Cover
Cover - shares | 3 Months Ended | |
Jun. 30, 2021 | Aug. 19, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --03-31 | |
File Number | 333-225433 | |
Registrant Name | TREND INNOVATIONS HOLDING INC. | |
Entity Central Index Key | 0001740797 | |
Tax Identification Number | 38-4053064 | |
Incorporation State Country Code | NV | |
Address Line 1 | 44A Gedimino avenue | |
Address City Or Town | Vilnius | |
Address Country | LT | |
Address Postal Zip Code | 01110 | |
City Area Code | (540) | |
Local Phone Number | 495-0016 | |
Security 12b Title | Common Stock, $0.001 par value | |
Current Reporting Status | Yes | |
Interactive Data Current | No | |
Filer Category | Non-accelerated Filer | |
Small Business | true | |
Emerging Growth Company | true | |
Ex Transition Period | false | |
Shell Company | false | |
Common Stock Shares Outstanding | 26,281,600 | |
Email Address | headoffice@free-cook.com |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 18,990 | $ 60,364 |
Prepaid Expenses | 168,749 | 203,628 |
Loan Receivable | 270,614 | 291,363 |
Accounts Receivable | 231,953 | 63,629 |
Prepaid Rent | 107 | |
Prepaid Taxes | 1,325 | 1,309 |
Total Current Assets | 691,738 | 620,293 |
Fixed Assets | ||
Accumulated depreciation | (14,363) | (12,015) |
Furniture and Equipment | 1,500 | 1,500 |
Vehicles | 34,139 | 33,720 |
Total Fixed Assets | 21,276 | 23,205 |
Intangible Assets | ||
Accumulated depreciation | (95,794) | (83,928) |
App Development Cost | 97,400 | 97,400 |
RSS Database | 149,000 | 149,000 |
Website Development | 8,361 | 8,361 |
Total Intangible Assets | 158,967 | 170,833 |
Other Assets | ||
Deferred expenses | 1,938 | |
Total Other Assets | 1,938 | |
TOTAL ASSETS | 871,981 | 816,269 |
Current Liabilities | ||
Accrued Liabilities | 1,748 | 1,167 |
Accrued Payroll | 106,042 | 72,554 |
Accounts Payable | 214,111 | 270,923 |
Loan from Related Parties (note 6) | 148,802 | 207,918 |
Convertible Notes Payable (note 7) | 185,000 | 60,000 |
Loan Payable | 7,007 | 6,921 |
Notes payable - Related Party | 99,000 | 149,000 |
Retainers from Customers | 43,010 | 375,199 |
Total Current Liabilities | 804,720 | 1,143,682 |
Total Liabilities | 804,720 | 1,143,682 |
Stockholder’s Equity (Deficit) | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 5,000,000 and 5,000,000 common shares issued and outstanding respectively | 3,950 | 3,950 |
Common stock, $0.001 par value, 250,000,000 shares authorized; 26,281,600 and 26,281,600 common shares issued and outstanding respectively | 26,282 | 26,282 |
Additional paid in capital | 308 | 293 |
Accumulated other comprehensive income | 9,723 | 11,392 |
Accumulated deficit | 26,998 | (369,330) |
Total Stockholder’s Equity (Deficit) | 67,261 | (327,413) |
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY (DEFICIT) | $ 871,981 | $ 816,269 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock Shares Outstanding | 5,000,000 | 5,000,000 |
Preferred Stock Shares Issued | 5,000,000 | 5,000,000 |
Common Stock Par Or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock Shares Authorized | 250,000,000 | 250,000,000 |
Common Stock Shares Outstanding | 26,281,600 | 26,281,600 |
Common Stock Shares Issued | 26,281,600 | 26,281,600 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Income | ||
Sales | $ 758,015 | $ 299,213 |
TOTAL INCOME | 758,015 | 299,213 |
COGS | 215,113 | 214,582 |
GROSS PROFIT | 542,902 | 84,631 |
OPERATING EXPENSES | ||
Depreciation Expense | 14,075 | 14,459 |
General and Administrative Expenses | 104,028 | 19,538 |
Professional Fees | 28,202 | 1,716 |
Rent Expenses | 269 | 237 |
TOTAL OPERATING EXPENSES | 146,574 | 35,950 |
OTHER (EXPENSES) INCOME | ||
NET INCOME (LOSS) FROM OPERATIONS | 396,328 | 48,681 |
PROVISION FOR INCOME TAXES | ||
NET INCOME (LOSS) | 396,328 | 48,681 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (1,669) | 2,396 |
COMPREHENSIVE INCOME (LOSS) | $ 394,659 | $ 51,077 |
NET LOSS PER SHARE: BASIC AND DILUTED | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 26,281,600 | 26,281,600 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance, shares | 1,064,080 | |||||
Beginning balance, value at Mar. 31, 2020 | $ 1,064 | $ 28,288 | $ (67,038) | $ (37,686) | ||
Common Shares issued | 25,218 | (25,218) | ||||
Common shares Issued | $ 25,217,520 | |||||
Foreign currency translation adjustment | $ 2,396 | $ 2,396 | ||||
Net income loss for the three-months period | 48,681 | 48,681 | ||||
Ending balance, value at Jun. 30, 2020 | 26,282 | 3,070 | 2,396 | (18,357) | $ 13,391 | |
Balance | $ 26,281,600 | |||||
Balance, shares | 26,281,600 | 26,281,600 | ||||
Beginning balance, value at Mar. 31, 2021 | $ 26,282 | 3,950 | 293 | 11,392 | (369,330) | $ (327,413) |
Net income loss for the three-months period | 396,328 | 396,328 | ||||
Foreign currency translation adjustment | 15 | (1,669) | (1,654) | |||
Ending balance, value at Jun. 30, 2021 | 26,282 | $ 3,950 | $ 308 | $ 9,723 | $ 26,998 | $ 67,261 |
Balance, shares | 26,281,600 | |||||
Balance | $ 26,281,600 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Net Income | $ 396,328 | $ 48,681 |
Foreign currency translation adjustment | (1,669) | 2,396 |
Adjustments to reconcile Net Income to net cash used in operations: | ||
Accumulated depreciation | 14,214 | 11,567 |
Accounts Payable | (56,812) | 12,198 |
Accounts Receivables | (168,324) | (64,066) |
Accrued Liabilities | 581 | (420) |
Accrued Payroll | 33,488 | |
Deferred expenses | 1,938 | 101 |
Net VAT Payable | (15,724) | |
Loan Receivable | 20,749 | (745) |
Loan Payable | 86 | |
Retainers from Customers | (332,189) | 32,677 |
Prepaid expenses | 34,879 | (50,445) |
Prepaid taxes | (16) | |
Prepaid rent | (107) | (1) |
Purchase of goods for resale | (220) | |
Net cash used in Operating Activities | (56,854) | (24,001) |
INVESTING ACTIVITIES | ||
Vehicles acquisition cost | (419) | 22,821 |
Net cash provided by Investing Activities | (419) | 22,821 |
FINANCING ACTIVITIES | ||
Additional paid in capital | 15 | |
Loan from Related Parties | 15,884 | (13,296) |
Net cash provided by Financing Activities | 15,899 | (13,296) |
Net cash increase for period | (41,374) | (14,476) |
Cash at beginning of period | 60,364 | 27,301 |
Cash at end of period | $ 18,990 | $ 12,825 |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND NATURE OF BUSINESS | Note 1 – ORGANIZATION AND NATURE OF BUSINESS Trend Innovations Holding Inc. 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) agreed to deliver to Thynews Tech’s owners a cumulative total of one hundred thousand restricted shares of Trend Innovations Holding Inc. treasury valued at One Dollar ($1.00) per share. The shares were to be delivered to Thynews Tech within 60 days following the execution of the agreement. Additionally, Trend Innovations Holding Inc. provided 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. acquired 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 shares of Trend Innovations Holding Inc. common stock were issued and outstanding. Upon the issuance of shares to Thynews, there were 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. agreed to deliver to Itnia Co. LLC’s owners a cumulative total of one hundred fifty thousand ($150,000 US) restricted shares of Trend Innovations Holding Inc. treasury valued at One Dollar ($1.00) per share. The shares were to be delivered to Mr. Bukshpan within the mutually agreed upon time frame following the execution of the agreement. Additionally, Trend Innovations Holding Inc. were to 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 helps 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 merged 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 | 3 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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. However, the Company had limited revenues and recurring losses as of June 30, 2021. The Company has not completed its efforts to establish a stabilized source of revenue sufficient 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 SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Note 3 – SUMMARY OF SIGNIFICANT 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 June 30, 2021 and for the related periods presented. The results for the three months ended June 30, 2021, 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, 2021, 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 ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit ori i a m ritie o thre m t les to s e q i a le t Prepaid Expenses Prepaid expenses are amounts paid to secure the use of assets or the receipt of services at a future date or continuously over one or more future periods. When the prepaid expenses are eventually consumed, they are charged to expense. Prepaid Expenses are recorded at fair market value. The Company’s subsidiary Itnia Co. LLC had $168,749 in prepaid expenses as of June 30, 2021 (March 31, 2021 – $203,628). Prepaid expenses consist of prepaid services. 9 | Page 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 three months ended June 30, 2021, foreign currency transaction gain was ($1,669). 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 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. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue 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. 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. 10 | Page 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 June 30, 2021, there were no potentially dilutive debt or equity instruments issued or outstanding. Comprehensive Income (Loss) 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 three months period ended June 30, 2021, our net loss was $396,328 and comprehensive loss was $394,659. COVID-19 Risks, Impacts and Uncertainties Our company may be subject to the risks arising from COVID-19's impacts on the IT industry. Our management believes that these impacts, which include but are not limited to the following, may have a negative effect on our financial position, results of operations, and cash flows: (i) prohibitions or limitations on in-person activities associated with meetings; (ii) lack of consumer desire for incurring additional expenses during these times; and (iii) deteriorating economic conditions, such as increased unemployment rates. In addition, we have considered the impacts and uncertainties of COVID-19 in our use of estimates in preparation of our consolidated financial statements. These estimates include, but are not limited to, likelihood of achieving performance conditions under performance-based equity awards, net realizable value of inventory, and the fair value of reporting units and goodwill for impairment. In Spring of 2020, a lot of governments around the world issued lockdown orders prohibiting their respective citizens from working in the offices and arranging face-to-face meetings. There also were instances of reducing number of hours available to each employee. These actions were taken in response to the economic impact of COVID-19 on business areas resulted in a reduction of productivity for the year 2020. Due to the online nature of the company’s operations, our regular course of business did not incur significant changes. However, the company’s clients and third parties had to adjust their operations which resulted in a decreased number of agreements. 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. |
FIXED ASSETS
FIXED ASSETS | 3 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS | Note 4 – FIXED ASSETS As of June 30, 2021, our fixed assets comprised of $1,500 in equipment and $34,139 in vehicles. Depreciation expense of equipment was $14,363 as of June 30, 2021. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 3 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
INTANGIBLE ASSETS | Note 5 – INTANGIBLE ASSETS As of June 30, 2021, the total amount of website development was $8,361. Depreciation expense of website development was $8,361 as of June 30, 2021. As of June 30, 2021, 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 $64,933 as of June 30, 2021. As of June 30, 2021, the total amount of Capitalized Application Development Costs was $32,467. In December 2019 and March 2020 the Company purchased an RSS Database. As of June 30, 2021, the total amount of RSS Database was $149,000. Depreciation expense of RSS Database was $22,500 as of June 30, 2021. 11 | Page |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | Note 6 – RELATED PARTY TRANSACTIONS During the period from November 6, 2017 (inception) through June 30, 2021, our president has loaned to the Company $24,212. This loan is unsecured, non-interest bearing and due on demand. The Company’s subsidiary Thynews Tech LLC received $124,590 as advances from related parties as of June 30, 2021. The advances are interest-free and due on demand. The Company’s subsidiary Itnia Co. LLC received $(14,337) as advances from related parties as of June 30, 2021. The advances are interest-free and due on demand. As of June 30, 2021, the Company has an outstanding debt to Mr. Mikhail Bukshpan, our Treasurer, COO and Director, who is also the owner of Itina Co. LLC. The amount of such debt is $ 99,000 |
THIRD PARTY TRANSACTIONS
THIRD PARTY TRANSACTIONS | 3 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
THIRD PARTY TRANSACTIONS | Note 7 – THIRD PARTY TRANSACTIONS On January 11, 2021, Natalija Tunevic, assigned her $60,000 loan to Mr. Oleg Sapojnicov. A conversion clause was added to the Note. Conversion may take place after a lockup period of 60 days following the issue of the note. The conversion price shall be at market share price on the day of conversion subject to a 40% discount. On April 1, 2021, Natalija Tunevic, assigned her $50,000 loan to Mr. Serhii Cherniienko. A conversion clause was added to the Note, pursuant to which, the $50,000 loan is convertible, at any time after six months, at the discretion of Mr. Serhii Cherniienko, into shares of the Company’s Common Stock at a fixed conversion price of $0.01 per share. On May 3, 2021, Natalija Tunevic, assigned her $25,000 loan to Mr. Oleg Sapojnicov. A conversion clause was added to the Note, pursuant to which, the $25,000 loan is convertible, at any time after six months, at the discretion of Mr. Oleg Sapojnicov, into shares of the Company’s Common Stock at a fixed conversion price of $0.01 per share. On June 1, 2021, Mikhail Bukshpan, assigned his $50,000 debt to Ms. Jurgita Bizonaite. A conversion clause was added to the Note, pursuant to which, the $50,000 debt is convertible, at any time after six months, at the discretion of Ms. Jurgita Bizonaite, into shares of the Company’s Common Stock at a fixed conversion price of $0.01 per share. |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | Note 8 – STOCKHOLDERS’ EQUITY Preferred Stock The Company has 5,000,000, $0.001 par value shares of preferred stock authorized as of June 30, 2021. There were 5,000,000 Common Stock The Company has 250,000,000, $0.001 par value shares of common stock as of June 30, 2021. There were 23,281,600 Warrants No Stock Options The Company has never adopted a stock option plan and has never issued any stock options. 12 | Page |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | Note 9 – COMMITMENTS AND CONTINGENCIES The Company rents an office at 44A Gedimino avenue, Vilnius, 01110, Lithuania. |
CONCENTRATION RISK
CONCENTRATION RISK | 3 Months Ended |
Jun. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION RISK | Note 10 - CONCENTRATION RISK The Company is potentially subject to concentration risk in its sales revenue. Major Customer The Company has two major customer that accounted for approximately 65% and $ 496,457 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | Note 12 – SUBSEQUENT EVENTS In accordance with ASC 855, “ ” |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Accounting 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 June 30, 2021 and for the related periods presented. The results for the three months ended June 30, 2021, 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, 2021, 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 | Cash and Cash E ui v lents T e C m a c nsi ers all i ly li i inves m e ts wit ori i a m ritie o thre m t les to s e q i a le t |
Prepaid Expenses | Prepaid Expenses Prepaid expenses are amounts paid to secure the use of assets or the receipt of services at a future date or continuously over one or more future periods. When the prepaid expenses are eventually consumed, they are charged to expense. Prepaid Expenses are recorded at fair market value. The Company’s subsidiary Itnia Co. LLC had $168,749 in prepaid expenses as of June 30, 2021 (March 31, 2021 – $203,628). Prepaid expenses consist of prepaid services. 9 | Page |
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 three months ended June 30, 2021, foreign currency transaction gain was ($1,669). |
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 | Revenue 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. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue 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. 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. 10 | Page |
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 June 30, 2021, there were no potentially dilutive debt or equity instruments issued or outstanding. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) 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 three months period ended June 30, 2021, our net loss was $396,328 and comprehensive loss was $394,659. |
COVID-19 Risks, Impacts and Uncertainties | COVID-19 Risks, Impacts and Uncertainties Our company may be subject to the risks arising from COVID-19's impacts on the IT industry. Our management believes that these impacts, which include but are not limited to the following, may have a negative effect on our financial position, results of operations, and cash flows: (i) prohibitions or limitations on in-person activities associated with meetings; (ii) lack of consumer desire for incurring additional expenses during these times; and (iii) deteriorating economic conditions, such as increased unemployment rates. In addition, we have considered the impacts and uncertainties of COVID-19 in our use of estimates in preparation of our consolidated financial statements. These estimates include, but are not limited to, likelihood of achieving performance conditions under performance-based equity awards, net realizable value of inventory, and the fair value of reporting units and goodwill for impairment. In Spring of 2020, a lot of governments around the world issued lockdown orders prohibiting their respective citizens from working in the offices and arranging face-to-face meetings. There also were instances of reducing number of hours available to each employee. These actions were taken in response to the economic impact of COVID-19 on business areas resulted in a reduction of productivity for the year 2020. Due to the online nature of the company’s operations, our regular course of business did not incur significant changes. However, the company’s clients and third parties had to adjust their operations which resulted in a decreased number of agreements. |
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. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) | Jun. 30, 2021USD ($) |
Related Party Transactions [Abstract] | |
Shortterm Debt Amount | $ 99,000 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) | Jun. 30, 2021USD ($) |
Equity [Abstract] | |
Preferred Stock Outstanding | $ 5,000,000 |
Common Stock Outstanding | 23,281,600 |
Warrants | $ 0 |
CONCENTRATION RISK (Details Nar
CONCENTRATION RISK (Details Narrative) | Jun. 30, 2021USD ($) |
Risks and Uncertainties [Abstract] | |
Finished Goods, Gross | $ 496,457 |