Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
May 31, 2021 | Jul. 08, 2021 | |
Document And Entity Information | ||
Entity Registrant Name | Fast Track Solutions, Inc. | |
Entity Central Index Key | 0001852707 | |
Document Type | 10-Q | |
Document Period End Date | May 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --02-28 | |
Smaller Reporting Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | true | |
Entity Common Stock Shares Outstanding | 359,996,332 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
State of Incorporation | NV | |
Transition Period | false | |
Entity Small Business | true | |
Interactive Data Current | Yes | |
Entity File Number | 000-56262 |
Balance Sheets (May 31, 2021 Un
Balance Sheets (May 31, 2021 Unaudited) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
ASSETS | ||
Total Assets | $ 0 | $ 0 |
Current Liabilities | ||
Accrued expenses | 1,850 | 3,750 |
TOTAL LIABILITIES | 1,850 | 3,750 |
Stockholders' Equity (Deficit) | ||
Preferred stock ($.0001 par value, 200,000,000 shares authorized; 700,000 and 0 issued and outstanding as of May 31, 2021 and February 28, 2021, respectively) | 70 | |
Common stock ($.0001 par value, 500,000,000 shares authorized, 359,996,332 and 0 issued and outstanding as of May 31, 2021 and February 28, 2021,respectively) | 36,000 | |
Additional Paid In Capital | 39,067 | 1,185 |
Accumulated Deficit | (76,986) | (4,935) |
Total Stockholders' Equity (Deficit) | (1,850) | |
Total Liabilities & Stockholders' Equity (Deficit) | $ 0 | $ 0 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | May 31, 2021 | Feb. 28, 2021 |
StockholdersEquity | ||
Preferred Stock Par Or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock Shares Authorized | 200,000,000 | 200,000,000 |
Preferred Stock Shares Issued | 700,000 | 0 |
Preferred Stock Shares Outstanding | 700,000 | 0 |
Common Stock Par Or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock Shares Authorized | 500,000,000 | 500,000,000 |
Common Stock Shares Issued | 359,996,332 | 0 |
Common Stock Shares Outstanding | 359,996,332 | 0 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) | 3 Months Ended |
May 31, 2021USD ($)$ / sharesshares | |
Income Statement [Abstract] | |
General and administrative expenses | $ 72,051 |
Total Operating Expenses | 72,051 |
Net Loss | $ (72,051) |
Basic and Diluted net loss per common share | $ / shares | $ 0 |
Weighted average number of common shares outstanding - Basic and Diluted | shares | 140,868,130 |
Statement of Changes in Stockho
Statement of Changes in Stockholders Equity (Unaudited) - USD ($) | Common Stock | Series A Preferred Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance (Monetary) at Nov. 30, 2020 | |||||
Beginning Balance (Shares) at Nov. 30, 2020 | |||||
Expenses paid on behalf of the Company and contributed to capital | $ 1,185 | $ 1,185 | |||
Net loss | (4,935) | (4,935) | |||
Ending Balance (Monetary) at Feb. 28, 2021 | $ 1,185 | $ (3,750) | |||
Ending Balance (Shares) at Feb. 28, 2021 | |||||
Common shares issued after reorganization (Shares) | 359,996,332 | ||||
Common shares issued after reorganization (Monetary) | $ 36,000 | $ (36,000) | |||
Series A preferred shares issued after reorganization (Shares) | 700,000 | ||||
Series A preferred shares issued after reorganization (Monetary) | $ 700 | 69,930 | 70,000 | ||
Expenses paid on behalf of the Company and contributed to capital | 3,951 | 3,951 | |||
Net loss | (72,051) | (72,051) | |||
Ending Balance (Monetary) at May. 31, 2021 | $ 36,000 | $ 700 | $ 39,067 | $ (76,986) | $ (1,850) |
Ending Balance (Shares) at May. 31, 2021 | 359,996,332 | 700,000 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
May 31, 2021 | Feb. 28, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (72,051) | $ (4,935) |
Common stock issued | ||
Preferred stock issued | 70,000 | |
Accrued Expenses | (1,900) | |
Net cash used in operating activities | (3,951) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Expenses contributed to capital | 3,951 | 1,185 |
Net cash used in financing activities | 3,951 | |
Net increase (decrease) in cash and cash equivalents | 0 | |
Beginning cash balance | 0 | |
Ending cash balance | 0 | $ 0 |
SUPPLEMENTAL INFORMATION: | ||
Interest paid | ||
Income taxes paid |
Note 1 - Organization and Descr
Note 1 - Organization and Description of Business | 3 Months Ended |
May 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1 - Organization and Description of Business Fast Track Solutions, Inc. (we, us, our, the "Company" or the "Registrant") was incorporated in the State of Nevada on December 1, 2020. On April 26, 2021, the Company entered into an “Agreement and Plan of Merger”, whereas it agreed to, and subsequently participated in, a Nevada holding company reorganization pursuant to NRS 92A.180, NRS 92A.200, NRS 92A.230 and NRS 92A.250 (“Reorganization”). The constituent corporations in the Reorganization were Sauer Energy, Inc. (“SENY” or “Predecessor”), Fast Track Solutions, Inc. (“Successor”), and Fast Track Merger Sub, Inc. (“Merger Sub”). Our director is, and was, the sole director/officer of each constituent corporation in the Reorganization. Fast Track Solutions, Inc. issued 1,000 common shares of its common stock to Predecessor and Merger Sub issued 1,000 shares of its common stock to Fast Track Solutions, Inc. immediately prior to the Reorganization. As such, immediately prior to the merger, Fast Track Solutions, Inc. became a wholly owned direct subsidiary of Sauer Energy, Inc. and Merger Sub became a wholly owned and direct subsidiary of Fast Track Solutions, Inc. Pursuant to the above, on April 26, 2021, Sauer Energy, Inc. filed Articles of Merger with the Nevada Secretary of State. The merger became effective on May 5, 2021 at 4:00 PM EST (“Effective Time”). At the Effective Time, Predecessor was merged with and into Merger Sub (the “Merger), and Predecessor became the surviving corporation. Each share of Predecessor common stock issued and outstanding immediately prior to the Effective Time was converted into one validly issued, fully paid and non-assessable share of Fast Track Solutions, Inc.’s (“Successors”) common stock. Fast Track Solutions, Inc., as successor issuer to Sauer Energy, Inc., continued to trade in the OTC MarketPlace under the previous ticker symbol “SENY” until the new ticker symbol “FTRK” for the Company was released into the OTC MarketPlace on May 6, 2021. The Company was given a new CUSIP Number by CUSIP Global Services for its common stock of 31188W108. Our Common Stock is quoted on the OTC Markets Group Inc.’s Pink® Open Market under the symbol “FTRK”. On May 5, 2021, after the completion of the Holding Company Reorganization, we cancelled all of the stock we held in Sauer Energy, Inc. resulting in Sauer Energy, Inc. as a stand-alone company. Pursuant to the holding company merger agreement and effects of merger, all of the assets and liabilities, if any, remain with Sauer Energy, Inc. after the Reorganization. Jeffrey DeNunzio, the Director of Sauer Energy, Inc., did not discover any assets of Sauer Energy, Inc. from the time he was appointed Director until the completion of the Reorganization and subsequent separation of Sauer Energy, Inc. as a stand-alone company. The Company intends to serve as a vehicle to affect an asset acquisition, merger, exchange of capital stock or other business combination with a domestic or foreign business. As of the date of this report, the Company had not yet commenced any such operations. Currently, CRS Consulting, LLC, a Wyoming LLC owned and controlled by Jeffrey DeNunzio, Thomas DeNunzio and Paul Moody, is our controlling shareholder, owning 700,000 shares of Series A Preferred Stock and 250,000,000 shares of Restricted Common Stock. Series A Preferred Stock has no conversion rights to any other class, and every vote of Series A Preferred Stock has voting rights equal to 1,000 votes of Common Stock. The Company has been engaged in organizational efforts and obtaining initial financing. The Company was formed as a vehicle to pursue a business combination and has made no efforts thus far to identify a possible business combination with an active operating company. As a result, the Company has not conducted negotiations or entered into a letter of intent concerning any target business. As of May 31, 2021, the Company had not yet commenced any operations. The Company has elected February 28th as its year end. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Presentation This summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at May 31, 2021 and February 28, 2021 were $0 for both periods. Income Taxes The Company accounts for income taxes under ASC 740, “ Income Taxes Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share The Company does not have any potentially dilutive instruments as of May 31, 2021 and, thus, anti-dilution issues are not applicable. Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. Related Parties The Company follows ASC 850, Related Party Disclosures, Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of May 31, 2021 and February 28, 2021. The Company’s stock based compensation for the periods ended May 31, 2021 and February 28, 2021 was $70,000 and $0, respectively. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Note 3 - Going Concern
Note 3 - Going Concern | 3 Months Ended |
May 31, 2021 | |
Going Concern | |
Going Concern | Note 3 – Going Concern The Company’s financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. These adverse conditions are negative financial trends, specifically operating loss, working capital deficiency, and other adverse key financial ratios. The Company has not established any source of revenue to cover its operating costs. Management plans to fund operating expenses with related party contributions to capital. There is no assurance that management's plan will be successful. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern. |
Note 4 - Income Taxes
Note 4 - Income Taxes | 3 Months Ended |
May 31, 2021 | |
Schedule of Investments [Abstract] | |
Income Taxes | Note 4 – Income Taxes The Company has not recognized an income tax benefit for its operating losses generated based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the period presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses, the realization of which could not be considered more likely than not. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not. As of May 31, 2021, the Company has incurred a net loss of approximately $76,986 which resulted in a net operating loss for income tax purposes. The loss results in a deferred tax asset of approximately $16,167 at the effective statutory rate of 21%. The deferred tax asset has been off-set by an equal valuation allowance. Given our inception on December 1, 2020, and our fiscal year end of February 28, 2021, we have completed only one taxable fiscal year. |
Note 5 - Commitments and Contin
Note 5 - Commitments and Contingencies | 3 Months Ended |
May 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 5 – Commitments and Contingencies The Company follows ASC 450-20, Los Contingencies, |
Note 6 - Shareholder Equity
Note 6 - Shareholder Equity | 3 Months Ended |
May 31, 2021 | |
Equity [Abstract] | |
Shareholders Equity | Note 6 – Shareholder Equity Preferred Stock The authorized preferred stock of the Company consists of 200,000,000 shares with a par value of $0.0001. There were 700,000 Series A Preferred Stock and 0 shares of preferred stock issued and outstanding as of May 31, 2021 and February 28, 2021, respectively. Series A Preferred Stock has no conversion rights to any other class, and every vote of Series A Preferred Stock has voting rights equal to 1,000 votes of Common Stock. Common Stock The authorized common stock of the Company consists of 500,000,000 shares with a par value of $0.0001. There were 359,996,332 and 0 shares of common stock issued and outstanding as of May 31, 2021 and February 28, 2021, respectively. At the time of reorganization, former shareholders of Sauer Energy, Inc. became shareholders of Fast Track Solutions, Inc., representing 359,996,332 of the common shares outstanding. Additional Paid-In Capital The Company’s sole officer and director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $3,451 during the period ended May 31, 2021. During the three months ended May 31, 2021, related party Paul Moody paid expenses on behalf of the Company totaling $500. The Company’s sole officer and director, Jeffrey DeNunzio, paid expenses on behalf of the company totaling $1,185 during the period ended February 28, 2021. The $5,136 in total payments are considered contributions to the company with no expectation of repayment and are posted as additional paid-in capital. |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 3 Months Ended |
May 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 7 – Related-Party Transactions Office Space We utilize the home office space and equipment of our management at no cost. |
Note 8 - Subsequent Events
Note 8 - Subsequent Events | 3 Months Ended |
May 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8 – Subsequent Events Management has reviewed financial transactions for the Company subsequent to the fiscal quarter ended May 31, 2021 and has found that there was nothing material to disclose. |
Note 2. Summary of Significant
Note 2. Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
May 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation T his summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in the preparation of the financial statements. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles 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 amounts of revenues and expenses during the reporting period. In the opinion of management, all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents T he Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents at May 31, 2021 and February 28, 2021 were $0 for both periods. |
Income Taxes | Income Taxes T he Company accounts for income taxes under ASC 740, “ Income Taxes |
Basic Earnings (Loss) Per Share | Basic Earnings (Loss) Per Share The Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock that could share in the earnings of the Company. The Company does not have any potentially dilutive instruments as of May 31, 2021 and, thus, anti-dilution issues are not applicable. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s balance sheet includes certain financial instruments. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures - Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. - Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. - Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of May 31, 2021. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accrued expenses. |
Related Parties | Related Parties T he Company follows ASC 850, Related Party Disclosures, |
Share-Based Compensation | Share-Based Compensation ASC 718, “ Compensation – Stock Compensation The Company accounts for stock-based compensation issued to non-employees and consultants in accordance with the provisions of ASC 505-50, “ Equity – Based Payments to Non-Employees.” The Company had no stock-based compensation plans as of May 31, 2021 and February 28, 2021. The Company’s stock based compensation for the periods ended May 31, 2021 and February 28, 2021 was $70,000 and $0, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 We have no assets and or leases and do not believe we will be impacted in the foreseeable future by the newly adopted accounting standard(s) mentioned above. The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations. |
Share Based Compensation (Detai
Share Based Compensation (Details) - USD ($) | 3 Months Ended | |
May 31, 2021 | Feb. 28, 2021 | |
Share Based Compensation | ||
Stock based compensation | $ 70,000 | $ 0 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | May 31, 2021 | Feb. 28, 2021 |
Loan Forgiven | ||
Accrued Expenses | $ 1,850 | $ 3,750 |
Expenses Paid on Behalf of the
Expenses Paid on Behalf of the Company (Details) - USD ($) | 3 Months Ended | |
May 31, 2021 | Feb. 28, 2021 | |
Expenses Paid On Behalf Of Company | ||
Total payments by Paul Moody, Jeffrey DeNunzio, and or control party CRS Consulting, LLC | $ 3,951 | $ 1,185 |