UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington,
WASHINGTON, D.C. 20549

FORM 10-K

(Mark One) 

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended March 31, 20162019

orCommission File No. 000-55523

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to _______________

333-197443

Commission file number

FIRST FIXTURES, INC.APPLIED BIOSCIENCES CORP.

(Exact name of registrant as specified in its charter)

Nevada		N/A81-1699502
(State or other jurisdiction of incorporation or organization		(I.R.S. Employer
incorporation or organization)		Identification No.)
McKenzie Street 31, Eastend, Bloemfontein, South Africa		9301
(Address of principal executive offices)		(Zip Code)

9701 Wilshire Blvd., Suite 1000

Beverly Hills, California 90212

(Address of principal executive offices, zip code)

775-321-8231(310) 356-7374

Registrant's(Registrant’s telephone number, including area codecode)

Securities registered pursuant to Section 12(b) of the Act:

(Former name, former address and former fiscal year, if changed since last report)

Common

Title of each classSECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:

None

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

Common Stock, $.00001 Par Value

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨ No x

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes x¨ No ¨x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨x No x¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨x No xo

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant'sregistrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes ¨No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large“large accelerated filer," "accelerated filer"” “accelerated filer” and "smaller“smaller reporting company"company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨o	Accelerated filer	¨o
Non-accelerated filer	¨x	Smaller reporting company	x
(Do not check if a smaller reporting company)		Emerging growth company	x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x¨ No ¨x

StateAt September 30, 2018, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the voting and non-voting common equitystock held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business dayRegistrant (without admitting that any person whose shares are not included in such calculation is an affiliate) was approximately $10,259.104. At June 26, 2019, there were 13,447,113 shares of the registrant's most recently completed second fiscal quarter. N/ARegistrant’s common stock, par value $0.00001 per share, outstanding.

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨APPLIED BIOSCIENCES CORP.

(APPLICABLE ONLY TO CORPORATE REGISTRANTS)

As of July 27, 2016, 100,043,412 shares were issued and outstanding.

Table of ContentsTABLE OF CONTENTS

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PART I

FORWARD-LOOKING STATEMENTS

Item 1. Business.

On February 28, 2014, Mr. Colin Povall, president and sole director, incorporated the Company in the StateThis Annual Report on Form 10-K of Applied BioSciences Corp., a Nevada and established a fiscal year end of March 31. FIRST FIXTURES, INC. is a company that intends to market and sell kitchen and bathroom fixtures online through its' intended website. Other than its President, the Company has no employees. We intend to contract with specialists to develop our logo and website, and contract with an Internet advertising and search engine specialist to assist us in development of our planned business. The Company has currently no arrangements or understandings in place with any specialists to develop our logo, to develop our website and to develop our planned business through Internet advertising and search engines.

FIRST FIXTURES, INC. is a shell companycorporation (the “Company”), contains “forward-looking statements,” as defined in Rule 405, because it is a companythe United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company’s filings with nominal operationsthe United States Securities and it has assets consisting solely of cash and cash equivalents. Accordingly, there will be illiquidity of any future trading market until the company is no longer considered a shell company.Exchange Commission. (“SEC”).

The CompanyOur management has not yet implemented its business modelincluded projections and to date has generated no revenues. It isestimates in this Form 10-K, which are based primarily on management’s experience in the Company's intention to provide its customersindustry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the quality kitchen and bathroom fixtures. The Company's target customers will be home buildersSEC or home owners that have an interest in home renovations.otherwise publicly available. We intendcaution readers not to deploy current electronic marketing activities like Search Engine Optimization and online advertising. The Company intends to focus its marketing activities in North America.

The Company intends to provide home kitchen & bathroom faucets and faucet handles manufactured by Zhejiang Momali Sanitary Utensils Co., Ltd., our potential supplier whospecializes in manufacturing spigot, sanitary material, and copper hardware components. Although our potential supplier has an "Add to Basket"place undue reliance on their website, there is no customer accessible "Check Out" function nor customer accessible "Payment" function" on our potential supplier's website. Therefore, we areany such forward-looking statements, which speak only as of the opinion that potential First Fixtures customers cannot buy directly from our potential supplier. FIRST FIXTURES, INC. intendsdate made. We disclaim any obligation subsequently to market our planned products onrevise any forward-looking statements to reflect events or circumstances after the Internet.

Product Description

Kitchen and bathroom faucets from Zhejiang Momali Sanitary Utensils Co., Ltd. have a broad rangedate of style and finish. Faucet finish will include oil rubbed bronze, brushed nickel and chrome plating. Tub/shower faucets will include deck mounted, wall mounted and freestanding with hand showers. Bathroom basin taps will include free standing and deck mount basin taps while kitchen faucets will include wall mount and deck mount faucets with hand sprayers.

Competitive Environment

Manufacturers include large companies such as American Standard Brands, Armitage Shanks, Asahi Eito Co., Ltd., Black & Decker Corporation, Price Pfister, Inc., Elkay Manufacturing Company, Friedrich Grohe AG & Co. KG, Ideal Standard, Jacuzzi Whirlpool Bath, Kohler Co., MAAX Corp., Masco Corp., Moen, Inc., Roca UK, Sanitec Corp., Toto Ltd., and Villeroy & Boch. In addition, there are many large retailersstatements or to reflect the occurrence of plumbing fixtures like Home Depot, HQ and HQ, Home Depot, and Builder's Square (Builders Square closed its stores and became an online distributor). There are many online resellers of plumbing fixtures including www.kingstonbrass.com, www.eodfaucet.com, www.signaturehardware.com, www.vintagebath.com, www.signofthecrab.com and www.vandykes.com.anticipated or unanticipated events.

Purchases of Equity Securities.Securities by The Registrant and Affiliated Purchasers

Although our common stock is not listed on a public exchange, our stock is quoted on the Over-the-Counter Bulletin Board (OTCBB) and asThere are no unreported purchases of May 19, 2016 is quoted on the OTCQB. There was no bid/ask history during the period endedequity securities at March 31, 2016. There have been no trades in our stock.2019.

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ItemITEM 6. Selected Financial DataSELECTED FINANCIAL DATA

As a "smaller“smaller reporting company,"” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Item 7. Management'sManagement’s Discussion and Analysis of Financial Condition and Results of Operations.

You should read the following discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes and other financial information included elsewhere in this Annual Report on Form 10-K. Some of the information contained in this discussion and analysis or set forth elsewhere in this report, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the "Cautionary Statement Regarding Forward-Looking Statements" and "Risk Factors" sections of this report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

Cautionary Statement Regarding Forward-Looking Information

The statements in this registration statement that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. These statements appear in a number of different places in this report and can be identified by words such as "estimates", "projects", "expects", "intends", "believes", "plans", or their negatives or other comparable words. Also look for discussions of strategy that involve risks and uncertainties. Forward-looking statements include, among others, statements regarding our business plans and availability of financing for our business.

Merger

On November 4, 2016, the Company, entered into a Share Exchange Agreement by and among the Company, Stony Hill Ventures Corp. (“Stony Hill Ventures”), and the holders of common stock of Stony Hill Ventures, which consisted of 26 stockholders. Stony Hill Ventures was incorporated on March 15, 2016, in Nevada and was organized for various investments under the Stony Hill brand as well as to conduct any other related business and activities.

Under the terms and conditions of the Share Exchange Agreement, the Company offered, sold and issued 10,830,000 shares of common stock of the Company in consideration for all the issued and outstanding shares in Stony Hill Ventures. The effect of the issuance was Stony Hill Ventures became a wholly-owned subsidiary of the Company and represents the Company’s principal business. On March 6, 2018, the Company changed its name from Stony Hill Corp. to Applied BioSciences Corp.

The merger between the Company and Stony Hill Ventures was treated as a reverse acquisition for financial statement reporting purposes with Stony Hill Ventures deemed the accounting acquirer and the Company deemed the accounting acquiree. Accordingly, Stony Hill Ventures’ assets, liabilities and results of operations became the historical financial statements of the Company. No step-up in basis or intangible assets or goodwill was recorded in this transaction.

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Acquisition of Trace Analytics, Inc.

On January 7, 2019, the Company closed on a purchase of 520,410 shares of common stock of Trace Analytics, Inc., a Washington corporation (“Trace Analytics”). Pursuant to a Common Stock Purchase Agreement, the Company purchased Trace Analytics at a purchase price of $2.40 per share, for an aggregate purchase price of $1,250,000, of which $750,000 was paid in cash and $500,000 was paid through the issuance of shares of the Company’s common stock. Trace Analytics is a cannabis testing laboratory acquired to enable the Company to position itself as the leading provider of testing solutions for CBD products for both compliance requirements and consumer safety as these products continue to increase in popularity. Immediately following the purchase, the Company holds 51% of the issued and outstanding shares of common stock of Trace Analytics. The Common Stock Purchase Agreement included the option for Trace to repurchase 205,410 shares of Common Stock based on the occurrence of certain Repurchase Triggering Events. Based on a review of the Repurchase Triggering Events, it is considered unlikely that any of the events will occur. Additionally, the Company entered into a Voting Agreement with Trace concurrent with the Common Stock Purchase Agreement. The Voting Agreement provided for the designation of three out of five positions on the Trace Analytics Board of Directors by the Company. The Voting Agreement also detailed certain transactions that require two-thirds approval by the Board of Directors. The Voting Agreement is not considered to impact the ability of the Company to control the operations and assets of Trace Analytics.

The Company has included the financial results of Trace Analytics in the consolidated financial statements from the date of acquisition, January 1, 2019. The purchase price for Trace Analytics was $1,250,000. Based on management’s analysis of the acquisition transaction pursuant to the provisions of ASC 805, the Company determined that any customer lists or business licenses held by Trace Analytics are immaterial in relation to the overall value of Trace; additionally, Trace Analytics does not hold any patents or proprietary technology, and does not have long-term contractual arrangements with customers. As such, there are no separately identifiable intangible assets meeting the criteria of ASC 805. Concurrently, the Company preliminarily allocated the $1,941,149 excess of the purchase price over the identifiable net assets of $509,831 to goodwill.

Results of Operations

For theOur revenue, operating expenses, and net loss from operations for our fiscal year ended March 31, 2016, the Company had no revenue. Expenses for the2019 as compared to our fiscal year ended March 31, 2016 totaled $28,445 consisting primarily2018 were as follows:

Fiscal Year Ended March 31, 2019 Compared to Fiscal Year Ended March 31, 2018

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Revenues: Revenue relate to shipments of Officecannabidiol (“CBD”) brand products and general expense, resulting in a net loss of $28,445 as compared to expenses for thelab testing services. During our fiscal year ended March 31, 20152019, we earned revenue from our CBD product lines of consisting primarily of Office and general expense, resulting is a net loss of $16,669. The increase in expenses$543,970 as compared to $197,554 for theour fiscal year ended March 31, 20162018. The increase reflects higher sales from our expansion of our CBD brand product lines. Service revenue resulting from our lab testing is attributed solely to the acquisition of Trace Analytics on January 1, 2019, and totaled $163,092.

Cost of Revenue: Cost of goods sold is driven by product sales, and primarily consists of purchases of inventory for sale. We generally purchase products that are private labels and brand the products using our tradenames. During the fiscal year ended March 31, 2019, we incurred $498,993 of costs to purchase product which represented 91% of our product revenues as compared to $155,549 or 80% of our product revenues for our fiscal year ended March 31, 2019. Cost of services of $22,781 is related to lab testing, and is attributed solely to the acquisition of Trace Analytics on January 1, 2019.

Gross Margin: For our fiscal year ended March 31, 2019, gross margin from sale of our CBD products was $44,977 or 8% of our revenue as compared to $42,005 or 21% of our revenue for our fiscal year ended March 31, 2018. The lower gross margin percentage is primarily due a significant portion of sales for the fiscal year ended March 31, 2019 derived from lower margin bulk sales of industrial Hemp. Gross margin from our lab testing services, which started January 1, 2019, totaled $140,311 or 86% of our lab testing revenues.

Sales and marketing: Sales and marketing expenses mainly comprised of advertising, public relations, events, and website marketing costs. Sales and marketing expenses increased to filing$698,185 for our fiscal year ended March 31, 2019 as compared to $356,948 for our fiscal year ended March 31, 2018. The majority of the increase related to public relation services, website marketing development and increased advertising and promotion costs.

General and administrative: General and administrative expenses mainly comprised of professional fees, travel expenses, meals and entertainment and other office support costs. General and administrative expenses increased $1,139,291 to $2,092,775 for the fiscal year ended March 31, 2019 as compared to $953,484 for the fiscal year ended March 31, 2018. The majority of the increase related to increased utilization of common stock as compensation for services provided by certain officers, advisory members and board members which totaled $1,343,690 for the fiscal year ended March 31, 2019 as compared to $598,000 for our fiscal year ended March 31, 2018 driven by efforts to increase overall awareness and aid in raising capital. Additionally, the acquisition of Trace Analytics in January 2019 contributed $171,132 of general and administrative expenses for the fiscal year ended March 31, 2019. The remaining amount of the increase related to higher professional and advisory fees and other supportive general and administrative expenses.

Depreciation and amortization: Depreciation expense was $40,627 for our fiscal year ended March 31, 2019 as compared to $224,770 for our fiscal year ended March 31, 2018. The decrease relates to amortization during our fiscal year ended March 31, 2018 related to a brand that we acquired in February 2017, which was fully expensed during our fiscal year ended March 31, 2018. We did not own any similar intangibles that required amortization during our fiscal year ended March 31, 2019.

Impairment of asset: During our fiscal year ended March 31, 2018, sales of the VitaCBD products did not meet our expectations. As such, we were not able to achieve the expected operating results from the VitaCBD brand products. As a result, we impaired the intangible asset related to the acquisition of the VitaCBD brand name and recorded an impairment charge of $893,667, which reflected the net book value of the intangible as of March 31, 2018.

Change in fair value of Equity Investments: On April 1, 2018, we adopted ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. As such, during our fiscal year ended March 31, 2019, we measured our equity investments at each reporting period at fair value with changes in fair value recognized in net income. During our fiscal year ended March 31, 2019, we were able to obtain observable evidence that certain of our equity investments had increased to a total aggregate value of $898,292, which was $429,755 higher than the original purchase price of these investments. As such, we recorded an unrecognized gain from the change in market value of $429,755 during our fiscal year ended March 31, 2019.

Dividend received from equity investment: In February 2019, we received a distribution of $186,397 from our investment with Bailey Venture Partners XII LLC (“Bailey”) through Bailey’s investment in JUUL Labs, Inc.

Interest Expense: During our fiscal year ended March 31, 2019, we recorded $148,601 of interest costs related to a convertible notes that we entered into during our current fiscal year ended March 31, 2019 along with amortization of $500,274 of debt discount recorded in conjunction with the state of Nevada, the hiring of a transfer agent, the application fees to OTCMarkets for quotation on the OTCQBconvertible notes.

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Liquidity and an increase in accounting fees.Capital Resources

Capital ResourcesCash Flows

A summary of our cash flows for our fiscal year ended March 31, 2019 as compared to our fiscal year ended March 31, 2018 is as follows:

Net cash used in operating activities was $905,051 for our fiscal year ended March 31, 2019 as compared to $637,467 for our fiscal year ended March 31, 2018. The increase in use of cash in operations mainly related to higher general and Liquidityadministrative and sales and marketing expenses from our operations.

Net cash used in investing activities was $713,294 for our fiscal year ended March 31, 2018 as compared to $173,236 for our fiscal year ended March 31, 2018. The increase in use of cash was primarily related to $711,739 related to our purchase of Trace Analytics as compared to our acquisition of equity investments of $168,537 during our fiscal year ended March 31, 2018.

Net cash provided by financing activities was $1,604,455 for our fiscal year ended March 31, 2019 as compared to $695,000 for our fiscal year ended March 31, 2018. The increase primarily relates to our issuance of convertible notes totaling $1,529,455 during our fiscal year ended March 31, 2019, which we did not incur during our fiscal year ended March 31, 2018, as compared to sales of shares of our common stock which totaled $75,000 during our fiscal year ended March 31, 2019 as compared to $795,000 for our fiscal year ended March 31, 2018. In addition, during our fiscal year ended March 31, 2018, we paid $100,000 to repurchase 5,400,000 shares of our common stock held by two former board members.

Going Concern

Our auditors have issued a "going concern" opinion, meaning that there is substantial doubt if we can continue as an on-going business for the next twelve months unless we obtain additional capital. No substantial revenues are anticipated until we implement our plan of operations. With the exceptionuses of cash advances fromhave been primarily for strategic investments we made, including the purchase of Trace Analytics, and operations and marketing efforts to promote our sole Officerproducts and Director,company. Our principal sources of liquidity have been cash provided by financing, primarily through the sale of equity securities and issuance of convertible notes. We anticipate that significant additional expenditures will be necessary to expand and bring to market our products and investments before sufficient and consistent positive operating cash flows will be achieved. As such, we must raise cashanticipate that additional funds will be needed to implementcontinue operations, obtain profitability and to achieve our strategy and stay in business.

As of March 31, 2016, we had $2,191 in cash as compared to $Nil in cash for the year ended March 31, 2015.objectives. As of the date of this Form 10-K, statement,our cash resources are insufficient to meet our current operating expense requirements and planned business objectives beyond the currentdate of this Form 10-K filing without additional financing.

As reflected in the consolidated financial statements contained elsewhere is this Form 10-K, as of March 31, 2019 we had cash on hand and had an accumulated deficit of $47,044 and $5,531,260, respectively, and during our fiscal year ended March 31, 2019, we utilized cash for operations and incurred a net loss of $905,051 and $2,679,022, respectively. These and other factors raise substantial doubt about our ability to continue as a going concern. Further, our independent auditors in their audit report for our fiscal year ended March 31, 2019 expressed substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern.

Our ability to continue as a going concern is dependent on our ability to raise additional capital and to ultimately achieve sustainable revenues and income from our operations. During the fiscal year ended March 31, 2019, we raised $1,529,455 through the issuance of convertible notes and $75,000 through the receipt of Subscription Agreements (“Subscription”) where we sold shares of our common stock to accredited investors. As of March 31, 2019, we had cash on hand of $47,044. We estimate that such funds available to the Company will not be sufficient to fund the expenses related its reporting status.

Plan of Operation

FIRST FIXTURES, INC. is a company that intendscontinue operations without obtaining additional funds. As such, we are currently working on obtaining additional funds to market and sell its planned products through its' intended website. The Company has not yet implemented its business model and to date and has generated no revenues. It is the Company's intention to provide its customers with the quality kitchen and bathroom fixtures. The Company's target market will be home builders or home owners that have an interest in home renovations.

We require additional financing to implement our Plan of Operation and sustain business operations. Currently, we do not have any arrangements for financing and we may be unable to obtain financing when required. Obtaining additional financing would be subject to a number of factors, including the Company's ability to attract customers. The Company may be unable to access to capital markets in the future or that financing, adequate to satisfy the cash requirements of implementingoperate our business strategies,through and beyond the date of this Form 10-K filing. However, there can be no assurance that such funds will be available or at terms acceptable to us. Even if we are able to obtain additional financing, it may contain undue restrictions and covenants on acceptable terms. The inabilityour operations, in the case of debt financing or cause substantial dilution for our stockholders in the Company to gain access to capital markets or obtain acceptable financing could have a material adverse effect upon the resultscase of its operationsconvertible debt and upon its financial conditions.equity financing.

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Over the next 12-month period, our Company must raise capital to introduce its planned products and start sales. We intend to market our products on the Internet. We have two planned phases to our operations over the next twelve months.Summary of Significant Accounting Policies

The Company requires a minimumUse of $25,000 to implement its business plan. Estimates

The Company intends to store and make delivery to customers its planned inventoryFinancial statements prepared in accordance with accounting principles generally accepted in the United States require us to make estimates and assumptions that affect the reported amounts of assets and liabilities at fulfillment service providers like Expert Fulfillment, eCommerce Fulfillmentthe date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among other things, estimates include the collectability of accounts receivable, recoverability of inventory, assumptions made in determining impairment of investments and intangible, useful life of our intangible, and accruals for potential liabilities. These estimates generally involve complex issues and require judgments, involve analysis of historical information and the prediction of future trends, and are subject to change from period to period. Actual amounts could differ significantly from these estimates. 

Investments

Through March 31, 2018, we used either the equity method or Shipwire.the cost method of accounting. We used the equity method for unconsolidated equity investments in which we were considered to have significant influence over the operations of the investee. We used the cost method for all other investments. Under the cost method, there is no change to the cost basis unless there is an other-than-temporary decline in value or dividends are received. If the decline is determined to be other-than-temporary, we would write down the cost basis of the investment to a new cost basis that represents realizable value.

On April 1, 2018, we adopted ASU 2016-01, Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 primarily affects equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Among other things, this new guidance requires certain equity investments to be measured at fair value with changes in fair value recognized in net income. As such, we now measure our equity investments at their fair value at end of each reporting period.

Goodwill

Goodwill represents the excess of the purchase consideration over the fair value of the net tangible and identifiable intangible assets acquired in a business combination.  The companyCompany evaluates goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. The Company conducts its annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of the Company’s operations and comparability of its market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and an impairment loss is measured by the resulting amount. Because the Company has not contracted with any fulfillment service providers. one reporting unit, as part of the Company’s qualitative assessment an entity-wide approach to assess goodwill for impairment is utilized. No impairment losses have been recorded in the fiscal years ended March 31, 2019 and 2018.  The Company has currently recorded goodwill of $1,941,089 representing the excess of purchase consideration over the fair value of net tangible assets in the acquisition of Trace Analytics.  This is considered a provisional allocation of the purchase price and is subject to adjustment as additional information is obtained through the purchase price measurement period (a period of up to one year from the closing date of January 1, 2019).

Business Combinations

The first phaseCompany accounts for its business combinations using the purchase method of our planed operations will beaccounting where the cost is allocated to secure the servicesunderlying net tangible and intangible assets acquired, based on their respective fair values. The excess of specialiststhe purchase price over the estimated fair values of the net assets acquired is recorded as goodwill. Identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree are recognized and measured as of the acquisition date at fair value. Additionally, contingent consideration, if any. is recorded at fair value on the acquisition date and classified as a liability. Goodwill is recognized to develop our logothe extent by which the aggregate of the acquisition-date fair value of the consideration transferred and website. Estimated cost for logo development is $10,000. Estimated cost for website development is $8,000. In addition,any noncontrolling interest in the Company plans to purchase two lap top computers, a printer/fax, a photocopieracquiree exceeds the recognized basis of the identifiable assets acquired, net of assumed liabilities. Determining the fair value of assets acquired, liabilities assumed and noncontrolling interests requires management’s judgment and often involves the requisite office supplyuse of significant estimates and stationary at an estimated cost of $7,300. The company anticipates the first phase of our planed operations to be completed within 120 days of receiving investment capital. Initial inventory will consist of product numbers M11020-528C Faucet, P25005 Hand Shower, M11300-119 Popular Faucet, Model 126 American Basin Mixer, M11205 Hot Basin Mixer, M12308-124 Unique Gold Faucet, and M92300-119 Rain Shower Mixer. Once the amount of investment capital has been determined, the mix of product and related quantities will be decided upon. 

For the second phase of our planed operations, we intend to engage the services of an internet advertising and search engine specialist at an estimated cost of $6,000 for search engine optimization and an estimated cost of $12,000 for online advertising. The Company intends to enter into a supply agreement with Zhejiang Momali Sanitary Utensils Co., Ltd. and purchase its initial inventory at an estimated cost of $34,450. The company anticipates the second phase of our planned operations to be completed within 240 days of receiving investment capital. We anticipate generating revenues within 360 days of receiving investment capital.

If $25,000 of financing is raised, the Company intends to scale back its planned inventory purchase and travel expenses to $4,000 and $1,000 respectively, eliminating the logo development expense and reducing the website development expense to $6,000 and minimize online advertising and search engine optimization expenses to $3,000 and $2,200 respectively and reducing our administrative expense to $1,550.

If $50,000 of financing is raised, the Company intends to scale back its planned inventory purchase and travel expenses to $11,350 and $5,000 respectively, reducing the logo development expense to $5,000 and reducing the website development expense to $6,000, Furthermore, the Company will minimize online advertising and search engine optimization expenses to $7,000 and $3,600 respectively and reducing our administrative expense to $4,800.

If $75,000 of financing is raised, the Company intends to scale back its planned inventory purchase and travel expenses to $20,900 and $7,500 respectively, increasing the logo development expense to $10,000 and increasing the website development expense to $8,000, Furthermore, the Company will reduce online advertising and search engine optimization expenses to $10,000 and $4,800 respectively and reducing our administrative expense to $4,800.assumptions.

Recent Accounting Pronouncements

See our discussion of recent accounting policies in Footnote 2 to the condensed financial statements contained elsewhere in this Form 10-K.

ItemITEM 7A. Quantitative and Qualitative Disclosures About Market Risk.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a "smaller“smaller reporting company,"” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

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ItemITEM 8. Financial Statements and Supplementary Data.

FIRST FIXTURES, INC.

FINANCIAL STATEMENTS

Applied BioSciences Corp.

March 31, 2016 and 2015TABLE OF CONTENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMReport of Independent Registered Public Accounting Firm – Weinberg & Company, P.A.			F-1
Balance Sheets - March 31, 2019 and 2018
BALANCE SHEETS		F-2
Statements of Operations for the years ended March 31, 2019 and 2018
STATEMENTS OF OPERATIONS		F-3
Statements of Stockholders’ Equity (Deficit) for the years ended March 31, 2019 and 2018			F-4
STATEMENT OF STOCKHOLDERS' DEFICITStatements of Cash Flows for the year ended March 31, 2019 and 2018		F-4
STATEMENTS OF CASH FLOWS		F-5
NOTES TO FINANCIAL STATEMENTSNotes to Financial Statements		F-6

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMReport of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders

First Fixtures, Inc.Applied Biosciences Corp.

Beverly Hills, California

Opinion on the Consolidated financial statements

We have audited the accompanying consolidated balance sheets of First Fixtures, Inc. ("the Company"Applied Biosciences Corp. (the "Company") as of March 31, 20162019 and 2015, and2018, the related consolidated statements of operations, stockholders' deficit,equity, and cash flows for eachthe years then ended, and the related notes (collectively referred to as the "(consolidated financial statements").   In our opinion, the  consolidated financial statements present fairly, in all material respects, the  financial position of the Company as of March 31, 2019 and 2018, and the  results of its operations and its cash flows for the fiscal years then ended, in conformity with accounting principles generally accepted in the two year period ended March 31, 2016. United States of America.

Going concern

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has suffered recurring losses from operations and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company's management.   Our responsibility is to express an opinion on thesethe Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).PCAOB.   Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement.misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. OurAs part of our audits included considerationwe are required to obtain an understanding of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company'sCompany’s internal control over financial reporting.  Accordingly, we express no such opinion. An audit also includes

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence supportingregarding the amounts and disclosures in the consolidated financial statements, assessingstatements.  Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statement presentation.statements.   We believe that our audits provide a reasonable basis for our opinion.

In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of First Fixtures, Inc. as of March 31, 2016 and 2015, and the results of its operations and cash flows for each of the years in the two year period ended March 31, 2016, in conformity with U.S. generally accepted accounting principles./s/ Weinberg & Company, P.A.

The accompanying financial statements have been prepared assuming that theWeinberg & Company, will continue as a going concern. The Company has generated no revenues from its business operations, has incurred operating losses since inception and will need additional working capital to service its debt and for its planned activity, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are described in NoteP.A.

Los Angeles, California

July 1, to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.2019

/s/ Sadler, Gibb & Associates, LLC                      We have served as the Company's auditor since 2016.

Salt Lake City, UT

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FIRST FIXTURES, INC.

APPLIED BIOSCIENCES CORP.
CONSOLIDATED BALANCE SHEETS

		March 31, 2016				March 31, 2015
ASSETS
CURRENT ASSETS
Cash		$	2,191			$	-
TOTAL CURRENT ASSETS		$	2,191			$	-
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES
Accounts payable			263				2,069
Due to related party			40,774				11,422
TOTAL CURRENT LIABILITIES			41,037				13,491
STOCKHOLDERS' DEFICIT
Common stock
Authorized 200,000,000 shares of common stock, $0.001 par value, Issued and outstanding 100,043,412 and 2,590,000,000 shares of common stock (Refer Note 3)			100,043				2,590,000
Additional paid-in capital			(91,953	)			(2,585,000	)
Stock subscriptions receivable			-				(2,978	)
Common stock subscribed			-				2,978
Accumulated deficit			(46,936	)			(18,491	)
TOTAL STOCKHOLDERS' DEFICIT			(38,846	)			(13,491	)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$	2,191			$	-

		March 31, 2019				March 31, 2018
ASSETS
Current Assets
Cash		$	47,044			$	60,934
Accounts receivable, net			163,405				12,386
Inventory			78,737				29,074
Prepaids and other current assets			65,273				124,455
Total Current Assets			354,459				226,849
Property and equipment, net			452,048				4,441
Equity investments			898,292				468,537
Goodwill			1,941,149				-
Other asset			5,500				5,500
TOTAL ASSETS		$	3,651,448			$	705,327
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable		$	278,546			$	21,846
Note Payable			25,000				-
Accrued expenses			70,720				14,039
Total Current Liabilities			374,266				35,885
Commitments and Contingencies
Stockholders' Equity
Preferred stock; $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding at March 31, 2019 and 2018			-				-
Common stock; $0.00001 par value; 200,000,000 shares authorized; 13,397,110 and 10,499,610 issued and outstanding at March 31, 2019 and 2018, respectively			135				105
Additional paid in capital			6,892,242				3,054,297
Common stock to be issued, 408,805 and 263,000 shares at March 31, 2019 and 2018, respectively			773,807				526,000
Accumulated deficit			(5,531,260	)			(2,901,933	)
Total Applied BioSciences Corp. Stockholders' Equity			2,134,924				678,469
Non-controlling interests			1,142,258				(9,027	)
Total Stockholders' Equity			3,277,182				669,442
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	3,651,448			$	705,327

The accompanying notes are an integral part of these consolidated financial statements.

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APPLIED BIOSCIENCES CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

FIRST FIXTURES, INC.

STATEMENTS OF OPERATIONS

The accompanying notes are an integral part of these financial statements.

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FIRST FIXTURES, INC.

STATEMENT OF STOCKHOLDERS' DEFICIT

		Common Stock								Additional				Common				Stock
		Number of shares				Amount				Paid-in Capital				Stock Subscribed				Subscriptions Receivable				Accumulated Deficit				Total
Balance, April 1, 2014			2,590,000,000				2,590,000				(2,585,000	)			-				-				(1,822	)			3,178
Common stock subscribed			-				-				-				2,978				(2,978	)			-				-
Net loss for the year ended March 31, 2015			-				-				-				-				-				(16,669	)			(16,669	)
Balance, March 31, 2015			2,590,000,000				2,590,000				(2,585,000	)			2,978				(2,978	)			(18,491	)			(13,491	)
Common shares issued for cash - at $0.0000772 per share, April 5, 2015			40,017,572				40,018				(36,928	)			-				-				-				3,090
Shares cancelled - April 24, 2015			(2,529,974,160	)			(2,529,975	)			2,529,975				(2,978	)			2,978				-				-
Net loss for year ended March 31, 2016			-				-				-				-				-				(28,445	)			(28,445	)
Balance, March 31, 2016			100,043,412			$	100,043			$	(91,953	)		$	-			$	-			$	(46,936	)		$	(38,846	)

		Fiscal Year				Fiscal Year
		Ended				Ended
		March 31, 2019				March 31, 2018
REVENUE, NET
Products		$	543,970			$	197,554
Services			163,092				-
Total revenues, net			707,062				197,554
COST OF REVENUE
Products			498,993				155,549
Services			22,781				-
Total costs of revenue			521,774				155,549
GROSS MARGIN			185,288				42,005
EXPENSES
Sales and marketing			698,185				356,948
General and administrative			2,092,775				953,484
Depreciation and amortization			40,627				224,770
Impairment of asset			-				893,667
TOTAL OPERATING EXPENSES			2,831,587				2,428,869
OPERATING LOSS			(2,646,299	)			(2,386,864	)
Other Income (Expense)
Change in fair value of equity investments			429,755				-
Dividend received from equity investment			186,397				-
Interest Expense			(648,875	)			-
Total other (expense), net			(32,723	)			-
NET LOSS			(2,679,022	)			(2,386,864	)
Less: Net loss attributable to non-controlling interest			49,695				10,763
NET LOSS ATTRIBUTABLE TO APPLIED BIOSCIENCES CORP.		$	(2,629,327	)		$	(2,376,101	)
LOSS PER COMMON SHARE		$	(0.22	)		$	(0.16	)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic and diluted			11,914,525				15,071,417

The accompanying notes are an integral part of these consolidated financial statements.

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FIRST FIXTURES, INC.

STATEMENTS OF CASH FLOWS

		Year ended March 31, 2016				Year ended March 31, 2015
OPERATING ACTIVITIES
Net loss for the period		$	(28,445	)		$	(16,669	)
Adjustments to reconcile net loss to net cash used in operating activities			-				-
Changes in operating assets and liabilities
Accounts payable			(1,806	)			2,069
NET CASH USED IN OPERATING ACTIVITIES			(30,251	)			(14,600	)
NET CASH USED IN INVESTING ACTIVITIES			-				-
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from sale of common stock			3,090				-
Proceeds from related parties			29,352				9,600
NET CASH PROVIDED BY FINANCING ACTIVITIES			32,442				9,600
NET CHANGE IN CASH			2,191				(5,000	)
CASH, BEGINNING OF PERIOD			-				5,000
CASH, END OF PERIOD		$	2,191			$	-

APPLIED BIOSCIENCES CORP.

CONSOLIDATED STATEMENTS OF STOCHOLDERS’ EQUITY

FOR THE FISCAL YEARS ENDED MARCH 31, 2019 AND 2018

		Common Stock $0.00001 Par								Common Stock to be				Additional Paid In				Non-Controlling				Accumulated				Stockholders'
		Number				Amount				Issued				Capital				Interest				Deficit				Equity
Balance, March 31, 2017			15,247,600			$	152			$	426,000			$	1,742,472			$	1,736			$	(525,832	)		$	1,644,528
Issuance of common stock previously committed but not issued
Issuance of common stock for cash			347,500				3				100,000				694,997												795,000
Shares repurchased for cash and cancelled			(5,400,000	)			(54	)							(99,946	)											(100,000	)
Shares issued to consultants for services			154,510				2								341,776												341,778
Shares issued to Company's CEO			150,000				2								374,998												375,000
Net loss																			(10,763	)			(2,376,101	)			(2,386,864	)
Balance, March 31, 2018			10,499,610				105				526,000				3,054,297				(9,027	)			(2,901,933	)			669,442
Issuance of common stock previously committed but not issued			50,000				1				(100,000	)			99,999												-
Issuance of common stock for cash			12,500								50,000				25,000												75,000
Fair value of shares issued for services			160,000				1				61,852				284,949												346,802
Fair value of shares issued to Company officers and directors			875,000				9								1,058,741												1,058,750
Beneficial conversion feature associated with issuance of convertible notes															500,274												500,274
Shares issued for acquisition of Trace Analytics, Inc.			250,000				3				181,000				318,997												500,000
Non-controlling interest recognized upon acquisition of Trace Analytics			-				-												1,200,980								1,200,980
Shares issued upon conversion  of convertible notes			1,550,000				16				54,955				1,549,985												1,604,956
Net loss																			(49,695	)			(2,629,327	)			(2,679,022	)
Balance, March 31, 2019			13,397,110			$	135			$	773,807			$	6,892,242			$	1,142,258			$	(5,531,260	)		$	3,277,182