Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Aug. 31, 2021 | Sep. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Luckwel Pharmaceuticals Inc. | ||
Entity Central Index Key | 0001567098 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business Flag | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 50,455,552 | ||
Entity Common Stock, Shares Outstanding | 147,163,500 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current Assets | ||
Cash | $ 2,044 | $ 44 |
Prepaid expense and other current assets | 44,637 | 17,169 |
Total Assets | 46,681 | 17,213 |
Current Liabilities: | ||
Other payable and accrued liabilities | 147,577 | 78,163 |
Loan payable | 15,000 | |
Accrued interest | 1,007 | |
Accrued officer compensation | 292,500 | 144,000 |
Due to officer | 34,865 | 1,123,305 |
Total Liabilities | 490,949 | 1,345,468 |
Stockholders' Deficit: | ||
Common stock, $0.01 par value; 500,000,000 and 200,000,000 shares authorized at March 31, 2021 and 2020, respectively; 146,676,000 and 143,376,000 shares issued and outstanding as of March 31, 2021 and 2020, respectively | 1,466,760 | 1,433,760 |
Additional paid in capital | 1,752,748 | 465,748 |
Accumulated other comprehensive income | 10 | 10 |
Accumulated deficit | (3,663,786) | (3,227,773) |
Total stockholders' deficit | (444,268) | (1,328,255) |
Total Liabilities and Stockholders' Deficit | $ 46,681 | $ 17,213 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 200,000,000 |
Common stock, shares issued | 146,676,000 | 143,376,000 |
Common stock, shares outstanding | 146,676,000 | 143,376,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
General and administrative expenses | $ (434,977) | $ (536,432) |
Other Expense | (1,036) | |
Net Loss | $ (436,013) | $ (536,432) |
Net loss per share - basic and diluted | $ (0.003) | $ (0.004) |
Weighted average common shares outstanding - basic and diluted | 143,833,808 | 143,376,000 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Mar. 31, 2019 | $ 1,433,760 | $ 465,748 | $ 10 | $ (2,691,341) | $ (791,823) |
Balance, shares at Mar. 31, 2019 | 143,376,000 | ||||
Net loss | (536,432) | (536,432) | |||
Balance at Mar. 31, 2020 | $ 1,433,760 | 465,748 | 10 | (3,227,773) | (1,328,255) |
Balance, shares at Mar. 31, 2020 | 143,376,000 | ||||
Sale of common stock | $ 3,000 | 117,000 | 120,000 | ||
Sale of common stock, shares | 300,000 | ||||
Common stock issued in payment of debt owed to officer | $ 30,000 | 1,170,000 | 1,200,000 | ||
Common stock issued in payment of debt owed to officer, shares | 3,000,000 | ||||
Net loss | (436,013) | (436,013) | |||
Balance at Mar. 31, 2021 | $ 1,466,760 | $ 1,752,748 | $ 10 | $ (3,663,786) | $ (444,268) |
Balance, shares at Mar. 31, 2021 | 146,676,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities | ||
Net loss | $ (436,013) | $ (536,432) |
Changes in operating assets and liabilities: | ||
Prepaid expense and other current assets | (27,468) | (15,653) |
Other payable and accrued liabilities | 70,421 | 10,320 |
Accrued officer compensation | 148,500 | 144,000 |
Expenses paid by officer | 46,585 | 79,555 |
Net cash flow used in operating activities | (197,975) | (318,210) |
Cash Flows from Investing Activities | ||
Net cash flows provided by investing activities | ||
Cash Flows from Financing Activities | ||
Proceeds from officer loans | 64,975 | 292,500 |
Proceeds from note payable | 15,000 | |
Net proceeds from sale of common stock | 120,000 | |
Net cash flows provided by financing activities | 199,975 | 292,500 |
Net increase (decrease) in cash | 2,000 | (25,710) |
Cash, beginning of period | 44 | 25,754 |
Cash, end of period | 2,044 | 44 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | ||
Cash paid for income taxes | ||
Supplemental disclosures of non-cash financing activities: | ||
Expenses paid by primary shareholder | 46,585 | 79,555 |
Conversion of related party debt into common stock | $ 1,200,000 |
Nature of the Business
Nature of the Business | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | Note 1 – Nature of the Business Luckwel Pharmaceuticals Inc. (“Luckwel” or the “Company”) plans to acquire, develop, manufacture, and market pharmaceutical medication. On April 11, 2018, Luckwel filed a Certificate of Amendment to the Articles of Incorporation to change its name from Luckycom Pharmaceuticals Inc. to Luckwel and the Company amended and restated its by-laws to reflect the new corporate name. In January 2021, the Company amended its certificate of incorporation to increase the number of authorized shares from 200,000,000 to 500,000,000. The Company’s corporate office is located in Cambridge, Massachusetts and is incorporated in the State of Nevada. As used in this Annual Report on Form 10-K (“Annual Report”), unless otherwise indicated, all references herein to “Luckwel,” the “Company,” “we” or “us” refer to Luckwel Pharmaceuticals Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies The following is a summary of the significant accounting policies followed in the preparation of these financial statements. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Cash Cash include all cash in banks with no restrictions. Use of Estimates The preparation of financial statements in conformity with U.S. 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. Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, The Company’s financial instruments consist of cash, accrued liabilities, debt and due to officer. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. There were no financial instruments classified as Level 3 in the fair value hierarchy during the years ended March 31, 2021 and 2020. Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their reported amounts using the enacted tax rates in effect for the year in which the differences are expected to reverse. Tax credits are generally recognized as reductions of income tax provisions in the year in which the credits arise. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enacted or substantively enacted date. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with accounting authoritative guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more likely than not” to be sustained, the tax position is then assessed to determine the amount of the benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. Basic and Diluted Net Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive debt or equity shares outstanding as of March 31, 2021 and March 31, 2020. Recent Accounting Pronouncements The Company does not believe any other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows. |
Going Concern
Going Concern | 12 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern The Company does not have any sources of revenues and needs additional cash resources to maintain its operations. The Company has $2,044 in cash and a stockholders’ deficit of $3,663,786 at March 31, 2021, has incurred losses since inception, and has not yet received any revenue from sales of products or services. These factors raise substantial doubt about the Company’s ability to continue as a going concern for a period of one year after the date that the financial statements are issued. The Company’s ability to continue as a going concern is dependent on its ability to raise additional capital or obtain necessary debt financing. The Company is presently dependent on its Chief Executive Officer, Mr. Kingrich Lee, to either provide the Company funding for its daily operation and expenses, including professional fees and fees charged by regulators, although he is under no obligation to do so, or to spearhead financing efforts with third parties. The Company currently does not have any arrangements in place to complete any financings and there is no assurance that it will be successful in completing any such financings on terms that will be acceptable. The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses and further losses are anticipated as a result of the development of business which raises substantial doubt about its ability to continue as a going concern for a period of one year after the date that the financial statements are issued. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining financing necessary to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of its common stock. In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (COVID-19) outbreak a pandemic. As the Company is still a shell company at March 31, 2021, the Company’s operations have not been significantly impacted financially by the COVID-19 outbreak other than to delay the Company’s plans to develop the business and raise required funds. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and ability to raise additional capital to finance future planned operations. In January 2021, the Company sold 300,000 shares of its common stock at a purchase price of $0.40 per share for gross proceeds of $120,000. In February 2021, $1,200,000 of debt that was owed to Mr. Kingrich Lee was converted into 3,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. Subsequent to March 31, 2021, in April 2021, the Company sold 300,000 shares of its common stock at a purchase price of $0.40 per share for total gross proceeds of $120,000. In May 2021, the Company sold 187,500 shares of its common stock at a purchase price of $0.40 per share for total gross proceeds of $75,000. |
Other Payable and Accrued Liabi
Other Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Other Payable and Accrued Liabilities | Note 4 – Other Payable and Accrued Liabilities Other payable and accrued liabilities at March 31, 2021 and 2020 were as follows: March 31, 2021 March 31, 2020 Tax penalties $ 73,000 $ 70,000 Other accrued expenses and payables 74,577 8,163 Total other payable and accrued liabilities $ 147,577 $ 78,163 |
Note Payable
Note Payable | 12 Months Ended |
Mar. 31, 2021 | |
Debt Disclosure [Abstract] | |
Note Payable | Note 5 – Note Payable In April 2020, the Company borrowed $15,000 in the form of a promissory note (the “Note”). The Note bears interest at 7% per annum and has no maturity date. During the year ended March 31, 2021, the Company recognized interest expense of $1,036 related to the Note. The Note was repaid in May 2021. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6 – Related Party Transactions The Company’s sole officer and director, and a shareholder, Mr. Kingrich Lee, loaned or paid Company expenses for an aggregate of $111,560 and $372,055 to the Company during the years ended March 31, 2021 and March 31, 2020, respectively. In February 2021, $1,200,000 of debt that was owed to Mr. Kingrich Lee was converted into 3,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. Accordingly, Mr. Kingrich Lee was owed an aggregate amount of $34,865 and $1,123,305 as of March 31, 2021 and March 31, 2020, respectively. These amounts due to Mr. Kingrich Lee are in addition to accrued officer compensation as further described below. These amounts were unsecured, non-interest bearing and are due on demand. On November 1, 2018, we entered into a one-year employment agreement with Mr. Lee to continue his employment as our Chief Executive Officer and continuing on a year-to-year basis thereafter unless terminated by either party on not less than thirty (30) days’ notice prior to the expiration of the one-year extension anniversary. His current agreement is through October 31, 2021. His salary is $180,000 a year. Additionally, he shall be entitled to an education allowance for his children who are attending full-time local education from kindergarten to senior secondary levels in any type of school and a housing allowance of $3,000 a month. As of March 31, 2021 and March 31, 2020, Mr. Kingrich Lee was owed $292,500 and $144,000, respectively, pursuant to his employment agreement, which is recorded in accrued officer compensation on the balance sheet. Upon termination of Mr. Lee’s employment, except for termination for cause or termination by Mr. Lee, he shall be entitled to a payment equal to two (2) months’ salary ($30,000 at March 31, 2021) and shall also be eligible to retain his other benefits for a period of six (6) months (a minimum of $18,000 in housing allowance at March 31, 2021 plus any eligible education expenses). |
Capital Stock
Capital Stock | 12 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Capital Stock | Note 7 – Capital Stock As of March 31, 2021 and March 31, 2020, the Company had 146,676,000 and 143,376,000 shares of common stock issued and outstanding, respectively. During the year ended March 31, 2021, the Company sold 300,000 shares of its common stock at a purchase price of $0.40 per share for gross proceeds of $120,000 and $1,200,000 of debt that was owed to Mr. Kingrich Lee was converted into 3,000,000 shares of the Company’s common stock at a conversion price of $0.40 per share. |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8 – Income Taxes The Company accounts for income taxes under FASB ASC 740 (“ASC 740”). For the years ended March 31, 2021 and 2020, the Company did not record a current or deferred income tax expense or benefit. The following table reconciles the federal statutory income rate to the Company’s effective income tax rate: Year Ended March 31, 2021 2020 Tax at U.S. statutory rate 21.0 % 21.0 % Changes from statutory rate: State taxes, net of federal benefit 6.3 % 6.2 % Non-deductible Permanent items (0.1 )% (0.5 )% Change in valuation allowance (27.2 )% (26.7 )% Effective income tax rate 0.00 % 0.00 % Deferred tax assets and liabilities are determined based on the difference between financial statement and tax bases using enacted rates in effect for the year in which the differences are expected to reverse. The components of the Company’s deferred tax assets are as follows: Year Ended March 31, 2021 2020 Net operating loss carryforwards $ 487,555 $ 411,448 Accrued expenses 104,347 39,658 Gross deferred tax assets 591,902 451,106 Valuation allowance (591,902 ) (451,106 ) Deferred tax assets, net $ — $ — The Company has weighed the positive and negative evidence to assess the recoverability of its deferred tax assets. Realization of future tax benefits is dependent on many factors, including the Company’s ability to generate taxable income. After this assessment, the Company determined it was more likely than not that the Company will not realize the benefit of its deferred tax assets. As a result, the Company has provided a full valuation allowance against its net deferred tax assets. The valuation allowance for deferred tax assets as of March 31, 2021 and 2020 was $591,902 and $451,106, respectively. For the years ended March 31, 2021 and March 31, 2020, the Company recorded a net valuation increase of $140,796 and $142,007, respectively, primarily related to net operating losses and accrued expenses. As of March 31, 2021, the Company had gross U.S. federal net operating loss carryforwards of $2,123,979 including $1,257,572 that had an indefinite carryforward period and $866,407 that were subject to expiration at various dates through 2037. The Company had gross state operating loss carryforwards of $656,958 that were subject to expiration through 2040. The net operating loss carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state authorities. Net operating loss carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50%, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has not completed a study to assess whether one or more ownership changes have occurred, as defined in Section 382 of the Code. As such, the Company’s net operating losses may be limited. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research development credit carryforwards before utilization. The Company files income tax returns in the United States and Massachusetts. All years prior to March 31, 2017 are closed with the Internal Revenue Service. As of March 31, 2021, there are currently no income tax audits in progress. As of March 31, 2021 and 2020, the Company did not have any unrecognized tax benefits and did not have a balance of accrued interest or penalties related to uncertain tax positions. In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes provisions relating to several aspects of corporate income taxes. The CARES Act did not have a significant impact on the Company’s provision for income taxes. |
Risks and Uncertainties
Risks and Uncertainties | 12 Months Ended |
Mar. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | Note 9 – Risks and Uncertainties In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (COVID-19) outbreak a pandemic. As the Company is still a shell company, the Company’s operations have not been significantly impacted financially by the COVID-19 outbreak other than to delay the Company’s plans to develop the business and raise required funds. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and ability to raise additional capital to finance future planned operations. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10 – Subsequent Events Management of the Company has evaluated subsequent events through the date of issuance of the financial statements and has concluded that there were no other subsequent events requiring adjustment to or disclosure in these financial statements, other than those noted below: In April 2021, the Company completed a private placement offering with a group of individual investors for the purchase of an aggregate of 300,000 shares of common stock of the Company at a price of $0.40 per share for total gross proceeds of $120,000. In May 2021, the Company completed a private placement offering with an investor for the purchase of 187,500 shares of common stock of the Company at a price of $0.40 per share for total gross proceeds of $75,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Cash | Cash Cash include all cash in banks with no restrictions. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement, The Company’s financial instruments consist of cash, accrued liabilities, debt and due to officer. The carrying amount of these financial instruments approximate fair value due to either length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements. There were no financial instruments classified as Level 3 in the fair value hierarchy during the years ended March 31, 2021 and 2020. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their reported amounts using the enacted tax rates in effect for the year in which the differences are expected to reverse. Tax credits are generally recognized as reductions of income tax provisions in the year in which the credits arise. The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enacted or substantively enacted date. Accounting for uncertainty in income taxes recognized in the financial statements is in accordance with accounting authoritative guidance, which prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed “more likely than not” to be sustained, the tax position is then assessed to determine the amount of the benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50 percent likelihood of being realized upon ultimate settlement. |
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share Basic loss per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted loss per share is calculated by dividing the Company’s net loss available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There were no potentially dilutive debt or equity shares outstanding as of March 31, 2021 and March 31, 2020. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company does not believe any other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows. |
Other Payable and Accrued Lia_2
Other Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Other Payable and Accrued Liabilities | Other payable and accrued liabilities at March 31, 2021 and 2020 were as follows: March 31, 2021 March 31, 2020 Tax penalties $ 73,000 $ 70,000 Other accrued expenses and payables 74,577 8,163 Total other payable and accrued liabilities $ 147,577 $ 78,163 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Reconciliation of Federal Statutory Income Tax Rate | The following table reconciles the federal statutory income rate to the Company’s effective income tax rate: Year Ended March 31, 2021 2020 Tax at U.S. statutory rate 21.0 % 21.0 % Changes from statutory rate: State taxes, net of federal benefit 6.3 % 6.2 % Non-deductible Permanent items (0.1 )% (0.5 )% Change in valuation allowance (27.2 )% (26.7 )% Effective income tax rate 0.00 % 0.00 % |
Schedule of Components of Deferred Tax Assets | The components of the Company’s deferred tax assets are as follows: Year Ended March 31, 2021 2020 Net operating loss carryforwards $ 487,555 $ 411,448 Accrued expenses 104,347 39,658 Gross deferred tax assets 591,902 451,106 Valuation allowance (591,902 ) (451,106 ) Deferred tax assets, net $ — $ — |
Nature of the Business (Details
Nature of the Business (Details Narrative) - shares | Mar. 31, 2021 | Jan. 31, 2021 | Mar. 31, 2020 | Apr. 11, 2018 |
Common stock, shares authorized | 500,000,000 | 200,000,000 | 200,000,000 | |
Effective Date April 13, 2018 [Member] | ||||
Common stock, shares authorized | 200,000,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Financial instruments, level 3 fair value hierarchy | ||
Potentially dilutive shares |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2021 | Apr. 30, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash | $ 2,044 | $ 44 | ||||
Accumulated deficit | (3,663,786) | (3,227,773) | ||||
Number of common stock sold | 300,000 | |||||
Share price | $ 0.40 | |||||
Proceeds from issuance of common stock | $ 120,000 | $ 120,000 | ||||
Subsequent Event [Member] | ||||||
Number of common stock sold | 187,500 | 300,000 | ||||
Share price | $ 0.40 | $ 0.40 | ||||
Proceeds from issuance of common stock | $ 75,000 | $ 120,000 | ||||
Mr. Kingrich Lee [Member] | ||||||
Debt amount | $ 1,200,000 | |||||
Debt conversion of converted shares | 3,000,000 | |||||
Debt conversion price per share | $ 0.40 |
Other Payable and Accrued Lia_3
Other Payable and Accrued Liabilities - Schedule of Other Payable and Accrued Liabilities (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Payables and Accruals [Abstract] | ||
Tax penalties | $ 73,000 | $ 70,000 |
Other accrued expenses and payables | 74,577 | 8,163 |
Total Other payable and accrued liabilities | $ 147,577 | $ 78,163 |
Note Payable (Details Narrative
Note Payable (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2020 | |
Interest expense | $ 1,036 | |
Promissory Note [Member] | ||
Note payable | $ 15,000 | |
Interest rate | 7.00% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Mar. 31, 2021 | Feb. 28, 2021 | Nov. 01, 2018 | Mar. 31, 2021 | Mar. 31, 2020 |
Proceeds from officer and director loan | $ 64,975 | $ 292,500 | |||
Due to officer | $ 34,865 | 34,865 | 1,123,305 | ||
Accrued officer compensation | 292,500 | 292,500 | 144,000 | ||
Mr. Kingrich Lee [Member] | |||||
Proceeds from officer and director loan | 111,560 | 372,055 | |||
Due to officer | $ 34,865 | $ 1,200,000 | $ 34,865 | 1,123,305 | |
Number of shares converted | 3,000,000 | 3,000,000 | |||
Conversion price | $ 0.40 | $ 0.40 | $ 0.40 | ||
Mr. Kingrich Lee [Member] | Employment Agreement [Member] | |||||
Agreement renewable term | 1 year | ||||
Salary | $ 180,000 | ||||
School and housing allowance per month | $ 3,000 | ||||
Other benefits per month | $ 18,000 | ||||
Accrued officer compensation | $ 292,500 | $ 292,500 | $ 144,000 | ||
Description of termination | Upon termination of Mr. Lee's employment, except for termination for cause or termination by Mr. Lee, he shall be entitled to a payment equal to two (2) months' salary ($30,000 at March 31, 2021) and shall also be eligible to retain his other benefits for a period of six (6) months (a minimum of $18,000 in housing allowance at March 31, 2021 plus any eligible education expenses). |
Capital Stock (Details Narrativ
Capital Stock (Details Narrative) - USD ($) | Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Common stock, shares issued | 146,676,000 | 146,676,000 | 143,376,000 | ||
Common stock, shares outstanding | 146,676,000 | 146,676,000 | 143,376,000 | ||
Number of common stock sold | 300,000 | ||||
Share price | $ 0.40 | ||||
Gross proceeds from issue of common stock | $ 120,000 | $ 120,000 | |||
Mr. Kingrich Lee [Member] | |||||
Number of common stock sold | 300,000 | ||||
Share price | $ 0.40 | $ 0.40 | |||
Gross proceeds from issue of common stock | $ 120,000 | ||||
Debt amount owed | $ 1,200,000 | ||||
Number of shares converted | 3,000,000 | 3,000,000 | |||
Conversion price | $ 0.40 | $ 0.40 | $ 0.40 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Valuation allowance of deferred tax assets | $ 591,902 | $ 451,106 |
Change in valuation allowance | 140,796 | $ 142,007 |
Net operating loss carryforwards | 2,123,979 | |
Indefinite carryforward | 1,257,572 | |
Operating loss carryforwards subject to expiration | $ 866,407 | |
Net operating loss carryforwards expiration | through 2037 | |
State [Member] | ||
Operating loss carryforwards subject to expiration | $ 656,958 | |
Net operating loss carryforwards expiration | through 2040 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Federal Statutory Income Tax Rate (Details) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Tax at U.S. statutory rate | 21.00% | 21.00% |
State taxes, net of federal benefit | 6.30% | 6.20% |
Non-deductible Permanent items | (0.10%) | (0.50%) |
Change in valuation allowance | (27.20%) | (26.70%) |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 487,555 | $ 411,448 |
Accrued expenses | 104,347 | 39,658 |
Gross deferred tax assets | 591,902 | 451,106 |
Valuation allowance | (591,902) | (451,106) |
Deferred tax assets, net |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |||
May 31, 2021 | Apr. 30, 2021 | Jan. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share price | $ 0.40 | ||||
Proceeds from issuance of common stock | $ 120,000 | $ 120,000 | |||
Subsequent Event [Member] | |||||
Share price | $ 0.40 | $ 0.40 | |||
Proceeds from issuance of common stock | $ 75,000 | $ 120,000 | |||
Subsequent Event [Member] | Investor [Member] | Private Placement Offering [Member] | |||||
Number of common stock issued | 187,500 | 300,000 | |||
Share price | $ 0.40 | $ 0.40 | |||
Proceeds from issuance of common stock | $ 75,000 | $ 120,000 |