Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2017 | Feb. 08, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Eternelle Skincare Products Inc. | |
Entity Central Index Key | 1,357,878 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 116,862,660 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 3,767 | |
Total Current Assets | 3,767 | |
Website | 14,656 | |
Total Assets | 18,423 | |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Accounts payable | 43,726 | 37,230 |
Related-party advances | 60,861 | 13,263 |
Accrued compensation | 221,192 | 221,192 |
Other accrued liabilities | 10,000 | 10,000 |
Total Current Liabilities | 335,779 | 281,685 |
Stockholders' Deficit | ||
Common stock: $0.001 par value; 675,000,000 shares authorized; 116,862,660 and 156,062,660 shares issued and outstanding as of December 31, 2017 and March 31, 2017, respectively | 116,863 | 156,063 |
Additional paid-in capital | 731,963 | 692,763 |
Accumulated deficit | (1,166,182) | (1,130,511) |
Total Stockholders' Deficit | (317,356) | (281,685) |
Total Liabilities and Stockholders' Deficit | $ 18,423 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Mar. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 675,000,000 | 675,000,000 |
Common stock, shares issued | 116,862,660 | 156,062,660 |
Common stock, shares outstanding | 116,862,660 | 156,062,660 |
Statements of Operations
Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Expenses | ||||
General and administrative | $ 10,254 | $ 2,214 | $ 35,501 | $ 2,235 |
Total Operating Expenses | 10,254 | 2,214 | 35,501 | 2,235 |
Operating Loss | (10,254) | (2,214) | (35,501) | (2,235) |
Other Expense | ||||
Foreign currency loss | (187) | (170) | ||
Net Loss | $ (10,441) | $ (2,214) | $ (35,671) | $ (2,235) |
Basic and Diluted Loss per Common Share | ||||
Weighted Average Number of Common Shares Outstanding | 120,739,583 | 156,062,660 | 144,331,273 | 156,062,660 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (35,671) | $ (2,235) |
Adjustments to reconcile net loss to cash flows used in operating activities | ||
Depreciation and amortization | 1,344 | |
Changes in operating assets and liabilities: | ||
Accounts payable | 6,496 | |
Net cash flows used for operating activities | (27,831) | (2,235) |
Cash Flows From Investing Activities: | ||
Website development | (16,000) | |
Net cash used for investing activities | (16,000) | |
Cash Flows From Financing Activities: | ||
Related-party advances | 47,598 | 2,235 |
Net cash provided by financing activities | 47,598 | 2,235 |
Increase in cash and equivalents | 3,767 | |
Cash and cash equivalents, beginning of period | ||
Cash and cash equivalents, end of period | $ 3,767 |
Nature Of Operations
Nature Of Operations | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature Of Operations | NOTE 1 – NATURE OF OPERATIONS Eternelle Skincare Products Inc. (the “Company” or “Eternelle”) was incorporated in the State of Nevada, United States of America, on November 18, 2005. The Company’s business is to develop and market skincare products. Its plan is to build a state-of-the-art online store with a direct marketing and sales funnel aimed at targeted channels, using internet, social media, and content marketing. The Company’s marketing approach uses vetted channels that encompass several steps to gauge performance data from marketing tests against other campaigns in real-time with the ability to modify content delivery to targeted consumers immediately. The Company will engage a team with proprietary algorithmic software to assist in making these marketing decisions. Management believes this will provide the Company a distinct advantage over other companies that outsource marketing and advertising efforts to third parties. The skincare space is well-suited for direct-to-consumer sales, and there are several channels that Eternelle will leverage to introduce its unique branding and creative advertising assets. Creating brand visibility, along with the back-end support to process orders, is one of Eternelle’s key strengths over smaller competitors in the space. In addition, Eternelle will create a brand that allows visibility and awareness to be molded organically, thereby increasing the brand’s value quickly. In November 2017, Byron Striloff joined the management team as President of Eternelle. Mr. Byron Striloff brings over 35 years of experience in corporate and financial planning to the Company. Refer to Part II, Item 5 of this Form 10-Q for additional information about Mr. Byron Striloff. Additionally, as the Company grows, it will continue to expand its management team, as well as engage external consultants, to direct and manage the Company’s strategic growth. The Company has identified a cosmetic and skincare manufacturer and has agreed upon product formulations, the design and sourcing of packaging, and product costs. The Company does not intend to enter into a long-term master supply agreement with the manufacturer. Rather, orders will be placed through individual purchase orders as needed. The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital to carry out its plan of operation and competition from existing consumer product companies. The majority of manufacturing, distribution, marketing, and sales operations will be outsourced. However, strategic planning and development will be performed internally by the Company. This includes, but is not limited to, developing our catalog of products, developing proprietary skincare formulations, pricing our products, deciding which markets to target, deciding which influencers to engage in marketing campaigns, developing sales channels such as our e-commerce sites, determining which marketing initiatives to pursue, and selecting strategic partners and suppliers to advance our business plan. |
Basis Of Presentation Of Interi
Basis Of Presentation Of Interim Financial Statements | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation Of Interim Financial Statements | NOTE 2 – BASIS OF PRESENTATION OF INTERIM FINANCIAL STATEMENTS The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the year ending March 31, 2018. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended March 31, 2017 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2017 included within the Company’s Form 10-12G as filed with the Securities and Exchange Commission. |
Going Concern
Going Concern | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 3 – GOING CONCERN These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate the continuation of the Company as a going concern. The Company has incurred losses from operations and had an accumulated deficit of $1,166,182 as of December 31, 2017. The Company also has excess liabilities over assets of $317,356. These factors raise doubt about the Company’s ability to continue as a going concern. Management’s plans are to actively seek capital to enable the Company to procure its products to generate revenues and cash flows, and ultimately, achieve profitability. However, management cannot provide assurance that they can raise sufficient capital and whether the Company will ultimately achieve profitability, become cash flow positive, or raise additional debt and/or equity capital. If the Company is unable to raise additional capital in the near future or meet financing requirements, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms, and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company become unable to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 4 –SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited financial statements and related disclosures have been prepared in accordance with U.S. GAAP applicable to interim financial information and with the instructions to Form 10-Q. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair presentation of the financial position and interim results of Eternelle as of and for the periods presented have been included. Results for interim periods are not necessarily indicative of those that may be expected for a full year. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the financial statements do not include all disclosures required by U.S. GAAP. The financial information included herein should be read in conjunction with Eternelle’s financial statements and related notes for the year ended March 31, 2017 as filed in the Company’s Registration Statement on Form 10-12G. Revenue Recognition Revenue is recognized on a gross basis upon shipment or upon receipt of products by the customer, depending on the agreed-upon terms, provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an agreement exists documenting the specific terms of the transaction; the sales price is fixed or determinable; and collectibility is reasonably assured. Management assesses the business environment, the customer’s financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectibility is reasonably assured. If collectibility is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. The Company expects to begin recognizing revenue in the second quarter of next fiscal year. Website Expenditures related to the planning and operation of the Company’s website are expensed as incurred. Expenditures related to the website application and infrastructure development are capitalized and amortized over the website’s estimated useful life of three (3) years. Amortization for the nine months ended December 31, 2017 was $1,344. Recent Accounting Pronouncements The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 5 – RELATED-PARTY TRANSACTIONS The Company’s Chief Executive Officer (“CEO”) advanced $47,598 to the Company during the nine months ended December 31, 2017 to pay for website development costs and operating expenses. The advances are due on demand and carry no interest. The related-party advances totaled $60,861 and $13,263 as of December 31, 2017 and March 31, 2017, respectively. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | NOTE 6 – COMMITMENTS AND CONTINGENCIES The Company is not currently involved with and does not have knowledge of any pending or threatened litigation against the Company or any of its officers. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Deficit | NOTE 7 – STOCKHOLDERS’ DEFICIT During the three months ended December 31, 2017, the Company’s Board of Directors approved the rescission of 39,200,000 shares of common stock. Prior to the Company’s change in name and business focus, these shares were issued pending financial compensation to be received by the Company, agreements to be signed between the Company and the shareholder, or specific performance by the shareholder. As these conditions were ultimately not met by these shareholders, the Board of Directors rescinded these shares. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 8 – SUBSEQUENT EVENTS Subsequent to December 31, 2017, the Company’s CEO advanced additional funds totaling approximately $4,000 to pay for operating costs. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements and related disclosures have been prepared in accordance with U.S. GAAP applicable to interim financial information and with the instructions to Form 10-Q. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair presentation of the financial position and interim results of Eternelle as of and for the periods presented have been included. Results for interim periods are not necessarily indicative of those that may be expected for a full year. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the financial statements do not include all disclosures required by U.S. GAAP. The financial information included herein should be read in conjunction with Eternelle’s financial statements and related notes for the year ended March 31, 2017 as filed in the Company’s Registration Statement on Form 10-12G. |
Revenue Recognition | Revenue Recognition Revenue is recognized on a gross basis upon shipment or upon receipt of products by the customer, depending on the agreed-upon terms, provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an agreement exists documenting the specific terms of the transaction; the sales price is fixed or determinable; and collectibility is reasonably assured. Management assesses the business environment, the customer’s financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectibility is reasonably assured. If collectibility is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. The Company expects to begin recognizing revenue in the second quarter of next fiscal year. |
Website | Website Expenditures related to the planning and operation of the Company’s website are expensed as incurred. Expenditures related to the website application and infrastructure development are capitalized and amortized over the website’s estimated useful life of three (3) years. Amortization for the nine months ended December 31, 2017 was $1,344. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company. |
Nature Of Operations (Details N
Nature Of Operations (Details Narrative) | 9 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Date of Incorporation | Nov. 18, 2005 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Dec. 31, 2017 | Mar. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Total Stockholders' Deficit | $ 317,356 | $ 281,685 |
Significant Accounting Polici17
Significant Accounting Policies (Details Narrative) | 9 Months Ended |
Dec. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Website Estimated Useful Life | 3 years |
Website Expenses Amortization | $ 1,344 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 9 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Related party advances (Website Development Costs And Operating Expenses) | $ 47,598 | $ 2,235 | |
Related party advances | $ 60,861 | $ 13,263 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details Narrative) - shares | Dec. 31, 2017 | Mar. 31, 2017 |
Equity [Abstract] | ||
Shares Rescinded | 39,200,000 | |
Shares Issued and Outstanding | 116,862,660 | 156,062,660 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | 1 Months Ended |
Nov. 06, 2017 | |
Subsequent Events [Abstract] | |
Description | Subsequent to December 31, 2017, the Companys CEO advanced additional funds totaling approximately $4,000 to pay for operating costs. |