Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2020 | Nov. 10, 2020 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | TREND INNOVATIONS HOLDING INC. | |
Entity Central Index Key | 0001740797 | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 26,281,600 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2020 | Mar. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 16,667 | $ 27,301 |
Prepaid Expenses | 139,753 | 9,243 |
Loan Receivable | 117,868 | 80,977 |
Accounts Receivable | 141,210 | 29,574 |
Purchase of goods for resale | 495 | 114 |
Retainer Asset | 55 | 55 |
Prepaid Taxes | 39,507 | 1,099 |
Total Current Assets | 455,555 | 148,363 |
Fixed Assets | ||
Accumulated depreciation | (7,645) | (5,555) |
Furniture and Equipment | 1,500 | 1,500 |
Vehicles | 33,699 | 55,088 |
Total Fixed Assets | 27,554 | 51,033 |
Intangible Assets | ||
Accumulated depreciation | (60,194) | (36,461) |
App Development Cost | 97,400 | 97,400 |
RSS Database | 149,000 | 149,000 |
Website Development | 8,361 | 8,361 |
Total Intangible Assets | 194,567 | 218,300 |
Other Assets | ||
Deferred expenses | 1,936 | 1,955 |
Right-of-use asset - Lease | 240 | 320 |
Total Other Assets | 2,176 | 2,275 |
TOTAL ASSETS | 679,852 | 419,971 |
Current Liabilities | ||
Accrued Liabilities | 19,771 | 13,547 |
Accounts Payable | 77,565 | 50,817 |
Loan from Related Parties | 244,969 | 241,227 |
Loans payable | 91,564 | 0 |
Notes payable - Related Party | 149,000 | 149,000 |
Retainers from Customers | 23,516 | 2,746 |
Lease Liabilities - Short-term | 240 | 320 |
Total Current Liabilities | 606,625 | 457,657 |
Total Liabilities | $ 606,625 | $ 457,657 |
Common stock, $0.001 par value, 75,000,000 shares authorized; 26,281,600 and 1,064,080 shares issued and outstanding respectively | 26,282 | 1,064 |
Additional paid in capital | $ 4,242 | $ 28,288 |
Accumulated other comprehensive income | 10,598 | 0 |
Accumulated deficit | 32,105 | (67,038) |
Total Stockholder's Equity (Deficit) | 73,227 | (37,686) |
TOTAL LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT) | $ 679,852 | $ 419,971 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Sep. 30, 2020 | Mar. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stock shares issued and outstanding | 26,281,600 | 1,064,080 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income | ||||
Sales | $ 354,603 | $ 0 | $ 653,816 | $ 6,000 |
TOTAL INCOME | 354,603 | 0 | 653,816 | 6,000 |
COGS | 267,211 | 0 | 481,793 | 0 |
GROSS PROFIT | 87,392 | 0 | 172,023 | 6,000 |
OPERATING EXPENSES | ||||
Depreciation Expense | 14,048 | 9,835 | 28,507 | 12,000 |
General and Administrative Expenses | 10,514 | 3,229 | 31,046 | 39,574 |
Professional Fees | 12,206 | 17,560 | 13,922 | 26,713 |
Rent Expenses | 250 | 369 | 487 | 592 |
TOTAL OPERATING EXPENSES | 37,018 | 30,993 | 73,961 | 78,879 |
OTHER (EXPENSES) INCOME | 88 | 0 | 1,081 | 0 |
NET INCOME (LOSS) FROM OPERATIONS | 50,462 | (30,993) | 99,143 | (72,879) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 | 0 |
NET INCOME (LOSS) | 50,462 | (30,993) | 99,143 | (72,879) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 8,202 | 0 | 10,598 | 0 |
COMPREHENSIVE INCOME (LOSS) | $ 58,664 | $ (30,993) | $ 109,741 | $ (72,879) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 26,281,600 | 5,014,080 | 26,281,600 | 5,014,080 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 3 months ended Sep. 30, 2020 - USD ($) | Total | Common Stock | Additional Paid-in Capital | Accumulated other comprehensive income | Accumulated Deficit |
Balance at Jun. 30, 2020 | $ 13,391 | $ 26,282 | $ 3,070 | $ 2,396 | $ (18,357) |
Balance (in shares) at Jun. 30, 2020 | 26,281,600 | ||||
Capital contribution | 1,172 | 1,172 | |||
Foreign currency translation adjustment | 8,202 | 8,202 | |||
Net income (loss) for the three-months period | 50,462 | 50,462 | |||
Balance at Sep. 30, 2020 | $ 73,227 | $ 26,282 | $ 4,242 | $ 10,598 | $ 32,105 |
Balance (in shares) at Sep. 30, 2020 | 26,281,600 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net Income (Loss) | $ 99,143 | $ (72,879) |
Foreign currency translation adjustment | 10,598 | 0 |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Accumulated depreciation | 25,823 | 12,002 |
Accounts Payable | 26,748 | 20,319 |
Accounts Receivables | (111,636) | 0 |
Accrued Liabilities | 6,225 | 0 |
Deferred expenses | 19 | 0 |
Prepaid taxes | (38,408) | 0 |
Loan Receivable | (36,891) | 0 |
Retainers from Customers | 20,769 | (6,000) |
Prepaid expenses | (130,510) | 17,205 |
Prepaid rent | 0 | 142 |
Purchase of goods for resale | (381) | 0 |
Net cash used in Operating Activities | (128,501) | (29,211) |
INVESTING ACTIVITIES | ||
App development cost | 0 | (97,400) |
Vehicles acquisition cost | 21,389 | 0 |
Net cash provided by Investing Activities | 21,389 | (97,400) |
FINANCING ACTIVITIES | ||
Additional paid in capital | 1,172 | 0 |
Loans payable | 91,564 | 0 |
Loan from Related Parties | 3,742 | 127,210 |
Net cash provided by Financing Activities | 96,478 | 127,210 |
Net cash increase (decrease) for period | (10,634) | 599 |
Cash at beginning of period | 27,301 | 102 |
Cash at end of period | 16,667 | 701 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Right-of-use assets obtained in exchange for lease obligations | $ 480 | $ 0 |
- ORGANIZATION AND NATURE OF BU
- ORGANIZATION AND NATURE OF BUSINESS | 6 Months Ended |
Sep. 30, 2020 | |
- ORGANIZATION AND NATURE OF BUSINESS [Abstract] | |
- ORGANIZATION AND NATURE OF BUSINESS | Note 1 - ORGANIZATION AND NATURE OF BUSINESS Trend Innovations Holding Inc. is a holding company for innovative websites and mobile apps which are aimed to provide customization and convenience for its users. The Company is constantly working on completing relevant tasks in IT consulting and introducing artificial intelligence to regular users. We make our customers' businesses more visual, manageable and predictable, which ultimately leads to increased profitability. Our principal office address is located at 44A Gedimino avenue, Vilnius, 01110, Lithuania. Sale and Purchase of Ownership Interest Agreement On June 28, 2019 Trend Innovations Holding Inc. (formerly FreeCook) a Nevada corporation (“Buyer”, “Company”), entered into a Sale and Purchase of Ownership Interest Agreement with ThyNews Tech LLC, a Wyoming corporation, (“Thynews Tech” or the “Seller”), wherein Trend Innovations Holding Inc. (formerly FreeCook) purchased 100% of the ownership of Thynews Tech. Upon completion of the Agreement, Trend Innovations Holding Inc. (formerly FreeCook) agrees to deliver to Thynews Tech's owners a cumulative total of one hundred thousand (100,000) restricted shares of Trend Innovations Holding Inc. treasury valued at One Dollar ($1.00) per share. The shares will be delivered to Thynews Tech within 60 days following the execution of the agreement. Additionally, Trend Innovations Holding Inc. shall provide to Thynews Tech's owners, as consideration, a Promissory Note in the amount of One Hundred Thousand United States Dollars ($100,000 US). Trend Innovations Holding Inc. acquires 100% of the ownership of duly and validly issued, fully paid and non-assessable ownership interest of ThyNews Tech LLC, including ThyNews Application. Prior to the transaction, Trend Innovations Holding Inc. had 5,014,080 shares of common stock issued and outstanding. Upon the transaction, the additional 100,000 of Trend Innovations Holding Inc. common stock will be issued and outstanding. Upon the issuance of shares to Thynews, there will be 5,014,080 shares of common stock issued and outstanding. On March 30, 2020 Trend Innovations Holding Inc. (formerly FreeCook). , being represented by its President and Director, Natalija Tunevic, entered into Sale and Purchase of Ownership Interest Of 100% of Itnia Co. LLC, a Wyoming limited liability company which owns 100% of MB Lemalike Innovations, a Lithuanian IT consulting company with Mikhail Bukshpan. Upon completion of the Agreement, Trend Innovations Holding Inc. agrees to deliver to Itnia Co. LLC's owners a cumulative total of one hundred fifty thousand (150,000) restricted shares of Trend Innovations Holding Inc. treasury valued at One Dollar ($1.00) per share. The shares will be delivered to Mr. Bukshpan within the mutually agreed upon time frame following the execution of the agreement. Additionally, Trend Innovations Holding Inc. shall provide to Mr. Bukshpan, as consideration, a Promissory Note in the amount of One Hundred and Fifty Thousand United States Dollars ($150,000 US). MB Lemalike Innovations MB ‘Lemalike Innovations', formerly known as MB ‘Repia', was incorporated in Lithuania on October 9, 2017. The company was originally engaged in providing business and other consulting services for the companies intending to seek for new markets outside Lithuania. Recently the company has also been developing in the IT direction. In providing consultations, Lemalike Innovations helped enterprises in the Baltic countries looking for export opportunities. Lemalike Innovations is currently working to enter the area of implementing and consulting on the matter of Artificial Intelligence technologies. On January 31, 2020, Mr. Mikhail Bukshpan became the director of the entity. On March 10, 2020, he decided to merge Lemalike Innovations into his limited liability company, Itnia Co. LLC. Upon that, on March 30, 2020, Itnia Co. LLC merged into Trend Innovations Holding Inc. and became a part of the holding. The company's registered office is located at Sv. Stepono g. 27D-2, LT-01315 Vilnius, Lithuania. 8 | Page |
- GOING CONCERN
- GOING CONCERN | 6 Months Ended |
Sep. 30, 2020 | |
- GOING CONCERN [Abstract] | |
- GOING CONCERN | Note 2 - GOING CONCERN The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. The Company has generated revenue however the revenue is not enough to cover operating costs over an extended period of time. Therefore, there is substantial doubt about the Company's ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management's efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
- SUMMARY OF SIGNIFCANT ACCOUNT
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | 6 Months Ended |
Sep. 30, 2020 | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES [Abstract] | |
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES | Note 3 - SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed financial statements have been prepared by Trend Innovations Holding Inc. in accordance with GAAP without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of September 30, 2020 and for the related periods presented. The results for the six months ended September 30, 2020, are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2020, filed with the Securities and Exchange Commission. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line method over the estimated useful life of the assets. We estimate that the useful life of equipment is 5 years and website development is 1 year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income. Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $16,667 of cash as of September 30, 2020. Prepaid Expenses Prepaid Expenses are recorded at fair market value. FreeCook terminated the lease agreement dated January 26, 2018 on April 24, 2018. The purpose of it was to decrease the company's expenses of office maintenance. Under the new Lease Agreement dated April 24, 2018, the Company will pay to the Landlord $80 every month for the rent term commencing on May 1, 2019, and ending December 31, 2020. The Company had $85 in prepaid rent as of September 30, 2020. 9 | Page The Company's subsidiary Itnia Co. LLC had $139,668 in prepaid goods for resale as of September 30, 2020. Lease The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, The Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Website Development Costs The Company amortizes these costs using the straight-line method over a period of one years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. Foreign Currency Translation The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. All assets, liabilities, revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. All exchange gains and losses are included in operations. For the six months ended September 30, 2020, foreign currency transaction gain was $10,598. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company's office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management's best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. 10 | Page The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer. Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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. For the period from November 6, 2017 (inception) through September 30, 2020, there were no potentially dilutive debt or equity instruments issued or outstanding. Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. For the period from November 6, 2017 (inception) through September 30, 2020, were no differences between our comprehensive loss and net loss. Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance changes how companies account for certain aspects of share-based payments to employees. Among other things, under the new guidance, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital (“APIC”), but will instead record such items as income tax expense or benefit in the income statement, and APIC pools will be eliminated. Companies will apply this guidance prospectively. Another component of the new guidance allows companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards, whereby forfeitures can be estimated, as required today, or recognized when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach. The amendment is effective for public entities for fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. |
- FIXED ASSETS
- FIXED ASSETS | 6 Months Ended |
Sep. 30, 2020 | |
- FIXED ASSETS [Abstract] | |
- FIXED ASSETS | Note 4 - FIXED ASSETS As of September 30, 2020, our fixed assets comprised of $1,500 in equipment and $33,699 in vehicles. Depreciation expense of equipment was $7,645 as of September 30, 2020. |
- INTANGIBLE ASSETS
- INTANGIBLE ASSETS | 6 Months Ended |
Sep. 30, 2020 | |
- INTANGIBLE ASSETS [Abstract] | |
- INTANGIBLE ASSETS | Note 5 - INTANGIBLE ASSETS As of September 30, 2020, the total amount of website development was $8,361. Depreciation expense of website development was $8,361 as of September 30, 2020. As of September 30, 2020, the unamortized balance of the costs related to the purchase or internal development and production of software to be sold, leased, or otherwise marketed was $97,400, which is deemed to be equal to the net realizable value, and is included within Application Development Costs in the balance sheet. Depreciation expense of application development was $40,583 as of September 30, 2020. As of September 30, 2020, the total amount of Capitalized Application Development Costs was $56,817. 11 | Page |
- RELATED PARTY TRANSACTIONS
- RELATED PARTY TRANSACTIONS | 6 Months Ended |
Sep. 30, 2020 | |
- RELATED PARTY TRANSACTIONS [Abstract] | |
- RELATED PARTY TRANSACTIONS | Note 6 - RELATED PARTY TRANSACTIONS During the period from November 6, 2017 (inception) through September 30, 2020, our sole director has loaned to the Company $125,866. This loan is unsecured, non-interest bearing and due on demand. As of September 30, 2020, the loan receivable from related parties of the Company's subsidiary Itnia Co. LLC was $(5,487). The advances are interest-free and due on demand. |
COMMON STOCK
COMMON STOCK | 6 Months Ended |
Sep. 30, 2020 | |
- COMMON STOCK [Abstract] | |
- COMMON STOCK | Note 7 - COMMON STOCK In August 2018 the Company issued 1,014,080 shares of common stock for cash proceeds of $25,352. On July 22, 2019, the Company's Board of Directors, along with the vote of the majority shareholder of the Company resolved to effect a forward split of the outstanding common stock, $0.001 par value, on a one (1) for twenty (20) basis (“Forward Stock Split”); the number of outstanding Common Stock will increase from 1,164,080 to 23,281,600 (Post Split Shares) of which 3,000,000 will be restricted/control shares. There were 23,281,600 shares of common stock issued and outstanding as of September 30, 2020. |
- COMMITMENTS AND CONTINGENCIES
- COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Sep. 30, 2020 | |
- COMMITMENTS AND CONTINGENCIES [Abstract] | |
- COMMITMENTS AND CONTINGENCIES | Note 8 - COMMITMENTS AND CONTINGENCIES The Company has entered into rental agreement from May 1, 2018, to August 31, 2019, and prolonged for 8 months from September 1, 2019 to April 30, 2020. The rental agreement was prolonged from May 1, 2020 to December 31, 2020 ( amount 640$) according rental fee 80$ for month. As of September 30, 2020, the future minimum lease payments under this operating lease were: |
- SUBSEQUENT EVENTS
- SUBSEQUENT EVENTS | 6 Months Ended |
Sep. 30, 2020 | |
- SUBSEQUENT EVENTS [Abstract] | |
- SUBSEQUENT EVENTS | Note 9 - SUBSEQUENT EVENTS In accordance with ASC 855, “Subsequent Events”, the Company has analyzed its operations subsequent to September 30, 2020, through the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statements. 12 | Page |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2020 | |
Significant Accounting Policies (Policies) [Abstract] | |
Basis of presentation | Basis of presentation The accompanying condensed financial statements have been prepared by Trend Innovations Holding Inc. in accordance with GAAP without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows as of September 30, 2020 and for the related periods presented. The results for the six months ended September 30, 2020, are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended March 31, 2020, filed with the Securities and Exchange Commission. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Application Development Costs | Application Development Costs The Company follows the provisions of ASC 985, Software, which requires that all costs relating to the purchase or internal development and production of software products to be sold, leased or otherwise marketed, be expensed in the period incurred unless the requirements for technological feasibility have been established. The Company capitalizes all eligible software costs incurred once technological feasibility is established. The Company amortizes these costs using the straight-line method over a period of three years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. |
Depreciation, Amortization, and Capitalization | Depreciation, Amortization, and Capitalization The Company records depreciation and amortization when appropriate using straight-line method over the estimated useful life of the assets. We estimate that the useful life of equipment is 5 years and website development is 1 year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property's useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income. |
Cash and Cash Equivalents | Cash and Cash E q ui v a lents T h e C o m p a ny c o nsi d ers all h i gh ly li qu i d inves t m e n ts wit h ori g i n a l m atu ritie s o f thre e m on t hs or les s to be ca s h e q u i v a le n t s. The Company had $16,667 of cash as of September 30, 2020. |
Prepaid Expenses | Prepaid Expenses Prepaid Expenses are recorded at fair market value. FreeCook terminated the lease agreement dated January 26, 2018 on April 24, 2018. The purpose of it was to decrease the company's expenses of office maintenance. Under the new Lease Agreement dated April 24, 2018, the Company will pay to the Landlord $80 every month for the rent term commencing on May 1, 2019, and ending December 31, 2020. The Company had $85 in prepaid rent as of September 30, 2020. 9 | Page The Company's subsidiary Itnia Co. LLC had $139,668 in prepaid goods for resale as of September 30, 2020. |
Lease | Lease The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. Finance leases are included in property and equipment, other current liabilities, and other long-term liabilities in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the leases do not provide an implicit rate, The Company generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Website Development Costs | Website Development Costs The Company amortizes these costs using the straight-line method over a period of one years, which is the remaining estimated economic life of the costs. At the end of each reporting period, the Company writes down any excess of the unamortized balance over the net realizable value. |
Foreign Currency Translation | Foreign Currency Translation The Company considers the U.S. dollar to be its functional currency as it is the currency of the primary economic environment in which the Company operates. All assets, liabilities, revenues and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect at the balance sheet date. All exchange gains and losses are included in operations. For the six months ended September 30, 2020, foreign currency transaction gain was $10,598. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | Revenue Recognition The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity's contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. Revenue is measured at the fair value of the consideration received or receivable, net of discounts and taxes applicable to the revenue. Revenue from supplies of consulting services is recognized when title and risk of loss are transferred and there are no continuing obligations to the customer. Title and the risks and rewards of ownership transfer to and accepted by the customer when the services are collected by the customer at the Company's office. Revenue is recorded net of sales discounts, returns, allowances, and other adjustments that are based upon management's best estimates and historical experience and are provided for in the same period as the related revenues are recorded. Based on limited operating history, management estimates that there was no sales return for the period reported. 10 | Page The Company derives its revenue from direct sales to individuals and business companies. Generally, the Company recognizes revenue when services are sold and accepted by the customers and there are no continuing obligations to the customer. |
Basic Income (Loss) Per Share | Basic Income (Loss) Per Share The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (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. For the period from November 6, 2017 (inception) through September 30, 2020, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Comprehensive Income | Comprehensive Income Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. For the period from November 6, 2017 (inception) through September 30, 2020, were no differences between our comprehensive loss and net loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company. In May 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance changes how companies account for certain aspects of share-based payments to employees. Among other things, under the new guidance, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital (“APIC”), but will instead record such items as income tax expense or benefit in the income statement, and APIC pools will be eliminated. Companies will apply this guidance prospectively. Another component of the new guidance allows companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards, whereby forfeitures can be estimated, as required today, or recognized when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach. The amendment is effective for public entities for fiscal years beginning after December 15, 2017. Early adoption is permitted. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. |
- ORGANIZATION AND NATURE OF _2
- ORGANIZATION AND NATURE OF BUSINESS (Details Text) | Sep. 30, 2020shares |
Organization And Nature Of Business Details [Abstract] | |
Upon the issuance of shares to Thynews, there will be 5,014,080 shares of common stock issued and outstanding. | 5,014,080 |
- SUMMARY OF SIGNIFCANT ACCOU_2
- SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Details Text) - USD ($) | 6 Months Ended | ||
Sep. 30, 2020 | Apr. 07, 2020 | Apr. 07, 2019 | |
Summary Of Signifcant Accounting Policies_ Details [Abstract] | |||
The Company had $16,667 of cash as of September 30, 2020. | $ 16,667 | $ 27,301 | $ 102 |
The Company had $85 in prepaid rent as of September 30, 2020. | $ 85 | ||
For the six months ended September 30, 2020, foreign currency transaction gain was $10,598. | 10598 |
- FIXED ASSETS (Details Text)
- FIXED ASSETS (Details Text) | Sep. 30, 2020USD ($) |
Fixed Assets Details_ [Abstract] | |
As of September 30, 2020, our fixed assets comprised of $1,500 in equipment and $33,699 in vehicles | $ 35,199 |
- INTANGIBLE ASSETS (Details Te
- INTANGIBLE ASSETS (Details Text) | 6 Months Ended |
Sep. 30, 2020USD ($) | |
Intangible Assets Details [Abstract] | |
As of September 30, 2020, the total amount of website development was $8,361 | $ 8,361 |
As of September 30, 2020, the total amount of Capitalized Application Development Costs was $56,817. | $ 56,817 |
- RELATED PARTY TRANSACTIONS (D
- RELATED PARTY TRANSACTIONS (Details Text) | 35 Months Ended |
Sep. 30, 2020USD ($) | |
Related Party Transaction, Due from (to) Related Party, Current [Abstract] | |
During the period from November 6, 2017 (inception) through September 30, 2020, our sole director has loaned to the Company $125,866 | $ 125,866 |
- COMMON STOCK (Details Text)
- COMMON STOCK (Details Text) - USD ($) | 14 Months Ended | |
Sep. 30, 2020 | Aug. 31, 2018 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
In August 2018 the Company issued 1,014,080 shares of common stock for cash proceeds of $25,352. | $ 25,352 | |
On July 22, 2019, the Company's Board of Directors, along with the vote of the majority shareholder of the Company resolved to effect a forward split of the outstanding common stock, $0.001 par value, on a one (1) for twenty (20) basis (“Forward Stock Split”); the number of outstanding Common Stock will increase from 1,164,080 to 23,281, | 1,164,080 | |
There were 23,281,600 shares of common stock issued and outstanding as of September 30, 2020. | $ 23,281,600 |