Cover
Cover - USD ($) | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 07, 2022 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Mar. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --03-31 | ||
Entity File Number | 333-205822 | ||
Entity Registrant Name | SEGUIN NATURAL HAIR PRODUCTS INC. | ||
Entity Central Index Key | 0001642363 | ||
Entity Tax Identification Number | 35-7654530 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 50 Yorkville Street | ||
Entity Address, Address Line Two | Suite 2803 | ||
Entity Address, City or Town | Toronto | ||
Entity Address, State or Province | ON | ||
Entity Address, Country | CA | ||
Entity Address, Postal Zip Code | M4W 0A3 | ||
City Area Code | 647 | ||
Local Phone Number | 271-4226 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Elected Not To Use the Extended Transition Period | false | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 14,578,506 | ||
Auditor Firm ID | 5525 | ||
Auditor Name | Fruci & Associates II, PLC | ||
Auditor Location | Spokane, Washington |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
CURRENT ASSETS: | ||
Cash | $ 26 | $ 610 |
Prepaid expense | 1,921 | 615 |
Total Current Assets | 1,946 | 1,225 |
Total Assets | 1,946 | 1,225 |
CURRENT LIABILITIES: | ||
Accrued expenses and other current liabilities | 2,257 | 9,289 |
Accrued Interest Payable | 10,220 | |
Compensation payable | 17,500 | |
Convertible note payable related party, net of unamortized discount of $5,000 | 5,000 | |
Convertible note payable | 87,806 | |
Derivative liability | 0 | 12,857 |
Advances from stockholders | 236 | 236 |
Total Current Liabilities | 19,993 | 125,408 |
LONG TERM LIABILITIES: | ||
Loan payable- related party | 19,490 | 5,490 |
Total Long Term Liabilities | 19,490 | 5,490 |
Total Liabilities | 39,483 | 130,898 |
STOCKHOLDERS' DEFICIT: | ||
Common stock par value $0.0001: 500,000,000 shares authorized; 14,578,506 and 5,825,000 shares issued and outstanding as of March 31, 2019 and March 31, 2018; respectively | 1,457 | 582 |
Additional paid-in capital | 190,915 | 92,766 |
Common shares to be issued | 21,000 | |
Accumulated deficit | (250,909) | (223,021) |
Total Stockholders' Deficit | (37,537) | (129,673) |
Total Liabilities and Stockholders' Deficit | $ 1,946 | $ 1,225 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Debt discount | $ 5,000 | |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 14,578,506 | 5,825,000 |
Common stock, shares outstanding | 14,578,506 | 5,825,000 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Expenses | ||
Professional fees | $ 14,751 | $ 109,437 |
General and administrative expenses | 20,495 | 2,840 |
Total operating expenses | 35,246 | 112,277 |
Loss from Operations | (35,246) | (112,277) |
Other Income and Expenses | ||
Gain on Extinguishment of debt | 10,000 | |
Gain (loss) on mark to market of derivative | 12,857 | (2,857) |
Derivative discount amortization | (5,000) | (5,000) |
Interest expense | (10,498) | (8,681) |
Total other expense | 7,359 | (16,538) |
Income Tax Provision | ||
Net Loss | $ (27,887) | $ (128,815) |
Net Loss per Common Share - Basic and Diluted | $ 0 | $ (0.01) |
Weighted average common shares outstanding: - basic and diluted | 8,630,918 | 14,828,604 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit - USD ($) | Common Stock [Member] | Shares To Be Issued [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2017 | $ 1,650 | $ 90,693 | $ (94,206) | $ (1,863) | |
Beginning Balance, Shares at Mar. 31, 2017 | 16,500,000 | ||||
Common stock issued for services | $ 5 | 5 | |||
Common stock issued for services, shares | 50,000 | ||||
Capital Contribution | 1,000 | 1,000 | |||
Retirement of common stock | $ (1,073) | 1,073 | |||
Retirement of common stock, shares | (10,725,000) | ||||
Net loss | (128,815) | (128,815) | |||
Ending balance, value at Mar. 31, 2018 | $ 582 | 92,766 | (223,021) | (129,673) | |
Ending Balance, Shares at Mar. 31, 2018 | 5,825,000 | ||||
Common stock issued issued upon conversion of Debt | $ 875 | 21,000 | 98,148 | 120,023 | |
Common stock issued issued upon conversion of Debt, Shares | 8,753,506 | ||||
Net loss | (27,887) | (27,887) | |||
Ending balance, value at Mar. 31, 2019 | $ 1,457 | $ 21,000 | $ 190,914 | $ (250,908) | $ (37,537) |
Ending Balance, Shares at Mar. 31, 2019 | 14,578,506 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (27,887) | $ (128,815) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Change in fair value of derivatives | (12,857) | 2,857 |
Stock based compensation | 5 | |
Gain on exteinguishment of debt | (10,000) | |
Amortization on debt discount | 5,000 | 5,000 |
Changes in operating assets and liabilities: | ||
Prepaid Expenses | (1,306) | (615) |
Accrued expenses and other current liabilities | 32,466 | 17,260 |
Net cash used in operating activities | (14,584) | (104,308) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from capital contribution | 1,000 | |
Proceeds from related party convertible note | 87,806 | |
Proceeds from convertible note | 10,000 | |
Proceeds from loan – related parties | 14,000 | 5,490 |
Net cash provided by financing activities | 14,000 | 104,296 |
Net change in cash | (584) | (12) |
Cash at beginning of the reporting period | 610 | 622 |
Cash at end of the reporting period | 26 | 610 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Interest paid | ||
Income tax paid | ||
SUPPLIMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS | ||
Retirement of common stock | 1,073 | |
Issuance of shares upon conversion of notes payable | $ 120,023 |
Organization
Organization | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Note 1 - Organization Seguin Natural Hair Products Inc. Seguin Natural Hair Products Inc. (the “Company”) was incorporated on April 29, 2014 under the laws of the State of Nevada. Initial operations have included organization and incorporation, target market identification, marketing plans, capital formation and property acquisitions. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the marketplace. The Company has generated no revenues since inception. We are no longer in the business of developing and selling shampoo, conditioner or any other hair care products. On December 28, 2017, the Company entered into an Agreement and Plan of Merger as amended January 9, 2018 (“Merger Agreement”), with Yuengling’s Ice Cream Corporation, a private Pennsylvania corporation (“Yuengling’s”). On June 13, 2018, the Company informed Yuengling’s by written notice that the Company has terminated the Agreement and Plan of Merger dated December 28, 2017. The reason for the termination was the failure of Yuengling’s to complete the audit of its financial statements as required by the terms of the Merger Agreement. |
Significant and Critical Accoun
Significant and Critical Accounting Policies and Practices | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Significant and Critical Accounting Policies and Practices | Note 2 - Significant and Critical Accounting Policies and Practices The Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of accounting policies and their application. Critical accounting policies and practices are those that are both most important to the portrayal of the Company’s financial condition and results and require management’s most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company’s significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles. Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Fiscal Year End The Company elected March 31 st Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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(s) of the financial statements and the reported amounts of expenses during the reporting period(s). Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were: (i) Assumption as a going concern (ii) Valuation allowance for deferred tax assets Reclassification of certain amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10- 35-37 establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35- 37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses approximate their fair value because of the short maturity of this instrument. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. Commitment and Contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification 605, "Revenue Recognition." This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entity's revenue is disaggregated depends on the facts and circumstances that pertain to the entity's contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of the new revenue standard by one year, and allowed entities the option to early adopt the new revenue standard as of the original effective date. There have been multiple standards updates amending this guidance or providing corrections or improvements on issues in the guidance. The requirements for these standards relating to Topic 606 are effective for interim and annual periods beginning after December 15, 2017. This standard permitted adoption using one of two transition methods, either the retrospective or modified retrospective transition method. The Company adopted these standards for the year ended March 31, 2018 using the modified retrospective method. The adoption of these standards did not have an impact on the Company's Condensed Statements of Operations in the first quarter of 2018. Deferred Tax Assets and Income Tax Provision The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. Tax years that remain subject to examination by major tax jurisdictions The Company discloses tax years that remain subject to examination by major tax jurisdictions pursuant to the ASC Paragraph 740-10-50-15. Earnings per Share Earnings per share ("EPS") is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted- average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-dilutive contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. There were no Cash Flows Reporting The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). The amendments in this Update are intended render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606. The Company is has reviewed the provisions of this ASU to and determined there will be no material impact on our results of operations, cash flows or financial condition. In April 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" On November 17, 2016, the FASB issued ASU No. 2016-18, " Statement of Cash Flows (Topic 230): Restricted Cash" The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. |
Going Concern
Going Concern | 12 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 3 – Going Concern The Company has elected to adopt early application of Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. As reflected in the financial statements, the Company had an accumulated deficit at March 31, 2019, a net loss and net cash used in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and in its ability to raise additional funds. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Convertible Notes - Related par
Convertible Notes - Related party | 12 Months Ended |
Mar. 31, 2019 | |
Convertible Notes - Related Party | |
Convertible Notes - Related party | Note 4 – Convertible Notes - Related party On October 31, 2017, the Company entered into a Promissory Note with an investor (the “Lender”) who has significant influence over the Company’s affairs for up to $ 1,400 25 On November 8, 2017, the Company entered into a Promissory Note with an investor who has significant influence over the Company’s affairs for $ 5,600 12 On December 11, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 5,500 5,500 12 On June 19, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 7,000 7,000 12 mature after one year from the date of the note. 118 148 Conversion terms: The Lender has the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion price is $0.0001 per share. The total number of shares due under any conversion notice will be equal to the conversion amount divided by the conversion price. As of December 4 th From August 1 to Sep 30, 2017 the Company issued various promissory notes with an aggregate principal amount of $ 20,595 11,095 25 On September 28, 2017, the Company entered into a Promissory Note Agreement with an investor for up to $ 10,000 25 Note 6 On October 9, 2017, the Company entered into a Promissory Note with an investor who has significant influence over the Company’s affairs for $ 3,000 25 Conversion terms: The Lender has the right at any time from the effective date, to convert the outstanding and unpaid notes principal and interest due into the Company’s common shares. The conversion price is $ 0.35 th On November 14, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 2,200 2,200 12 150 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On November 20, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 2,500 2,500 12 150 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On December 4, 2017, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 6,500 6,500 12 150 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On January 26, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 21,000 21,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On January 19, 2018 and January 29, 2018, the Company (the “Borrower”) entered into Promissory Note Agreements (the “Note”) with an investor (the “Lender”) who has significant influence for up to $3,000, $2,000 and $5,000. The consideration is $ 10,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 On February 9, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 4,000 4,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On March 7, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 5,500 5,500 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On March 16, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 2,250 2,250 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On March 29, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 2,300 2,300 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th The Company evaluated the convertible note for possible embedded derivatives and concluded that none exist. However, the Company concluded a portion of the note should be allocated to additional paid-in capital as a beneficial conversion feature at the issuance date, since the conversion price on that date was lower than the fair market value of the underlying stock. Resultantly, a discount of $ 33,595 29,056 On April 16, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 1,000 1,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On April 19, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 3,000 3,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On June 19, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 4,000 4,000 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th On June 28, 2018, the Company (the “Borrower”) entered into a Promissory Note Agreement (the “Note”) with an investor (the “Lender”) who has significant influence for up to $ 3,500 3,500 12 Conversion terms: The Lender has the right at any time from time to time, following the 9 th ( Conversion Price 0.35 th |
Modification of Promissory Note
Modification of Promissory Notes | 12 Months Ended |
Mar. 31, 2019 | |
Modification Of Promissory Notes | |
Modification of Promissory Notes | Note 5 - Modification of Promissory Notes In October 2018, the Company amended previously issued promissory notes with an aggregate principal amount of $ 23,595 10,000 |
Derivatives and Fair Value Inst
Derivatives and Fair Value Instruments | 12 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Derivatives and Fair Value Instruments | Note 6 – Derivatives and Fair Value Instruments The Company applied paragraph 815-10-05-4 of the FASB Accounting Standards Codification to the Convertible Notes Payable issued September 28, 2017. Based on the guidance in paragraph 815-10-05-4 of the FASB Accounting Standards Codification the Company concluded these instruments were required to be accounted for as derivatives on issuance date. The Company records the fair value of the Convertible Notes Payable and certain warrants that are classified as derivatives on issuance date and the fair value changes on each reporting date reflected in the consolidated statements of operations as “Change in Fair Value - derivatives.” These derivative instruments are not designated as hedging instruments under paragraph 815-10-05-4 of the FASB Accounting Standards Codification and are disclosed on the balance sheet under Derivative Liabilities. The Company follows paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820- 10-35-37”) to measure the fair value of its financial instruments and paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments. Paragraph 820-10- 35-37 establishes a framework for measuring fair value in accounting principles generally accepted in the United States of America (U.S. GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally unobservable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument . The carrying amounts of the Company’s financial assets and liabilities, such as cash, prepayments and other current assets, accounts payable and accrued expenses, approximate their fair values because of the short maturity of these instruments. The Company’s Level 3 financial liabilities consist of the Convertible Notes Payable issued September 28, 2017, for which there is no current market for these securities such that the determination of fair value requires significant judgment or estimation. We have valued the automatic conditional conversion, re-pricing/down-round, change of control; default and follow-on offering provisions using a lattice model, for which management understands the methodologies. These models incorporate transaction details such as Company stock price, contractual terms, maturity, risk free rates, as well as assumptions about future financings, volatility, and holder behavior as of issuance and March 31, 2019. As of March 31, 2018 The Company’s Derivative Liability on the above Convertible Notes Payable was $ 12,857 10,000 10,000 12,857 As of March 31, 2019 the Company’s derivative liability on the above Convertible Notes Payable was $- 0 Schedule of derivative liabilities at fair value Valuation Issuances Conversions Write-off Valuation $ 12,857 $ - 0 $ - 0 $ (12,857 ) $ - 0 |
Conversion of Debt
Conversion of Debt | 12 Months Ended |
Mar. 31, 2019 | |
Conversion Of Debt | |
Conversion of Debt | Note 7- Conversion of Debt : In December 2018, in a private transaction the holder of $ 102,145 Effective December 4, 2018, the Company issued 8,753,506 (“Shares”) (“Notes” 0.00927 102,145 th 2,265,372 The Shares were issued in compliance with the exemptions from the registration requirements of the Securities Act of 1933, as amended, provided by Section 4(a)(2) and Regulation S for transactions not involving a public offering and for offers and sales outside the United States. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 8 – Related Party Transactions Free Office Space The Company has been provided office space by its Chief Executive Officer at no cost. The management determined that such cost is nominal and did not recognize the rent expense in its financial statement. Shareholder Advances The balance owed to shareholders as of March 31, 2019 and March 31, 2018 was $ 236 236 Contribution of Capital During the year ended March 31, 2018, Oivi Launonen, former CEO of the Company, made a total contribution of $ 1,000 On February 1, 2018 Robert C. Laskowski returned to the Company 10,725,000 |
Change in control
Change in control | 12 Months Ended |
Mar. 31, 2019 | |
Change In Control | |
Change in control | Note 9 - Change in control As described in Note 7 above, in a private transaction the holder of the $ 102,145 Effective December 4, 2018, the Company issued 8,753,506 0.00927 102,145 2,265,372 |
Deferred Tax Assets and Income
Deferred Tax Assets and Income Tax Provision | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Deferred Tax Assets and Income Tax Provision | Note 10 – Deferred Tax Assets and Income Tax Provision Deferred Tax Assets At March 31, 2019, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $ 249,544 52,404 Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding the probability of its realization. The valuation allowance increased approximately $ 7,610 24,726 Components of deferred tax assets in the balance sheets are as follows: Components of deferred tax assets March 31, 2019 March 31, Net deferred tax assets – non-current: Expected income tax benefit from NOL carry-forwards $ 52,404 $ 44,510 Less valuation allowance (52,404 ) (44,510 ) Deferred tax assets, net of valuation allowance $ - $ - Income Tax Provision in the Statements of Operations A reconciliation of the federal statutory income tax rate and the effective income tax rate as a percentage of income before income tax provision is as follows: Schedule of effective income tax rate reconciliation For the Year ended March 31, For the Year ended March 31, Federal statutory income tax rate 21.0 % ( 21.0 )% |
Subsequent events
Subsequent events | 12 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 11- Subsequent events Issuance of Additional Shares for Conversion On December 8 th 2,265,372 |
Significant and Critical Acco_2
Significant and Critical Accounting Policies and Practices (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Fiscal Year End | Fiscal Year End The Company elected March 31 st |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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(s) of the financial statements and the reported amounts of expenses during the reporting period(s). Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were: (i) Assumption as a going concern (ii) Valuation allowance for deferred tax assets |
Reclassification of certain amounts | Reclassification of certain amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10- 35-37 establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35- 37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accrued expenses approximate their fair value because of the short maturity of this instrument. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with maturities of three months or less at the time of purchase to be cash equivalents. |
Related Parties | Related Parties The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions. Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company (“Affiliate” means, with respect to any specified Person, any other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 under the Securities Act); b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a. the nature of the relationship(s) involved; b. a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitment and Contingencies | Commitment and Contingencies The Company follows subtopic 450-20 of the FASB Accounting Standards Codification to report accounting for contingencies. Certain conditions may exist as of the date the financial statements are issued, which may result in a loss to the Company but which will only be resolved when one or more future events occur or fail to occur. The Company assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that may result in such proceedings, the Company evaluates the perceived merits of any legal proceedings or unasserted claims as well as the perceived merits of the amount of relief sought or expected to be sought therein. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. |
Revenue Recognition | Revenue Recognition In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in Accounting Standards Codification 605, "Revenue Recognition." This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASC 606-10-50-5 requires that entities disclose disaggregated revenue information in categories (such as type of good or service, geography, market, type of contract, etc.) that depict how the nature, amount, timing, and uncertainty of revenue and cash flow are affected by economic factors. ASC 606-10-55-89 explains that the extent to which an entity's revenue is disaggregated depends on the facts and circumstances that pertain to the entity's contracts with customers and that some entities may need to use more than one type of category to meet the objective for disaggregating revenue. In August 2015, the FASB issued ASU No. 2015-14, which deferred the effective date of the new revenue standard by one year, and allowed entities the option to early adopt the new revenue standard as of the original effective date. There have been multiple standards updates amending this guidance or providing corrections or improvements on issues in the guidance. The requirements for these standards relating to Topic 606 are effective for interim and annual periods beginning after December 15, 2017. This standard permitted adoption using one of two transition methods, either the retrospective or modified retrospective transition method. The Company adopted these standards for the year ended March 31, 2018 using the modified retrospective method. The adoption of these standards did not have an impact on the Company's Condensed Statements of Operations in the first quarter of 2018. |
Deferred Tax Assets and Income Tax Provision | Deferred Tax Assets and Income Tax Provision The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification. Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date. The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. Management makes judgments as to the interpretation of the tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In addition, the Company operates within multiple taxing jurisdictions and is subject to audit in these jurisdictions. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. |
Tax years that remain subject to examination by major tax jurisdictions | Tax years that remain subject to examination by major tax jurisdictions The Company discloses tax years that remain subject to examination by major tax jurisdictions pursuant to the ASC Paragraph 740-10-50-15. |
Earnings per Share | Earnings per Share Earnings per share ("EPS") is the amount of earnings attributable to each share of common stock. For convenience, the term is used to refer to either earnings or loss per share. EPS is computed pursuant to section 260-10-45 of the FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16 Basic EPS shall be computed by dividing income available to common stockholders (the numerator) by the weighted- average number of common shares outstanding (the denominator) during the period. Income available to common stockholders shall be computed by deducting both the dividends declared in the period on preferred stock (whether or not paid) and the dividends accumulated for the period on cumulative preferred stock (whether or not earned) from income from continuing operations (if that amount appears in the income statement) and also from net income. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangement, stock options or warrants. Pursuant to ASC Paragraphs 260-10-45-45-21 through 260-10-45-45-23 Diluted EPS shall be based on the most advantageous conversion rate or exercise price from the standpoint of the security holder. The dilutive effect of outstanding call options and warrants (and their equivalents) issued by the reporting entity shall be reflected in diluted EPS by application of the treasury stock method unless the provisions of paragraphs 260-10-45-35 through 45-36 and 260-10-55-8 through 55-11 require that another method be applied. Equivalents of options and warrants include non-vested stock granted to employees, stock purchase contracts, and partially paid stock subscriptions (see paragraph 260–10–55–23). Anti-dilutive contracts, such as purchased put options and purchased call options, shall be excluded from diluted EPS. Under the treasury stock method: a. Exercise of options and warrants shall be assumed at the beginning of the period (or at time of issuance, if later) and common shares shall be assumed to be issued. b. The proceeds from exercise shall be assumed to be used to purchase common stock at the average market price during the period. (See paragraphs 260-10-45-29 and 260-10-55-4 through 55-5.) c. The incremental shares (the difference between the number of shares assumed issued and the number of shares assumed purchased) shall be included in the denominator of the diluted EPS computation. There were no |
Cash Flows Reporting | Cash Flows Reporting The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method (“Indirect method”) as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments. |
Subsequent Events | Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016–10 Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The amendments in this Update do not change the core principle of the guidance in Topic 606. Rather, the amendments in this Update clarify the following two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance, while retaining the related principles for those areas. Topic 606 includes implementation guidance on (a) contracts with customers to transfer goods and services in exchange for consideration and (b) determining whether an entity's promise to grant a license provides a customer with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). The amendments in this Update are intended render more detailed implementation guidance with the expectation to reduce the degree of judgement necessary to comply with Topic 606. The Company is has reviewed the provisions of this ASU to and determined there will be no material impact on our results of operations, cash flows or financial condition. In April 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments" On November 17, 2016, the FASB issued ASU No. 2016-18, " Statement of Cash Flows (Topic 230): Restricted Cash" The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. |
Derivatives and Fair Value In_2
Derivatives and Fair Value Instruments (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of derivative liabilities at fair value | Schedule of derivative liabilities at fair value Valuation Issuances Conversions Write-off Valuation $ 12,857 $ - 0 $ - 0 $ (12,857 ) $ - 0 |
Deferred Tax Assets and Incom_2
Deferred Tax Assets and Income Tax Provision (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components of deferred tax assets | Components of deferred tax assets March 31, 2019 March 31, Net deferred tax assets – non-current: Expected income tax benefit from NOL carry-forwards $ 52,404 $ 44,510 Less valuation allowance (52,404 ) (44,510 ) Deferred tax assets, net of valuation allowance $ - $ - |
Schedule of effective income tax rate reconciliation | Schedule of effective income tax rate reconciliation For the Year ended March 31, For the Year ended March 31, Federal statutory income tax rate 21.0 % ( 21.0 )% |
Significant and Critical Acco_3
Significant and Critical Accounting Policies and Practices (Details Narrative) - shares | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accounting Policies [Abstract] | ||
Potentially dilutive shares | 0 | 0 |
Convertible Notes - Related p_2
Convertible Notes - Related party (Details Narrative) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||||||
Mar. 07, 2018 | Feb. 09, 2018 | Jan. 29, 2018 | Dec. 11, 2017 | Dec. 04, 2017 | Nov. 14, 2017 | Jun. 19, 2017 | Jun. 28, 2018 | Jun. 19, 2018 | Apr. 19, 2018 | Apr. 16, 2018 | Mar. 29, 2018 | Mar. 16, 2018 | Jan. 26, 2018 | Nov. 20, 2017 | Sep. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 04, 2018 | Nov. 08, 2017 | Oct. 31, 2017 | Oct. 09, 2017 | Sep. 28, 2017 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||
Proceed from debt consideration | $ 10,000 | ||||||||||||||||||||||
Proceeds from related party debt | 87,806 | ||||||||||||||||||||||
Conversion price, per share (in dollars per share) | $ 0.00927 | ||||||||||||||||||||||
Beneficial conversion feature | 33,595 | ||||||||||||||||||||||
Amortization of debt discount | $ 29,056 | ||||||||||||||||||||||
Promissory Note Agreement [Member] | Investor [Member] | |||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||
Principal amount | $ 5,500 | $ 4,000 | $ 10,000 | $ 5,500 | $ 6,500 | $ 2,200 | $ 7,000 | $ 3,500 | $ 4,000 | $ 3,000 | $ 1,000 | $ 2,300 | $ 2,250 | $ 21,000 | $ 2,500 | $ 20,595 | $ 5,600 | $ 1,400 | $ 3,000 | $ 10,000 | |||
Interest rate | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 12% | 25% | 12% | 25% | 25% | 25% | |||
Proceed from debt consideration | $ 5,500 | $ 4,000 | $ 10,000 | $ 5,500 | $ 6,500 | $ 2,200 | $ 7,000 | $ 3,500 | $ 4,000 | $ 3,000 | $ 1,000 | $ 2,300 | $ 2,250 | $ 21,000 | $ 2,500 | ||||||||
Maturity description | mature after one year from the date of the note. | ||||||||||||||||||||||
Penalty for prepayment interest rate | 150% | 150% | 150% | ||||||||||||||||||||
Proceeds from related party debt | $ 11,095 | ||||||||||||||||||||||
Conversion price, per share (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | |||||||||
Promissory Note Agreement [Member] | Investor [Member] | Minimum [Member] | |||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||
Penalty for prepayment interest rate | 118% | ||||||||||||||||||||||
Promissory Note Agreement [Member] | Investor [Member] | Maximum [Member] | |||||||||||||||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||||||||||||||
Penalty for prepayment interest rate | 148% |
Modification of Promissory No_2
Modification of Promissory Notes (Details Narrative) - Investor [Member] - Promissory Note [Member] - USD ($) | Oct. 31, 2018 | Oct. 06, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Previously aggregate principal amount of promissory note | $ 23,595 | |
Promissory note principal amount | $ 10,000 |
Derivatives and Fair Value In_3
Derivatives and Fair Value Instruments (Details) | 12 Months Ended |
Mar. 31, 2019 USD ($) | |
Investments, All Other Investments [Abstract] | |
Derivative liability at beginning | $ 12,857 |
Issuances during year | 0 |
Conversions during year | 0 |
Write-off during the period | (12,857) |
Derivative liability at end | $ 0 |
Derivatives and Fair Value In_4
Derivatives and Fair Value Instruments (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, All Other Investments [Abstract] | |||
Derivative Liability | $ 0 | $ 12,857 | |
Discount | 10,000 | ||
Gain on extinguishment of debt | $ 10,000 | $ 10,000 | |
Gain on derivative liability extinguishment | $ 12,857 |
Conversion of Debt (Details Nar
Conversion of Debt (Details Narrative) - USD ($) | 1 Months Ended | ||
Dec. 08, 2021 | Dec. 04, 2018 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||
Debt conversion amount | $ 102,145 | $ 102,145 | |
Number of common stock issued for conversion rights under convertible promissory notes | 8,753,506 | ||
Conversion price (in dollars per share) | $ 0.00927 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of common stock issued for conversion rights under convertible promissory notes | 2,265,372 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 12 Months Ended | ||
Feb. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2019 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Advances from shareholder | $ 236 | $ 236 | |
Mr. Oivi Launonen [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Proceeds from contributed capital | $ 1,000 | ||
Robert C. Laskowski [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Stock returned | 10,725,000 |
Change in control (Details Narr
Change in control (Details Narrative) - USD ($) | 1 Months Ended | ||
Dec. 08, 2021 | Dec. 04, 2018 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||
Debt conversion amount | $ 102,145 | $ 102,145 | |
Number of common stock issued for conversion rights under convertible promissory notes | 8,753,506 | ||
Conversion price (in dollars per share) | $ 0.00927 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Number of common stock issued for conversion rights under convertible promissory notes | 2,265,372 |
Deferred Tax Assets and Incom_3
Deferred Tax Assets and Income Tax Provision (Details) - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Net deferred tax assets – non-current: | ||
Expected income tax benefit from NOL carry-forwards | $ 52,404 | $ 44,510 |
Less valuation allowance | (52,404) | (44,510) |
Deferred tax assets, net of valuation allowance |
Deferred Tax Assets and Incom_4
Deferred Tax Assets and Income Tax Provision (Details 1) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21% | 21% |
Deferred Tax Assets and Incom_5
Deferred Tax Assets and Income Tax Provision (Details Narrative) - USD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Operating Loss Carryforwards | $ 249,544 | |
Deferred tax assets loss net operating carry-forward | 52,404 | |
Increased in valuation allowance | $ 7,610 | $ 24,726 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) - shares | Dec. 08, 2021 | Dec. 04, 2018 |
Subsequent Event [Line Items] | ||
Number of common stock issued for conversion rights under convertible promissory notes | 8,753,506 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Number of common stock issued for conversion rights under convertible promissory notes | 2,265,372 |