Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 30, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | ALTAIR INTERNATIONAL CORP. | |
Entity Central Index Key | 1,570,937 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 31,957,000 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
BALANCE SHEET (Unaudited)
BALANCE SHEET (Unaudited) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current Assets | ||
Cash | $ 30,049 | $ 5,422 |
Total current assets | 30,049 | 5,422 |
Other Assets | ||
Advances and deposits | 360,000 | |
Sales and distrubtion licenses | 560,000 | 200,000 |
Total assets | 590,049 | 565,422 |
Current Liabilities | ||
Accounts payable | 18,240 | 320 |
Loans payable | 44,165 | 40,525 |
Loans payable to relate party | 244,374 | |
Promissory notes | 196,124 | 100,000 |
Promissory note due to related party | 34,619 | |
Interest payable | 6,412 | 21,000 |
Derivative liability | 267,122 | 100,000 |
Total current liabilities | 566,682 | 506,219 |
Total Liabilities | 566,682 | 506,219 |
Stockholders' Equity (Deficit) | ||
Common stock, $0.001 par value; 75,000,000 shares authorized, 31,957,000 shares issued and outstanding at December 31, 2016 (29,947,000 at March 31, 2016) | 6,537 | 4,537 |
Additional paid-in capital | 315,260 | 297,260 |
Accumulated deficit | (298,430) | (242,594) |
Total stockholders' equity (deficit) | 23,367 | 59,203 |
Total liabilities and stockholders' equity (deficit) | $ 590,049 | $ 565,422 |
BALANCE SHEET (Parenthetical)
BALANCE SHEET (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized | 75,000,000 | 75,000,000 | |
Common stock, issued | 31,957,000 | 29,947,000 | 29,645,000 |
Common stock, outstanding | 31,957,000 | 29,947,000 | 29,645,000 |
STATEMENT OF OPERATIONS (Unaudi
STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | ||||
Total General and Administrative expenses | $ 21,615 | $ 3,860 | $ 68,146 | $ 24,771 |
Change in the fair value of derivative liabilities | (78,302) | (82,529) | ||
Interest expense | 68,993 | (753) | 70,219 | 110,728 |
Gain (loss) before income taxes | (12,306) | (3,107) | (55,836) | (135,499) |
Income taxes | ||||
Net gain (loss) | $ (12,306) | $ (3,107) | $ (55,836) | $ (135,499) |
Gain (Loss) per share - Basic and Diluted | $ 0 | $ 0 | $ (0.002) | $ (0.005) |
Weighted Average Shares - Basic and Diluted | 31,771,891 | 29,682,793 | 30,557,509 | 29,645,000 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net gain (loss) | $ (12,306) | $ (3,107) | $ (55,836) | $ (135,499) | |
Adjustment to reconcile net loss to net cash used in operating activities: | |||||
Changes in Accounts payable | 17,920 | (13,010) | |||
Changes in Interest payable | 6,412 | 11,000 | |||
Changes in Fair value of derivative liabilities | (82,529) | ||||
Changes in Debt discount | 63,807 | 72,220 | |||
Cash Used In Operating Activities | (50,226) | (65,289) | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Advances and deposits | (100,000) | ||||
Cash used in investing activities | (100,000) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Net Proceeds from loans payable | 31,259 | 29,175 | |||
Proceeds from loan from related party | (129,051) | ||||
Proceeds from Promissory Note issued | 43,594 | ||||
Share capital issued | 265,006 | $ 265,006 | |||
Cash provided by financing activities | 74,853 | 165,130 | |||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 24,627 | (159) | |||
CASH AND CASH EQUIVALENTS | |||||
Beginning of period | 5,422 | 200 | 200 | ||
End of period | $ 30,049 | $ 41 | 30,049 | 41 | $ 5,422 |
Supplemental disclosures of cash flow information | |||||
Taxes paid | |||||
Interest paid | |||||
Non-Cash Financing and Investing Activities | |||||
Promissory Notes issued in settlement of loans | 416,586 | ||||
Debt discount on issuance of Promissory Notes | (185,843) | ||||
Promissory Notes, net of debt discount | 230,743 | ||||
Derivative Liability on issuance of Promissory Notes | $ 267,122 |
ORGANIZATION AND BUSINESS OPERA
ORGANIZATION AND BUSINESS OPERATIONS | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BUSINESS OPERATIONS | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business ALTAIR INTERNATIONAL CORP. (the Company) was incorporated under the laws of the State of Nevada on December 20, 2012. The Companys physical address is 20704 N 90 th The Company has entered into a strategic alliance with Cure Pharmaceutical Corporation (CURE), a California company engaged in the development of oral thin film (OTF) for the delivery of nutraceutical, over-the-counter and prescription products. Initially this alliance was comprised of an Exclusive License and Distribution Agreement for CUREs Sildenafil (commonly known as Viagra) Products throughout Asia, Brazil, the Middle East and Canada acquired at a cost of $200,000 while a joint venture agreement for the procurement of converting and packaging equipment specific for oral thin film products was proposed through a Letter of Intent. In addition, Altair and Cure agreed to enter into further joint ventures or other business relationships for the purpose of completing the development and marketing of additional products, and for license and distribution agreements for additional Cure products such as aspirin, sleep-aid, topical muscle and joint pain relief, and electrolytes delivered through OTF or other methods. Altair advanced $360,000 to CURE in this regard. On September 23, 2016, the Company and CURE agreed to terminate the Exclusive License and Distribution Agreement for CUREs Sildenafil Products due to the unanticipated costs of obtaining regulatory approvals for the introduction of these pharmaceutical products into the licensed markets. In its place, the Company and CURE agreed to replace it with an Exclusive License and Distribution Agreement for a family of sports related nutraceutical products including a topical active for joint and muscle pain and OTF products for delivery of electrolyte, energy, sleep and recovery actives, The Company will become the exclusive worldwide distributor for these products. The fee for this new Exclusive License and Distribution Agreement was $560,000, comprised of the $200,000 fee paid for the Sildenafil agreement and the $360,000 advanced as a deposit for future license and distribution agreements. The Company had previously planned to commence operations in the architectural field and to be responsible for the concept architectural vision of future private and public buildings as well as municipal organized public areas. This plan was abandoned in the 2015 fiscal year in favor of the business operations described above. Since inception (December 20, 2012) through December 31, 2016, the Company has not generated any revenue and has accumulated losses of $298,430. In managements opinion all adjustments necessary for a fair statement of the results for the interim periods have been made, and that all adjustments have been made to maintain the books in accordance with GAAP. Furthermore, sufficient disclosures have been made in order to ensure that the interim financial statements will not be misleading. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | NOTE 2 - GOING CONCERN 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 since inception resulting in an accumulated deficit of $298,430 as of December 31, 2016 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing 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 common stock. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the nine month periods ending December 31, 2016 and 2015 and year ending March 31, 2016. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2016 the Company's bank deposits did not exceed the insured amounts. Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
SALES AND DISTRIBUTION LICENSE
SALES AND DISTRIBUTION LICENSE | 9 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
SALES AND DISTRIBUTION LICENSE | NOTE 4 SALES AND DISTRIBUTION LICENSE On November 26, 2014, the Company entered into a license and distribution agreement with Cure Pharmaceutical Corporation (Cure) for the exclusive rights to distribute and sell in certain defined territories any product produced and supplied by Cure that contains Sildenafil delivered through an oral thin film. The defined territories included Asia, Brazil, the Middle East and Canada. For the sake of clarity, Asia was further defined as India, China, Malaysia, Indonesia, Taiwan, Japan, Philippines, and those other countries dependent on Chinas SDA certification for their approval protocol of the Products. There was no expiry date to this agreement. The agreement required that the Company pay to Cure a fee in the aggregate amount of $200,000, payable in two equal $100,000 instalments. The Company completed the purchase of the license in the 2015 fiscal year. On September 23, 2016, the Company and CURE agreed to terminate the Exclusive License and Distribution Agreement for CUREs Sildenafil Products due to unanticipated costs of obtaining regulatory approvals for the introduction of these pharmaceutical products into the Asian markets and to replace it with an Exclusive License and Distribution Agreement for a family of sports related nutraceutical products including a topical active for joint and muscle pain and OTF products for delivery of electrolyte, energy, sleep and recovery actives, The Company will become the exclusive worldwide distributor for these products. The fee for this new Exclusive License and Distribution Agreement was $560,000, comprised of the $200,000 fee paid for the Sildenafil agreement and the $360,000 advanced as a deposit for future license and distribution agreements. This Agreement has a ten year term and requires minimum product orders of $1,500,000 in the first 24 month from the effective date of the Agreement and $1,500,000 for each year thereafter. |
ADVANCES AND DEPOSITS
ADVANCES AND DEPOSITS | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
ADVANCES AND DEPOSITS | NOTE 5 ADVANCES AND DEPOSITS The Company and Cure agreed to enter into further joint ventures or other business relationships for the purpose of completing the development and marketing of additional products and for license and distribution agreements for additional Cure products. To September 23, 2016 the Company had advanced $360,000 to Cure for these purposes. As described in Note 4 above, these advances were applied to the $560,000 fee payable to CURE for the Exclusive License and Distribution Agreement for sports related nutraceutical products, leaving a balance of $nil at December 31, 2016 ($360,000 as at December 31, 2015). |
PROMISSORY NOTES
PROMISSORY NOTES | 9 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
PROMISSORY NOTES | NOTE 6 PROMISSORY NOTES On March 6, 2015, the Company executed a convertible promissory note for $100,000 with Williams Ten, LLC. The note was due in ninety days, had a $10,000 one-time interest payment due at maturity and required the issuance of 10,000 shares of common stock. Any unpaid principal and interest at the end of the term was convertible into shares of common stock at 50% of the average closing price for the ten days prior to the end of the term of the note. The fair value of the common stock issued was determined to be $9,091 based on its fair value relative to the fair value of the debt issued. This amount was recorded as a debt discount and was to be amortized utilizing the interest method of accretion over the term of the note. In addition, due to the variable nature of the conversion feature which has no explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $100,004 based on the Black Scholes Merton pricing model and a corresponding debt discount of $90,909 and derivative expense charge of $9,095. On September 29, 2016, Williams Ten, LLC agreed to cancel this Promissory Note and accept a new Convertible Promissory Note in the amount of $121,000, which included all accrued interest and penalties. This Convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fee, and extension fee, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of this Note plus any accrued interest by $0.01 per share. On October 3, 2016, the Company converted $10,000 of the principal balance into 1,000,000 shares of common stock. As of December 31, 2016, $111,000 remains outstanding; and the Company fair valued the derivative at $71,105 resulting in a gain on the change in the fair value of $24,645. On September 29, 2016, the Company issued a Convertible Promissory Note in the principal amount of $13,850 to Strips Nutrition, Inc. as consideration for $13,850 in cash advances to the Company. This Convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fee, and extension fee, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of this Note plus any accrued interest by $0.01 per share. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $10,960 based on the Black Scholes Merton pricing model and a corresponding debt discount of $10,960 to be amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2016, the Company fair valued the derivative at $8,872 resulting in a gain on the change in the fair value of $2,088. In addition, $2,763 of the debt discount has been amortized to interest expense. On September 29, 2016, the Company issued a Convertible Promissory Note in the principal amount of $13,768.89 to Mr. Fred Lee as consideration for $13,768.89 in travel expenses incurred in assessing distribution opportunities in Asia for the Company. This Convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fee, and extension fee, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of this Note plus any accrued interest by $0.01 per share. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $10,896 based on the Black Scholes Merton pricing model and a corresponding debt discount of $10,896 to be amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2016, the Company fair valued the derivative at $8,820 resulting in a gain on the change in the fair value of $2,076. In addition, $2,776 of the debt discount has been amortized to interest expense. On September 29, 2016, the Company issued a Convertible Promissory Note in the principal amount of $160,000 to Mr. Brent McMahon as consideration for $160,000 in cash advances to the Company. This Convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fee, and extension fee, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of this Note plus any accrued interest by $0.01 per share. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $126,612 based on the Black Scholes Merton pricing model and a corresponding debt discount of $126,612 to be amortized utilizing the interest method of accretion over the term of the note. On October 3, 2016, the Company converted $10,000 of the principal balance into 1,000,000 shares of common stock. As of December 31, 2016, the Company fair valued the derivative at $96,088 resulting in a gain on the change in the fair value of $30,524. In addition, $32,260 of the debt discount has been amortized to interest expense. On September 29, 2016, the Company issued a Convertible Promissory Note in the principal amount of $84,373.25 to Evolution Equities Corporation, a related company, as consideration for $84,373.25 in expenses paid on behalf of the Company. This Convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fee, and extension fee, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of this Note plus any accrued interest by $0.01 per share. The company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $66,766 based on the Black Scholes Merton pricing model and a corresponding debt discount of $66,766 to be amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2016, the Company fair valued the derivative at $54,048 resulting in a gain on the change in the fair value of $12,718. In addition, $17,012 of the debt discount has been amortized to interest expense. On September 23, 2016, the Company issued two Convertible Promissory Notes in the principal amounts of $10,000 and $25,000 to Enpos Sports, LLC as consideration for $35,000 in cash advances to the Company. These convertible Promissory Notes bear interest at the rate of 6.00% per annum and have a one year term. The Holder is entitled to convert any or all of the principal amount of these Notes and any accrued interest, late fees, and extension fees, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of the Notes plus any accrued interest at the lesser of (i) 70% of the lowest closing bid price over the 5 trading days prior to conversion or (ii) $0.10 per share. Due to the variable nature of the conversion feature which has no explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and accounted for it as a derivative liability on both notes. The Company recorded the derivative liability at its fair value of $27,673 based on the Black Scholes Merton pricing model and a corresponding debt discount of $27,673 to be amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2016, the Company fair valued the derivative at $22,421 resulting in a gain on the change in the fair value of $5,275. In addition, $7,506 of the debt discount has been amortized to interest expense. On October 14, 2016, the Company issued a Convertible Promissory Note in the principal amount of $8,594.48 to Enpos Sports, LLC as consideration for $8,594.48 in cash advances to the Company. The convertible Promissory Note bears interest at the rate of 6.00% per annum and has a one year term. The Holder is entitled to convert any or all of the principal amount of this Note and any accrued interest, late fees, and extension fees, if applicable, into such number of shares of the Companys shares of common stock, par value $.0001 (the Common Stock) as is obtained by dividing the entire principal amount of the Note plus any accrued interest at the lesser of (i) 70% of the lowest closing bid price over the 5 trading days prior to conversion or (ii) $0.10 per share. Due to the variable nature of the conversion feature which has no explicit limit on the number of shares that could be required to be issued, the company bifurcated the conversion feature and accounted for it as a derivative liability. The Company recorded the derivative liability at its fair value of $6,744 based on the Black Scholes Merton pricing model and a corresponding debt discount of $6,744 to be amortized utilizing the interest method of accretion over the term of the note. As of December 31, 2016, the Company fair valued the derivative at $5,768 resulting in a gain on the change in the fair value of $976. In addition, $1,460 of the debt discount has been amortized to interest expense. A summary of outstanding convertible notes as of December 31, 2016, is as follows: Note Holder Issue Date Maturity Date Stated Interest Rate Principal Balance 12/31/2016 Williams Ten, LLC 9/29/2016 9/29/2017 6 % $ 111,000 Strips Nutrition, Inc. 9/29/2016 9/29/2017 6 % 13,850 Mr. Fred Lee 9/29/2016 9/29/2017 6 % 13,769 Mr. Brent McMahon 9/29/2016 9/29/2017 6 % 150,000 Evolution Equities Corporation 9/29/2016 9/29/2017 6 % 84,373 Enpos Sports, LLC 9/23/2016 9/23/2017 6 % 35,000 Enpos Sports, LLC 10/14/2016 10/14/2017 6 % 8,594 Total 416,586 Less debt discount (185,844 ) Total $ 230,742 A summary of the activity of the derivative liability for the notes above is as follows: Balance at March 31, 2016 $ 100,000 Increase to derivative due to new issuances 249,651 Derivative (gain) due to mark to market adjustment (82,529) Balance at December 31, 2016 $ 267,122 |
LOANS PAYABLE
LOANS PAYABLE | 9 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
LOANS PAYABLE | NOTE 7 LOANS PAYABLE On July 22, 2015, the Company obtained a loan from a third party in the amount of $25,000. This loan was non-interest bearing, was unsecured and had no fixed terms of repayment. The loan was repaid in its entirety on September 29, 2016. During the fiscal year ended March 31, 2016, the Company obtained a loan from a third party in the amount of $4,175. A further $9,990 was loaned to the Company in the six months ended September 30, 2016. This loan is non-interest bearing, is unsecured and has no fixed terms of repayment. In the three month period ended March 31, 2016, the Company obtained loans from a third party in the total amount of $11,350. In the three month period ended June 30, 2016, the Company received a further $2,500 in loans from this same third party. These loans totaling $13,850 were non-interest bearing, unsecured and had no fixed terms of repayment. On September 29, 2016 these loans were settled through the issuance of a Convertible Promissory Note as described in item 6(2) above. On December 30, 2016, the Company obtained a loan from a third party in the amount of $30,000. This loan is non-interest bearing, is unsecured and has no fixed terms of repayment. |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 8 COMMON STOCK The Company has 75,000,000 common shares authorized with a par value of $0.001 per share. During the period December 20, 2012 (inception) to March 31, 2013, the Company sold a total of 3,000,000 shares of common stock for total cash proceeds of $3,000. In November and December 2013, the Company sold a total of 1,235,000 shares of common stock for total cash proceeds of $24,700. During the period December 20, 2012 (inception) to March 31, 2014, the Company sold a total of 4,235,000 shares of common stock for total cash proceeds of $27,700. On February 9, 2015, the Company affected a seven for one forward split of its common stock. As a result of this forward split, the Company had 29,645,000 common shares issued and outstanding at March 31, 2015. During the twelve month period ended March 31, 2016, the Company sold a total of 302,000 common shares for total cash consideration of $265,006. The Company had 29,947,000 common shares issued and outstanding at March 31, 2016. During the three month period ended December 31, 2016 the Company issued 2,000,000 common shares on the conversion of $20,000 of the convertible Promissory Notes described in item 6. In addition, the Company issued 10,000 common shares to as required under the terms of the original Promissory Note with Williams Ten LLC as described in item 6. The Company had 31,957,000 common shares issued and outstanding at December 31, 2016. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 9 RELATED PARTY TRANSACTIONS From inception through September 29, 2016, the Directors loaned the Company $84,374 net of repayments to pay for incorporation costs, general and administrative expenses and professional fees, the acquisition of sales and distribution licenses and advances to Cure Pharmaceutical. On September 29, 2016, this amount was settled through the issuance of a convertible promissory note as described item 6 above. On September 29, 2016, the Company entered into a consulting agreement with the Companys sole officer and director for the provision of management and financial services. This agreement calls for a one time payment of $10,000 on signing of the agreement, and payments of $5,000 per month for six months, terminating on March 30, 2017. In addition, an amount of $5,000 for services provided in September, 2016 is payable on either the termination of the contract or completion of a minimum $500,000 financing. As of December 31, 2016, $15,500.00 had been paid and $15,500.00 was payable pursuant to this contract. In addition, if financing of greater than $200,000 is obtained during the term of this contract, the consultant has agreed to exchange 21,000,000 shares registered in his name for 6,000,000 newly issued restricted shares. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations from October 1, 2016 to February 7, 2017 and has determined that it has no other material subsequent events to disclose in these financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the SEC) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company as of and for the nine month periods ending December 31, 2016 and 2015 and year ending March 31, 2016. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2016 the Company's bank deposits did not exceed the insured amounts. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. |
Income Taxes | Income Taxes The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of financial assets and liabilities, such as cash and accrued liabilities approximate their fair values because of the short maturity of these instruments. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
PROMISSORY NOTES (Tables)
PROMISSORY NOTES (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Promissory Notes Tables | |
Summary of outstanding convertible notes | Note Holder Issue Date Maturity Date Stated Interest Rate Principal Balance 12/31/2016 Williams Ten, LLC 9/29/2016 9/29/2017 6 % $ 111,000 Strips Nutrition, Inc. 9/29/2016 9/29/2017 6 % 13,850 Mr. Fred Lee 9/29/2016 9/29/2017 6 % 13,769 Mr. Brent McMahon 9/29/2016 9/29/2017 6 % 150,000 Evolution Equities Corporation 9/29/2016 9/29/2017 6 % 84,373 Enpos Sports, LLC 9/23/2016 9/23/2017 6 % 35,000 Enpos Sports, LLC 10/14/2016 10/14/2017 6 % 8,594 Total 416,586 Less debt discount (185,844 ) Total $ 230,742 |
Summary of activity of derivative liability for convertible notes | Balance at March 31, 2016 $ 100,000 Increase to derivative due to new issuances 249,651 Derivative (gain) due to mark to market adjustment (82,529) Balance at December 31, 2016 $ 267,122 |
ORGANIZATION AND BUSINESS OPE18
ORGANIZATION AND BUSINESS OPERATIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2016 | |
Organization And Business Operations Details Narrative | ||
Cost of acquiring Exclusive License and Distribution Agreement | $ 200,000 | |
Cash advanced to CURE | 360,000 | |
Fee paid for new Exclusive License and distribution Agreement, comprising of previous fee paid and cash advanced to CURE | 560,000 | |
Accumulated losses | $ (298,430) | $ (242,594) |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (298,430) | $ (242,594) |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | Dec. 31, 2016USD ($) |
Accounting Policies [Abstract] | |
Maximum amount insured on bank deposits | $ 250,000 |
SALES AND DISTRIBUTION LICENSE
SALES AND DISTRIBUTION LICENSE (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | ||
Payment to Cure for license and distribution agreement | $ 200,000 | |
Fee paid for new Exclusive License and distribution Agreement, comprising of previous fee paid and cash advanced to CURE | $ 560,000 | |
Agreement term | 10 years | |
Minimum product order amount of first 24 months | $ 1,500,000 | |
Subsequent yearly minimum product order amount | $ 1,500,000 |
ADVANCES AND DEPOSITS (Details
ADVANCES AND DEPOSITS (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Advances to Cure | $ 360,000 |
PROMISSORY NOTES - Summary of o
PROMISSORY NOTES - Summary of outstanding convertible notes (Details) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Williams Ten, LLC new note | |
Issue date | Sep. 29, 2016 |
Maturity date | Sep. 29, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 111,000 |
Strips Nutrition, Inc. | |
Issue date | Sep. 29, 2016 |
Maturity date | Sep. 29, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 13,850 |
Mr. Fred Lee | |
Issue date | Sep. 29, 2016 |
Maturity date | Sep. 29, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 13,769 |
Mr. Brent McMahon | |
Issue date | Sep. 29, 2016 |
Maturity date | Sep. 29, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 150,000 |
Evolution Equities Corporation | |
Issue date | Sep. 29, 2016 |
Maturity date | Sep. 29, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 84,373 |
Enpos Sports, LLC (1) | |
Issue date | Sep. 23, 2016 |
Maturity date | Sep. 23, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 35,000 |
Enpos Sports, LLC (2) | |
Issue date | Oct. 14, 2016 |
Maturity date | Oct. 14, 2017 |
Stated interest rate | 6.00% |
Principal balance | $ 8,594 |
Totals | |
Principal balance | 416,586 |
Less debt discount | (185,843) |
Total | $ 230,743 |
PROMISSORY NOTES - Summary of a
PROMISSORY NOTES - Summary of activity of derivative liability for convertible notes (Details) - Derivative liability activity on convertible notes | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Balance, beginning | $ 100,000 |
Increase to derivative due to new issuances | 249,651 |
Derivative (gain) due to mark to market adjustment | (82,529) |
Balance, ending | $ 267,122 |
PROMISSORY NOTES (Details Narra
PROMISSORY NOTES (Details Narrative) - USD ($) | 9 Months Ended | |||||
Dec. 31, 2016 | Oct. 14, 2016 | Sep. 29, 2016 | Sep. 23, 2016 | Mar. 31, 2016 | Mar. 06, 2015 | |
Derivative liability at fair value | $ 267,122 | $ 100,000 | ||||
Williams Ten, LLC original note | ||||||
Convertible promissory note | $ 100,000 | |||||
One-time interest payment due at maturity | $ 10,000 | |||||
Required issuance of common stock, shares | 10,000 | |||||
Late penalty charge incurred | $ 11,000 | |||||
Conversion rate | 50.00% | |||||
Fair value of common stock issued | 9,091 | |||||
Derivative liability at fair value | 100,004 | |||||
Debt discount | $ 90,909 | |||||
Derivative expense charge | $ 9,095 | |||||
Debt discount amortized to interest expense | 100,000 | |||||
Williams Ten, LLC new note | ||||||
Derivative liability at fair value | 71,105 | |||||
New Convertible Promissory Note amount after cancellation of previous Promissory Note | $ 121,000 | |||||
New Convertible Promissory Note amount after cancellation of previous Promissory Note, interest per annum | 6.00% | |||||
Conversion of principal balance into common stock, amount | $ 10,000 | |||||
Conversion of principal balance into common stock, shares | 1,000,000 | |||||
Amount on note outstanding | $ 111,000 | |||||
Gain on change in fair value of derivative | 24,645 | |||||
Strips Nutrition, Inc. | ||||||
Convertible promissory note | $ 13,850 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 8,872 | $ 10,960 | ||||
Debt discount | 10,960 | |||||
Debt discount amortized to interest expense | 2,763 | |||||
Gain on change in fair value of derivative | 2,088 | |||||
Mr. Fred Lee | ||||||
Convertible promissory note | $ 13,769 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 8,820 | $ 10,896 | ||||
Debt discount | 10,896 | |||||
Debt discount amortized to interest expense | 2,776 | |||||
Gain on change in fair value of derivative | 2,076 | |||||
Mr. Brent McMahon | ||||||
Convertible promissory note | $ 160,000 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 96,088 | $ 126,612 | ||||
Debt discount | 126,612 | |||||
Debt discount amortized to interest expense | 32,260 | |||||
Conversion of principal balance into common stock, amount | $ 10,000 | |||||
Conversion of principal balance into common stock, shares | 1,000,000 | |||||
Gain on change in fair value of derivative | $ 30,524 | |||||
Evolution Equities Corporation | ||||||
Convertible promissory note | $ 84,373 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 54,048 | $ 66,766 | ||||
Debt discount | $ 66,766 | |||||
Debt discount amortized to interest expense | 17,012 | |||||
Gain on change in fair value of derivative | 12,718 | |||||
Enpos Sports, LLC (1) | ||||||
Convertible promissory note | $ 35,000 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 22,421 | $ 27,673 | ||||
Debt discount | $ 27,673 | |||||
Debt discount amortized to interest expense | 7,506 | |||||
Gain on change in fair value of derivative | 5,275 | |||||
Enpos Sports, LLC (2) | ||||||
Convertible promissory note | $ 8,594 | |||||
Interest rate per annum of note | 6.00% | |||||
Derivative liability at fair value | 5,768 | $ 6,744 | ||||
Debt discount | $ 6,744 | |||||
Debt discount amortized to interest expense | 1,460 | |||||
Gain on change in fair value of derivative | $ 976 |
LOANS PAYABLE (Details Narrativ
LOANS PAYABLE (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Oct. 23, 2015 | Jul. 22, 2015 | |
Payables and Accruals [Abstract] | |||||
Loan from third party | $ 4,175 | $ 25,000 | |||
Additional loan from third party | $ 9,900 | ||||
Loans obtained from third party | $ 2,500 | $ 11,350 | $ 30,000 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Feb. 10, 2015 | Dec. 31, 2013 | Dec. 31, 2016 | Mar. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2014 | Mar. 31, 2015 |
Equity [Abstract] | |||||||||
Common stock, authorized | 75,000,000 | 75,000,000 | 75,000,000 | ||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Sale of the common stock, shares | 1,235,000 | 3,000,000 | 302,000 | 4,235,000 | |||||
Cash proceeds from sale of common stock | $ 24,700 | $ 3,000 | $ 265,006 | $ 265,006 | $ 27,700 | ||||
Forward stock split | 7 for 1 | ||||||||
Common stock, shares issued as result of split | 31,957,000 | 31,957,000 | 29,947,000 | 29,645,000 | |||||
Common stock, shares outstanding as result of split | 31,957,000 | 31,957,000 | 29,947,000 | 29,645,000 | |||||
Common stock issued on conversion of convertible Promissory Notes, shares | 2,000,000 | ||||||||
Common stock issued on conversion of convertible Promissory Notes, amount | $ 20,000 | ||||||||
Shares issued as required under terms of original Promissory Note with Williams Ten LLC | 10,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 6 Months Ended | 45 Months Ended | |
Sep. 30, 2016 | Mar. 30, 2017 | Sep. 29, 2016 | Dec. 31, 2016 | |
Related Party Transactions [Abstract] | ||||
Loans from Directors | $ 84,374 | |||
One time payment to officer upon signing of consulting agreement | $ 10,000 | |||
Monthly payment to officer per consulting agreement | $ 5,000 | |||
Additional payment for services provided | $ 5,000 | |||
Amounts paid pursuant to contract | $ 15,500 | |||
Amounts payable purusant to contract | $ 15,500 |