Cover
Cover - shares | 6 Months Ended | |
Aug. 31, 2020 | Oct. 14, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | various changes | |
Document Period End Date | Aug. 31, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --02-29 | |
Entity File Number | 000-56194 | |
Entity Registrant Name | VININGS HOLDINGS, INC. | |
Entity Central Index Key | 0001819663 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | true | |
Entity Common Stock, Shares Outstanding | 1,588,800 |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) | Aug. 31, 2020 | Feb. 29, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 1,593 | $ 9,146 |
Total assets | 1,593 | 9,146 |
Current liabilities: | ||
Accounts payable | 0 | 1,813 |
Accrued interest -related party | 3,444 | 738 |
Loans payable-related party | 35,000 | 20,000 |
Total current liabilities | 38,444 | 22,551 |
Total liabilities | 38,444 | 22,551 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Series B Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, -0- issued and outstanding as of August 31, 2020 and February 29, 2020, respectively | 0 | 0 |
Common stock, $0.0001 par value, 750,000,000 shares authorized; 1,588,800 shares issued and outstanding as of August 31, 2020 and February 29, 2020, respectively | 159 | 159 |
Additional paid-in capital | (159) | (159) |
Retained earnings deficit | (36,851) | (13,405) |
Total stockholders' equity | (36,851) | (13,405) |
Total liabilities and equity | $ 1,593 | $ 9,146 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2020 | Feb. 29, 2020 |
Statement of Financial Position [Abstract] | ||
Series B Preferred Stock shares par value | $ 0.0001 | $ 0.0001 |
Series B Preferred Stock shares authorized | 10,000,000 | 10,000,000 |
Series B Preferred Stock shares issued | 0 | 0 |
Series B Preferred Stock shares outstanding | 0 | 0 |
Common stock shares par value | $ .0001 | $ 0.0001 |
Common stock shares authorized | 750,000,000 | 750,000,000 |
Common stock shares issued | 1,588,800 | 1,588,800 |
Common stock shares outstanding | 1,588,800 | 1,588,800 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Operations - USD ($) | 3 Months Ended | 4 Months Ended | 6 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2019 | Aug. 31, 2020 | |
Operating expenses: | ||||
Professional fees | $ 8,600 | $ 0 | $ 0 | $ 14,209 |
General and administrative expense -related party | 0 | 0 | 0 | 3,000 |
General and administrative | 3,515 | 0 | 99 | 3,531 |
Total operating expenses | 12,115 | 0 | 99 | 20,740 |
Income loss from operations | (12,115) | 0 | (99) | (20,740) |
Other (expense) | ||||
Interest (expense) -related party | (1,633) | 0 | 0 | (2,706) |
Total other income (expense) | (1,633) | 0 | 0 | (2,706) |
Net loss | $ (13,748) | $ 0 | $ (99) | $ (23,446) |
Basic and diluted earnings (loss) per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted-average number of common shares outstanding: Basic and diluted | 1,588,800 | 1,588,800 | 1,588,800 | 1,588,800 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock | Preferred Stock Series B | Subscription Receivable | Additional Paid-In Capital | Retained Earnings | Total |
Beginning balance, shares at Apr. 29, 2019 | 1,588,800 | 2,000,000 | ||||
Beginning balance, value at Apr. 29, 2019 | $ 159 | $ 200 | $ (1,901) | $ 1,641 | $ (99) | $ 0 |
Net loss | ||||||
Ending balance, shares at May. 31, 2019 | 1,588,800 | 2,000,000 | ||||
Ending balance, value at May. 31, 2019 | $ 159 | $ 200 | (1,901) | 1,641 | (99) | 0 |
Net loss | ||||||
Ending balance, shares at Aug. 31, 2019 | 1,588,800 | 2,000,000 | ||||
Ending balance, value at Aug. 31, 2019 | $ 159 | $ 200 | (1,901) | 1,641 | (99) | 0 |
Beginning balance, shares at Feb. 29, 2020 | 1,588,800 | |||||
Beginning balance, value at Feb. 29, 2020 | $ 159 | (159) | (13,405) | (13,405) | ||
Net loss | (9,698) | (9,698) | ||||
Ending balance, shares at May. 31, 2020 | 1,588,800 | |||||
Ending balance, value at May. 31, 2020 | $ 159 | (159) | (23,103) | (23,103) | ||
Net loss | (13,748) | (13,748) | ||||
Ending balance, shares at Aug. 31, 2020 | 1,588,800 | |||||
Ending balance, value at Aug. 31, 2020 | $ 159 | $ (159) | $ (36,851) | $ (36,851) |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Cash Flows - USD ($) | 4 Months Ended | 6 Months Ended |
Aug. 31, 2019 | Aug. 31, 2020 | |
Cash flows from operating activities of continuing operations: | ||
Net loss | $ (99) | $ (23,446) |
Changes in operating assets and liabilities: | ||
Accounts payable | (1,814) | |
Accrued interest -related party | 0 | 2,707 |
Net cash provided by (used in) operating activities | (99) | (22,553) |
Cash flows from financing activities: | ||
Related party loan | 0 | 15,000 |
Proceeds from the sale of stock | 99 | 0 |
Net cash provided by (used in) financing activities | 99 | 15,000 |
Net increase (decrease) in cash and cash equivalents | 0 | (7,553) |
Cash and cash equivalents at beginning of period | 0 | 9,146 |
Cash and cash equivalents at end of period | 0 | 1,593 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
1. Nature of Operations
1. Nature of Operations | 6 Months Ended |
Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | NOTE 1 – NATURE OF OPERATIONS Vinings Holdings, Inc. (“Vinings”, or the “Company”) formerly known as Naerodynamics, Inc. is a Delaware corporation. As of February 29, 2020, the Company did not have any subsidiaries Reverse Merger On April 30, 2019, the Company executed a reverse merger with PowerTech Bit, Inc. a Colorado corporation whose principal line of business was selling Bitcoin Mining Equipment on its website www.powertechbit.com. Under the terms of the Agreement, the Company acquired 100% of PowerTech Bit, Inc, in exchange for 2,000,000 shares of Naerodynamics Series B Preferred Stock. Additionally, 151,750,000 shares of common stock were transferred to Tatiana Shishova from Matt Billington. Immediately prior to the reverse merger, there were 249,038,025 common shares outstanding and 0 of Series A Preferred shares outstanding, and 0 Shares of Shares B Preferred Stock. and Matt Billington was the sole officer/director. After the reverse merger, the Company had 249,038,025 common shares outstanding, 0 shares of Series A Preferred Stock and 2,000,000 shares of Series B Preferred shares. For accounting purposes, this transaction was accounted for as a reverse merger and has been treated as a recapitalization of the Company with PowerTech Bit, Inc. is considered the accounting acquirer, and the financial statements of the accounting acquirer became the financial statements of the registrant. Naerodynamics had no operations, assets, or liabilities prior to the reverse merger. The Company did not recognize goodwill or any intangible assets in connection with the transaction. On July 23, 2019, the Company divested its PowerTech Bit, Inc. subsidiary and all of its assets to original Sellers of PowerTech Bit, in return for PowerTech Bit’s assumption of all liabilities incurred between May 1, 2020, and July 23, 2020, and the return of the 2,000,000 shares of Series B. The Company recorded a gain of $99 on the divestiture. Naerodynamics was re-domiciled in the state of Delaware on January 30th, 2020 under a Delaware Holding Company Reorganization with an effective date of February 28th, 2020. The surviving company was named Vinings Holdings, Inc. Our auditor has expressed substantial doubt about our ability to continue as a going concern. As discussed in Note 3 to the financial statements, the Company has suffered losses and has experienced negative cash flows from operations, which raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to those matters are also described in Note 3 to the financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. COVID-19 On March 11, 2020, the World Health Organization (“WHO”) declared the Covid-19 outbreak to be a global pandemic. In addition to the devastating effects on human life, the pandemic is having a negative ripple effect on the global economy, leading to disruptions and volatility in the global financial markets. Most US states and many countries have issued policies intended to stop or slow the further spread of the disease. Covid-19 and the U.S’s response to the pandemic are significantly affecting the economy. There are no comparable events that provide guidance as to the effect the Covid-19 pandemic may have, and, as a result, the ultimate effect of the pandemic is highly uncertain and subject to change. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Policies | 6 Months Ended |
Aug. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Management’s Representation of Interim Financial Statement s The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year Principles of Consolidation The consolidated financial statements include the accounts of Vinings Holdings and PowerTech Bit, Inc. (through the period ended July 23, 2019). The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. Significant accounting policies are as follows: Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets, and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock. Reverse Stock Split On approximately August 6, 2020, we effected a reverse-split of our common shares as follows: · A 1 for 40,000 reverse-split of the Company’s shares, followed immediately by; · All fractional shares were rounded upwards to the nearest whole share, followed immediately by; · A 200 for 1 forward stock split The net effect of these actions was a 1 for 200 reverse-split of the Company’s common shares, with no shareholder being reduced below 200 shares. All shareholders who prior to the reverse-split had 40,000 shares or less of the pre-split shares received 200 of the new, post-split shares. As of August 31, 2020, the Company had 1,588,800 post-split shares of its common stock issued and outstanding, and on February 29, 2020, the Company had 249,038,025 pre-split shares of its common stock issued and outstanding. All references to the common shares outstanding have been retroactively adjusted to reflect the stock splits unless stated otherwise. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 and have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal as our "major" tax jurisdictions. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. Basic and Diluted Loss Per Share Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive. Stock-Based Compensation We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete. Fair Value of Financial Instruments The Company's financial instruments consist primarily of cash, accounts payable and accrued expenses, and debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The Company adopted ASC Topic 820, Fair Value Measurements The three-level hierarchy for fair value measurements is defined as follows: · Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets; · Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active; · Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance on May 1, 2019 and it had no impact on the company’s operations. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company adopted this guidance on May 1, 2019 and it had no impact on the company’s operations. |
3. Going Concern
3. Going Concern | 6 Months Ended |
Aug. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN These financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. On August 31, 2020, the Company had not yet achieved profitable operations, has accumulated losses of $36,851 since its inception, has a working capital deficiency of $36,851 and expects to incur further losses in the development of its business, all of which raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent upon its ability to generate future profitable operations and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has no formal plan in place to address this concern but considers that the Company will be able to obtain additional funds by equity financing and/or related party advances, however, there is no assurance of additional funding being available or on terms acceptable to the Company. |
4. Related Party Transactions
4. Related Party Transactions | 6 Months Ended |
Aug. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 4 - RELATED PARTY TRANSACTIONS Through the period ended August 31, 2020, Coral Investment Partners, an entity 100% controlled by Erik Nelson, had extended the Company $35,000 in demand loans at an interest rate of 18%. Erik Nelson is the Chief Executive Officer of the Company's as well as its only Director. As of August 31, 2020, $3,444 in interest had accrued on this demand loan. As the Company’s office space needs are limited at the current time, Erik Nelson is currently providing space to the Company at no cost. |
5. Equity
5. Equity | 6 Months Ended |
Aug. 31, 2020 | |
Equity [Abstract] | |
Equity | NOTE 5 - EQUITY The total number of shares of stock which the corporation shall have authority to issue is 760,000,000 shares, of which 750,000,000 shares of $.0001 par value shall be designated as Common Stock and 10,000,000 shares of $0.0001 shall be designated as Preferred Stock. The Preferred Stock authorized by these Articles of Incorporation may be issued in one or more series. The Board of Directors of the Corporation is authorized to determine or alter the rights, preferences, privileges, and restrictions granted or imposed upon any wholly unissued series of Preferred Stock, and within the limitations or restrictions stated in any resolution or resolutions of the Board of Directors originally fixing the number of shares constituting any series, to increase or decrease (but not below the number of shares of any such series then outstanding) the number of shares of any such series subsequent to the issue of shares of that series, to determine the designation and par value of any series and to fix the numbers of shares of any series. Common Stock and Series B Preferred Shares The Company has authorized 750,000,000 common shares with a par value of $0.0001 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. On April 30, 2019, the Company executed a reverse merger with PowerTech Bit, Inc, Inc. On April 30, 2019, the Company entered into an agreement whereby the Company acquired 100% of PowerTech Bit, Inc, in exchange for 2,000,000 shares of Naerodynamics Series B Preferred Stock. Additionally, 151,750,000 shares of common stock were transferred to Tatiana Shishova from Matt Billington. Immediately prior to the reverse merger, there were 249,038,025 common shares outstanding, -0- shares of Series A Preferred shares outstanding, and -0- shares of Series B Preferred Stock outstanding and Matt Billington was the sole officer/director. After the reverse merger on April 30, 2020, the Company had 249,038,025 common shares outstanding and -0- shares of Series A Preferred shares and 2,000,000 shares of Series B Preferred Stock outstanding Shareholder Shares of PowerTech Bit Series B Preferred Shares of Naerodynamics Received(1) Tatiana Shishova 1,000,000 2,000,000 ______________ (1) 1,000,000 of these shares were transferred to Anastasia Shishova. The 2,000,000 shares of Series B Preferred Stock were returned to Company on July 23, 2019, concurrent with the Company’s divestiture of PowerTech Bit described throughout this Report. As a result, there were no shares of Preferred B shares outstanding as of August 31, 2020, and February 29, 2020. Reverse Stock Split On approximately August 6, 2020, we effected a reverse-split of our common shares as follows: · A 1 for 40,000 reverse-split of the Company’s shares, followed immediately by; · All fractional shares were rounded upwards to the nearest whole share, followed immediately by; · A 200 for 1 forward stock split The net effect of these actions was a 1 for 200 reverse-split of the Company’s common shares, with no shareholder being reduced below 200 shares. All shareholders who prior to the reverse-split had 40,000 shares or less of the pre-split shares received 200 of the new, post-split shares. As of August 31, 2020, the Company had 1,588.800 post-split shares of its common stock issued and outstanding, and on February 29, 2020, the Company had 249,038,025 pre-split shares of its common stock issued and outstanding. All references to the common shares outstanding have been retroactively adjusted to reflect the stock splits unless stated otherwise Series A Preferred Stock. As of April 30, 2019, the Series A Preferred Stock has been canceled. As of August 31, 2020, and February 29, 2020, there were 0 shares of Series A Preferred outstanding. The provisions of the Series A were as follows: The Series A Preferred shall have no liquidation preference over any other class of stock. Except as otherwise required by law, holders of Series A Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock or any other class or series of preferred stock) for the taking of any corporate action. Conversion at the Option of the Holder. From 12 months from the date of issuance, each holder of shares of Series A Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of its shares of Series A Preferred Stock into fully paid and nonassessable shares of Common Stock at a rate equal to 9.9% of the Common Stock. However, the holders of the Series A Preferred Stock are limited to ownership of 9.99% of the company’s common stock. Anti-dilution. For a period of 18 months after the Preferred is convertible, the conversion price of the Series A Preferred will be subject to adjustment to prevent dilution in the event that the Company issues additional shares at a purchase price less than the applicable conversion price. The conversion price will be subject to adjustment on a weighted basis that takes into account issuances of additional shares. At the expiration of the anti-dilution period, the conversion rate in Section VI (A) above shall be equal to a conversion rate equal to 9.9% on the Common Stock. For example, if on the date of expiration of the anti-dilution clause there are 500,000,000 shares of Common Stock issued and outstanding then each Series A Preferred Stock shall convert at a rate of 88.24 common shares for each 1 Series Preferred Share. The Company has evaluated the Series A Preferred Stock in accordance with ASC 815 and has determined their conversion options were for equity and ASC 815 does not apply. The Company has evaluated the Series A Preferred Stock in accordance with FASB ASC Subtopic 47020 and has determined that there is no beneficial conversion feature that must be accounted for. Series B Convertible Preferred Stock The Company designated 2,000,000 shares of Series B Convertible Preferred Stock with a par value of $0.0001 per share. Initially, there will be no dividends due or payable on the Series B Preferred Stock. Any future terms with respect to dividends shall be determined by the Board consistent with the Corporation’s Certificate of Incorporation. Any and all such future terms concerning dividends shall be reflected in an amendment to this Certificate, which the Board shall promptly file or cause to be filed. All shares of the Series B Preferred Stock shall rank (i) senior to the Corporation’s Common Stock and any other class or series of capital stock of the Corporation hereafter created, (ii) pari passu with any class or series of capital stock of the Corporation hereafter created and specifically ranking, by its terms, on par with the Series B Preferred Stock and (iii) junior to any class or series of capital stock of the Corporation hereafter created specifically ranking, by its terms, senior to the Series B Preferred Stock, in each case as to distribution of assets upon liquidation, dissolution or winding up of the Corporation, whether voluntary or involuntary. The Series B Preferred shall have no liquidation preference over any other class of stock. Each holder of outstanding shares of Series B Preferred Stock shall be entitled to the number of votes equal to equal to one thousand (1,000) Common Shares. Except as provided by law, or by the provisions establishing any other series of Preferred Stock, holders of Series B Preferred Stock and of any other outstanding series of Preferred Stock shall vote together with the holders of Common Stock as a single class. Each holder of shares of Series B Preferred Stock may, at any time and from time to time, convert (an “Optional Conversion”) each of its shares of Series B Preferred Stock into a 1,000 of fully paid and nonassessable shares of Common Stock; provided, however, that any Optional Conversion must involve the issuance of at least 100 shares of Common Stock. In the event of a reverse split, the conversion ratio shall not be changed. However, in the event a forward split shall occur then the conversion ratio shall be modified to be increased by the same ratio as the forward split. The Company has evaluated the Series B Preferred Stock in accordance with ASC 815 and has determined their conversion options were for equity and ASC 815 did not apply as of April 30, 2019. The Company has evaluated the Series B Preferred Stock in accordance with FASB ASC Subtopic 47020 and has determined that there is no beneficial conversion feature that must be accounted for as of April 30, 2019. |
6. Subsequent Events
6. Subsequent Events | 6 Months Ended |
Aug. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 - SUBSEQUENT EVENTS In accordance with ASC 855-10 management has performed an evaluation of subsequent events from August 31, 2020, through the date the financial statements were available to be issued and has determined that there have been no subsequent events for which disclosure is required other than as disclosed below: On November 4, 2020, the Company issued 70,000 shares to a total of 7 individuals at a price of $0.01 per share. |
2. Summary of Significant Acc_2
2. Summary of Significant Accounting Policies (Policies Text Block) | 6 Months Ended |
Aug. 31, 2020 | |
Accounting Policies [Abstract] | |
Management’s Representation of Interim Financial Statements | Management’s Representation of Interim Financial Statement s The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Vinings Holdings and PowerTech Bit, Inc. (through the period ended July 23, 2019). The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. Significant accounting policies are as follows: |
Use of Estimates and Assumptions | Use of Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) the disclosure of contingent assets, and liabilities known to exist as of the date the financial statements are published, and (iii) the reported amount of expenses recognized during the periods presented. Adjustments made with respect to the use of estimates often relate to improved information not previously available. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of financial statements; accordingly, actual results could differ from these estimates. The Company's most significant estimates relate to the valuation of its contingent liabilities and the valuation of its common stock. |
Reverse Stock Split | Reverse Stock Split On approximately August 6, 2020, we effected a reverse-split of our common shares as follows: · A 1 for 40,000 reverse-split of the Company’s shares, followed immediately by; · All fractional shares were rounded upwards to the nearest whole share, followed immediately by; · A 200 for 1 forward stock split The net effect of these actions was a 1 for 200 reverse-split of the Company’s common shares, with no shareholder being reduced below 200 shares. All shareholders who prior to the reverse-split had 40,000 shares or less of the pre-split shares received 200 of the new, post-split shares. As of August 31, 2020, the Company had 1,588,800 post-split shares of its common stock issued and outstanding, and on February 29, 2020, the Company had 249,038,025 pre-split shares of its common stock issued and outstanding. All references to the common shares outstanding have been retroactively adjusted to reflect the stock splits unless stated otherwise. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded, when necessary, to reduce deferred tax assets to the amount expected to be realized. As a result of the implementation of certain provisions of ASC 740, Income Taxes ("ASC 740"), which clarifies the accounting and disclosure for uncertainty in tax positions, as defined, ASC 740 seeks to reduce the diversity in practice associated with certain aspects of the recognition and measurement related to accounting for income taxes. We adopted the provisions of ASC 740 and have analyzed filing positions in each of the federal and state jurisdictions where we are required to file income tax returns, as well as all open tax years in these jurisdictions. We have identified the U.S. federal as our "major" tax jurisdictions. However, we have certain tax attribute carryforwards which will remain subject to review and adjustment by the relevant tax authorities until the statute of limitations closes with respect to the year in which such attributes are utilized. |
Basic and Diluted Loss Per Share | Basic and Diluted Loss Per Share Basic loss per share is computed using the weighted average number of shares outstanding during the period. Diluted loss per share has not been provided as it would be anti-dilutive. |
Stock-Based Compensation | Stock-Based Compensation We periodically issue stock options and warrants to employees and non-employees in non-capital raising transactions for services and for financing costs. We account for stock option and warrant grants issued and vesting to employees based on Financial Accounting Standards Board (FASB) ASC Topic 718, "Compensation-Stock Compensation", whereas the award is measured at its fair value at the date of grant and is amortized ratably over the service period. We account for stock option and warrant grants issued and vesting to non-employees in accordance with ASC Topic 505, "Equity", whereas the value of the stock compensation is based upon the measurement date as determined at either (a) the date at which a performance commitment is reached, or (b) at the date at which the necessary performance to earn the equity instruments is complete. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company's financial instruments consist primarily of cash, accounts payable and accrued expenses, and debt. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments. The Company adopted ASC Topic 820, Fair Value Measurements The three-level hierarchy for fair value measurements is defined as follows: · Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets; liabilities in active markets; · Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability other than quoted prices, either directly or indirectly, including inputs in markets that are not considered to be active; or directly or indirectly including inputs in markets that are not considered to be active; · Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, "Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting". The amendments are effective for public companies for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Several aspects of the accounting for share-based payment award transactions are simplified, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. The Company is currently in the process of evaluating the impact of the adoption on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted this guidance on May 1, 2019 and it had no impact on the company’s operations. In January 2016, the FASB issued ASU 2016-01, which amends the guidance in U.S. GAAP on the classification and measurement of financial instruments. Changes to the current guidance primarily affect the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. In addition, the ASU clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. The new standard is effective for fiscal years and interim periods beginning after December 15, 2017, and upon adoption, an entity should apply the amendments by means of a cumulative-effect adjustment to the balance sheet at the beginning of the first reporting period in which the guidance is effective. Early adoption is not permitted except for the provision to record fair value changes for financial liabilities under the fair value option resulting from instrument-specific credit risk in other comprehensive income. The Company adopted this guidance on May 1, 2019 and it had no impact on the company’s operations. |
5. Equity (Tables)
5. Equity (Tables) | 6 Months Ended |
Aug. 31, 2020 | |
Equity [Abstract] | |
Schedule of Stockholders Equity | After the reverse merger on April 30, 2020, the Company had 249,038,025 common shares outstanding and -0- shares of Series A Preferred shares and 2,000,000 shares of Series B Preferred Stock outstanding Shareholder Shares of PowerTech Bit Series B Preferred Shares of Naerodynamics Received(1) Tatiana Shishova 1,000,000 2,000,000 ______________ (1) 1,000,000 of these shares were transferred to Anastasia Shishova. |
1. Nature of Operations (Detail
1. Nature of Operations (Details Narrrative) - USD ($) | 6 Months Ended | |
Aug. 31, 2020 | Feb. 29, 2020 | |
Common stock shares outstanding | 1,588,800 | 1,588,800 |
Preferred Stock shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred Stock shares outstanding | 2,000,000 | |
Shares returned | 2,000,000 | |
Gain on divestiture | $ 99 | |
Series B Preferred Stock [Member] | Tatiana Shishova [Member] | ||
Common stock transferred | 151,750,000 | |
Series A Preferred Stock [Member] | ||
Preferred Stock shares outstanding | 0 | 0 |
Naerodynamics | Series B Preferred Stock [Member] | Tatiana Shishova [Member] | ||
Number of shares exchanged | 2,000,000 |
3. Going Concern (Details Narrr
3. Going Concern (Details Narrrative) - USD ($) | Aug. 31, 2020 | Feb. 29, 2020 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (36,851) | $ (13,405) |
Working capital deficiency | $ (36,851) |
4. Related Party Transactions (
4. Related Party Transactions (Details Narrrative) - USD ($) | 6 Months Ended | |
Aug. 31, 2020 | Feb. 29, 2020 | |
Accrued interest | $ 3,444 | $ 738 |
Erik Nelson [Member] | Chief Executive Officer [Member] | ||
Loans | $ 35,000 | |
Interest rate | 18.00% |
5. Equity (Details)
5. Equity (Details) - Tatiana Shishova [Member] | 6 Months Ended | |
Aug. 31, 2020USD ($)shares | ||
Number of shares outstanding | shares | 1,000,000 | |
Naerodynamics | Series B Preferred Stock [Member] | ||
Number of shares issued | $ | $ 2,000,000 | [1] |
[1] | 1,000,000 of these shares were transferred to Anastasia Shishova. |
5. Equity (Details Narrative)
5. Equity (Details Narrative) - $ / shares | 6 Months Ended | |
Aug. 31, 2020 | Feb. 29, 2020 | |
Number of shares authorized | 760,000,000 | |
Common stock shares par value | $ .0001 | $ 0.0001 |
Common stock shares authorized | 750,000,000 | 750,000,000 |
Common stock shares issued | 1,588,800 | 1,588,800 |
Common stock shares outstanding | 1,588,800 | 1,588,800 |
Preferred Stock shares par value | $ 0.0001 | $ 0.0001 |
Preferred Stock shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock shares issued | 0 | 0 |
Preferred Stock shares outstanding | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred Stock shares par value | $ 0.0001 | |
Preferred Stock shares authorized | 2,000,000 | |
Preferred Stock shares outstanding | 2,000,000 | |
Shares returned | 2,000,000 | |
Voting rights | Series B Preferred Stock shall be entitled to the number of votes equal to equal to one thousand (1,000) Common Shares. | |
Series B Preferred Stock [Member] | Tatiana Shishova [Member] | ||
Common stock transferred | 151,750,000 | |
Series A Preferred Stock [Member] | ||
Preferred Stock shares outstanding | 0 | 0 |
Conversion Basis | 88.24 common shares for each 1 Series Preferred Share. | |
Reverse stock split | 1 for 200 reverse split | |
Common Stock Post Split | ||
Common stock shares issued | 1,588,800 | |
Common stock shares outstanding | 1,588,800 | |
Naerodynamics | Series B Preferred Stock [Member] | Tatiana Shishova [Member] | ||
Number of shares exchanged | 2,000,000 |