Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Apr. 28, 2020 | Sep. 30, 2019 | |
Details | |||
Registrant CIK | 0001764443 | ||
Fiscal Year End | --03-31 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 333-230956 | ||
Entity Registrant Name | GHAR INC | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 35-2649453 | ||
Entity Address, Address Line One | 5348 Vegas Drive | ||
Entity Address, City or Town | Las Vegas | ||
Entity Address, State or Province | NV | ||
Entity Address, Postal Zip Code | 89108 | ||
Entity Address, Address Description | Address of Principal Executive Offices | ||
Phone Fax Number Description | Registrant’s telephone number, including area code | ||
Country Region | 1 | ||
City Area Code | 800 | ||
Local Phone Number | 404-4238 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Shell Company | true | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 31,000,000 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 5,306 | $ 1,232 |
Prepaid expenses | 0 | 2,750 |
Total current assets | 5,306 | 3,982 |
TOTAL ASSETS | 5,306 | 3,982 |
CURRENT LIABILITIES | ||
Accounts payable - related party | 63,245 | 1,588 |
Total current liabilities | 63,245 | 1,588 |
TOTAL LIABILITIES | 63,245 | 1,588 |
STOCKHOLDERS' DEFICIT | ||
Common Stock, Value | 31,000 | 3,500 |
Additional paid-in capital | 28,500 | 0 |
Accumulated deficit | (117,439) | (1,105) |
Total stockholders' equity (deficit) | (57,939) | 2,395 |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 5,306 | $ 3,982 |
Balance Sheets - Parenthetical
Balance Sheets - Parenthetical - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Details | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Shares, Issued | 31,000,000 | 3,500,000 |
Common Stock, Shares, Outstanding | 31,000,000 | 3,500,000 |
Statement of Operations
Statement of Operations - USD ($) | 4 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Mar. 31, 2020 | |
Details | ||
REVENUE | $ 0 | $ 0 |
OPERATING EXPENSES | ||
Bank Charges | 19 | 357 |
General and administrative expense | 1,087 | 20,727 |
Officer compensation | 0 | 90,000 |
Accounting fees | 0 | 5,250 |
TOTAL OPERATING EXPENSES | 1,106 | 116,334 |
OTHER INCOME | ||
Bank interest income | 1 | 0 |
Net loss from operation | (1,105) | (116,334) |
Loss before income tax | (1,105) | (116,334) |
Provision for income taxes | 0 | 0 |
NET INCOME (LOSS) | $ (1,105) | $ (116,334) |
BASIC AND DILUTED NET LOSS PER COMMON SHARE | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED | 3,500,000 | 5,591,667 |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) | Common Stock | Preferred Stock | Additional Paid-in Capital | Retained Earnings | Total |
Equity Balance, Starting at Dec. 10, 2018 | $ 3,500 | $ 0 | $ 0 | $ 0 | $ 3,500 |
Shares Outstanding, Starting at Dec. 10, 2018 | 3,500,000 | 0 | |||
Net Income (Loss) | $ 0 | $ 0 | 0 | (1,105) | (1,105) |
Equity Balance, Ending at Mar. 31, 2019 | $ 3,500 | $ 0 | 0 | (1,105) | 2,395 |
Shares Outstanding, Ending at Mar. 31, 2019 | 3,500,000 | 0 | |||
Equity Balance, Starting at Dec. 10, 2018 | $ 3,500 | $ 0 | 0 | 0 | 3,500 |
Shares Outstanding, Starting at Dec. 10, 2018 | 3,500,000 | 0 | |||
Equity Balance, Ending at Mar. 31, 2020 | $ 31,000 | $ 0 | 28,500 | (117,439) | $ (57,939) |
Shares Outstanding, Ending at Mar. 31, 2020 | 31,000,000 | 0 | |||
Stock Issued During Period, Shares, New Issues | 31,000,000 | ||||
Equity Balance, Starting at Mar. 31, 2019 | $ 3,500 | $ 0 | 0 | (1,105) | $ 2,395 |
Shares Outstanding, Starting at Mar. 31, 2019 | 3,500,000 | 0 | |||
Net Income (Loss) | $ 0 | $ 0 | 0 | (116,334) | (116,334) |
Equity Balance, Ending at Mar. 31, 2020 | $ 31,000 | $ 0 | 28,500 | (117,439) | (57,939) |
Shares Outstanding, Ending at Mar. 31, 2020 | 31,000,000 | 0 | |||
Stock Issued During Period, Value, New Issues | $ 1,500 | $ 0 | 28,500 | 0 | 30,000 |
Stock Issued During Period, Shares, New Issues | 1,500,000 | 0 | |||
Stock Issued During Period, Value, Conversion of Convertible Securities, Net of Adjustments | $ 26,000 | $ 0 | $ 0 | $ 0 | $ 26,000 |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 26,000,000 | 0 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) | 4 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,105) | $ (116,334) |
Changes in operating assets and liabilities: | ||
Decrease (increase) in prepaid expenses | (2,750) | 2,750 |
Increase (decrease) in accrued salary | 0 | 60,000 |
Net cash used in operating activities | (3,855) | (53,584) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from sale of stock | 3,500 | 56,000 |
Advance from related party | 1,588 | 1,658 |
Net cash provided by financing activities | 5,088 | 57,658 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,232 | 4,074 |
Cash and Cash Equivalents, at Carrying Value, Beginning Balance | 0 | 1,232 |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 1,232 | 5,306 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
Note 1. Background information
Note 1. Background information | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 1. Background information | Note 1. Background information Ghar Inc., was incorporated in the State of Nevada on December 11, 2018 and is located at 5348 Vegas Drive Las Vegas, NV, 89108. The company is a development stage company that intends to develop an online marketplace platform for users to buy, sell and rent items and services. To date, the company’s activities have been limited to raising capital, organizational matters and the structuring of its business plan. The company has not generated any revenues since inception. |
Note 2. Going concern
Note 2. Going concern | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 2. Going concern | Note 2. Going concern The accompanying financial statements have been prepared assuming that the company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. For the year ended March 31, 2019 and March 31, 2020 the company had a net loss of $1,105 and $116,334, respectively. As of March 31, 2020 the company has not generated any revenues from operations. These factors, among others, raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time. The company’s continuation as a going concern is dependent upon the company’s ability to begin operations and to achieve a level of profitability. The company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements. The financial statements of the company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as a going concern. |
Note 3. Summary of significant
Note 3. Summary of significant accounting policies | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 3. Summary of significant accounting policies | Note 3. Summary of significant accounting policies Development Stage Company The company is considered to be in the development stage as defined in ASC 915 “ Development Stage Entities. ” The company is devoting substantially all of its efforts to the development of its business plans. The company has elected to adopt early application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; and does not present or disclose inception-to-date information and other remaining disclosure requirements of Topic 915 Basis of Presentation The accounting and reporting policies of the company conform to accounting principles generally accepted in the United States of America (GAAP). |
Note 4. Income taxes
Note 4. Income taxes | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 4. Income taxes | Note 4. Income taxes At March 31, 2019 and March 31, 2020 the Company had net operating loss carry forwards of approximately $1,105 and $116,334, respectively that maybe offset against future taxable income. No tax benefit has been reported in the March 31, 2019 or March 31, 2020 financial statements since the potential tax benefit is offset by a valuation allowance of the same amount. On December 22, 2017 the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cut and Jobs Act (the “Tax Act”). The Tax Act establishes new tax laws that affects 2018 and future years, including a reduction in the U.S. federal corporate income tax rate to 21% effective January 1, 2018. For certain deferred tax assets and deferred tax liabilities, we have applied the new rate retroactively. The provision for Federal income tax consists of the following for March 31, 2019 and March 31, 2020: 18 March 31, 2020 March 31, 2019 Federal income tax benefit attributable to: Current operations $ 24,430 $ 232 Less valuation allowance (24,430) (232) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 21% ( the U.S. federal income tax rate of 21% is being used due to the new tax law recently enacted) March 31, 2020 March 31, 2019 Deferred Tax Assets: NOL Carryover $ 24,662 $ 232 Less valuation allowance (24,662) (232) Net deferred tax assets $ - $ - Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years. ASC Topic 740 provides guidance on the accounting for uncertainty in income taxes recognized in a company’s financial statements. Topic 740 requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than-not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of March 31, 2019 and March 31, 2020 the Company had no accrued interest or penalties related to uncertain tax positions. |
Note 5. Loan payable, related p
Note 5. Loan payable, related party | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 5. Loan payable, related party | Note 5. Loan payable, related party As of March 31, 2019 and March 31, 2020 the company was obligated to Hamza Abid, the Company’s President in the amount of $1,588 and $63,245 for officer compensation and for various payments made to vendors for various services. The amount due is unsecured, due on demand, and non-interest bearing. |
Note 6. Shareholders' Equity
Note 6. Shareholders' Equity | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 6. Shareholders' Equity | Note 6. Shareholders' Equity Authorized Stock The Company has authorized 75,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought. 19 Common Share Issuances Since inception December 11, 2018 the company has issued a total of 31,000,000 common shares for total proceeds of $59,500. Shares issued and outstanding as of March 31, 2020 are 31,000,000. |
Note 7. Subsequent events
Note 7. Subsequent events | 12 Months Ended |
Mar. 31, 2020 | |
Notes | |
Note 7. Subsequent events | Note 7. Subsequent events In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through April 21, 2020, the date that the financial statements were available to be issued and through the date of the filing, and has determined that it does not have any material subsequent events to disclose in these financial statements other than the following. |
Note 3. Summary of significan_2
Note 3. Summary of significant accounting policies: Development Stage Company (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Development Stage Company | Development Stage Company The company is considered to be in the development stage as defined in ASC 915 “ Development Stage Entities. ” The company is devoting substantially all of its efforts to the development of its business plans. The company has elected to adopt early application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; and does not present or disclose inception-to-date information and other remaining disclosure requirements of Topic 915 |
Note 3. Summary of significan_3
Note 3. Summary of significant accounting policies: Basis of Presentation (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of the company conform to accounting principles generally accepted in the United States of America (GAAP). |
Note 3. Summary of significan_4
Note 3. Summary of significant accounting policies: Use of estimates (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
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. |
Note 3. Summary of significan_5
Note 3. Summary of significant accounting policies: Start-Up Costs (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Start-Up Costs | Start-Up Costs In accordance with ASC 720, “ Start-up Costs”, the company expenses all costs incurred in connection with the start-up and organization of the company. |
Note 3. Summary of significan_6
Note 3. Summary of significant accounting policies: Cash (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Cash | Cash Cash includes cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. |
Note 3. Summary of significan_7
Note 3. Summary of significant accounting policies: Fair Value Measurements (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Fair Value Measurements | Fair Value Measurements The company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 — quoted prices in active markets for identical assets or liabilities Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The company has no assets or liabilities valued at fair value on a recurring basis. |
Note 3. Summary of significan_8
Note 3. Summary of significant accounting policies: Concentrations of Credit Risks (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Concentrations of Credit Risks | Concentrations of Credit Risks The company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the near future. The company places its cash with financial institutions of high credit worthiness. At times, its cash with a particular financial 17 institution may exceed any applicable government insurance limits. The company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. |
Note 3. Summary of significan_9
Note 3. Summary of significant accounting policies: Loss per Share (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Loss per Share | Loss per Share The company has adopted ASC 260, “Earnings Per Share,” (“EPS”) which requires presentation of basic and diluted EPS on the face of the income statement for all entities with complex capital structures, and requires a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. The company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
Note 3. Summary of significa_10
Note 3. Summary of significant accounting policies: Income Taxes (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Policies | |
Income Taxes | Income Taxes The company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes”. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. As of March 31, 2020 the company did not have any amounts recorded pertaining to uncertain tax positions. |
Note 4. Income taxes_ Schedule
Note 4. Income taxes: Schedule of Components of Income Tax Expense (Benefit) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Components of Income Tax Expense (Benefit) | March 31, 2020 March 31, 2019 Federal income tax benefit attributable to: Current operations $ 24,430 $ 232 Less valuation allowance (24,430) (232) Net provision for Federal income taxes $ - $ - |
Note 4. Income taxes_ Schedul_2
Note 4. Income taxes: Schedule of Deferred Tax Assets and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Tables/Schedules | |
Schedule of Deferred Tax Assets and Liabilities | March 31, 2020 March 31, 2019 Deferred Tax Assets: NOL Carryover $ 24,662 $ 232 Less valuation allowance (24,662) (232) Net deferred tax assets $ - $ - |
Note 1. Background information
Note 1. Background information (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Details | |
Entity Incorporation, State or Country Code | NV |
Entity Incorporation, Date of Incorporation | Dec. 11, 2018 |
Entity Address, Address Line One | 5348 Vegas Drive |
Entity Address, City or Town | Las Vegas |
Entity Address, State or Province | NV |
Entity Address, Postal Zip Code | 89108 |
Note 2. Going concern (Details)
Note 2. Going concern (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Details | |||
Net loss from operation | $ (1,105) | $ (116,334) | $ (1,105) |
REVENUE | $ 0 | $ 0 |
Note 4. Income taxes (Details)
Note 4. Income taxes (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Details | ||
Unrecognized Tax Benefits | $ 0 | $ 0 |
Note 4. Income taxes_ Schedul_3
Note 4. Income taxes: Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2020 |
Federal income tax benefit attributable to: | ||||
Current operations | $ 24,430 | $ 232 | ||
Less valuation allowance | (24,430) | (232) | ||
Net provision for Federal income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4. Income taxes_ Schedul_4
Note 4. Income taxes: Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Deferred Tax Assets: | ||
NOL Carryover | $ 24,662 | $ 232 |
Less valuation allowance | (24,662) | (232) |
Net deferred tax assets | $ 0 | $ 0 |
Note 5. Loan payable, related_2
Note 5. Loan payable, related party (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Details | ||
Accounts payable - related party | $ 63,245 | $ 1,588 |
Note 6. Shareholders' Equity (D
Note 6. Shareholders' Equity (Details) - USD ($) | 16 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Details | ||
Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Stock Issued During Period, Shares, New Issues | 31,000,000 | |
Stock Issued | $ 59,500 | |
Common Stock, Shares, Issued | 31,000,000 | 3,500,000 |
Common Stock, Shares, Outstanding | 31,000,000 | 3,500,000 |