coronavirus continues to progress, it could have a material negative impact on our results of operations and cash flow, in addition to the impact on its employees. We have concluded that while it is reasonably possible that the virus could have a negative impact on the results of operations, the specific impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 1 – NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN (CONTINUED) Going Concern The Company demonstrates adverse conditions that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has not yet generated any revenue and has suffered operating losses since July 6, 2007 (Inception Date) to date and allow it to continue as a going concern. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary financing to continue operations, and the attainment of profitable operations. The Company recorded a net loss of $ 275,892 310,177 608,986 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of condensed 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did no Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five to seven Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits, accrued liabilities and customer deposits. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “ Equity-Based Payments to Non-Employees” The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, “ Compensation—Stock Compensation”. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions more than 50 percent Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following summary of significant accounting policies of the Company is presented to assist in the understanding of the Company’s financial statements. These accounting policies conform to GAAP in all material respects and have been consistently applied in preparing the accompanying financial statements. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did no Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five seven Long-lived Assets The Company tests long-lived assets or asset groups for recoverability in accordance with US GAAP, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” no BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation—Stock Compensation. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions more than 50 percent BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Recent Accounting Pronouncements In December 2019, the (“FASB”) issued ASU Update 2019-12, “ Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
PREPAID DEPOSITS
PREPAID DEPOSITS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Prepaid Deposits | ||
PREPAID DEPOSITS | NOTE 3 – PREPAID DEPOSITS Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS June 30, 2021 March 31, 2021 Prepaid rent $ 5,759 $ 5,759 Prepaid automobile lease payment 1,228 - Prepaid cards inventory 49,313 49,313 Prepaid Business Identification Number 100,000 100,000 Total $ 156,300 $ 155,072 | NOTE 3 – PREPAID DEPOSITS Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS March 31, 2021 March 31, 2020 Prepaid rent $ 5,759 $ 8,700 Prepaid cards inventory 49,313 - Prepaid Business Identification Number 100,000 - Prepaid automobile lease payment - Total $ 155,072 $ 8,700 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
PROPERTY AND EQUIPMENT | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life June 30, 2021 March 31, 2021 Furniture and Fixtures 5 $ 112,519 $ 112,519 Vehicles 5 97,991 97,991 Property and Equipment,gross 210,510 210,510 Less: Accumulated depreciation (56,862 ) (46,337 ) Total $ 153,648 $ 164,173 Depreciation expense amounted to $ 10,525 7,259 | NOTE 4 – PROPERTY AND EQUIPMENT Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life March 31, 2021 March 31, 2020 Furniture and Fixtures 5 $ 112,519 $ 112,519 Vehicle 5 years 97,991 - Property and equipment, gross 210,510 112,519 Less: Accumulated depreciation (46,337 ) (7,501 ) Total $ 164,173 $ 105,018 Depreciation expense amounted to $ 38,836 7,501 BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Related Party Transactions [Abstract] | ||
RELATED PARTY TRANSACTIONS | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s Chief Executive Officer (“CEO”), from time to time, provided advances to the Company for its working capital purposes. The CEO had advanced funds to the company totalling $ 45,793 and $ 50,211 as of June 30, 2021 and March 31, 2021, respectively. The funds advanced are unsecured, non-interest bearing, and due on demand. On December 1, 2020, the Company entered into an employment agreement with its CEO for a three-year term, for an annual compensation of $ 150,000 1,000,000 1,000 37,500 0 87,500 50,000 The Company has recorded a total payable to the CEO of $ 133,293 100,211 | NOTE 5 – RELATED PARTY TRANSACTIONS The Company’s Chief Executive Officer (“CEO”), from time to time, provided advances to the Company for its working capital purposes. At March 31, 2021 and 2020, the Company had a payable to the CEO of $ 100,211 56,277 On September 30, 2020, the CEO converted 8,000 8,000,000 On December 1, 2020, the Company entered into an employment agreement with its Chief Executive Officer for a three-year term, for an annual compensation of $ 150,000 1,000,000 1,000 |
LOAN PAYABLE
LOAN PAYABLE | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
LOAN PAYABLE | NOTE 6 – LOAN PAYABLE On June 16, 2020, the Company entered into a financing arrangement to purchase a vehicle, and obtained a loan of $ 78,491 72 3.99 1,228 SCHEDULE OF LOAN PAYABLE June 30, 2021 March 31, 2021 Loan payable $ 65,667 $ 68,670 Less: Current portion (12,335 ) (12,212 ) Loan Payable - Non-current portion $ 53,332 $ 56,458 The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 1 2022 (Remainder) $ 9,210 2023 12,699 2024 13,231 2025 13,762 2026 14,321 Thereafter 2,444 Total $ 65,667 The Company recorded interest expense on the loan of $ 681 257 | NOTE 6 – LOAN PAYABLE On June 16, 2020, the Company entered into a financing arrangement to purchase a vehicle, and obtained a loan of $ 78,491 72 3.99 1,228 SCHEDULE OF LOAN PAYABLE March 31, 2021 March 31, 2020 Loan payable $ 68,670 $ - Less: Current portion (12,212 ) - Loan Payable - Non-current portion $ 56,458 $ - The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2022 $ 12,212 2022 12,699 2023 13,231 2024 13,762 2025 14,321 2026 2,445 Therafter Total $ 68,670 The Company recorded interest expense on the loan of $ 2,455 0 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
COMMITMENTS AND CONTINGENCIES | NOTE 7 – COMMITMENTS AND CONTINGENCIES Office Lease On October 30, 2019, the Company executed a non-cancellable operating lease for its principal office with the lease commencing November 1, 2019 for a period of 6 months and maturing on April 30, 2020 8,700 8,700 0 8,700 On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $ 259 259 279 837 0 On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $ 5,500 55,000 16,500 0 The Company has recorded total rent expense of $ 17,337 8,700 SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS Rent commitment of the Company for the year ended: 1 March 31, 2022 $ 22,000 March 31, 2023 - March 31, 2024 - March 31, 2025 - March 31, 2026 - Total $ 22,000 Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of June 30, 2021 and March 31, 2021, respectively. | NOTE 7 – COMMITMENTS AND CONTINGENCIES Office Lease On October 30, 2019, the Company executed a non-cancellable operating lease for its principal office with the lease commencing November 1, 2019 for a period of 6 months and maturing on April 30, 2020. The Company paid a security deposit of $ 8,700 8,700 8,700 43,500 On August 27, 2020, the Company formally executed a month-to-month cancellable operating lease for leasing office space in an executive suite, commencing on September 1, 2020 for $ 259 259 279 2,391 0 On October 26, 2020, the Company executed a non-cancellable operating lease agreement for its principal office for a monthly rent of $ 5,500 55,000 27,500 0 The Company has recorded total rent expense of $ 38,591 43,500 As of March 31, 2021, total future minimum annual lease payments under the operating lease were as follows: SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS For the years ended: Amount March 31, 2022 $ 38,500 March 31, 2023 - March 31, 2024 - March 31, 2025 - March 31, 2026 - Total $ 38,500 The Company has considered the provisions of ASC 842 Topic 842 “Leases” Legal Costs and Contingencies In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received. If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable. The Company was not aware of any loss contingencies as of March 31, 2021 and 2020, respectively. BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Equity [Abstract] | ||
STOCKHOLDERS’ EQUITY | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at June 30, 2021 and March 31, 2021 was 500,000,000 0.001 25,000,000 0.001 On October 15, 2019 and June 30, 2020, the Company effectuated reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. Common Stock The Company did not issue or sell any common stock during the three months ended June 30, 2021. As a result, the total issued and outstanding shares of common stock were 9,890,075 Preferred Stock The Board of Directors, without further approval of its stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our Common Stock and other series of Preferred Stock then outstanding. Series A Preferred Stock There are 1,000,000 292,000 Liquidation Preference In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series A Preferred Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $ 0.001 Stock Splits, Dividends and Distributions If the Corporation, at any time while any Series A Convertible Preferred Stock is outstanding, (a) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital stock [whether payable in shares of its Common Stock or of capital stock of any class], (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares. or (d) issue reclassification of shares of Common Stock for any shares of capital stock of the Corporation, the conversion ratio, as defined, shall be adjusted by multiplying the number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Corporation outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event. Any adjustment made pursuant to this paragraph (e)(iii) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. Conversion Rights Each share of Series A Preferred Stock is convertible, at the option of the holder, into 1,000 shares of Common Stock. Voting Rights The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation’s Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. As a result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 and 292,000 shares as of June 30, 2021 and March 31, 2021, respectively. | NOTE 8 – STOCKHOLDERS’ EQUITY The Company’s capitalization at March 31, 2021 and 2020 was 500,000,000 0.001 25,000,000 0.001 On June 30, 2020, the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. Common Stock On April 25, 2020, an investor executed a stock subscription agreement to purchase 60,000 .50 30,000 60,000 On September 1, 2020, an investor executed a stock subscription agreement to purchase 400,000 0.50 200,000 100,000 300,000 On September 30, 2020, the Chief Executive Officer of the Company converted 8,000 8,000,000 On December 1, 2020, the Company entered into an employment agreement with its Chief Executive Officer for a three 150,000 1,000,000 1,000 On December 9, 2020, the Company sold 30,000 0.50 15,000 On December 21, 2020, the Company sold 10,000 0.50 5,000 10,000 5,000 5,000 On December 23, 2020, the Company sold 10,000 1.00 10,000 10,000 10,000 On December 23, 2020, the Company sold 100,000 1.00 100,000 On December 23, 2020, the Company sold 300,000 1.00 300,000 On January 8, 2021, the Company sold 10,000 1.00 10,000 10,000 10,000 On February 8, 2021, the Company sold 10,000 1.00 10,000 10,000 10,000 As a result of all common stock issuances, the total issued and outstanding shares of common stock were 9,890,075 19,100 Preferred Stock The Board of Directors, without further approval of its stockholders, is authorized to fix the dividend rights and terms, conversion rights, voting rights, redemption rights, liquidation preferences and other rights and restrictions relating to any series. Issuances of shares of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our Common Stock and other series of Preferred Stock then outstanding. Designation There are 1,000,000 292,000 Liquidation Rights In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, after setting apart or paying in full the preferential amounts due to Holders of senior capital stock, if any, the Holders of Series A Preferred Stock and parity capital stock, if any, shall be entitled to receive, prior and in preference to any distribution of any of the assets or surplus funds of the Corporation to the Holders of junior capital stock, including Common Stock, an amount equal to $ 0.001 [th Liquidatio Preference”] I upo liquidation dissolutio o windin u o the Conversion Rights Each share of Series A Convertible Preferred Stock shall be convertible, at the option of the Holder, into 1,000 (one thousand) fully paid and non-assessable shares of the Corporation’s Common Stock. Voting Rights The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation’s Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. Stock Splits, Dividends and Distributions If the Corporation, at any time while any Series A Convertible Preferred Stock is outstanding, (a) shall pay a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock payable in shares of its capital stock [whether payable in shares of its Common Stock or of capital stock of any class], (b) subdivide outstanding shares of Common Stock into a larger number of shares, (c) combine outstanding shares of Common Stock into a smaller number of shares. or (d) issue reclassification of shares of Common Stock for any shares of capital stock of the Corporation, the conversion ratio, as defined, shall be adjusted by multiplying the number of shares of Common Stock issuable by a fraction of which the numerator shall be the number of shares of Common Stock of the Corporation outstanding after such event and of which the denominator shall be the number of shares of Common Stock outstanding before such event. Any adjustment made pursuant to this paragraph (e)(iii) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. On July 31, 2019, the Company issued 300,000 7,567 1,737 300,000 On September 30, 2020, the Company cancelled 8,000 8,000,000 Asa result of all preferred stock issuances, the total issued and outstanding shares of preferred stock were 292,000 300,000 BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9 – INCOME TAXES Income tax expense for the years ended March 31, 2021 and 2020 is summarized as follows. SUMMARY OF INCOME TAX EXPENSE March 31, 2021 March 31, 2020 Deferred: Federal $ (76,897 ) $ (19,417 ) State — — Change in valuation allowance 76,897 19,417 Income tax expense (benefit) $ — $ — The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations: SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES March 31, 2021 March 31, 2020 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — -1 % Valuation allowance -21 % -20 % Income tax expense — — The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at March 31, 2021 and 2020, are as follows: SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES March 31, 2021 March 31, 2020 Deferred tax assets: Net operating loss carry forward $ 76,897 $ 19,417 Total gross deferred tax assets 76,897 19,417 Less: valuation allowance (76,897 ) (19,417 ) Net deferred tax assets $ — $ — Deferred income taxes are provided for the tax effects of transactions reported in the financial statements and consist of deferred taxes related primarily to differences between the bases of certain assets and liabilities for financial and tax reporting. The deferred taxes represent the future tax return consequences of those differences, which will either be deductible or taxable when the assets and liabilities are recovered or settled. BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 9 – INCOME TAXES (CONTINUED) At March 31, 2021 and 2020, the Company had accumulated net operating losses of approximately $ 603,000 329,800 As of March 31, 2021 and 2020, the Company’s deferred income tax assets and valuation allowance were $ 76,897 19,417 In the ordinary course of business, the Company’s income tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax and interest assessment by these taxing authorities. Accordingly, the Company believes that it is more likely than not that it will realize the benefits of tax positions it has taken in its tax returns or for the amount of any tax benefit that exceeds the cumulative probability threshold in accordance with FASB ASC 740. Differences between the estimated and actual amounts determined upon ultimate resolution, individually or in the aggregate, are not expected to have a material adverse effect on the Company’s financial position. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of March 31, 2021, tax years 2020, 2019, and 2018 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Subsequent Events [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 9 – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of this Report, the date the financial statements were available to be issued, noting the following items that would impact the accounting for events or transactions in the current period or require additional disclosure. On August 2, 2021, the Company sold its first set of 2,500 debit cards to a customer plus charged a one-time set up fee of $ 3,500 19,500 From July 1, 2021 to August 4, 2021, the Company sold through a private placement, 58,000 116,000 | NOTE 10 – SUBSEQUENT EVENTS Management has evaluated subsequent events through June 18, 2021, the date the financial statements were available to be issued, noting no items would impact the accounting for events or transactions in the current period or require additional disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did no | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents. The Company did no |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five to seven | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. The Company provides for depreciation on a straight-line basis over the estimated useful lives of the assets which range from five seven |
Long-lived Assets | Long-lived Assets In accordance with Accounting Standards Codification (“ASC”) ASC 360, “ Property, Plant, and Equipment No | Long-lived Assets The Company tests long-lived assets or asset groups for recoverability in accordance with US GAAP, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Circumstances which could trigger a review include, but are not limited to: significant decreases in the market price of the asset; significant adverse changes in the business climate or legal factors; accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of the asset; current period cash flow or operating losses combined with a history of losses or a forecast of continuing losses associated with the use of the asset; and current expectation that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. Recoverability is assessed based on the carrying amount of the asset compared to the estimated future undiscounted cash flows expected to result from the use and the eventual disposal of the asset, as well as specific appraisal in certain instances. An impairment loss equal to the excess of the carrying value over the assets fair market value is recognized when the carrying amount exceeds the undiscounted cash flows. The impairment loss is recorded as an expense and a direct write-down of the asset. No |
Earnings (Loss) Per Common Share | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with ASC 260, “ Earnings per Share” | Earnings (Loss) Per Common Share The Company computes earnings (loss) per share in accordance with Accounting Standards Codification (“ASC”) ASC 260, “ Earnings per Share” no BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Leases | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. | Leases The Company has operating leases for its offices. Management determines if an arrangement is a lease at inception of the contract and whether a contract is or contains a lease by determining whether it conveys the right to control the use of the identified asset for a period of time. If the contract provides the Company the right to substantially all of the economic benefits from the use of the identified asset and the right to direct the use of the identified asset, the Company consider it to be, or contain, a lease. The Company records a right-of-use asset and a corresponding lease liability based on the present value of the minimum lease payments. The lease term used in the calculation of right-of-use assets and lease liabilities include renewal and termination options that are reasonably certain to be exercised. Leases with an initial term of twelve months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the lease term. Our leases do not provide an implicit borrowing rate, and we estimate the Company’s incremental borrowing rate to discount the lease payments based on information available at lease commencement. |
Fair value of Financial Instruments and Fair Value Measurements | Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits, accrued liabilities and customer deposits. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. | Fair value of Financial Instruments and Fair Value Measurements ASC 820, “ Fair Value Measurements and Disclosures”, Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company’s financial instruments consist principally of prepaid deposits and accrued liabilities. The Company believes that the recorded values of all the financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Stock-based Compensation | Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, “ Equity-Based Payments to Non-Employees” The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, “ Compensation—Stock Compensation”. | Stock-based Compensation The Company accounts for equity-based transactions with non-employees under the provisions of ASC Topic No. 505-50, Equity-Based Payments to Non-Employees The Company accounts for employee stock-based compensation in accordance with the guidance of ASC Topic 718, Compensation—Stock Compensation. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions more than 50 percent | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “ Income Taxes” The Company follows the provisions of ASC 740-10, “ Accounting for Uncertain Income Tax Positions more than 50 percent BLUEONE CARD, INC. NOTES TO FINANCIAL STATEMENTS MARCH 31, 2021 AND 2020 NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting | Recent Accounting Pronouncements In December 2019, the (“FASB”) issued ASU Update 2019-12, “ Simplifying the Accounting for Income Taxes In March 2020, the FASB issued ASU 2020-04, “ Facilitation of the Effects of Reference Rate Reform on Financial Reporting |
Use of Estimates | Use of Estimates The preparation of condensed 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the valuation of its assets, accounts payable, accrued liabilities and payable to related party. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
PREPAID DEPOSITS (Tables)
PREPAID DEPOSITS (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Prepaid Deposits | ||
SCHEDULE OF PREPAID DEPOSITS | Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS June 30, 2021 March 31, 2021 Prepaid rent $ 5,759 $ 5,759 Prepaid automobile lease payment 1,228 - Prepaid cards inventory 49,313 49,313 Prepaid Business Identification Number 100,000 100,000 Total $ 156,300 $ 155,072 | Prepaid deposits consisted of the following: SCHEDULE OF PREPAID DEPOSITS March 31, 2021 March 31, 2020 Prepaid rent $ 5,759 $ 8,700 Prepaid cards inventory 49,313 - Prepaid Business Identification Number 100,000 - Prepaid automobile lease payment - Total $ 155,072 $ 8,700 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
SCHEDULE OF PROPERTY AND EQUIPMENT | Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life June 30, 2021 March 31, 2021 Furniture and Fixtures 5 $ 112,519 $ 112,519 Vehicles 5 97,991 97,991 Property and Equipment,gross 210,510 210,510 Less: Accumulated depreciation (56,862 ) (46,337 ) Total $ 153,648 $ 164,173 | Property and equipment, stated at cost, consisted of the following: SCHEDULE OF PROPERTY AND EQUIPMENT Estimated Life March 31, 2021 March 31, 2020 Furniture and Fixtures 5 $ 112,519 $ 112,519 Vehicle 5 years 97,991 - Property and equipment, gross 210,510 112,519 Less: Accumulated depreciation (46,337 ) (7,501 ) Total $ 164,173 $ 105,018 |
LOAN PAYABLE (Tables)
LOAN PAYABLE (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Debt Disclosure [Abstract] | ||
SCHEDULE OF LOAN PAYABLE | SCHEDULE OF LOAN PAYABLE June 30, 2021 March 31, 2021 Loan payable $ 65,667 $ 68,670 Less: Current portion (12,335 ) (12,212 ) Loan Payable - Non-current portion $ 53,332 $ 56,458 | SCHEDULE OF LOAN PAYABLE March 31, 2021 March 31, 2020 Loan payable $ 68,670 $ - Less: Current portion (12,212 ) - Loan Payable - Non-current portion $ 56,458 $ - |
SCHEDULE OF MATURITIES OF LOAN PAYMENTS | The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 1 2022 (Remainder) $ 9,210 2023 12,699 2024 13,231 2025 13,762 2026 14,321 Thereafter 2,444 Total $ 65,667 | The amount of loan payments due in the next five years ended March 31, are as follows: SCHEDULE OF MATURITIES OF LOAN PAYMENTS 2022 $ 12,212 2022 12,699 2023 13,231 2024 13,762 2025 14,321 2026 2,445 Therafter Total $ 68,670 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | ||
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS | SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS Rent commitment of the Company for the year ended: 1 March 31, 2022 $ 22,000 March 31, 2023 - March 31, 2024 - March 31, 2025 - March 31, 2026 - Total $ 22,000 | As of March 31, 2021, total future minimum annual lease payments under the operating lease were as follows: SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS For the years ended: Amount March 31, 2022 $ 38,500 March 31, 2023 - March 31, 2024 - March 31, 2025 - March 31, 2026 - Total $ 38,500 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
SUMMARY OF INCOME TAX EXPENSE | Income tax expense for the years ended March 31, 2021 and 2020 is summarized as follows. SUMMARY OF INCOME TAX EXPENSE March 31, 2021 March 31, 2020 Deferred: Federal $ (76,897 ) $ (19,417 ) State — — Change in valuation allowance 76,897 19,417 Income tax expense (benefit) $ — $ — |
SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES | The following is a reconciliation of the provision for income taxes at the U.S. federal income tax rate to the income taxes reflected in the Statement of Operations: SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES March 31, 2021 March 31, 2020 Tax at statutory tax rate 21 % 21 % State taxes — — Other permanent items — -1 % Valuation allowance -21 % -20 % Income tax expense — — |
SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES | The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities at March 31, 2021 and 2020, are as follows: SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES March 31, 2021 March 31, 2020 Deferred tax assets: Net operating loss carry forward $ 76,897 $ 19,417 Total gross deferred tax assets 76,897 19,417 Less: valuation allowance (76,897 ) (19,417 ) Net deferred tax assets $ — $ — |
NATURE OF OPERATIONS, BASIS O_2
NATURE OF OPERATIONS, BASIS OF PRESENTATION AND GOING CONCERN (Details Narrative) - USD ($) | Jun. 30, 2020 | Jun. 30, 2020 | Oct. 15, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||
Net loss | $ 108,782 | $ 22,495 | $ 275,892 | $ 95,774 | |||
Net cash flows in operating activities | 72,730 | $ 9,530 | 310,177 | 12,481 | |||
Accumulated deficit | $ 717,768 | $ 608,986 | $ 333,094 | ||||
Reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | 1:100 reverse stock splits | On October 15, 2019 and on June 30, 2020, the Company effectuated a 1-for-100 reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Cash equivalents | $ 0 | $ 0 | $ 0 | |
Impairment loss of long-lived assets | $ 0 | $ 0 | 0 | 0 |
Convertible Notes Payable | $ 0 | $ 0 | ||
Income tax benefit likely, description | more than 50 percent | more than 50 percent | ||
Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment estimated useful lives | 5 years | 5 years | ||
Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment estimated useful lives | 7 years | 7 years |
SCHEDULE OF PREPAID DEPOSITS (D
SCHEDULE OF PREPAID DEPOSITS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Prepaid Deposits | |||
Prepaid rent | $ 5,759 | $ 5,759 | $ 8,700 |
Prepaid cards inventory | 49,313 | 49,313 | |
Prepaid Business Identification Number | 100,000 | 100,000 | |
Prepaid automobile lease payment | 1,228 | ||
Total | $ 156,300 | $ 155,072 | $ 8,700 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and Equipment,gross | $ 210,510 | $ 210,510 | $ 112,519 |
Less: Accumulated depreciation | (56,862) | (46,337) | (7,501) |
Total | $ 153,648 | $ 164,173 | 105,018 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | 5 years | |
Property and Equipment,gross | $ 112,519 | $ 112,519 | 112,519 |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, estimated useful lives | 5 years | 5 years | |
Property and Equipment,gross | $ 97,991 | $ 97,991 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 10,525 | $ 7,259 | $ 38,836 | $ 7,501 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | Feb. 10, 2021 | Jan. 20, 2021 | Dec. 29, 2020 | Dec. 22, 2020 | Dec. 22, 2020 | Dec. 01, 2020 | Sep. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Related Party Transaction [Line Items] | ||||||||||||||
Loans payable | $ 65,667 | $ 68,670 | ||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 300,000 | |||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 300,000 | |||||||||||
Number of shares of common stock | 10,000 | 10,000 | 10,000 | 10,000 | ||||||||||
Number of shares of common stock, value | $ 30,000 | $ 680,000 | $ 125,000 | |||||||||||
Compensation Expense | $ 37,500 | $ 0 | ||||||||||||
Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of shares of common stock | 600 | [1] | 870,600 | [2] | 2,500 | [2] | ||||||||
Number of shares of common stock, value | $ 1 | [1] | $ 871 | [2] | $ 2 | [2] | ||||||||
Employment Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of shares of common stock | 1,000,000 | |||||||||||||
Number of shares of common stock, value | $ 1,000 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | ||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | ||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans payable | $ 100,211 | $ 56,277 | ||||||||||||
Compensation Payable | $ 87,500 | 50,000 | ||||||||||||
Related party payables | 133,293 | $ 100,211 | ||||||||||||
Chief Executive Officer [Member] | Employment Agreement [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Share based payment award description | On December 1, 2020, the Company entered into an employment agreement with its Chief Executive Officer for a three-year term, for an annual compensation of $ | |||||||||||||
Annual compensation | $ 150,000 | $ 150,000 | ||||||||||||
Chief Executive Officer [Member] | Employment Agreement [Member] | Common Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Number of shares of common stock | 1,000,000 | |||||||||||||
Number of shares of common stock, value | $ 1,000 | |||||||||||||
Chief Executive Officer [Member] | Series A Preferred Stock [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Preferred stock, shares issued | 8,000 | |||||||||||||
Preferred stock, shares outstanding | 8,000 | |||||||||||||
Number of shares of common stock | 8,000,000 | |||||||||||||
Chief Executives Officer [Member] | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Loans payable | $ 45,793 | $ 50,211 | ||||||||||||
[1] | Common stock adjusted to reflect 1:100 reverse stock splits effected on October 15, 2019 and June 30, 2020. | |||||||||||||
[2] | Common stock adjusted to reflect 1:100 reverse stock splits |
LOAN PAYABLE (Details Narrative
LOAN PAYABLE (Details Narrative) - USD ($) | Jun. 16, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Instrument [Line Items] | |||||
Loans payable | $ 65,667 | $ 68,670 | |||
Interest expenses | $ 681 | $ 257 | $ 2,455 | $ 0 | |
Financing Arrangement [Member] | |||||
Debt Instrument [Line Items] | |||||
Loans payable | $ 78,491 | ||||
Debt term | 72 months | ||||
Debt interest rate | 3.99% | ||||
Debt monthly payment | $ 1,228 |
SCHEDULE OF LOAN PAYABLE (Detai
SCHEDULE OF LOAN PAYABLE (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Debt Disclosure [Abstract] | |||
Loan payable | $ 65,667 | $ 68,670 | |
Less: Current portion | (12,335) | (12,212) | |
Loan Payable - Non-current portion | $ 53,332 | $ 56,458 |
SCHEDULE OF MATURITIES OF LOAN
SCHEDULE OF MATURITIES OF LOAN PAYMENTS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 | $ 12,212 | |
2022 (Remainder) | $ 9,210 | 12,699 |
2023 | 12,699 | 13,231 |
2024 | 13,231 | 13,762 |
2025 | 13,762 | 14,321 |
2026 | 14,321 | 2,445 |
Thereafter | 2,444 | |
Total | $ 65,667 | $ 68,670 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - USD ($) | Jan. 02, 2021 | Oct. 26, 2020 | Oct. 30, 2019 | Aug. 27, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Oct. 28, 2020 | Sep. 07, 2020 |
Product Liability Contingency [Line Items] | ||||||||||
Security deposit | $ 8,700 | $ 55,000 | $ 259 | |||||||
Rent expenses | $ 279 | $ 5,500 | $ 8,700 | $ 259 | $ 17,337 | $ 8,700 | $ 8,700 | $ 43,500 | ||
Total rent expenses | 38,591 | 43,500 | ||||||||
Lease Expiration Date | Apr. 30, 2020 | |||||||||
Principal Office [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Security deposit | $ 8,700 | |||||||||
Rent expenses | $ 8,700 | 0 | 8,700 | |||||||
Office Spacein Executive Suite [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Security deposit | $ 259 | |||||||||
Rent expenses | $ 279 | $ 259 | 837 | 0 | ||||||
Verbal Agreement [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Rent expenses | 2,391 | 0 | ||||||||
Operating Lease Agreement [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Rent expenses | $ 27,500 | $ 0 | ||||||||
Operating Lease Agreement [Member] | Principal Office [Member] | ||||||||||
Product Liability Contingency [Line Items] | ||||||||||
Security deposit | $ 55,000 | |||||||||
Rent expenses | $ 5,500 | $ 16,500 | $ 0 |
SCHEDULE OF FUTURE MINIMUM ANNU
SCHEDULE OF FUTURE MINIMUM ANNUAL LEASE PAYMENTS (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
March 31, 2022 | $ 22,000 | $ 38,500 |
March 31, 2023 | ||
March 31, 2024 | ||
March 31, 2025 | ||
March 31, 2026 | ||
Total | $ 22,000 | $ 38,500 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Feb. 10, 2021 | Feb. 08, 2021 | Jan. 26, 2021 | Jan. 20, 2021 | Jan. 11, 2021 | Jan. 08, 2021 | Jan. 06, 2021 | Dec. 29, 2020 | Dec. 23, 2020 | Dec. 23, 2020 | Dec. 22, 2020 | Dec. 22, 2020 | Dec. 21, 2020 | Dec. 21, 2020 | Dec. 09, 2020 | Dec. 01, 2020 | Sep. 30, 2020 | Sep. 15, 2020 | Sep. 09, 2020 | Sep. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Apr. 28, 2020 | Apr. 25, 2020 | Oct. 15, 2019 | Oct. 07, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 25,000,000 | 25,000,000 | 25,000,000 | ||||||||||||||||||||||||||||||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||||||||||||||||||||||||||||
Reverse stock splits | the Company effected a reverse stock split (the “Reverse Split”) of its issued and outstanding common stock (the “Equity Instrument”). As a result of the Reverse Split, each (100) units of Equity Instrument issued and outstanding prior to the Reverse Split were converted into one (1) unit of Equity Instrument. | 1:100 reverse stock splits | 1:100 reverse stock splits | On October 15, 2019 and on June 30, 2020, the Company effectuated a 1-for-100 reverse stock splits (the “Reverse Splits”) of its issued and outstanding common stock. | |||||||||||||||||||||||||||||||
Number of shares of common stock | 10,000 | 10,000 | 10,000 | 10,000 | |||||||||||||||||||||||||||||||
Number of shares of common stock, value | $ 30,000 | $ 680,000 | $ 125,000 | ||||||||||||||||||||||||||||||||
Cash consideration | $ 10,000 | $ 10,000 | $ 10,000 | ||||||||||||||||||||||||||||||||
Common stock shares issued | 9,890,075 | 9,890,075 | 19,100 | ||||||||||||||||||||||||||||||||
Common stock shares outstanding | 9,890,075 | 9,890,075 | 19,100 | ||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | 300,000 | ||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | 300,000 | ||||||||||||||||||||||||||||||||
Reverse stock splits | As a result of the Reverse Splits, each 100 shares of common stock issued and outstanding prior to the Reverse Splits were converted into one (1) common stock. | ||||||||||||||||||||||||||||||||||
Series A Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | ||||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 292,000 | ||||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 292,000 | ||||||||||||||||||||||||||||||||||
Conversion of stock, description | Each share of Series A Convertible Preferred Stock shall be convertible, at the option of the Holder, into 1,000 (one thousand) fully paid and non-assessable shares of the Corporation’s Common Stock. | ||||||||||||||||||||||||||||||||||
Voting rights, description | The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation’s Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | ||||||||||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred stock, shares authorized | 1,000,000 | ||||||||||||||||||||||||||||||||||
Conversion of stock, shares issued | 8,000,000 | ||||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | |||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||||||||||||||||||||||||||||||||
Conversion of stock, description | Each share of Series A Preferred Stock is convertible, at the option of the holder, into 1,000 shares of Common Stock. | ||||||||||||||||||||||||||||||||||
Number of shares cancelled | 8,000 | ||||||||||||||||||||||||||||||||||
Liquidation preference per share | $ 0.001 | ||||||||||||||||||||||||||||||||||
Voting rights, description | The Holders of shares of Series A Convertible Preferred Stock shall be entitled to vote on any and all matters considered and voted upon by the Corporation’s Common Stock. The Holders of the Series A Convertible Preferred Stock shall be entitled to 1,000 (one thousand) votes per share of Common Stock. | ||||||||||||||||||||||||||||||||||
Investor One [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Cash consideration | $ 5,000 | ||||||||||||||||||||||||||||||||||
Investor Two [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Cash consideration | $ 10,000 | ||||||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | 600 | [1] | 870,600 | [2] | 2,500 | [2] | |||||||||||||||||||||||||||||
Number of shares of common stock, value | $ 1 | [1] | $ 871 | [2] | $ 2 | [2] | |||||||||||||||||||||||||||||
Common stock shares issued | 9,890,075 | 9,890,075 | |||||||||||||||||||||||||||||||||
Common stock shares outstanding | 9,890,075 | 9,890,075 | |||||||||||||||||||||||||||||||||
Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | |||||||||||||||||||||||||||||||||||
Number of shares of common stock, value | |||||||||||||||||||||||||||||||||||
Preferred stock, shares issued | 292,000 | 292,000 | |||||||||||||||||||||||||||||||||
Preferred stock, shares outstanding | 292,000 | 292,000 | |||||||||||||||||||||||||||||||||
Investor [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | 60,000 | ||||||||||||||||||||||||||||||||||
Investor [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of sale of shares | 10,000 | 10,000 | 10,000 | 10,000 | 30,000 | ||||||||||||||||||||||||||||||
Sale of stock price | $ 1 | $ 1 | $ 1 | $ 1 | $ 0.50 | $ 0.50 | $ 0.50 | ||||||||||||||||||||||||||||
Cash consideration | $ 10,000 | $ 10,000 | $ 10,000 | $ 5,000 | $ 15,000 | ||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Converted shares | 8,000 | ||||||||||||||||||||||||||||||||||
Conversion of stock, shares issued | 8,000,000 | ||||||||||||||||||||||||||||||||||
Investor One [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of sale of shares | 100,000 | ||||||||||||||||||||||||||||||||||
Sale of stock price | $ 1 | $ 1 | |||||||||||||||||||||||||||||||||
Cash consideration | $ 5,000 | $ 100,000 | |||||||||||||||||||||||||||||||||
Investor Two [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of sale of shares | 300,000 | ||||||||||||||||||||||||||||||||||
Sale of stock price | $ 1 | $ 1 | |||||||||||||||||||||||||||||||||
Cash consideration | $ 300,000 | ||||||||||||||||||||||||||||||||||
Former Officer [Member] | Series A Convertible Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | 300,000 | ||||||||||||||||||||||||||||||||||
Number of shares of common stock, value | $ 7,567 | ||||||||||||||||||||||||||||||||||
Number of sale of shares | 300,000 | ||||||||||||||||||||||||||||||||||
Debt Instrument, Decrease, Forgiveness | $ 1,737 | ||||||||||||||||||||||||||||||||||
Stock Subscription Agreement [Member] | Investor [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | 300,000 | 100,000 | 400,000 | 60,000 | |||||||||||||||||||||||||||||||
Stock price per share | $ 0.50 | $ 0.50 | |||||||||||||||||||||||||||||||||
Number of shares of common stock, value | $ 200,000 | $ 30,000 | |||||||||||||||||||||||||||||||||
Employment Agreement [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Number of shares of common stock | 1,000,000 | ||||||||||||||||||||||||||||||||||
Number of shares of common stock, value | $ 1,000 | ||||||||||||||||||||||||||||||||||
Employment Agreement [Member] | Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||||||
Debt term | 3 years | ||||||||||||||||||||||||||||||||||
Annual compensation | $ 150,000 | ||||||||||||||||||||||||||||||||||
[1] | Common stock adjusted to reflect 1:100 reverse stock splits effected on October 15, 2019 and June 30, 2020. | ||||||||||||||||||||||||||||||||||
[2] | Common stock adjusted to reflect 1:100 reverse stock splits |
SUMMARY OF INCOME TAX EXPENSE (
SUMMARY OF INCOME TAX EXPENSE (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (76,897) | $ (19,417) |
State | ||
Change in valuation allowance | 76,897 | 19,417 |
Income tax expense (benefit) |
SUMMARY OF RECONCILIATION OF PR
SUMMARY OF RECONCILIATION OF PROVISION FOR INCOME TAXES (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax at statutory tax rate | 21.00% | 21.00% |
State taxes | ||
Other permanent items | (1.00%) | |
Valuation allowance | (21.00%) | (20.00%) |
Income tax expense |
SUMMARY OF TAX EFFECTS OF TEMPO
SUMMARY OF TAX EFFECTS OF TEMPORARY DIFFERENCES TO SIGNIFICANT PORTIONS OF DEFFERED TAX ASSETS AND LIABILITIES (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carry forward | $ 76,897 | $ 19,417 |
Total gross deferred tax assets | 76,897 | 19,417 |
Less: valuation allowance | (76,897) | (19,417) |
Net deferred tax assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Net operating losses | $ 603,000 | $ 329,800 |
Deferred tax assets, valuation allowance | $ 76,897 | $ 19,417 |
Income tax examination, description | tax years 2020, 2019, and 2018 remain open for examination by the Internal Revenue Service and the Nevada Division of Revenue |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Aug. 02, 2021 | Feb. 10, 2021 | Jan. 26, 2021 | Jan. 20, 2021 | Aug. 04, 2021 |
Subsequent Event [Line Items] | |||||
Cash consideration on sale of stock | $ 10,000 | $ 10,000 | $ 10,000 | ||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
One-time set up fee | $ 3,500 | ||||
Cash consideration on sale of stock | $ 19,500 | ||||
Subsequent Event [Member] | Private Placement [Member] | |||||
Subsequent Event [Line Items] | |||||
Cash consideration on sale of stock | $ 116,000 | ||||
Sale of stock | 58,000 |