Cover
Cover - shares | 9 Months Ended | |
Dec. 31, 2023 | Feb. 20, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --03-31 | |
Entity File Number | 333-260873 | |
Entity Registrant Name | LSEB CREATIVE CORP. | |
Entity Central Index Key | 0001888740 | |
Entity Tax Identification Number | 83-4415385 | |
Entity Incorporation, State or Country Code | WY | |
Entity Address, Address Line One | 30 N. Gould St. #4000 | |
Entity Address, City or Town | Sheridan | |
Entity Address, State or Province | WY | |
Entity Address, Postal Zip Code | 82801 | |
City Area Code | 800 | |
Local Phone Number | 701-8561 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,680,500 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash | $ 814 | $ 2,710 |
Advances to suppliers | 15,143 | 141,362 |
Accounts Receivable | 255 | |
Inventory | 130,802 | 3,526 |
Prepayments and Other Receivables [Note 6] | 1,358 | 3,695 |
Total current assets | 148,372 | 151,293 |
Non-current assets | ||
Equipment, net [Note 7] | 796 | 1,007 |
Total assets | 149,168 | 152,300 |
Current liabilities | ||
Accounts payable | 7,223 | 5,095 |
Accrued liabilities | 4,259 | 8,109 |
Advances from a related party [Note 8] | 63,749 | 56,767 |
Total current liabilities | 75,231 | 69,971 |
Stockholders deficiency | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, Nil preferred shares outstanding at December 31 2023 (March 31, 2023: Nil), | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized, 14,680,500 common shares outstanding as at December 31, 2023 (March 31, 2023 : 13,569,000) [Note 10] | 1,468 | 1,357 |
Additional paid-in capital [Note 10] | 582,991 | 471,953 |
Accumulated deficit | (510,522) | (390,981) |
Total stockholders deficiency | 73,937 | 82,329 |
Total liabilities and stockholders deficiency | $ 149,168 | $ 152,300 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2023 | Mar. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 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, Outstanding | 14,680,500 | 13,569,000 |
Common Stock, Shares, Issued | 14,680,500 | 13,569,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||||
Sales | $ 1,915 | $ 1,915 | ||
Cost of Goods Sold | 527 | 527 | ||
Gross Profit | 1,388 | 1,388 | ||
EXPENSES | ||||
Advertising & promotion | 4,400 | 3,338 | 42,370 | 7,417 |
General & Administrative Expenses | 11,174 | 5,326 | 39,742 | 22,447 |
Consulting Expenses | 6,021 | 21,111 | 19,090 | 44,399 |
Legal & Professional Fee | 7,968 | 5,845 | 18,992 | 31,858 |
Depreciation [Note 7] | 65 | 88 | 211 | 286 |
Total operating expenses | 29,628 | 35,708 | 120,405 | 106,407 |
Net income/ (loss) from operations | (28,240) | (35,708) | (119,017) | (106,407) |
Exchange Gain/(Loss) | 1,331 | (311) | (524) | (5,357) |
Net income/(loss) from operations before income taxes | (26,909) | (36,019) | (119,541) | (111,764) |
Income taxes | ||||
Net income/(loss) for the year | $ (26,909) | $ (36,019) | $ (119,541) | $ (111,764) |
Loss per share, basic and diluted | $ (0.0019) | $ (0.0029) | $ (0.0085) | $ (0.0091) |
Weighted average number of common shares outstanding | 14,023,019 | 12,261,137 | 14,023,019 | 12,261,137 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (EQUITY) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Mar. 31, 2022 | $ 1,202 | $ 293,048 | $ (246,610) | $ 47,640 |
Stock based Compensation | ||||
Proceeds from shares issued | 20 | 19,980 | 20,000 | |
Net loss | (36,842) | (36,842) | ||
Ending balance, value at Jun. 30, 2022 | 1,222 | 313,028 | (283,452) | 30,798 |
Beginning balance, value at Mar. 31, 2022 | 1,202 | 293,048 | (246,610) | 47,640 |
Net loss | (111,764) | |||
Ending balance, value at Dec. 31, 2022 | $ 1,333 | 445,393 | (358,374) | 88,352 |
Ending Balance, Shares at Dec. 31, 2022 | 13,329,000 | |||
Beginning balance, value at Jun. 30, 2022 | $ 1,222 | 313,028 | (283,452) | 30,798 |
Stock based Compensation | ||||
Proceeds from shares issued | 16 | 39,984 | 40,000 | |
Net loss | (38,903) | (38,903) | ||
Ending balance, value at Sep. 30, 2022 | 1,238 | 353,012 | (322,355) | 31,895 |
Stock based Compensation | $ 15 | 14,985 | 15,000 | |
Stock based Compensation, Shares | 150,000 | |||
Proceeds from shares issued | $ 80 | 77,396 | 77,476 | |
Proceeds from shares issued, Shares | 800,000 | |||
Net loss | (36,019) | (36,019) | ||
Ending balance, value at Dec. 31, 2022 | $ 1,333 | 445,393 | (358,374) | 88,352 |
Ending Balance, Shares at Dec. 31, 2022 | 13,329,000 | |||
Beginning balance, value at Mar. 31, 2023 | $ 1,357 | 471,953 | (390,981) | 82,329 |
Beginning Balance, Shares at Mar. 31, 2023 | 13,569,000 | |||
Stock based Compensation | $ 5 | 4,496 | 4,500 | |
Stock based Compensation, Shares | 45,000 | |||
Proceeds from shares issued | $ 44 | 44,156 | 44,200 | |
Proceeds from shares issued, Shares | 442,000 | |||
Net loss | (31,291) | (31,291) | ||
Ending balance, value at Jun. 30, 2023 | $ 1,406 | 520,604 | (422,272) | 99,738 |
Ending Balance, Shares at Jun. 30, 2023 | 14,056,000 | |||
Beginning balance, value at Mar. 31, 2023 | $ 1,357 | 471,953 | (390,981) | 82,329 |
Beginning Balance, Shares at Mar. 31, 2023 | 13,569,000 | |||
Net loss | (119,541) | |||
Ending balance, value at Dec. 31, 2023 | $ 1,468 | 582,991 | (510,522) | 73,937 |
Ending Balance, Shares at Dec. 31, 2023 | 14,680,500 | |||
Beginning balance, value at Jun. 30, 2023 | $ 1,406 | 520,604 | (422,272) | 99,738 |
Beginning Balance, Shares at Jun. 30, 2023 | 14,056,000 | |||
Stock based Compensation | $ 5 | 4,496 | 4,500 | |
Stock based Compensation, Shares | 45,000 | |||
Proceeds from shares issued | $ 55 | 55,144 | 55,199 | |
Proceeds from shares issued, Shares | 552,000 | |||
Net loss | (61,341) | (61,341) | ||
Ending balance, value at Sep. 30, 2023 | $ 1,465 | 580,244 | (483,613) | 98,096 |
Ending Balance, Shares at Sep. 30, 2023 | 14,653,000 | |||
Stock based Compensation | $ 2 | 1,998 | 2,000 | |
Stock based Compensation, Shares | 20,000 | |||
Proceeds from shares issued | $ 1 | 749 | 750 | |
Proceeds from shares issued, Shares | 7,500 | |||
Net loss | (26,909) | (26,909) | ||
Ending balance, value at Dec. 31, 2023 | $ 1,468 | $ 582,991 | $ (510,522) | $ 73,937 |
Ending Balance, Shares at Dec. 31, 2023 | 14,680,500 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING ACTIVITIES | ||
Net loss for the year | $ (119,541) | $ (111,764) |
Items not affecting cash | ||
Depreciation | 211 | 286 |
Stock based compensation | 11,000 | 15,000 |
Changes in Operating assets & liabilities | ||
Change in accounts receivable | (255) | |
Change in inventory | (127,276) | (3,526) |
Change in prepaid and sundry | 2,337 | (1,904) |
Change in advances to suppliers | 126,219 | (26,331) |
Change in accrued liability | (3,850) | 3,627 |
Change in accounts payable | 2,128 | (9,759) |
Net cash provided by (used) in operating activities | (109,027) | (134,371) |
INVESTING ACTIVITIES | ||
Acquisition of equipment | ||
Net cash used in investing activities | ||
FINANCING ACTIVITIES | ||
Proceeds from Related Parties advances | (17,358) | (478) |
Repayments of Related Parties advances | 24,340 | 1,721 |
Issue of common stock, net of issuance costs | 100,149 | 137,476 |
Changes in stock receivable subscription | ||
Net cash provided by/(used in) financing activities | 107,131 | 138,719 |
Net decrease in cash during the year | (1,896) | 4,348 |
Cash, beginning of year | 2,710 | 57,497 |
Cash, end of quarter | $ 814 | $ 61,845 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 9 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | 1. NATURE OF OPERATIONS LSEB Creative Corp. was incorporated as Profit Corporation on April 3rd , 2019 under Wyoming State regulations with registered office at 1920 Thomes Ave Ste 610, Cheyenne, WY. On August 3, 2023, the Company incorporated its wholly-owned subsidiary 1000615000 Ontario Corp, an Ontario corporation, and on September 12, 2023 filed articles of amendment to changed its name to LSEB Creative Corp (Ontario). The purpose of the subsidiary is for GST/HST tax credits on importing goods into Canada. LSEB Creative Corp. is a specialty retailer that offers men and women elevated swimwear designs, constructed with the highest quality materials and techniques. Our product concept focuses on coordinating items within the mens and womens sub-categories, which allows customers the ability to coordinate with their partner. Its this concept, along with our noteworthy fabrics, construction techniques, and ready-to-wear inspired designs that will allow LSEB to capture a new space within the market. Its aim is to become a leading retailer in the global luxury fashion industry. The corporation is currently involved in concept, design, manufacturing, and distribution of its products with emphasis on its swimwear category. The Company operates under the web-site address lsebcreative.com and its e-commerce platform laurenbentleyswim.com which is complete, and the Company launched the brand in October 2023. |
BASIS OF PRESENTATION, MEASUREM
BASIS OF PRESENTATION, MEASUREMENT | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION, MEASUREMENT | 2. BASIS OF PRESENTATION, MEASUREMENT The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and are expressed in United States dollars (USD). The consolidated financial statements include the accounts of LSEB Creative Corp and its wholly-owned subsidiary. All intercompany balances and transactions have been eliminated. There has been limited activity in the Companys wholly-owned subsidiary. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GOING CONCERN | 3. GOING CONCERN The accompanying consolidated financial statements have been prepared assuming the Company will continue on a going concern basis. As disclosed in the balance sheet, the Company has accumulated losses at reporting period. The ability of the Company to continue as a going-concern depends upon its ability to develop profitable operations and to continue to raise adequate financing. Management is actively targeting sources of additional financing to provide continuation of the Companys operations. In order for the Company to meet its liabilities as they come due and to continue its operations, the Company is solely dependent upon its ability to generate such financing. The Company is actively seeking financing to fully execute the next phase of the Companys growth initiatives. Any capital raised will be through either a private placement or a convertible debenture and will result in the issuance of common shares from the Companys authorized capital. The Company believes it can satisfy minimum cash requirements for the next twelve months with either an equity financing, convertible debenture or if needed, loans from shareholders. There can be no assurance that the Company will be able to continue to raise funds, in which case the Company may be unable to meet its obligations. Should the Company be unable to realize its assets and discharge its liabilities in the normal course of business, the net realizable value of its assets may be materially less than the amounts recorded in these audited financial statements. The company has experienced recurring losses that raise substantial doubt about its ability to continue as a going concern. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. |
INTERIM FINANCIAL STATEMENTS
INTERIM FINANCIAL STATEMENTS | 9 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTERIM FINANCIAL STATEMENTS | 4. INTERIM FINANCIAL STATEMENTS The accompanying consolidated financial statements of the Company should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Companys Annual Report on Form 10-K for the fiscal year ended March 31, 2023. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Companys financial position and the results of its operations and its cash flows for the periods shown. The preparation of these financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Cash As of December 31, 2023, the Company had a cash balance of $ 814 2,710 Reclassification Certain prior year amounts have been reclassified for comparative purposes to conform to the current year financial statement presentation. These reclassifications had no effect on previous reported results of operations. Leases At the lease commencement date, right-of-use (ROU) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is not explicit in a lease, the Company utilizes its incremental borrowing rate for a period that closely matches the lease term. The Company has elected not to recognize ROU assets and lease liabilities for leases with a lease term of less than 12 months. Advertising & Promotions Advertising costs are recognized as expense in Statement of operations for the period when incurred. For the quarter period ending December 31, 2023, Company recognized $ 4,400 3,338 42,370 7,417 Use of Estimates The preparation of audited financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Areas involving significant estimates and assumptions include deferred income tax assets and related valuation allowance, valuation of convertible notes, warrants and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. Loss Per Share The Company has adopted the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) Topic 260-10 which provides for calculation of basic and diluted earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. There were no potentially dilutive shares outstanding as at each period end. Inventory Inventories are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. The net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling expenses. As of December 31, 2023 the Company has $ 130,802 The Company periodically reviews its inventories and makes a provision as necessary to appropriately value goods that are obsolete, have quality issues, or are damaged. The amount of the provision is equal to the difference between the cost of the inventory and its net realizable value based upon assumptions about product quality, damages, future demand, selling prices, and market conditions. If changes in market conditions result in reductions in the estimated net realizable value of its inventory below its previous estimate, the Company would increase its reserve in the period in which it made such a determination. In addition, the Company provides for inventory shrinkage based on historical trends from actual physical inventory counts. Inventory shrinkage estimates are made to reduce the inventory value for lost or stolen items. The Company performs physical inventory counts and cycle counts throughout the year and adjusts the shrink reserve accordingly. As of December 31, 2023, the Company has no obsolescence provisions, damage provisions, or shrinkage provisions. Foreign Currency Translation The functional currency of the Company is United States dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. All exchange gains or losses arising from translation of these foreign currency transactions are included in Statement of operations. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 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 820-10 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. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring managements best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Companys cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Companys bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for federal and provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. Revenue Recognition The Company recognizes revenue in accordance with ASC-606 by, ● identifying the contract(s) with a customer, ● identifying the performance obligations in the contract, ● determining the transaction price, ● allocating the transaction price to the performance obligations in the contract and ● recognizing revenue when the performance obligation is satisfied. Accordingly, the Company recognizes revenue when performance obligations under the terms of the contracts are satisfied. Our performance obligations primarily consist of delivering products to our customers. Control is transferred upon providing the products to customers upon shipment of our products to the consumers from our ecommerce sites. Once control is transferred to the customer, we have completed our performance obligation. Equipment Equipment is stated at cost less accumulated depreciation and depreciated over their estimated useful lives at the following rate and method. Furniture and fixtures 20% per annum - declining balance method Computer 30% per annum - declining balance method Routine repairs and maintenance are expensed as incurred. Improvements, that are betterments, are capitalized at cost. The Company recognizes full quarters depreciation in the quarter when the asset is acquired. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standards main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope. Update No. 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of this ASU on its financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and can be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company has not identified loans and other financial instruments that are directly or indirectly influenced by LIBOR and does not expect the adoption of ASU 2020-04 to have a material impact on its consolidated financial statements. In April 2021, the FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuers common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The Company does not expect that the new guidance will significantly impact its condensed financial statements. |
PREPAYMENTS AND OTHER RECEIVABL
PREPAYMENTS AND OTHER RECEIVABLES | 9 Months Ended |
Dec. 31, 2023 | |
Prepayments And Other Receivables | |
PREPAYMENTS AND OTHER RECEIVABLES | 6. PREPAYMENTS AND OTHER RECEIVABLES The prepayment represents the amount paid pursuant of a lease agreement executed with one of the directors for the commercial unit used as office space by the company. The current term of lease is approx. USD $800 (CAD $1,000) per month for 8 months starting from January 2022 with an option to extend it with mutual consent. The Company executed a Lease Extension Agreement for an additional 12 month period starting September 1, 2022 and ending August 31, 2023 for USD $800 (CAD $1,000) per month. On September 1, 2023 the Company executed a further 12 month extension ending August 31, 2024 for USD $800 (CAD $1,000) per month. As of December 31, 2023 the Company has also made an advance payment of $ 15,143 to its manufacturing partners in Portugal. Once the goods are received by the Company we will allocate the amount to inventory. |
EQUIPMENT
EQUIPMENT | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
EQUIPMENT | 7. EQUIPMENT Schedule of Equipment December 31, 2023 March 31, 2023 Cost Opening 2,744 2,744 Addition — — Disposal — — Closing 2,744 2,744 Accumulated Depreciation Opening 1,737 1,369 Depreciation 211 368 Closing 1,948 1,737 Net Book Value 796 1,007 |
ADVANCES FROM A RELATED PARTY
ADVANCES FROM A RELATED PARTY | 9 Months Ended |
Dec. 31, 2023 | |
Advances From Related Party | |
ADVANCES FROM A RELATED PARTY | 8. ADVANCES FROM A RELATED PARTY These advances are from a shareholder of the Company. The amount is non-interest bearing, unsecured and due on demand. The carrying value of the advances approximates the market value due to the short-term maturity of the financial instruments. Schedule of Advances from Related Party December 31, March 31, 2023 2023 $ $ Jordan Starkman 62,711 55,034 Lauren Bentley 1,038 1,733 TOTAL 63,749 56,767 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS The Companys transactions with related parties were carried out on normal commercial terms and in the course of the Companys business. Other than those disclosed elsewhere in the financial statements, the related party transactions for the quarter ending December 31, 2023 were $ 5,604 4,415 |
STOCKHOLDERS_ DEFICIENCY
STOCKHOLDERS’ DEFICIENCY | 9 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
STOCKHOLDERS’ DEFICIENCY | 10. STOCKHOLDERS DEFICIENCY Authorized stock Preferred stock The Company is authorized to issue 5,000,000 0.0001 Common stock The Company is authorized to issue 500,000,000 0.0001 Issued stock Preferred stock As at December 31, 2023, the company has not issued any preferred stock. Common stock As at December 31, 2023, the company has 14,680,500 On April 11, 2023, the Company issued 37,000 3,700 On April 22, 2023, the Company issued 45,000 4,500 On June 22, 2023, the Company issued 150,000 15,000 On June 26, 2023, the Company issued 100,000 10,000 On June 27, 2023, the Company issued 50,000 5,000 On June 28, 2023, the Company issued 60,000 6,000 On June 30, 2023, the Company issued 45,000 4,500 On July 6, 2023, the Company issued 50,000 5,000 On August 1, 2023, the Company issued 75,000 7,500 On August 4, 2023, the Company issued 47,000 4,700 On August 10, 2023, the Company issued 80,000 8,000 On August 23, 2023, the Company issued 5,000 500 On September 12, 2023, the Company issued 40,000 4,000 On September 18, 2023, the Company issued 200,000 20,000 On September 25, 2023, the Company issued 100,000 10,000 On October 25, 2023, the Company issued 7,500 750 On November 21, 2023, the Company issued 20,000 2,000 |
COVID-19 AND MARKET UPDATE
COVID-19 AND MARKET UPDATE | 9 Months Ended |
Dec. 31, 2023 | |
Covid-19 And Market Update | |
COVID-19 AND MARKET UPDATE | 11. COVID-19 AND MARKET UPDATE As a result of the COVID-19 pandemic, we experienced some disruptions throughout calendar years 2022 and 2021, which delayed our strategic business timelines to establish and launch our brand however fortunately there was no material financial impact as the focus even prior to COVID was to have an effective and efficient E-commerce website through which we reach target customers. Management still continues to monitor the short and long-term impacts of the pandemic. We continue to be cautiously optimistic about the markets in which we operate and the customers we serve; however, should there be a slowdown in economic activity due to an increase in more contagious variants of the virus or surges in the number of cases, it is possible that projects could be delayed or canceled or that we could experience further realignment of timelines for launch of the brand. The extent to which our business and results of operations are impacted in future periods will also depend upon a number of other factors. These include the duration and extent of the pandemic; limitations on the ability of our employees to perform their work due to illness caused by the pandemic or local, state, or federal orders requiring employees to quarantine; the extent, duration, and effective execution of ongoing government stabilization and recovery efforts; the efficacy and adoption of vaccines or other preventative treatments; our customers demand for our services; our ability to continue to safely and effectively operate in this environment; and the ability of our customers to pay us for services rendered. The impact of the COVID-19 pandemic on our vendors and the materials utilized in our operations continues to evolve and may have an adverse impact on our operations in future periods. Any of these events could have a material adverse effect on our business, financial condition, and/or results of operations. Furthermore, we are required to frequently travel to Europe to visit our manufacturer and suppliers, and the travel restrictions due to COVID-19 may delayed our future sourcing and production. |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 9 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | 12. CONTINGENCIES AND COMMITMENTS The Company has entered into a number of Consulting Agreements and pursuant to the Agreements the Company may be required to pay a 2%-3% finders fee associated with any new financings as of December 31, 2023. The Company has not been obligated to pay a finders fee related to the capital raised as of December 31, 2023. The Company has no existing or pending legal proceedings against us, nor are we involved as a plaintiff in any proceeding or pending litigation. There are no proceedings in which any of our directors, officers or any of their respective affiliates, or any beneficial stockholder, is an adverse party or has a material interest adverse to our interest. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS The Companys management has evaluated subsequent events up to February 20, 2024, the date the financial statements were issued, pursuant to the requirements of ASC 855 and has determined there are no material subsequent events to report. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Cash | Cash As of December 31, 2023, the Company had a cash balance of $ 814 2,710 |
Reclassification | Reclassification Certain prior year amounts have been reclassified for comparative purposes to conform to the current year financial statement presentation. These reclassifications had no effect on previous reported results of operations. |
Leases | Leases At the lease commencement date, right-of-use (ROU) assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term, which includes all fixed obligations arising from the lease contract. If an interest rate is not explicit in a lease, the Company utilizes its incremental borrowing rate for a period that closely matches the lease term. The Company has elected not to recognize ROU assets and lease liabilities for leases with a lease term of less than 12 months. |
Advertising & Promotions | Advertising & Promotions Advertising costs are recognized as expense in Statement of operations for the period when incurred. For the quarter period ending December 31, 2023, Company recognized $ 4,400 3,338 42,370 7,417 |
Use of Estimates | Use of Estimates The preparation of audited financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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. Areas involving significant estimates and assumptions include deferred income tax assets and related valuation allowance, valuation of convertible notes, warrants and accruals. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the period in which they become known. |
Loss Per Share | Loss Per Share The Company has adopted the Financial Accounting Standards Boards (FASB) Accounting Standards Codification (ASC) Topic 260-10 which provides for calculation of basic and diluted earnings per share. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of an entity. Diluted earnings per share exclude all potentially dilutive shares if their effect is anti-dilutive. There were no potentially dilutive shares outstanding as at each period end. |
Inventory | Inventory Inventories are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. The net realizable value is the estimated selling price in the ordinary course of business, less the cost of completion and selling expenses. As of December 31, 2023 the Company has $ 130,802 The Company periodically reviews its inventories and makes a provision as necessary to appropriately value goods that are obsolete, have quality issues, or are damaged. The amount of the provision is equal to the difference between the cost of the inventory and its net realizable value based upon assumptions about product quality, damages, future demand, selling prices, and market conditions. If changes in market conditions result in reductions in the estimated net realizable value of its inventory below its previous estimate, the Company would increase its reserve in the period in which it made such a determination. In addition, the Company provides for inventory shrinkage based on historical trends from actual physical inventory counts. Inventory shrinkage estimates are made to reduce the inventory value for lost or stolen items. The Company performs physical inventory counts and cycle counts throughout the year and adjusts the shrink reserve accordingly. As of December 31, 2023, the Company has no obsolescence provisions, damage provisions, or shrinkage provisions. |
Foreign Currency Translation | Foreign Currency Translation The functional currency of the Company is United States dollar. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. All exchange gains or losses arising from translation of these foreign currency transactions are included in Statement of operations. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 defines fair value, establishes a framework for measuring fair value and expands required disclosure about fair value measurements of assets and liabilities. ASC 820-10 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 820-10 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. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 – Valuation based on quoted market prices in active markets for identical assets or liabilities. ● Level 2 – Valuation based on quoted market prices for similar assets and liabilities in active markets. ● Level 3 – Valuation based on unobservable inputs that are supported by little or no market activity, therefore requiring managements best estimate of what market participants would use as fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments or interest rates that are comparable to market rates. These financial instruments include cash and accounts payable. The Companys cash, which is carried at fair value, is classified as a Level 1 financial instrument. The Companys bank accounts are maintained with financial institutions of reputable credit, therefore, bear minimal credit risk. |
Stock Based Compensation | Stock Based Compensation The Company accounts for share-based payments in accordance with the provision of ASC 718, which requires that all share-based payments issued to acquire goods or services, including grants of employee stock options, be recognized in the statement of operations based on their fair values, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company issues compensatory shares for services including, but not limited to, executive, management, accounting, operations, corporate communication, financial and administrative consulting services. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC 740. The Company provides for federal and provincial income taxes payable, as well as for those deferred because of the timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recoverable or settled. The effect of a change in tax rates is recognized as income or expense in the period of the change. A valuation allowance is established, when necessary, to reduce deferred income tax assets to the amount that is more likely than not to be realized. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with ASC-606 by, ● identifying the contract(s) with a customer, ● identifying the performance obligations in the contract, ● determining the transaction price, ● allocating the transaction price to the performance obligations in the contract and ● recognizing revenue when the performance obligation is satisfied. Accordingly, the Company recognizes revenue when performance obligations under the terms of the contracts are satisfied. Our performance obligations primarily consist of delivering products to our customers. Control is transferred upon providing the products to customers upon shipment of our products to the consumers from our ecommerce sites. Once control is transferred to the customer, we have completed our performance obligation. |
Equipment | Equipment Equipment is stated at cost less accumulated depreciation and depreciated over their estimated useful lives at the following rate and method. Furniture and fixtures 20% per annum - declining balance method Computer 30% per annum - declining balance method Routine repairs and maintenance are expensed as incurred. Improvements, that are betterments, are capitalized at cost. The Company recognizes full quarters depreciation in the quarter when the asset is acquired. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standards main goal is to improve financial reporting by requiring earlier recognition of credit losses on financing receivables and other financial assets in scope. Update No. 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is currently evaluating the potential impact of this ASU on its financial statements. In March 2020, the FASB issued ASU No. 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. These amendments provide temporary optional guidance to ease the potential burden in accounting for reference rate reform. The ASU provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance is effective for all entities as of March 12, 2020 through December 31, 2022 and can be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. The Company has not identified loans and other financial instruments that are directly or indirectly influenced by LIBOR and does not expect the adoption of ASU 2020-04 to have a material impact on its consolidated financial statements. In April 2021, the FASB issued ASU 2021-04 to codify the final consensus reached by the Emerging Issues Task Force (EITF) on how an issuer should account for modifications made to equity-classified written call options (hereafter referred to as a warrant to purchase the issuers common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange of the original warrant for a new warrant. This guidance applies whether the modification is structured as an amendment to the terms and conditions of the warrant or as termination of the original warrant and issuance of a new warrant. The Company does not expect that the new guidance will significantly impact its condensed financial statements. |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Equipment | Schedule of Equipment December 31, 2023 March 31, 2023 Cost Opening 2,744 2,744 Addition — — Disposal — — Closing 2,744 2,744 Accumulated Depreciation Opening 1,737 1,369 Depreciation 211 368 Closing 1,948 1,737 Net Book Value 796 1,007 |
ADVANCES FROM A RELATED PARTY (
ADVANCES FROM A RELATED PARTY (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Advances From Related Party | |
Schedule of Advances from Related Party | Schedule of Advances from Related Party December 31, March 31, 2023 2023 $ $ Jordan Starkman 62,711 55,034 Lauren Bentley 1,038 1,733 TOTAL 63,749 56,767 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | |
Accounting Policies [Abstract] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 814 | $ 814 | $ 2,710 | ||
Marketing and Advertising Expense | 4,400 | $ 3,338 | 42,370 | $ 7,417 | |
Inventory, Net | $ 130,802 | $ 130,802 | $ 3,526 |
PREPAYMENTS AND OTHER RECEIVA_2
PREPAYMENTS AND OTHER RECEIVABLES (Details Narrative) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Prepayments And Other Receivables | ||
Advances on Inventory Purchases | $ 15,143 | $ 141,362 |
EQUIPMENT (Details)
EQUIPMENT (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Opening | $ 2,744 | $ 2,744 |
Addition | ||
Disposal | ||
Closing | 2,744 | 2,744 |
Opening | 1,737 | 1,369 |
Depreciation | 211 | 368 |
Closing | 1,948 | 1,737 |
Net Book Value | $ 796 | $ 1,007 |
ADVANCES FROM A RELATED PARTY_2
ADVANCES FROM A RELATED PARTY (Details) - USD ($) | Dec. 31, 2023 | Mar. 31, 2023 |
Defined Benefit Plan Disclosure [Line Items] | ||
TOTAL | $ 63,749 | $ 56,767 |
Jordan Starkman | ||
Defined Benefit Plan Disclosure [Line Items] | ||
TOTAL | 62,711 | 55,034 |
Lauren Bentley | ||
Defined Benefit Plan Disclosure [Line Items] | ||
TOTAL | $ 1,038 | $ 1,733 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 9 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transactions [Abstract] | ||
Related Party Transaction, Amounts of Transaction | $ 5,604 | $ 0 |
STOCKHOLDERS_ DEFICIENCY (Detai
STOCKHOLDERS’ DEFICIENCY (Details Narrative) - USD ($) | 3 Months Ended | |||||||||||||||||||||||
Nov. 21, 2023 | Oct. 25, 2023 | Sep. 25, 2023 | Sep. 18, 2023 | Sep. 12, 2023 | Aug. 23, 2023 | Aug. 10, 2023 | Aug. 04, 2023 | Aug. 01, 2023 | Jul. 06, 2023 | Jun. 30, 2023 | Jun. 28, 2023 | Jun. 27, 2023 | Jun. 26, 2023 | Jun. 22, 2023 | Apr. 22, 2023 | Apr. 11, 2023 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | ||||||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | ||||||||||||||||||||||
Common Stock, Shares, Issued | 14,680,500 | 13,569,000 | ||||||||||||||||||||||
Common Stock, Shares, Outstanding | 14,680,500 | 13,569,000 | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 7,500 | 100,000 | 200,000 | 80,000 | 47,000 | 75,000 | 50,000 | 60,000 | 50,000 | 100,000 | 150,000 | 45,000 | 37,000 | |||||||||||
Stock Issued During Period, Value, New Issues | $ 750 | $ 10,000 | $ 20,000 | $ 8,000 | $ 4,700 | $ 7,500 | $ 5,000 | $ 6,000 | $ 5,000 | $ 10,000 | $ 15,000 | $ 4,500 | $ 3,700 | $ 750 | $ 55,199 | $ 44,200 | $ 77,476 | $ 40,000 | $ 20,000 | |||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | $ 2,000 | $ 4,000 | $ 500 | $ 4,500 | $ 2,000 | $ 4,500 | $ 4,500 | $ 15,000 | ||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 7,500 | 552,000 | 442,000 | 800,000 | ||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 1 | $ 55 | $ 44 | $ 80 | 16 | 20 | ||||||||||||||||||
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture | 20,000 | 40,000 | 5,000 | 45,000 | 20,000 | 45,000 | 45,000 | 150,000 | ||||||||||||||||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture | $ 2 | $ 5 | $ 5 | $ 15 |